AVIT TSR

Morningstar Conservative ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Conservative ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/cetfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$27	0.53%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or sale of Portfolio shares.

Date	Morningstar Conservative ETF Asset Allocation Portfolio (Class I)	Bloomberg US Aggregate Bond Index	Conservative Blended Benchmark-1 (20% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000
07/31/2016	10107	10063	10142	10120
08/31/2016	10116	10052	10142	10115
09/30/2016	10152	10046	10166	10111
10/31/2016	10053	9969	10031	10018
11/30/2016	9938	9733	9880	9919
12/31/2016	10021	9747	9928	9969
01/31/2017	10114	9766	10014	10021
02/28/2017	10207	9832	10125	10150
03/31/2017	10235	9826	10142	10149
04/30/2017	10319	9902	10240	10227
05/31/2017	10385	9979	10349	10314
06/30/2017	10385	9969	10358	10320
07/31/2017	10487	10011	10473	10395
08/31/2017	10543	10101	10548	10470
09/30/2017	10552	10053	10557	10478
10/31/2017	10580	10059	10600	10531
11/30/2017	10608	10046	10672	10587
12/31/2017	10667	10092	10731	10646
01/31/2018	10715	9976	10829	10680
02/28/2018	10572	9881	10676	10528
03/31/2018	10601	9945	10691	10525
04/30/2018	10534	9871	10637	10477
05/31/2018	10553	9941	10670	10583
06/30/2018	10514	9929	10655	10588
07/31/2018	10581	9931	10729	10670
08/31/2018	10591	9995	10793	10791
09/30/2018	10581	9931	10758	10753
10/31/2018	10390	9852	10525	10546
11/30/2018	10457	9911	10594	10636
12/31/2018	10445	10093	10558	10588
01/31/2019	10693	10200	10844	10842
02/28/2019	10723	10195	10902	10908
03/31/2019	10853	10390	11056	11105
04/30/2019	10912	10393	11137	11198
05/31/2019	10892	10577	11121	11203
06/30/2019	11131	10710	11406	11465
07/31/2019	11131	10734	11434	11518
08/31/2019	11211	11012	11564	11701
09/30/2019	11231	10953	11561	11701
10/31/2019	11330	10986	11657	11779
11/30/2019	11340	10981	11702	11861
12/31/2019	11463	10973	11802	11928
01/31/2020	11494	11184	11921	12096
02/29/2020	11391	11386	11831	12057
03/31/2020	10858	11319	11326	11710
04/30/2020	11258	11520	11743	12163
05/31/2020	11453	11573	11929	12320
06/30/2020	11555	11646	12070	12425
07/31/2020	11750	11820	12395	12701
08/31/2020	11822	11725	12511	12809
09/30/2020	11709	11718	12411	12707
10/31/2020	11627	11666	12336	12598
11/30/2020	12068	11781	12773	12964
12/31/2020	12242	11797	12956	13077
01/31/2021	12179	11712	12881	12982
02/28/2021	12137	11543	12818	12917
03/31/2021	12137	11399	12765	12912
04/30/2021	12305	11489	12965	13125
05/31/2021	12389	11527	13044	13175
06/30/2021	12452	11607	13106	13304
07/31/2021	12557	11737	13233	13475
08/31/2021	12599	11715	13284	13539
09/30/2021	12421	11614	13063	13327
10/31/2021	12526	11610	13185	13511
11/30/2021	12431	11645	13122	13522
12/31/2021	12550	11615	13211	13618
01/31/2022	12275	11365	12863	13263
02/28/2022	12133	11238	12683	13075
03/31/2022	12001	10926	12490	12908
04/30/2022	11507	10511	11899	12325
05/31/2022	11617	10579	11935	12388
06/30/2022	11199	10413	11522	12042
07/31/2022	11573	10667	11898	12480
08/31/2022	11243	10366	11553	12122
09/30/2022	10672	9918	10957	11518
10/31/2022	10804	9790	11037	11597
11/30/2022	11254	10150	11517	12040
12/31/2022	11092	10104	11406	11865
01/31/2023	11498	10415	11825	12284
02/28/2023	11208	10145	11540	11995
03/31/2023	11440	10403	11822	12309
04/30/2023	11510	10466	11901	12405
05/31/2023	11371	10352	11775	12320
06/30/2023	11498	10315	11922	12455
07/31/2023	11614	10308	12035	12532
08/31/2023	11521	10242	11906	12438
09/30/2023	11255	9982	11588	12092
10/31/2023	11104	9824	11404	11906
11/30/2023	11614	10269	12001	12520
12/31/2023	12001	10662	12466	12988
01/31/2024	12001	10633	12429	13010
02/29/2024	12013	10483	12440	13018
03/31/2024	12170	10580	12600	13194
04/30/2024	11905	10312	12302	12847
05/31/2024	12146	10487	12541	13137
06/30/2024	12266	10587	12654	13326
07/31/2024	12519	10834	12928	13590
08/31/2024	12687	10990	13151	13802
09/30/2024	12856	11137	13352	14000
10/31/2024	12627	10860	13060	13726
11/30/2024	12856	10975	13257	13996
12/31/2024	12663	10796	13028	13766
01/31/2025	12799	10853	13169	13899
02/28/2025	12935	11092	13318	14089
03/31/2025	12824	11096	13227	13938
04/30/2025	12873	11140	13361	13963
05/31/2025	12996	11060	13478	14069
06/30/2025	13243	11230	13766	14373
07/31/2025	13268	11200	13756	14414
08/31/2025	13453	11334	13956	14602
09/30/2025	13626	11458	14149	14828
10/31/2025	13737	11529	14252	14969
11/30/2025	13811	11601	14312	15047
12/31/2025	13817	11584	14343	15036
01/31/2026	13906	11596	14471	15094
02/28/2026	14084	11786	14651	15255
03/31/2026	13728	11578	14231	14910
04/30/2026	14059	11591	14586	15238
05/31/2026	14249	11628	14773	15436
06/30/2026	14249	11656	14757	15437

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Conservative ETF Asset Allocation Portfolio - Class I - NAV	7.60%	2.73%	3.60%
Bloomberg US Aggregate Bond Index*	3.79%	0.08%	1.54%
Conservative Blended Benchmark-1 (20% Equity)^(a)	7.20%	2.40%	3.97%
Blended Secondary Benchmark^(b)	7.40%	3.02%	4.44%

^(a)	The Conservative Blended Benchmark is a blended benchmark consisting of 14% Morningstar US Market Extended Index - TR / 6% Morningstar Global Markets ex-US Index - NR / 58% Bloomberg US Universal Index - TR / 12% FTSE WGBI Non-USD Index / 10% ICE BofAML Treasury 3 Month Index – TR.
^(b)	The Conservative Blended Secondary Benchmark is a blended benchmark consisting of 20% S&P 500 Index / 73% Bloomberg US Aggregate Bond Index / 7% ICE BofAML Treasury 3 Month TR Index.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

Performance returns do not reflect expenses incurred from investing through a separate account or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$30,670,333
Number of Portfolio Holdings	22
Portfolio Turnover Rate	64%
Total Advisory Fees Paid	$53,697

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	16.73%
U.S. Bonds	73.21%
Non-U.S. Equity	5.57%
Non-U.S. Bonds	2.97%
Cash Equivalents	1.52%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

If you wish to view additional information about the Portfolio, including but not limited to the Portfolio's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/variable-insurance-trusts/cetfx.

SAR-C000043416-063026

Morningstar Conservative ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
CETFX	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Conservative ETF Asset Allocation Portfolio (the "Portfolio" or "CETFX") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/cetfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$39	0.78%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Conservative ETF Asset Allocation Portfolio (Class II)	Bloomberg US Aggregate Bond Index	Conservative Blended Benchmark-1 (20% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000
07/31/2016	10117	10063	10142	10120
08/31/2016	10117	10052	10142	10115
09/30/2016	10144	10046	10166	10111
10/31/2016	10054	9969	10031	10018
11/30/2016	9937	9733	9880	9919
12/31/2016	10010	9747	9928	9969
01/31/2017	10104	9766	10014	10021
02/28/2017	10198	9832	10125	10150
03/31/2017	10226	9826	10142	10149
04/30/2017	10300	9902	10240	10227
05/31/2017	10366	9979	10349	10314
06/30/2017	10366	9969	10358	10320
07/31/2017	10460	10011	10473	10395
08/31/2017	10516	10101	10548	10470
09/30/2017	10525	10053	10557	10478
10/31/2017	10553	10059	10600	10531
11/30/2017	10572	10046	10672	10587
12/31/2017	10631	10092	10731	10646
01/31/2018	10679	9976	10829	10680
02/28/2018	10536	9881	10676	10528
03/31/2018	10555	9945	10691	10525
04/30/2018	10488	9871	10637	10477
05/31/2018	10507	9941	10670	10583
06/30/2018	10469	9929	10655	10588
07/31/2018	10536	9931	10729	10670
08/31/2018	10545	9995	10793	10791
09/30/2018	10526	9931	10758	10753
10/31/2018	10335	9852	10525	10546
11/30/2018	10402	9911	10594	10636
12/31/2018	10380	10093	10558	10588
01/31/2019	10628	10200	10844	10842
02/28/2019	10658	10195	10902	10908
03/31/2019	10787	10390	11056	11105
04/30/2019	10837	10393	11137	11198
05/31/2019	10827	10577	11121	11203
06/30/2019	11055	10710	11406	11465
07/31/2019	11055	10734	11434	11518
08/31/2019	11135	11012	11564	11701
09/30/2019	11145	10953	11561	11701
10/31/2019	11244	10986	11657	11779
11/30/2019	11254	10981	11702	11861
12/31/2019	11369	10973	11802	11928
01/31/2020	11399	11184	11921	12096
02/29/2020	11297	11386	11831	12057
03/31/2020	10766	11319	11326	11710
04/30/2020	11154	11520	11743	12163
05/31/2020	11348	11573	11929	12320
06/30/2020	11440	11646	12070	12425
07/31/2020	11634	11820	12395	12701
08/31/2020	11706	11725	12511	12809
09/30/2020	11593	11718	12411	12707
10/31/2020	11512	11666	12336	12598
11/30/2020	11941	11781	12773	12964
12/31/2020	12107	11797	12956	13077
01/31/2021	12044	11712	12881	12982
02/28/2021	12002	11543	12818	12917
03/31/2021	12002	11399	12765	12912
04/30/2021	12169	11489	12965	13125
05/31/2021	12243	11527	13044	13175
06/30/2021	12305	11607	13106	13304
07/31/2021	12410	11737	13233	13475
08/31/2021	12451	11715	13284	13539
09/30/2021	12263	11614	13063	13327
10/31/2021	12368	11610	13185	13511
11/30/2021	12274	11645	13122	13522
12/31/2021	12382	11615	13211	13618
01/31/2022	12110	11365	12863	13263
02/28/2022	11969	11238	12683	13075
03/31/2022	11838	10926	12490	12908
04/30/2022	11348	10511	11899	12325
05/31/2022	11457	10579	11935	12388
06/30/2022	11043	10413	11522	12042
07/31/2022	11402	10667	11898	12480
08/31/2022	11076	10366	11553	12122
09/30/2022	10509	9918	10957	11518
10/31/2022	10651	9790	11037	11597
11/30/2022	11086	10150	11517	12040
12/31/2022	10919	10104	11406	11865
01/31/2023	11320	10415	11825	12284
02/28/2023	11034	10145	11540	11995
03/31/2023	11263	10403	11822	12309
04/30/2023	11320	10466	11901	12405
05/31/2023	11183	10352	11775	12320
06/30/2023	11309	10315	11922	12455
07/31/2023	11424	10308	12035	12532
08/31/2023	11320	10242	11906	12438
09/30/2023	11068	9982	11588	12092
10/31/2023	10907	9824	11404	11906
11/30/2023	11412	10269	12001	12520
12/31/2023	11775	10662	12466	12988
01/31/2024	11787	10633	12429	13010
02/29/2024	11787	10483	12440	13018
03/31/2024	11942	10580	12600	13194
04/30/2024	11680	10312	12302	12847
05/31/2024	11918	10487	12541	13137
06/30/2024	12025	10587	12654	13326
07/31/2024	12274	10834	12928	13590
08/31/2024	12441	10990	13151	13802
09/30/2024	12607	11137	13352	14000
10/31/2024	12369	10860	13060	13726
11/30/2024	12595	10975	13257	13996
12/31/2024	12398	10796	13028	13766
01/31/2025	12532	10853	13169	13899
02/28/2025	12666	11092	13318	14089
03/31/2025	12557	11096	13227	13938
04/30/2025	12605	11140	13361	13963
05/31/2025	12715	11060	13478	14069
06/30/2025	12958	11230	13766	14373
07/31/2025	12982	11200	13756	14414
08/31/2025	13164	11334	13956	14602
09/30/2025	13322	11458	14149	14828
10/31/2025	13432	11529	14252	14969
11/30/2025	13492	11601	14312	15047
12/31/2025	13493	11584	14343	15036
01/31/2026	13592	11596	14471	15094
02/28/2026	13755	11786	14651	15255
03/31/2026	13418	11578	14231	14910
04/30/2026	13717	11591	14586	15238
05/31/2026	13917	11628	14773	15436
06/30/2026	13904	11656	14757	15437

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Conservative ETF Asset Allocation Portfolio - Class II - NAV	7.31%	2.47%	3.35%
Bloomberg US Aggregate Bond Index*	3.79%	0.08%	1.54%
Conservative Blended Benchmark-1 (20% Equity)^(a)	7.20%	2.40%	3.97%
Blended Secondary Benchmark^(b)	7.40%	3.02%	4.44%

^(a)	The Conservative Blended Benchmark is a blended benchmark consisting of 14% Morningstar US Market Extended Index - TR / 6% Morningstar Global Markets ex-US Index - NR / 58% Bloomberg US Universal Index - TR / 12% FTSE WGBI Non-USD Index / 10% ICE BofAML Treasury 3 Month Index – TR.
^(b)	The Conservative Blended Secondary Benchmark is a blended benchmark consisting of 20% S&P 500 Index / 73% Bloomberg US Aggregate Bond Index / 7% ICE BofAML Treasury 3 Month TR Index.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$30,670,333
Number of Portfolio Holdings	22
Portfolio Turnover Rate	64%
Total Advisory Fees Paid	$53,697

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	16.73%
U.S. Bonds	73.21%
Non-U.S. Equity	5.57%
Non-U.S. Bonds	2.97%
Cash Equivalents	1.52%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-CETFX-063026

Morningstar Income and Growth ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Income and Growth ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/ietfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$27	0.53%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Income and Growth ETF Asset Allocation Portfolio (Class I)	Bloomberg US 1000 Index	Bloomberg US Aggregate Bond Index	Income & Growth Blended Benchmark-1 (40% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000	10000
07/31/2016	10179	10383	10063	10216	10182
08/31/2016	10198	10397	10052	10224	10182
09/30/2016	10236	10408	10046	10255	10180
10/31/2016	10113	10203	9969	10100	10062
11/30/2016	10075	10601	9733	10041	10081
12/31/2016	10190	10800	9747	10132	10168
01/31/2017	10322	11018	9766	10258	10257
02/28/2017	10475	11443	9832	10426	10458
03/31/2017	10516	11454	9826	10460	10460
04/30/2017	10618	11577	9902	10574	10547
05/31/2017	10699	11729	9979	10706	10652
06/30/2017	10720	11815	9969	10731	10673
07/31/2017	10862	12047	10011	10886	10786
08/31/2017	10923	12080	10101	10954	10853
09/30/2017	10984	12341	10053	11022	10915
10/31/2017	11056	12627	10059	11114	11021
11/30/2017	11127	13010	10046	11237	11148
12/31/2017	11221	13153	10092	11324	11227
01/31/2018	11396	13881	9976	11550	11413
02/28/2018	11155	13373	9881	11311	11186
03/31/2018	11144	13072	9945	11269	11113
04/30/2018	11101	13113	9871	11245	11085
05/31/2018	11133	13450	9941	11310	11236
06/30/2018	11079	13536	9929	11293	11257
07/31/2018	11221	14002	9931	11437	11427
08/31/2018	11243	14471	9995	11543	11618
09/30/2018	11243	14521	9931	11520	11604
10/31/2018	10871	13483	9852	11110	11237
11/30/2018	10980	13771	9911	11213	11367
12/31/2018	10773	12511	10093	10967	11072
01/31/2019	11172	13569	10200	11421	11493
02/28/2019	11265	14035	10195	11553	11638
03/31/2019	11394	14272	10390	11715	11853
04/30/2019	11523	14847	10393	11883	12048
05/31/2019	11336	13914	10577	11694	11860
06/30/2019	11687	14883	10710	12116	12278
07/31/2019	11687	15123	10734	12160	12364
08/31/2019	11687	14853	11012	12200	12464
09/30/2019	11781	15103	10953	12257	12521
10/31/2019	11922	15419	10986	12413	12652
11/30/2019	12004	16000	10981	12540	12833
12/31/2019	12194	16453	10973	12724	12984
01/31/2020	12157	16482	11184	12797	13120
02/29/2020	11837	15138	11386	12467	12819
03/31/2020	10987	13143	11319	11621	12146
04/30/2020	11590	14879	11520	12287	12888
05/31/2020	11874	15678	11573	12587	13167
06/30/2020	12009	16027	11646	12792	13317
07/31/2020	12280	16943	11820	13225	13727
08/31/2020	12477	18186	11725	13529	14061
09/30/2020	12293	17526	11718	13336	13843
10/31/2020	12169	17115	11666	13204	13662
11/30/2020	12933	19128	11781	13974	14334
12/31/2020	13258	19929	11797	14294	14565
01/31/2021	13207	19780	11712	14221	14449
02/28/2021	13335	20366	11543	14264	14494
03/31/2021	13450	21112	11399	14318	14648
04/30/2021	13705	22241	11489	14652	15024
05/31/2021	13858	22324	11527	14764	15094
06/30/2021	13922	22923	11607	14877	15293
07/31/2021	14012	23412	11737	15019	15532
08/31/2021	14114	24098	11715	15161	15705
09/30/2021	13846	22998	11614	14813	15338
10/31/2021	14076	24599	11610	15114	15765
11/30/2021	13897	24273	11645	14971	15747
12/31/2021	14141	25214	11615	15195	16008
01/31/2022	13778	23749	11365	14680	15487
02/28/2022	13603	23087	11238	14438	15206
03/31/2022	13549	23846	10926	14350	15200
04/30/2022	12904	21689	10511	13533	14353
05/31/2022	13039	21634	10579	13565	14415
06/30/2022	12393	19850	10413	12915	13814
07/31/2022	12891	21708	10667	13489	14510
08/31/2022	12501	20876	10366	13067	14049
09/30/2022	11735	18936	9918	12235	13199
10/31/2022	12084	20441	9790	12500	13534
11/30/2022	12689	21534	10150	13141	14112
12/31/2022	12400	20277	10104	12908	13755
01/31/2023	12963	21643	10415	13500	14335
02/28/2023	12617	21120	10145	13157	13994
03/31/2023	12848	21793	10403	13488	14398
04/30/2023	12949	22051	10466	13598	14538
05/31/2023	12761	22174	10352	13461	14479
06/30/2023	13079	23673	10315	13790	14837
07/31/2023	13310	24490	10308	14017	15025
08/31/2023	13137	24058	10242	13810	14880
09/30/2023	12776	22931	9982	13375	14391
10/31/2023	12544	22370	9824	13104	14148
11/30/2023	13252	24471	10269	13936	15021
12/31/2023	13762	25684	10662	14536	15614
01/31/2024	13762	26037	10633	14520	15698
02/29/2024	13912	27453	10483	14686	15915
03/31/2024	14182	28335	10580	14946	16204
04/30/2024	13822	27114	10312	14537	15718
05/31/2024	14182	28393	10487	14905	16180
06/30/2024	14347	29343	10587	15088	16499
07/31/2024	14647	29758	10834	15415	16795
08/31/2024	14872	30441	10990	15708	17095
09/30/2024	15081	31086	11137	15981	17370
10/31/2024	14812	30850	10860	15628	17074
11/30/2024	15186	32820	10975	15977	17577
12/31/2024	14890	31907	10796	15654	17255
01/31/2025	15123	32909	10853	15908	17500
02/28/2025	15216	32334	11092	16010	17624
03/31/2025	14952	30435	11096	15761	17233
04/30/2025	14999	30262	11140	15906	17227
05/31/2025	15309	32217	11060	16242	17596
06/30/2025	15711	33877	11230	16694	18106
07/31/2025	15789	34643	11200	16748	18245
08/31/2025	16068	35352	11334	17046	18516
09/30/2025	16362	36619	11458	17371	18901
10/31/2025	16564	37447	11529	17558	19146
11/30/2025	16626	37498	11601	17623	19233
12/31/2025	16667	37494	11584	17687	19225
01/31/2026	16893	38037	11596	17933	19351
02/28/2026	17119	37805	11786	18157	19469
03/31/2026	16546	35912	11578	17452	18895
04/30/2026	17241	39624	11591	18223	19703
05/31/2026	17658	41717	11628	18627	20154
06/30/2026	17606	41474	11656	18584	20107

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Income and Growth ETF Asset Allocation Portfolio - Class I - NAV	12.06%	4.81%	5.82%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Bloomberg US Aggregate Bond Index*	3.79%	0.08%	1.54%
Income & Growth Blended Benchmark-1 (40% Equity)^(a)	11.32%	4.55%	6.39%
Blended Secondary Benchmark^(b)	11.05%	5.63%	7.23%

^(a)	The Income & Growth Blended Benchmark is a blended benchmark consisting of 28% Morningstar US Market Extended Index - TR / 12% Morningstar Global Markets ex-US Index - NR / 46% Bloomberg US Universal Index - TR / 9% FTSE WGBI Non-USD Index / 5% ICE BofAML Treasury 3 Month Index – TR.
^(b)	The Income & Growth Blended Secondary Benchmark is a blended benchmark consisting of 40% S&P 500 / 55% Bloomberg US Aggregate Bond / 5% ICE BofAML Treasury 3 Month Index – TR.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$53,431,877
Number of Portfolio Holdings	22
Portfolio Turnover Rate	43%
Total Advisory Fees Paid	$108,781

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	31.04%
U.S. Bonds	54.45%
Non-U.S. Equity	11.71%
Non-U.S. Bonds	1.98%
Cash Equivalents	0.82%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043421-063026

Morningstar Income and Growth ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
IETFX	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Income and Growth ETF Asset Allocation Portfolio (the "Portfolio" or "IETFX") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/ietfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$40	0.78%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Income and Growth ETF Asset Allocation Portfolio (Class II)	Bloomberg US 1000 Index	Bloomberg US Aggregate Bond Index	Income & Growth Blended Benchmark-1 (40% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000	10000
07/31/2016	10181	10383	10063	10216	10182
08/31/2016	10190	10397	10052	10224	10182
09/30/2016	10235	10408	10046	10255	10180
10/31/2016	10109	10203	9969	10100	10062
11/30/2016	10072	10601	9733	10041	10081
12/31/2016	10175	10800	9747	10132	10168
01/31/2017	10311	11018	9766	10258	10257
02/28/2017	10457	11443	9832	10426	10458
03/31/2017	10496	11454	9826	10460	10460
04/30/2017	10593	11577	9902	10574	10547
05/31/2017	10680	11729	9979	10706	10652
06/30/2017	10699	11815	9969	10731	10673
07/31/2017	10845	12047	10011	10886	10786
08/31/2017	10894	12080	10101	10954	10853
09/30/2017	10952	12341	10053	11022	10915
10/31/2017	11030	12627	10059	11114	11021
11/30/2017	11088	13010	10046	11237	11148
12/31/2017	11187	13153	10092	11324	11227
01/31/2018	11363	13881	9976	11550	11413
02/28/2018	11114	13373	9881	11311	11186
03/31/2018	11104	13072	9945	11269	11113
04/30/2018	11052	13113	9871	11245	11085
05/31/2018	11083	13450	9941	11310	11236
06/30/2018	11031	13536	9929	11293	11257
07/31/2018	11166	14002	9931	11437	11427
08/31/2018	11187	14471	9995	11543	11618
09/30/2018	11176	14521	9931	11520	11604
10/31/2018	10814	13483	9852	11110	11237
11/30/2018	10917	13771	9911	11213	11367
12/31/2018	10711	12511	10093	10967	11072
01/31/2019	11097	13569	10200	11421	11493
02/28/2019	11185	14035	10195	11553	11638
03/31/2019	11318	14272	10390	11715	11853
04/30/2019	11439	14847	10393	11883	12048
05/31/2019	11262	13914	10577	11694	11860
06/30/2019	11604	14883	10710	12116	12278
07/31/2019	11604	15123	10734	12160	12364
08/31/2019	11604	14853	11012	12200	12464
09/30/2019	11682	15103	10953	12257	12521
10/31/2019	11825	15419	10986	12413	12652
11/30/2019	11902	16000	10981	12540	12833
12/31/2019	12093	16453	10973	12724	12984
01/31/2020	12047	16482	11184	12797	13120
02/29/2020	11735	15138	11386	12467	12819
03/31/2020	10882	13143	11319	11621	12146
04/30/2020	11482	14879	11520	12287	12888
05/31/2020	11759	15678	11573	12587	13167
06/30/2020	11897	16027	11646	12792	13317
07/31/2020	12162	16943	11820	13225	13727
08/31/2020	12358	18186	11725	13529	14061
09/30/2020	12174	17526	11718	13336	13843
10/31/2020	12047	17115	11666	13204	13662
11/30/2020	12796	19128	11781	13974	14334
12/31/2020	13112	19929	11797	14294	14565
01/31/2021	13053	19780	11712	14221	14449
02/28/2021	13184	20366	11543	14264	14494
03/31/2021	13303	21112	11399	14318	14648
04/30/2021	13552	22241	11489	14652	15024
05/31/2021	13683	22324	11527	14764	15094
06/30/2021	13755	22923	11607	14877	15293
07/31/2021	13838	23412	11737	15019	15532
08/31/2021	13945	24098	11715	15161	15705
09/30/2021	13671	22998	11614	14813	15338
10/31/2021	13897	24599	11610	15114	15765
11/30/2021	13707	24273	11645	14971	15747
12/31/2021	13960	25214	11615	15195	16008
01/31/2022	13599	23749	11365	14680	15487
02/28/2022	13412	23087	11238	14438	15206
03/31/2022	13362	23846	10926	14350	15200
04/30/2022	12715	21689	10511	13533	14353
05/31/2022	12852	21634	10579	13565	14415
06/30/2022	12204	19850	10413	12915	13814
07/31/2022	12702	21708	10667	13489	14510
08/31/2022	12316	20876	10366	13067	14049
09/30/2022	11557	18936	9918	12235	13199
10/31/2022	11893	20441	9790	12500	13534
11/30/2022	12491	21534	10150	13141	14112
12/31/2022	12210	20277	10104	12908	13755
01/31/2023	12754	21643	10415	13500	14335
02/28/2023	12422	21120	10145	13157	13994
03/31/2023	12648	21793	10403	13488	14398
04/30/2023	12741	22051	10466	13598	14538
05/31/2023	12555	22174	10352	13461	14479
06/30/2023	12861	23673	10315	13790	14837
07/31/2023	13087	24490	10308	14017	15025
08/31/2023	12901	24058	10242	13810	14880
09/30/2023	12555	22931	9982	13375	14391
10/31/2023	12329	22370	9824	13104	14148
11/30/2023	13007	24471	10269	13936	15021
12/31/2023	13503	25684	10662	14536	15614
01/31/2024	13503	26037	10633	14520	15698
02/29/2024	13654	27453	10483	14686	15915
03/31/2024	13915	28335	10580	14946	16204
04/30/2024	13558	27114	10312	14537	15718
05/31/2024	13901	28393	10487	14905	16180
06/30/2024	14065	29343	10587	15088	16499
07/31/2024	14367	29758	10834	15415	16795
08/31/2024	14573	30441	10990	15708	17095
09/30/2024	14792	31086	11137	15981	17370
10/31/2024	14518	30850	10860	15628	17074
11/30/2024	14874	32820	10975	15977	17577
12/31/2024	14579	31907	10796	15654	17255
01/31/2025	14805	32909	10853	15908	17500
02/28/2025	14889	32334	11092	16010	17624
03/31/2025	14635	30435	11096	15761	17233
04/30/2025	14678	30262	11140	15906	17227
05/31/2025	14974	32217	11060	16242	17596
06/30/2025	15369	33877	11230	16694	18106
07/31/2025	15439	34643	11200	16748	18245
08/31/2025	15721	35352	11334	17046	18516
09/30/2025	15989	36619	11458	17371	18901
10/31/2025	16186	37447	11529	17558	19146
11/30/2025	16257	37498	11601	17623	19233
12/31/2025	16285	37494	11584	17687	19225
01/31/2026	16504	38037	11596	17933	19351
02/28/2026	16723	37805	11786	18157	19469
03/31/2026	16160	35912	11578	17452	18895
04/30/2026	16833	39624	11591	18223	19703
05/31/2026	17224	41717	11628	18627	20154
06/30/2026	17177	41474	11656	18584	20107

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Income and Growth ETF Asset Allocation Portfolio - Class II - NAV	11.77%	4.54%	5.56%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Bloomberg US Aggregate Bond Index*	3.79%	0.08%	1.54%
Income & Growth Blended Benchmark-1 (40% Equity)^(a)	11.32%	4.55%	6.39%
Blended Secondary Benchmark^(b)	11.05%	5.63%	7.23%

^(a)	The Income & Growth Blended Benchmark is a blended benchmark consisting of 28% Morningstar US Market Extended Index - TR / 12% Morningstar Global Markets ex-US Index - NR / 46% Bloomberg US Universal Index - TR / 9% FTSE WGBI Non-USD Index / 5% ICE BofAML Treasury 3 Month Index – TR.
^(b)	The Income & Growth Blended Secondary Benchmark is a blended benchmark consisting of 40% S&P 500 / 55% Bloomberg US Aggregate Bond / 5% ICE BofAML Treasury 3 Month Index – TR.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$53,431,877
Number of Portfolio Holdings	22
Portfolio Turnover Rate	43%
Total Advisory Fees Paid	$108,781

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-IETFX-063026

Morningstar Balanced ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Balanced ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/betfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$26	0.51%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Balanced ETF Asset Allocation Portfolio (Class I)	Bloomberg US 1000 Index	Bloomberg US Aggregate Bond Index	Balanced Blended Benchmark-1 (60% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000	10000
07/31/2016	10260	10383	10063	10289	10245
08/31/2016	10278	10397	10052	10305	10250
09/30/2016	10314	10408	10046	10343	10248
10/31/2016	10161	10203	9969	10169	10107
11/30/2016	10224	10601	9733	10207	10240
12/31/2016	10362	10800	9747	10341	10367
01/31/2017	10545	11018	9766	10511	10493
02/28/2017	10737	11443	9832	10735	10770
03/31/2017	10795	11454	9826	10787	10775
04/30/2017	10910	11577	9902	10917	10874
05/31/2017	11007	11729	9979	11071	10997
06/30/2017	11055	11815	9969	11114	11034
07/31/2017	11237	12047	10011	11310	11189
08/31/2017	11285	12080	10101	11371	11248
09/30/2017	11410	12341	10053	11502	11367
10/31/2017	11535	12627	10059	11647	11529
11/30/2017	11660	13010	10046	11826	11735
12/31/2017	11777	13153	10092	11944	11834
01/31/2018	12090	13881	9976	12313	12189
02/28/2018	11735	13373	9881	11980	11876
03/31/2018	11704	13072	9945	11873	11724
04/30/2018	11673	13113	9871	11885	11718
05/31/2018	11725	13450	9941	11983	11920
06/30/2018	11642	13536	9929	11966	11959
07/31/2018	11850	14002	9931	12188	12227
08/31/2018	11881	14471	9995	12342	12497
09/30/2018	11892	14521	9931	12333	12509
10/31/2018	11329	13483	9852	11725	11959
11/30/2018	11485	13771	9911	11864	12133
12/31/2018	11068	12511	10093	11382	11561
01/31/2019	11621	13569	10200	12012	12164
02/28/2019	11774	14035	10195	12227	12396
03/31/2019	11915	14272	10390	12392	12631
04/30/2019	12103	14847	10393	12656	12940
05/31/2019	11750	13914	10577	12269	12534
06/30/2019	12232	14883	10710	12838	13125
07/31/2019	12221	15123	10734	12898	13249
08/31/2019	12138	14853	11012	12832	13255
09/30/2019	12291	15103	10953	12956	13377
10/31/2019	12491	15419	10986	13178	13567
11/30/2019	12632	16000	10981	13398	13860
12/31/2019	12902	16453	10973	13676	14108
01/31/2020	12766	16482	11184	13691	14208
02/29/2020	12201	15138	11386	13085	13604
03/31/2020	10948	13143	11319	11873	12566
04/30/2020	11783	14879	11520	12792	13618
05/31/2020	12164	15678	11573	13213	14031
06/30/2020	12349	16027	11646	13484	14232
07/31/2020	12680	16943	11820	14029	14794
08/31/2020	13012	18186	11725	14544	15387
09/30/2020	12742	17526	11718	14246	15033
10/31/2020	12570	17115	11666	14051	14768
11/30/2020	13676	19128	11781	15189	15793
12/31/2020	14115	19929	11797	15665	16165
01/31/2021	14077	19780	11712	15598	16023
02/28/2021	14383	20366	11543	15774	16200
03/31/2021	14650	21112	11399	15960	16549
04/30/2021	15018	22241	11489	16454	17129
05/31/2021	15235	22324	11527	16603	17222
06/30/2021	15298	22923	11607	16776	17509
07/31/2021	15362	23412	11737	16930	17833
08/31/2021	15552	24098	11715	17185	18146
09/30/2021	15171	22998	11614	16686	17580
10/31/2021	15565	24599	11610	17208	18317
11/30/2021	15247	24273	11645	16964	18261
12/31/2021	15669	25214	11615	17358	18735
01/31/2022	15211	23749	11365	16646	17999
02/28/2022	14996	23087	11238	16335	17600
03/31/2022	15063	23846	10926	16391	17806
04/30/2022	14243	21689	10511	15314	16618
05/31/2022	14391	21634	10579	15338	16677
06/30/2022	13476	19850	10413	14407	15752
07/31/2022	14149	21708	10667	15209	16770
08/31/2022	13692	20876	10366	14706	16180
09/30/2022	12710	18936	9918	13606	15021
10/31/2022	13315	20441	9790	14100	15677
11/30/2022	14095	21534	10150	14924	16423
12/31/2022	13694	20277	10104	14539	15828
01/31/2023	14416	21643	10415	15330	16611
02/28/2023	14011	21120	10145	14931	16206
03/31/2023	14199	21793	10403	15310	16721
04/30/2023	14329	22051	10466	15457	16917
05/31/2023	14084	22174	10352	15314	16892
06/30/2023	14604	23673	10315	15873	17541
07/31/2023	14979	24490	10308	16246	17876
08/31/2023	14705	24058	10242	15943	17663
09/30/2023	14228	22931	9982	15375	16989
10/31/2023	13910	22370	9824	15001	16674
11/30/2023	14835	24471	10269	16109	17876
12/31/2023	15489	25684	10662	16862	18625
01/31/2024	15474	26037	10633	16875	18795
02/29/2024	15792	27453	10483	17253	19298
03/31/2024	16201	28335	10580	17640	19740
04/30/2024	15701	27114	10312	17102	19068
05/31/2024	16216	28393	10487	17632	19760
06/30/2024	16428	29343	10587	17902	20258
07/31/2024	16791	29758	10834	18286	20588
08/31/2024	17064	30441	10990	18661	21002
09/30/2024	17336	31086	11137	19020	21379
10/31/2024	17003	30850	10860	18606	21063
11/30/2024	17533	32820	10975	19155	21891
12/31/2024	17116	31907	10796	18719	21444
01/31/2025	17459	32909	10853	19122	21847
02/28/2025	17474	32334	11092	19144	21860
03/31/2025	17085	30435	11096	18680	21126
04/30/2025	17116	30262	11140	18836	21073
05/31/2025	17661	32217	11060	19469	21813
06/30/2025	18254	33877	11230	20133	22607
07/31/2025	18394	34643	11200	20279	22890
08/31/2025	18799	35352	11334	20701	23275
09/30/2025	19220	36619	11458	21201	23882
10/31/2025	19516	37447	11529	21502	24276
11/30/2025	19610	37498	11601	21571	24371
12/31/2025	19696	37494	11584	21683	24368
01/31/2026	20070	38037	11596	22093	24591
02/28/2026	20373	37805	11786	22364	24633
03/31/2026	19500	35912	11578	21277	23734
04/30/2026	20676	39624	11591	22627	25239
05/31/2026	21389	41717	11628	23340	26068
06/30/2026	21282	41474	11656	23259	25944

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Balanced ETF Asset Allocation Portfolio - Class I - NAV	16.59%	6.83%	7.85%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Bloomberg US Aggregate Bond Index*	3.79%	0.08%	1.54%
Balanced Blended Benchmark-1 (60% Equity)^(a)	15.53%	6.75%	8.81%
Blended Secondary Benchmark^(b)	14.76%	8.18%	10.00%

^(a)	The Balanced Blended Benchmark is a blended benchmark consisting of 42% Morningstar US Market Extended Index - TR / 18% Morningstar Global Markets ex-US Index - NR / 32% Bloomberg US Universal Index - TR / 6% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.
^(b)	The Balanced Blended Secondary Benchmark is a blended benchmark consisting of 60% S&P 500 / 38% Bloomberg US Aggregate Bond / 2% ICE BofAML Treasury 3 Month Index – TR.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$182,696,192
Number of Portfolio Holdings	19
Portfolio Turnover Rate	41%
Total Advisory Fees Paid	$389,975

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043414-063026

Morningstar Balanced ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
BETFX	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Balanced ETF Asset Allocation Portfolio (the "Portfolio" or "BETFX") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/betfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$39	0.76%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Balanced ETF Asset Allocation Portfolio (Class II)	Bloomberg US 1000 Index	Bloomberg US Aggregate Bond Index	Balanced Blended Benchmark-1 (60% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000	10000
07/31/2016	10258	10383	10063	10289	10245
08/31/2016	10276	10397	10052	10305	10250
09/30/2016	10312	10408	10046	10343	10248
10/31/2016	10151	10203	9969	10169	10107
11/30/2016	10214	10601	9733	10207	10240
12/31/2016	10355	10800	9747	10341	10367
01/31/2017	10526	11018	9766	10511	10493
02/28/2017	10717	11443	9832	10735	10770
03/31/2017	10783	11454	9826	10787	10775
04/30/2017	10888	11577	9902	10917	10874
05/31/2017	10983	11729	9979	11071	10997
06/30/2017	11031	11815	9969	11114	11034
07/31/2017	11212	12047	10011	11310	11189
08/31/2017	11259	12080	10101	11371	11248
09/30/2017	11373	12341	10053	11502	11367
10/31/2017	11497	12627	10059	11647	11529
11/30/2017	11621	13010	10046	11826	11735
12/31/2017	11735	13153	10092	11944	11834
01/31/2018	12044	13881	9976	12313	12189
02/28/2018	11694	13373	9881	11980	11876
03/31/2018	11653	13072	9945	11873	11724
04/30/2018	11622	13113	9871	11885	11718
05/31/2018	11663	13450	9941	11983	11920
06/30/2018	11591	13536	9929	11966	11959
07/31/2018	11787	14002	9931	12188	12227
08/31/2018	11818	14471	9995	12342	12497
09/30/2018	11828	14521	9931	12333	12509
10/31/2018	11272	13483	9852	11725	11959
11/30/2018	11416	13771	9911	11864	12133
12/31/2018	11004	12511	10093	11382	11561
01/31/2019	11547	13569	10200	12012	12164
02/28/2019	11697	14035	10195	12227	12396
03/31/2019	11836	14272	10390	12392	12631
04/30/2019	12021	14847	10393	12656	12940
05/31/2019	11674	13914	10577	12269	12534
06/30/2019	12137	14883	10710	12838	13125
07/31/2019	12137	15123	10734	12898	13249
08/31/2019	12044	14853	11012	12832	13255
09/30/2019	12194	15103	10953	12956	13377
10/31/2019	12379	15419	10986	13178	13567
11/30/2019	12530	16000	10981	13398	13860
12/31/2019	12793	16453	10973	13676	14108
01/31/2020	12649	16482	11184	13691	14208
02/29/2020	12095	15138	11386	13085	13604
03/31/2020	10856	13143	11319	11873	12566
04/30/2020	11674	14879	11520	12792	13618
05/31/2020	12047	15678	11573	13213	14031
06/30/2020	12228	16027	11646	13484	14232
07/31/2020	12552	16943	11820	14029	14794
08/31/2020	12877	18186	11725	14544	15387
09/30/2020	12613	17526	11718	14246	15033
10/31/2020	12432	17115	11666	14051	14768
11/30/2020	13527	19128	11781	15189	15793
12/31/2020	13960	19929	11797	15665	16165
01/31/2021	13923	19780	11712	15598	16023
02/28/2021	14221	20366	11543	15774	16200
03/31/2021	14469	21112	11399	15960	16549
04/30/2021	14842	22241	11489	16454	17129
05/31/2021	15053	22324	11527	16603	17222
06/30/2021	15115	22923	11607	16776	17509
07/31/2021	15165	23412	11737	16930	17833
08/31/2021	15351	24098	11715	17185	18146
09/30/2021	14978	22998	11614	16686	17580
10/31/2021	15363	24599	11610	17208	18317
11/30/2021	15053	24273	11645	16964	18261
12/31/2021	15466	25214	11615	17358	18735
01/31/2022	15008	23749	11365	16646	17999
02/28/2022	14785	23087	11238	16335	17600
03/31/2022	14851	23846	10926	16391	17806
04/30/2022	14039	21689	10511	15314	16618
05/31/2022	14183	21634	10579	15338	16677
06/30/2022	13279	19850	10413	14407	15752
07/31/2022	13934	21708	10667	15209	16770
08/31/2022	13489	20876	10366	14706	16180
09/30/2022	12506	18936	9918	13606	15021
10/31/2022	13109	20441	9790	14100	15677
11/30/2022	13882	21534	10150	14924	16423
12/31/2022	13473	20277	10104	14539	15828
01/31/2023	14188	21643	10415	15330	16611
02/28/2023	13782	21120	10145	14931	16206
03/31/2023	13964	21793	10403	15310	16721
04/30/2023	14090	22051	10466	15457	16917
05/31/2023	13838	22174	10352	15314	16892
06/30/2023	14356	23673	10315	15873	17541
07/31/2023	14720	24490	10308	16246	17876
08/31/2023	14440	24058	10242	15943	17663
09/30/2023	13978	22931	9982	15375	16989
10/31/2023	13670	22370	9824	15001	16674
11/30/2023	14566	24471	10269	16109	17876
12/31/2023	15201	25684	10662	16862	18625
01/31/2024	15186	26037	10633	16875	18795
02/29/2024	15494	27453	10483	17253	19298
03/31/2024	15889	28335	10580	17640	19740
04/30/2024	15406	27114	10312	17102	19068
05/31/2024	15903	28393	10487	17632	19760
06/30/2024	16108	29343	10587	17902	20258
07/31/2024	16459	29758	10834	18286	20588
08/31/2024	16723	30441	10990	18661	21002
09/30/2024	16986	31086	11137	19020	21379
10/31/2024	16649	30850	10860	18606	21063
11/30/2024	17176	32820	10975	19155	21891
12/31/2024	16762	31907	10796	18719	21444
01/31/2025	17092	32909	10853	19122	21847
02/28/2025	17107	32334	11092	19144	21860
03/31/2025	16717	30435	11096	18680	21126
04/30/2025	16747	30262	11140	18836	21073
05/31/2025	17273	32217	11060	19469	21813
06/30/2025	17843	33877	11230	20133	22607
07/31/2025	17994	34643	11200	20279	22890
08/31/2025	18369	35352	11334	20701	23275
09/30/2025	18790	36619	11458	21201	23882
10/31/2025	19075	37447	11529	21502	24276
11/30/2025	19150	37498	11601	21571	24371
12/31/2025	19228	37494	11584	21683	24368
01/31/2026	19604	38037	11596	22093	24591
02/28/2026	19895	37805	11786	22364	24633
03/31/2026	19040	35912	11578	21277	23734
04/30/2026	20185	39624	11591	22627	25239
05/31/2026	20869	41717	11628	23340	26068
06/30/2026	20766	41474	11656	23259	25944

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Balanced ETF Asset Allocation Portfolio - Class II - NAV	16.38%	6.56%	7.58%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Bloomberg US Aggregate Bond Index*	3.79%	0.08%	1.54%
Balanced Blended Benchmark-1 (60% Equity)^(a)	15.53%	6.75%	8.81%
Blended Secondary Benchmark^(b)	14.76%	8.18%	10.00%

^(a)	The Balanced Blended Benchmark is a blended benchmark consisting of 42% Morningstar US Market Extended Index - TR / 18% Morningstar Global Markets ex-US Index - NR / 32% Bloomberg US Universal Index - TR / 6% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.
^(b)	The Balanced Blended Secondary Benchmark is a blended benchmark consisting of 60% S&P 500 / 38% Bloomberg US Aggregate Bond / 2% ICE BofAML Treasury 3 Month Index – TR.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$182,696,192
Number of Portfolio Holdings	19
Portfolio Turnover Rate	41%
Total Advisory Fees Paid	$389,975

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-BETFX-063026

Morningstar Growth ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Growth ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/getfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$26	0.50%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Growth ETF Asset Allocation Portfolio (Class I)	Bloomberg US 1000 Index	Growth Blended Benchmark-1 (80% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000
07/31/2016	10340	10383	10360	10308
08/31/2016	10358	10397	10383	10317
09/30/2016	10403	10408	10428	10317
10/31/2016	10215	10203	10238	10151
11/30/2016	10358	10601	10381	10404
12/31/2016	10516	10800	10559	10571
01/31/2017	10754	11018	10772	10736
02/28/2017	10992	11443	11055	11091
03/31/2017	11078	11454	11125	11100
04/30/2017	11211	11577	11269	11208
05/31/2017	11325	11729	11444	11352
06/30/2017	11402	11815	11507	11406
07/31/2017	11640	12047	11746	11604
08/31/2017	11678	12080	11794	11653
09/30/2017	11868	12341	11995	11834
10/31/2017	12040	12627	12197	12057
11/30/2017	12221	13010	12439	12349
12/31/2017	12375	13153	12588	12470
01/31/2018	12853	13881	13120	13013
02/28/2018	12385	13373	12685	12605
03/31/2018	12314	13072	12505	12364
04/30/2018	12293	13113	12561	12384
05/31/2018	12364	13450	12694	12640
06/30/2018	12263	13536	12678	12699
07/31/2018	12548	14002	12986	13078
08/31/2018	12589	14471	13192	13436
09/30/2018	12609	14521	13202	13480
10/31/2018	11845	13483	12374	12721
11/30/2018	12039	13771	12553	12944
12/31/2018	11403	12511	11802	12056
01/31/2019	12119	13569	12616	12855
02/28/2019	12350	14035	12921	13184
03/31/2019	12488	14272	13083	13439
04/30/2019	12765	14847	13455	13875
05/31/2019	12211	13914	12840	13219
06/30/2019	12823	14883	13562	13998
07/31/2019	12823	15123	13640	14165
08/31/2019	12638	14853	13446	14059
09/30/2019	12858	15103	13647	14254
10/31/2019	13123	15419	13940	14510
11/30/2019	13342	16000	14263	14930
12/31/2019	13700	16453	14645	15288
01/31/2020	13441	16482	14586	15342
02/29/2020	12628	15138	13665	14387
03/31/2020	11002	13143	12070	12948
04/30/2020	12024	14879	13240	14322
05/31/2020	12492	15678	13783	14881
06/30/2020	12726	16027	14123	15137
07/31/2020	13133	16943	14779	15865
08/31/2020	13626	18186	15526	16752
09/30/2020	13268	17526	15114	16241
10/31/2020	13047	17115	14850	15881
11/30/2020	14513	19128	16383	17302
12/31/2020	15105	19929	17034	17839
01/31/2021	15092	19780	16978	17670
02/28/2021	15583	20366	17316	18008
03/31/2021	16010	21112	17667	18594
04/30/2021	16488	22241	18343	19418
05/31/2021	16785	22324	18534	19539
06/30/2021	16837	22923	18773	19931
07/31/2021	16875	23412	18934	20355
08/31/2021	17147	24098	19324	20842
09/30/2021	16669	22998	18650	20030
10/31/2021	17250	24599	19440	21152
11/30/2021	16798	24273	19071	21047
12/31/2021	17385	25214	19672	21791
01/31/2022	16828	23749	18739	20795
02/28/2022	16570	23087	18354	20251
03/31/2022	16760	23846	18609	20740
04/30/2022	15756	21689	17243	19135
05/31/2022	15919	21634	17254	19188
06/30/2022	14711	19850	15995	17861
07/31/2022	15566	21708	17054	19266
08/31/2022	15023	20876	16474	18528
09/30/2022	13802	18936	15079	17003
10/31/2022	14698	20441	15854	18060
11/30/2022	15675	21534	16877	19000
12/31/2022	15131	20277	16310	18108
01/31/2023	16054	21643	17325	19129
02/28/2023	15578	21120	16876	18657
03/31/2023	15737	21793	17300	19300
04/30/2023	15910	22051	17489	19564
05/31/2023	15593	22174	17348	19589
06/30/2023	16372	23673	18194	20611
07/31/2023	16891	24490	18752	21138
08/31/2023	16501	24058	18336	20842
09/30/2023	15910	22931	17622	19941
10/31/2023	15477	22370	17132	19542
11/30/2023	16646	24471	18554	21147
12/31/2023	17493	25684	19470	22078
01/31/2024	17447	26037	19527	22362
02/29/2024	17990	27453	20186	23254
03/31/2024	18562	28335	20731	23896
04/30/2024	17914	27114	20051	22994
05/31/2024	18608	28393	20780	23984
06/30/2024	18879	29343	21160	24718
07/31/2024	19301	29758	21595	25074
08/31/2024	19632	30441	22064	25633
09/30/2024	19979	31086	22525	26140
10/31/2024	19587	30850	22059	25820
11/30/2024	20325	32820	22864	27087
12/31/2024	19746	31907	22297	26482
01/31/2025	20245	32909	22895	27100
02/28/2025	20167	32334	22789	26937
03/31/2025	19559	30435	22041	25725
04/30/2025	19590	30262	22205	25605
05/31/2025	20448	32217	23235	26858
06/30/2025	21276	33877	24164	28033
07/31/2025	21510	34643	24440	28522
08/31/2025	22056	35352	25018	29052
09/30/2025	22665	36619	25744	29964
10/31/2025	23086	37447	26196	30563
11/30/2025	23180	37498	26264	30661
12/31/2025	23330	37494	26444	30667
01/31/2026	23943	38037	27078	31029
02/28/2026	24352	37805	27393	30942
03/31/2026	23075	35912	25811	29600
04/30/2026	24897	39624	27947	32092
05/31/2026	25987	41717	29088	33463
06/30/2026	25851	41474	28952	33224

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Growth ETF Asset Allocation Portfolio - Class I - NAV	21.50%	8.95%	9.96%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Growth Blended Benchmark-1 (80% Equity)^(a)	19.81%	9.05%	11.22%
Blended Secondary Benchmark^(b)	18.52%	10.76%	12.76%

^(a)	The Growth Blended Benchmark is a blended benchmark consisting of 56% Morningstar US Market Extended Index - TR / 24% Morningstar Global Markets ex-US Index - NR / 15% Bloomberg US Universal Index - TR / 3% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.
^(b)	The Growth Blended Secondary Benchmark is a blended benchmark consisting of 80% S&P 500 / 20% Bloomberg US Aggregate Bond Index.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$322,342,208
Number of Portfolio Holdings	14
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$688,654

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043418-063026

Morningstar Growth ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
GETFX	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Growth ETF Asset Allocation Portfolio (the "Portfolio" or "GETFX") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/getfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$39	0.75%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Growth ETF Asset Allocation Portfolio (Class II)	Bloomberg US 1000 Index	Growth Blended Benchmark-1 (80% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000
07/31/2016	10337	10383	10360	10308
08/31/2016	10355	10397	10383	10317
09/30/2016	10400	10408	10428	10317
10/31/2016	10209	10203	10238	10151
11/30/2016	10346	10601	10381	10404
12/31/2016	10510	10800	10559	10571
01/31/2017	10742	11018	10772	10736
02/28/2017	10974	11443	11055	11091
03/31/2017	11060	11454	11125	11100
04/30/2017	11186	11577	11269	11208
05/31/2017	11302	11729	11444	11352
06/30/2017	11369	11815	11507	11406
07/31/2017	11611	12047	11746	11604
08/31/2017	11649	12080	11794	11653
09/30/2017	11833	12341	11995	11834
10/31/2017	12006	12627	12197	12057
11/30/2017	12180	13010	12439	12349
12/31/2017	12328	13153	12588	12470
01/31/2018	12803	13881	13120	13013
02/28/2018	12339	13373	12685	12605
03/31/2018	12267	13072	12505	12364
04/30/2018	12236	13113	12561	12384
05/31/2018	12308	13450	12694	12640
06/30/2018	12205	13536	12678	12699
07/31/2018	12483	14002	12986	13078
08/31/2018	12524	14471	13192	13436
09/30/2018	12535	14521	13202	13480
10/31/2018	11782	13483	12374	12721
11/30/2018	11968	13771	12553	12944
12/31/2018	11337	12511	11802	12056
01/31/2019	12049	13569	12616	12855
02/28/2019	12271	14035	12921	13184
03/31/2019	12411	14272	13083	13439
04/30/2019	12680	14847	13455	13875
05/31/2019	12131	13914	12840	13219
06/30/2019	12727	14883	13562	13998
07/31/2019	12727	15123	13640	14165
08/31/2019	12540	14853	13446	14059
09/30/2019	12762	15103	13647	14254
10/31/2019	13007	15419	13940	14510
11/30/2019	13229	16000	14263	14930
12/31/2019	13578	16453	14645	15288
01/31/2020	13317	16482	14586	15342
02/29/2020	12508	15138	13665	14387
03/31/2020	10902	13143	12070	12948
04/30/2020	11910	14879	13240	14322
05/31/2020	12371	15678	13783	14881
06/30/2020	12595	16027	14123	15137
07/31/2020	12993	16943	14779	15865
08/31/2020	13479	18186	15526	16752
09/30/2020	13130	17526	15114	16241
10/31/2020	12906	17115	14850	15881
11/30/2020	14350	19128	16383	17302
12/31/2020	14937	19929	17034	17839
01/31/2021	14911	19780	16978	17670
02/28/2021	15406	20366	17316	18008
03/31/2021	15823	21112	17667	18594
04/30/2021	16292	22241	18343	19418
05/31/2021	16579	22324	18534	19539
06/30/2021	16618	22923	18773	19931
07/31/2021	16657	23412	18934	20355
08/31/2021	16931	24098	19324	20842
09/30/2021	16449	22998	18650	20030
10/31/2021	17022	24599	19440	21152
11/30/2021	16566	24273	19071	21047
12/31/2021	17160	25214	19672	21791
01/31/2022	16599	23749	18739	20795
02/28/2022	16340	23087	18354	20251
03/31/2022	16531	23846	18609	20740
04/30/2022	15519	21689	17243	19135
05/31/2022	15683	21634	17254	19188
06/30/2022	14494	19850	15995	17861
07/31/2022	15328	21708	17054	19266
08/31/2022	14794	20876	16474	18528
09/30/2022	13591	18936	15079	17003
10/31/2022	14466	20441	15854	18060
11/30/2022	15423	21534	16877	19000
12/31/2022	14886	20277	16310	18108
01/31/2023	15785	21643	17325	19129
02/28/2023	15321	21120	16876	18657
03/31/2023	15466	21793	17300	19300
04/30/2023	15640	22051	17489	19564
05/31/2023	15321	22174	17348	19589
06/30/2023	16090	23673	18194	20611
07/31/2023	16598	24490	18752	21138
08/31/2023	16206	24058	18336	20842
09/30/2023	15626	22931	17622	19941
10/31/2023	15191	22370	17132	19542
11/30/2023	16337	24471	18554	21147
12/31/2023	17159	25684	19470	22078
01/31/2024	17113	26037	19527	22362
02/29/2024	17658	27453	20186	23254
03/31/2024	18203	28335	20731	23896
04/30/2024	17567	27114	20051	22994
05/31/2024	18248	28393	20780	23984
06/30/2024	18505	29343	21160	24718
07/31/2024	18914	29758	21595	25074
08/31/2024	19232	30441	22064	25633
09/30/2024	19580	31086	22525	26140
10/31/2024	19171	30850	22059	25820
11/30/2024	19912	32820	22864	27087
12/31/2024	19333	31907	22297	26482
01/31/2025	19818	32909	22895	27100
02/28/2025	19740	32334	22789	26937
03/31/2025	19145	30435	22041	25725
04/30/2025	19160	30262	22205	25605
05/31/2025	19990	32217	23235	26858
06/30/2025	20788	33877	24164	28033
07/31/2025	21023	34643	24440	28522
08/31/2025	21556	35352	25018	29052
09/30/2025	22150	36619	25744	29964
10/31/2025	22557	37447	26196	30563
11/30/2025	22636	37498	26264	30661
12/31/2025	22795	37494	26444	30667
01/31/2026	23376	38037	27078	31029
02/28/2026	23769	37805	27393	30942
03/31/2026	22522	35912	25811	29600
04/30/2026	24298	39624	27947	32092
05/31/2026	25357	41717	29088	33463
06/30/2026	25203	41474	28952	33224

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Growth ETF Asset Allocation Portfolio - Class II - NAV	21.24%	8.69%	9.68%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Growth Blended Benchmark-1 (80% Equity)^(a)	19.81%	9.05%	11.22%
Blended Secondary Benchmark^(b)	18.52%	10.76%	12.76%

^(a)	The Growth Blended Benchmark is a blended benchmark consisting of 56% Morningstar US Market Extended Index - TR / 24% Morningstar Global Markets ex-US Index - NR / 15% Bloomberg US Universal Index - TR / 3% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.
^(b)	The Growth Blended Secondary Benchmark is a blended benchmark consisting of 80% S&P 500 / 20% Bloomberg US Aggregate Bond Index.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$322,342,208
Number of Portfolio Holdings	14
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$688,654

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-GETFX-063026

Morningstar Aggressive Growth ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Aggressive Growth ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/agtfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$26	0.50%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Aggressive Growth ETF Asset Allocation Portfolio (Class I)	Bloomberg US 1000 Index	Aggressive Growth Blended Benchmark-1 (95% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000
07/31/2016	10396	10383	10413	10353
08/31/2016	10422	10397	10443	10367
09/30/2016	10473	10408	10491	10368
10/31/2016	10275	10203	10290	10185
11/30/2016	10491	10601	10520	10531
12/31/2016	10675	10800	10733	10729
01/31/2017	10940	11018	10978	10924
02/28/2017	11206	11443	11307	11339
03/31/2017	11307	11454	11391	11352
04/30/2017	11444	11577	11545	11467
05/31/2017	11573	11729	11734	11625
06/30/2017	11664	11815	11814	11693
07/31/2017	11939	12047	12083	11924
08/31/2017	11967	12080	12121	11964
09/30/2017	12214	12341	12379	12195
10/31/2017	12425	12627	12628	12466
11/30/2017	12654	13010	12919	12829
12/31/2017	12828	13153	13093	12967
01/31/2018	13409	13881	13754	13665
02/28/2018	12857	13373	13236	13180
03/31/2018	12759	13072	12994	12866
04/30/2018	12759	13113	13086	12908
05/31/2018	12857	13450	13254	13208
06/30/2018	12749	13536	13240	13284
07/31/2018	13084	14002	13621	13754
08/31/2018	13163	14471	13874	14184
09/30/2018	13172	14521	13901	14256
10/31/2018	12257	13483	12890	13325
11/30/2018	12473	13771	13103	13587
12/31/2018	11652	12511	12127	12434
01/31/2019	12496	13569	13087	13387
02/28/2019	12770	14035	13468	13795
03/31/2019	12901	14272	13629	14063
04/30/2019	13230	14847	14089	14604
05/31/2019	12539	13914	13285	13736
06/30/2019	13252	14883	14130	14664
07/31/2019	13230	15123	14226	14866
08/31/2019	12967	14853	13928	14661
09/30/2019	13263	15103	14190	14918
10/31/2019	13559	15419	14540	15227
11/30/2019	13844	16000	14951	15752
12/31/2019	14266	16453	15418	16203
01/31/2020	13897	16482	15300	16213
02/29/2020	12845	15138	14119	14959
03/31/2020	10893	13143	12218	13200
04/30/2020	12072	14879	13585	14819
05/31/2020	12591	15678	14226	15493
06/30/2020	12845	16027	14618	15790
07/31/2020	13284	16943	15361	16648
08/31/2020	13897	18186	16299	17778
09/30/2020	13481	17526	15791	17136
10/31/2020	13215	17115	15471	16699
11/30/2020	14983	19128	17324	18444
12/31/2020	15742	19929	18117	19119
01/31/2021	15730	19780	18072	18929
02/28/2021	16425	20366	18551	19411
03/31/2021	16989	21112	19049	20206
04/30/2021	17576	22241	19884	21239
05/31/2021	17948	22324	20106	21383
06/30/2021	17972	22923	20411	21865
07/31/2021	17984	23412	20578	22370
08/31/2021	18343	24098	21091	23014
09/30/2021	17756	22998	20265	21988
10/31/2021	18499	24599	21296	23451
11/30/2021	17912	24273	20820	23300
12/31/2021	18669	25214	21606	24289
01/31/2022	18024	23749	20474	23069
02/28/2022	17739	23087	20025	22400
03/31/2022	18037	23846	20464	23159
04/30/2022	16883	21689	18847	21196
05/31/2022	17081	21634	18847	21240
06/30/2022	15630	19850	17303	19558
07/31/2022	16610	21708	18590	21295
08/31/2022	16039	20876	17949	20440
09/30/2022	14600	18936	16301	18607
10/31/2022	15754	20441	17325	20026
11/30/2022	16908	21534	18514	21126
12/31/2022	16257	20277	17777	19965
01/31/2023	17332	21643	18986	21188
02/28/2023	16795	21120	18499	20669
03/31/2023	16900	21793	18958	21416
04/30/2023	17122	22051	19184	21740
05/31/2023	16729	22174	19053	21818
06/30/2023	17712	23673	20160	23184
07/31/2023	18381	24490	20884	23891
08/31/2023	17896	24058	20369	23522
09/30/2023	17188	22931	19526	22426
10/31/2023	16664	22370	18934	21961
11/30/2023	18040	24471	20634	23916
12/31/2023	19037	25684	21692	24994
01/31/2024	18969	26037	21796	25389
02/29/2024	19719	27453	22722	26659
03/31/2024	20428	28335	23414	27487
04/30/2024	19678	27114	22604	26385
05/31/2024	20523	28393	23518	27651
06/30/2024	20837	29343	24008	28606
07/31/2024	21314	29758	24483	28970
08/31/2024	21696	30441	25034	29659
09/30/2024	22105	31086	25585	30280
10/31/2024	21655	30850	25086	29982
11/30/2024	22596	32820	26144	31670
12/31/2024	21864	31907	25457	30927
01/31/2025	22495	32909	26241	31753
02/28/2025	22312	32334	26004	31394
03/31/2025	21541	30435	24975	29715
04/30/2025	21555	30262	25129	29529
05/31/2025	22691	32217	26537	31284
06/30/2025	23715	33877	27716	32820
07/31/2025	24023	34643	28128	33515
08/31/2025	24710	35352	28849	34180
09/30/2025	25468	36619	29794	35384
10/31/2025	25987	37447	30395	36182
11/30/2025	26099	37498	30463	36278
12/31/2025	26308	37494	30703	36296
01/31/2026	27114	38037	31546	36798
02/28/2026	27616	37805	31891	36563
03/31/2026	25988	35912	29846	34801
04/30/2026	28423	39624	32745	38272
05/31/2026	29853	41717	34309	40191
06/30/2026	29686	41474	34124	39833

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Aggressive Growth ETF Asset Allocation Portfolio - Class I - NAV	25.18%	10.56%	11.49%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Aggressive Growth Blended Benchmark-1 (95% Equity)^(a)	23.12%	10.83%	13.06%
Blended Secondary Benchmark^(b)	21.37%	12.75%	14.82%

^(a)	The Aggressive Growth Blended Benchmark - 1 is a blended benchmark consisting of 67% Morningstar US Market Extended Index - TR / 28% Morningstar Global Markets ex-US Index - NR / 3% Bloomberg US Universal Index - TR / 2% ICE BofAML Treasury 3 Month Index - TR.
^(b)	The Aggressive Growth Blended Secondary Benchmark is a blended benchmark consisting of 95% S&P 500 / 5% Bloomberg US Aggregate Bond Index.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$262,854,460
Number of Portfolio Holdings	11
Portfolio Turnover Rate	15%
Total Advisory Fees Paid	$548,833

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043412-063026

Morningstar Aggressive Growth ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
AGTFX	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about Morningstar Aggressive Growth ETF Asset Allocation Portfolio (the "Portfolio" or "AGTFX") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/agtfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$40	0.75%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Aggressive Growth ETF Asset Allocation Portfolio (Class II)	Bloomberg US 1000 Index	Aggressive Growth Blended Benchmark-1 (95% Equity)	Blended Secondary Benchmark
06/30/2016	10000	10000	10000	10000
07/31/2016	10391	10383	10413	10353
08/31/2016	10408	10397	10443	10367
09/30/2016	10460	10408	10491	10368
10/31/2016	10260	10203	10290	10185
11/30/2016	10477	10601	10520	10531
12/31/2016	10658	10800	10733	10729
01/31/2017	10916	11018	10978	10924
02/28/2017	11183	11443	11307	11339
03/31/2017	11275	11454	11391	11352
04/30/2017	11414	11577	11545	11467
05/31/2017	11533	11729	11734	11625
06/30/2017	11626	11815	11814	11693
07/31/2017	11902	12047	12083	11924
08/31/2017	11921	12080	12121	11964
09/30/2017	12160	12341	12379	12195
10/31/2017	12382	12627	12628	12466
11/30/2017	12603	13010	12919	12829
12/31/2017	12768	13153	13093	12967
01/31/2018	13351	13881	13754	13665
02/28/2018	12797	13373	13236	13180
03/31/2018	12698	13072	12994	12866
04/30/2018	12688	13113	13086	12908
05/31/2018	12787	13450	13254	13208
06/30/2018	12679	13536	13240	13284
07/31/2018	13015	14002	13621	13754
08/31/2018	13084	14471	13874	14184
09/30/2018	13094	14521	13901	14256
10/31/2018	12174	13483	12890	13325
11/30/2018	12392	13771	13103	13587
12/31/2018	11577	12511	12127	12434
01/31/2019	12412	13569	13087	13387
02/28/2019	12676	14035	13468	13795
03/31/2019	12808	14272	13629	14063
04/30/2019	13138	14847	14089	14604
05/31/2019	12445	13914	13285	13736
06/30/2019	13138	14883	14130	14664
07/31/2019	13127	15123	14226	14866
08/31/2019	12852	14853	13928	14661
09/30/2019	13149	15103	14190	14918
10/31/2019	13435	15419	14540	15227
11/30/2019	13721	16000	14951	15752
12/31/2019	14143	16453	15418	16203
01/31/2020	13761	16482	15300	16213
02/29/2020	12721	15138	14119	14959
03/31/2020	10789	13143	12218	13200
04/30/2020	11946	14879	13585	14819
05/31/2020	12466	15678	14226	15493
06/30/2020	12709	16027	14618	15790
07/31/2020	13148	16943	15361	16648
08/31/2020	13738	18186	16299	17778
09/30/2020	13334	17526	15791	17136
10/31/2020	13068	17115	15471	16699
11/30/2020	14802	19128	17324	18444
12/31/2020	15551	19929	18117	19119
01/31/2021	15551	19780	18072	18929
02/28/2021	16222	20366	18551	19411
03/31/2021	16785	21112	19049	20206
04/30/2021	17349	22241	19884	21239
05/31/2021	17708	22324	20106	21383
06/30/2021	17732	22923	20411	21865
07/31/2021	17744	23412	20578	22370
08/31/2021	18091	24098	21091	23014
09/30/2021	17516	22998	20265	21988
10/31/2021	18247	24599	21296	23451
11/30/2021	17660	24273	20820	23300
12/31/2021	18402	25214	21606	24289
01/31/2022	17771	23749	20474	23069
02/28/2022	17474	23087	20025	22400
03/31/2022	17771	23846	20464	23159
04/30/2022	16633	21689	18847	21196
05/31/2022	16818	21634	18847	21240
06/30/2022	15383	19850	17303	19558
07/31/2022	16348	21708	18590	21295
08/31/2022	15779	20876	17949	20440
09/30/2022	14368	18936	16301	18607
10/31/2022	15494	20441	17325	20026
11/30/2022	16633	21534	18514	21126
12/31/2022	15978	20277	17777	19965
01/31/2023	17035	21643	18986	21188
02/28/2023	16513	21120	18499	20669
03/31/2023	16618	21793	18958	21416
04/30/2023	16826	22051	19184	21740
05/31/2023	16435	22174	19053	21818
06/30/2023	17401	23673	20160	23184
07/31/2023	18040	24490	20884	23891
08/31/2023	17570	24058	20369	23522
09/30/2023	16866	22931	19526	22426
10/31/2023	16343	22370	18934	21961
11/30/2023	17701	24471	20634	23916
12/31/2023	18674	25684	21692	24994
01/31/2024	18606	26037	21796	25389
02/29/2024	19338	27453	22722	26659
03/31/2024	20029	28335	23414	27487
04/30/2024	19284	27114	22604	26385
05/31/2024	20111	28393	23518	27651
06/30/2024	20409	29343	24008	28606
07/31/2024	20883	29758	24483	28970
08/31/2024	21235	30441	25034	29659
09/30/2024	21642	31086	25585	30280
10/31/2024	21195	30850	25086	29982
11/30/2024	22116	32820	26144	31670
12/31/2024	21397	31907	25457	30927
01/31/2025	22009	32909	26241	31753
02/28/2025	21828	32334	26004	31394
03/31/2025	21063	30435	24975	29715
04/30/2025	21077	30262	25129	29529
05/31/2025	22176	32217	26537	31284
06/30/2025	23177	33877	27716	32820
07/31/2025	23469	34643	28128	33515
08/31/2025	24137	35352	28849	34180
09/30/2025	24874	36619	29794	35384
10/31/2025	25375	37447	30395	36182
11/30/2025	25473	37498	30463	36278
12/31/2025	25676	37494	30703	36296
01/31/2026	26460	38037	31546	36798
02/28/2026	26942	37805	31891	36563
03/31/2026	25359	35912	29846	34801
04/30/2026	27726	39624	32745	38272
05/31/2026	29098	41717	34309	40191
06/30/2026	28947	41474	34124	39833

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
Morningstar Aggressive Growth ETF Asset Allocation Portfolio - Class II - NAV	24.90%	10.30%	11.21%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Aggressive Growth Blended Benchmark-1 (95% Equity)^(a)	23.12%	10.83%	13.06%
Blended Secondary Benchmark^(b)	21.37%	12.75%	14.82%

^(a)	The Aggressive Growth Blended Benchmark - 1 is a blended benchmark consisting of 67% Morningstar US Market Extended Index - TR / 28% Morningstar Global Markets ex-US Index - NR / 3% Bloomberg US Universal Index - TR / 2% ICE BofAML Treasury 3 Month Index - TR.
^(b)	The Aggressive Growth Blended Secondary Benchmark is a blended benchmark consisting of 95% S&P 500 / 5% Bloomberg US Aggregate Bond Index.


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$262,854,460
Number of Portfolio Holdings	11
Portfolio Turnover Rate	15%
Total Advisory Fees Paid	$548,833

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-AGTFX-063026

ALPS \| Alerian Energy Infrastructure Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about ALPS | Alerian Energy Infrastructure Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/alefx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$53	0.95%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS/Alerian Energy Infrastructure Portfolio (Class I)	Bloomberg US 1000 Index	Alerian Midstream Energy Select Index
06/30/2016	10000	10000	10000
07/31/2016	10034	10383	10055
08/31/2016	10325	10397	10359
09/30/2016	10885	10408	10922
10/31/2016	10381	10203	10440
11/30/2016	10795	10601	10856
12/31/2016	11242	10800	11315
01/31/2017	11379	11018	11466
02/28/2017	11459	11443	11567
03/31/2017	11516	11454	11614
04/30/2017	11310	11577	11423
05/31/2017	10910	11729	11032
06/30/2017	11047	11815	11179
07/31/2017	11356	12047	11501
08/31/2017	10990	12080	11129
09/30/2017	11276	12341	11440
10/31/2017	10875	12627	11053
11/30/2017	10795	13010	10976
12/31/2017	11187	13153	11401
01/31/2018	11234	13881	11447
02/28/2018	10039	13373	10244
03/31/2018	9699	13072	9895
04/30/2018	10179	13113	10412
05/31/2018	10695	13450	10936
06/30/2018	10882	13536	11149
07/31/2018	11280	14002	11562
08/31/2018	11116	14471	11408
09/30/2018	10917	14521	11212
10/31/2018	10097	13483	10385
11/30/2018	10086	13771	10376
12/31/2018	9108	12511	9386
01/31/2019	10550	13569	10894
02/28/2019	10682	14035	11043
03/31/2019	11079	14272	11471
04/30/2019	10959	14847	11342
05/31/2019	10731	13914	11133
06/30/2019	11055	14883	11490
07/31/2019	10815	15123	11256
08/31/2019	10490	14853	10923
09/30/2019	10755	15103	11205
10/31/2019	10358	15419	10796
11/30/2019	10142	16000	10577
12/31/2019	10997	16453	11484
01/31/2020	10543	16482	11022
02/29/2020	9451	15138	9891
03/31/2020	5548	13143	5788
04/30/2020	7315	14879	7686
05/31/2020	7843	15678	8233
06/30/2020	7598	16027	7988
07/31/2020	7548	16943	7952
08/31/2020	7745	18186	8172
09/30/2020	6873	17526	7259
10/31/2020	6873	17115	7270
11/30/2020	8187	19128	8687
12/31/2020	8251	19929	8794
01/31/2021	8644	19780	9224
02/28/2021	9278	20366	9913
03/31/2021	9924	21112	10615
04/30/2021	10495	22241	11245
05/31/2021	11205	22324	11987
06/30/2021	11724	22923	12554
07/31/2021	11217	23412	12090
08/31/2021	11040	24098	11914
09/30/2021	11547	22998	12473
10/31/2021	12168	24599	13170
11/30/2021	11255	24273	12173
12/31/2021	11425	25214	12377
01/31/2022	12345	23749	13386
02/28/2022	12902	23087	14002
03/31/2022	13847	23846	15042
04/30/2022	13537	21689	14714
05/31/2022	14417	21634	15679
06/30/2022	12513	19850	13611
07/31/2022	13847	21708	15089
08/31/2022	13847	20876	15105
09/30/2022	12332	18936	13473
10/31/2022	13796	20441	15082
11/30/2022	14366	21534	15723
12/31/2022	13463	20277	14748
01/31/2023	14128	21643	15492
02/28/2023	13545	21120	14873
03/31/2023	13450	21793	14786
04/30/2023	13748	22051	15137
05/31/2023	13246	22174	14597
06/30/2023	14182	23673	15652
07/31/2023	14793	24490	16328
08/31/2023	14698	24058	16246
09/30/2023	14576	22931	16125
10/31/2023	14481	22370	16043
11/30/2023	15485	24471	17174
12/31/2023	15381	25684	17076
01/31/2024	15452	26037	17190
02/29/2024	16077	27453	17892
03/31/2024	17171	28335	19128
04/30/2024	17057	27114	19018
05/31/2024	17668	28393	19714
06/30/2024	18165	29343	20305
07/31/2024	18705	29758	20913
08/31/2024	19415	30441	21764
09/30/2024	19514	31086	21912
10/31/2024	20253	30850	22754
11/30/2024	23093	32820	25972
12/31/2024	21693	31907	24441
01/31/2025	22422	32909	25289
02/28/2025	22801	32334	25734
03/31/2025	23120	30435	26119
04/30/2025	21723	30262	24604
05/31/2025	22270	32217	25246
06/30/2025	22922	33877	26026
07/31/2025	22816	34643	25928
08/31/2025	22998	35352	26164
09/30/2025	23241	36619	26471
10/31/2025	21678	37447	24725
11/30/2025	22862	37498	26094
12/31/2025	22797	37494	26050
01/31/2026	24553	38037	28087
02/28/2026	26871	37805	30775
03/31/2026	28012	35912	32143
04/30/2026	28627	39624	32884
05/31/2026	27704	41717	31877
06/30/2026	28138	41474	32400

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
ALPS \| Alerian Energy Infrastructure Portfolio - Class I - NAV	22.75%	19.14%	10.90%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Alerian Midstream Energy Select Index	24.49%	20.88%	12.47%


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$146,349,490
Number of Portfolio Holdings	28
Portfolio Turnover Rate	22%
Total Advisory Fees Paid	$513,585

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*

Top Ten Holdings*


Enbridge, Inc.	8.27%
Energy Transfer LP	7.83%
Enterprise Products Partners LP	7.06%
The Williams Cos., Inc.	6.33%
DT Midstream, Inc.	5.28%
Kinder Morgan, Inc.	5.15%
Targa Resources Corp.	5.02%
Plains GP Holdings LP	4.91%
Cheniere Energy, Inc.	4.90%
ONEOK, Inc.	4.89%
Total % of Top 10 Holdings	59.64%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000125262-063026

ALPS \| Alerian Energy Infrastructure Portfolio - Class III	ALPS VARIABLE INVESTMENT TRUST
ALEFX	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about ALPS | Alerian Energy Infrastructure Portfolio (the "Portfolio" or "ALEFX") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/alefx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class III	$72	1.30%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS/Alerian Energy Infrastructure Portfolio (Class III)	Bloomberg US 1000 Index	Alerian Midstream Energy Select Index
06/30/2016	10000	10000	10000
07/31/2016	10034	10383	10055
08/31/2016	10325	10397	10359
09/30/2016	10875	10408	10922
10/31/2016	10382	10203	10440
11/30/2016	10786	10601	10856
12/31/2016	11219	10800	11315
01/31/2017	11357	11018	11466
02/28/2017	11426	11443	11567
03/31/2017	11483	11454	11614
04/30/2017	11277	11577	11423
05/31/2017	10865	11729	11032
06/30/2017	11002	11815	11179
07/31/2017	11311	12047	11501
08/31/2017	10933	12080	11129
09/30/2017	11219	12341	11440
10/31/2017	10819	12627	11053
11/30/2017	10727	13010	10976
12/31/2017	11125	13153	11401
01/31/2018	11160	13881	11447
02/28/2018	9981	13373	10244
03/31/2018	9631	13072	9895
04/30/2018	10110	13113	10412
05/31/2018	10612	13450	10936
06/30/2018	10810	13536	11149
07/31/2018	11195	14002	11562
08/31/2018	11032	14471	11408
09/30/2018	10822	14521	11212
10/31/2018	10005	13483	10385
11/30/2018	9993	13771	10376
12/31/2018	9016	12511	9386
01/31/2019	10445	13569	10894
02/28/2019	10576	14035	11043
03/31/2019	10969	14272	11471
04/30/2019	10850	14847	11342
05/31/2019	10624	13914	11133
06/30/2019	10934	14883	11490
07/31/2019	10696	15123	11256
08/31/2019	10374	14853	10923
09/30/2019	10636	15103	11205
10/31/2019	10231	15419	10796
11/30/2019	10017	16000	10577
12/31/2019	10856	16453	11484
01/31/2020	10408	16482	11022
02/29/2020	9330	15138	9891
03/31/2020	5465	13143	5788
04/30/2020	7222	14879	7686
05/31/2020	7730	15678	8233
06/30/2020	7488	16027	7988
07/31/2020	7440	16943	7952
08/31/2020	7633	18186	8172
09/30/2020	6761	17526	7259
10/31/2020	6761	17115	7270
11/30/2020	8058	19128	8687
12/31/2020	8129	19929	8794
01/31/2021	8502	19780	9224
02/28/2021	9125	20366	9913
03/31/2021	9747	21112	10615
04/30/2021	10320	22241	11245
05/31/2021	11004	22324	11987
06/30/2021	11515	22923	12554
07/31/2021	11004	23412	12090
08/31/2021	10830	24098	11914
09/30/2021	11328	22998	12473
10/31/2021	11926	24599	13170
11/30/2021	11042	24273	12173
12/31/2021	11199	25214	12377
01/31/2022	12101	23749	13386
02/28/2022	12634	23087	14002
03/31/2022	13561	23846	15042
04/30/2022	13256	21689	14714
05/31/2022	14120	21634	15679
06/30/2022	12240	19850	13611
07/31/2022	13548	21708	15089
08/31/2022	13536	20876	15105
09/30/2022	12063	18936	13473
10/31/2022	13485	20441	15082
11/30/2022	14031	21534	15723
12/31/2022	13139	20277	14748
01/31/2023	13790	21643	15492
02/28/2023	13219	21120	14873
03/31/2023	13126	21793	14786
04/30/2023	13405	22051	15137
05/31/2023	12914	22174	14597
06/30/2023	13829	23673	15652
07/31/2023	14413	24490	16328
08/31/2023	14320	24058	16246
09/30/2023	14188	22931	16125
10/31/2023	14095	22370	16043
11/30/2023	15077	24471	17174
12/31/2023	14966	25684	17076
01/31/2024	15035	26037	17190
02/29/2024	15644	27453	17892
03/31/2024	16695	28335	19128
04/30/2024	16585	27114	19018
05/31/2024	17166	28393	19714
06/30/2024	17650	29343	20305
07/31/2024	18162	29758	20913
08/31/2024	18839	30441	21764
09/30/2024	18936	31086	21912
10/31/2024	19642	30850	22754
11/30/2024	22394	32820	25972
12/31/2024	21042	31907	24441
01/31/2025	21735	32909	25289
02/28/2025	22088	32334	25734
03/31/2025	22398	30435	26119
04/30/2025	21027	30262	24604
05/31/2025	21543	32217	25246
06/30/2025	22177	33877	26026
07/31/2025	22074	34643	25928
08/31/2025	22236	35352	26164
09/30/2025	22472	36619	26471
10/31/2025	20954	37447	24725
11/30/2025	22088	37498	26094
12/31/2025	22023	37494	26050
01/31/2026	23722	38037	28087
02/28/2026	25947	37805	30775
03/31/2026	27033	35912	32143
04/30/2026	27612	39624	32884
05/31/2026	26736	41717	31877
06/30/2026	27138	41474	32400

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
ALPS \| Alerian Energy Infrastructure Portfolio - Class III - NAV	22.37%	18.70%	10.50%
Bloomberg US 1000 Index*	22.43%	12.59%	15.29%
Alerian Midstream Energy Select Index	24.49%	20.88%	12.47%


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$146,349,490
Number of Portfolio Holdings	28
Portfolio Turnover Rate	22%
Total Advisory Fees Paid	$513,585

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*

Top Ten Holdings*


Enbridge, Inc.	8.27%
Energy Transfer LP	7.83%
Enterprise Products Partners LP	7.06%
The Williams Cos., Inc.	6.33%
DT Midstream, Inc.	5.28%
Kinder Morgan, Inc.	5.15%
Targa Resources Corp.	5.02%
Plains GP Holdings LP	4.91%
Cheniere Energy, Inc.	4.90%
ONEOK, Inc.	4.89%
Total % of Top 10 Holdings	59.64%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-ALEFX-063026

ALPS Global Opportunity Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about ALPS Global Opportunity Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/avpex. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$52	1.10%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS Global Opportunity Portfolio (Class I)	Morningstar Developed Markets Index	Red Rocks Global Listed Private Equity Index	Morningstar Global Markets Mid Cap Index
06/30/2016	10000	10000	10000	10000
07/31/2016	10502	10438	10629	10499
08/31/2016	10581	10444	10830	10497
09/30/2016	10857	10506	11007	10605
10/31/2016	10719	10286	10770	10317
11/30/2016	10828	10457	11102	10499
12/31/2016	11022	10709	11421	10627
01/31/2017	11469	10966	11840	10964
02/28/2017	11625	11261	11976	11265
03/31/2017	11739	11371	12125	11351
04/30/2017	12311	11549	12728	11559
05/31/2017	12821	11786	13131	11759
06/30/2017	12998	11845	13322	11813
07/31/2017	13403	12128	13729	12092
08/31/2017	13309	12142	13452	12089
09/30/2017	13642	12434	14076	12366
10/31/2017	13694	12666	14215	12576
11/30/2017	13621	12941	14017	12892
12/31/2017	13819	13118	14308	13146
01/31/2018	14804	13784	15306	13746
02/28/2018	14054	13219	14542	13179
03/31/2018	13797	12957	14172	13086
04/30/2018	13969	13103	14400	13179
05/31/2018	13701	13207	14292	13236
06/30/2018	13626	13189	14271	13159
07/31/2018	14022	13570	14857	13406
08/31/2018	14076	13747	14945	13539
09/30/2018	14429	13798	15034	13454
10/31/2018	13165	12744	13518	12278
11/30/2018	13004	12893	13338	12508
12/31/2018	12130	11895	12229	11554
01/31/2019	13279	12847	13526	12661
02/28/2019	13658	13237	13930	13081
03/31/2019	13784	13383	14014	13141
04/30/2019	14520	13849	14805	13534
05/31/2019	13934	13049	14024	12746
06/30/2019	14761	13891	14850	13551
07/31/2019	14876	13957	14915	13605
08/31/2019	14807	13657	14686	13207
09/30/2019	15186	13945	14984	13494
10/31/2019	15691	14308	15434	13821
11/30/2019	16254	14710	15988	14179
12/31/2019	17024	15150	16714	14598
01/31/2020	17268	15029	16780	14323
02/29/2020	15571	13746	15008	13046
03/31/2020	11818	11836	11026	10598
04/30/2020	13154	13141	12514	11928
05/31/2020	13863	13809	13520	12695
06/30/2020	14270	14158	14097	13024
07/31/2020	15095	14813	14670	13729
08/31/2020	15920	15788	15560	14353
09/30/2020	15525	15274	15066	14102
10/31/2020	15211	14844	14869	13988
11/30/2020	17337	16775	17493	15938
12/31/2020	18652	17526	18989	16712
01/31/2021	18210	17397	19140	16680
02/28/2021	18894	17882	19958	17392
03/31/2021	19309	18442	20559	17814
04/30/2021	20636	19277	22165	18611
05/31/2021	20877	19539	22656	18894
06/30/2021	21158	19780	22471	18945
07/31/2021	22016	20074	23683	19006
08/31/2021	22512	20579	23999	19486
09/30/2021	21560	19750	22779	18780
10/31/2021	23074	20809	24798	19557
11/30/2021	22297	20276	23712	18825
12/31/2021	23218	21138	24297	19576
01/31/2022	21574	19956	22113	18359
02/28/2022	20688	19508	20780	18225
03/31/2022	20717	19999	20615	18487
04/30/2022	18524	18349	18021	17217
05/31/2022	18510	18351	18188	17255
06/30/2022	16416	16732	15721	15576
07/31/2022	18102	18066	17488	16735
08/31/2022	16894	17324	16074	16229
09/30/2022	14898	15690	13742	14589
10/31/2022	16022	16813	14860	15510
11/30/2022	17442	17994	16200	16737
12/31/2022	16558	17300	15455	16207
01/31/2023	18058	18513	17422	17521
02/28/2023	17665	18073	17344	17038
03/31/2023	17271	18528	16566	16903
04/30/2023	17721	18832	17015	16951
05/31/2023	17758	18605	16643	16440
06/30/2023	18527	19731	17594	17516
07/31/2023	19240	20414	18744	18252
08/31/2023	19015	19906	18015	17605
09/30/2023	18771	19040	17554	16806
10/31/2023	17871	18442	16247	15981
11/30/2023	20009	20168	19259	17596
12/31/2023	21396	21226	21402	18785
01/31/2024	21603	21422	21356	18481
02/29/2024	22278	22311	22117	19234
03/31/2024	22803	23043	22845	19962
04/30/2024	22353	22163	22006	19191
05/31/2024	23459	23141	22718	19663
06/30/2024	23178	23524	22312	19493
07/31/2024	24584	24029	24012	20243
08/31/2024	24715	24625	24092	20716
09/30/2024	25240	25075	25333	21259
10/31/2024	24697	24551	24936	20767
11/30/2024	26459	25690	26548	21956
12/31/2024	25309	24950	25230	20765
01/31/2025	26725	25832	27028	21478
02/28/2025	25883	25601	25916	21183
03/31/2025	24385	24501	24323	20536
04/30/2025	24775	24732	24184	20667
05/31/2025	25350	26181	25260	21833
06/30/2025	26150	27306	26708	22680
07/31/2025	26273	27665	27155	22925
08/31/2025	26499	28437	27795	23526
09/30/2025	26006	29303	27239	23839
10/31/2025	25103	29832	26366	23788
11/30/2025	25001	29988	26160	23959
12/31/2025	25701	30234	27105	24114
01/31/2026	25362	30998	27291	25055
02/28/2026	23081	31334	24506	26180
03/31/2026	21703	29265	22703	24264
04/30/2026	23284	32048	24580	26355
05/31/2026	23826	33473	24738	27193
06/30/2026	23036	33250	23071	27650

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Portfolio - Class I - NAV	-11.91%	1.72%	8.70%
Morningstar Developed Markets Index*	21.77%	10.95%	12.77%
Red Rocks Global Listed Private Equity Index	-13.62%	0.53%	8.72%
Morningstar Global Markets Mid Cap Index	21.91%	7.86%	10.71%


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$17,968,864
Number of Portfolio Holdings	52
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$42,833

WHAT DID THE PORTFOLIO INVEST IN?

Country Allocation*

Top Ten Holdings*


3i Group PLC	4.39%
Berkshire Hathaway, Inc.	4.36%
KKR & Co., Inc.	4.34%
Brederode SA	4.06%
Ares Management LP	3.93%
Blackstone, Inc.	3.91%
HgCapital Trust PLC	3.90%
Apollo Global Management, Inc.	3.85%
Partners Group Holding AG	3.33%
Investor AB, B Shares Class B	2.51%
Total % of Top 10 Holdings	38.58%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000146220-063026

ALPS Global Opportunity Portfolio - Class III	ALPS VARIABLE INVESTMENT TRUST
AVPEX	Semi-Annual Shareholder Report June 30, 2026

This semi-annual shareholder report contains important information about ALPS Global Opportunity Portfolio (the "Portfolio" or "AVPEX") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/avpex. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class III	$67	1.42%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS Global Opportunity Portfolio (Class III)	Morningstar Developed Markets Index	Red Rocks Global Listed Private Equity Index	Morningstar Global Markets Mid Cap Index
06/30/2016	10000	10000	10000	10000
07/31/2016	10483	10438	10629	10499
08/31/2016	10562	10444	10830	10497
09/30/2016	10838	10506	11007	10605
10/31/2016	10690	10286	10770	10317
11/30/2016	10799	10457	11102	10499
12/31/2016	10989	10709	11421	10627
01/31/2017	11436	10966	11840	10964
02/28/2017	11585	11261	11976	11265
03/31/2017	11694	11371	12125	11351
04/30/2017	12261	11549	12728	11559
05/31/2017	12767	11786	13131	11759
06/30/2017	12936	11845	13322	11813
07/31/2017	13344	12128	13729	12092
08/31/2017	13244	12142	13452	12089
09/30/2017	13572	12434	14076	12366
10/31/2017	13622	12666	14215	12576
11/30/2017	13542	12941	14017	12892
12/31/2017	13732	13118	14308	13146
01/31/2018	14708	13784	15306	13746
02/28/2018	13955	13219	14542	13179
03/31/2018	13701	12957	14172	13086
04/30/2018	13864	13103	14400	13179
05/31/2018	13589	13207	14292	13236
06/30/2018	13528	13189	14271	13159
07/31/2018	13904	13570	14857	13406
08/31/2018	13955	13747	14945	13539
09/30/2018	14301	13798	15034	13454
10/31/2018	13040	12744	13518	12278
11/30/2018	12877	12893	13338	12508
12/31/2018	12011	11895	12229	11554
01/31/2019	13139	12847	13526	12661
02/28/2019	13519	13237	13930	13081
03/31/2019	13638	13383	14014	13141
04/30/2019	14354	13849	14805	13534
05/31/2019	13779	13049	14024	12746
06/30/2019	14593	13891	14850	13551
07/31/2019	14691	13957	14915	13605
08/31/2019	14626	13657	14686	13207
09/30/2019	14995	13945	14984	13494
10/31/2019	15483	14308	15434	13821
11/30/2019	16047	14710	15988	14179
12/31/2019	16796	15150	16714	14598
01/31/2020	17026	15029	16780	14323
02/29/2020	15359	13746	15008	13046
03/31/2020	11651	11836	11026	10598
04/30/2020	12956	13141	12514	11928
05/31/2020	13658	13809	13520	12695
06/30/2020	14053	14158	14097	13024
07/31/2020	14865	14813	14670	13729
08/31/2020	15666	15788	15560	14353
09/30/2020	15282	15274	15066	14102
10/31/2020	14964	14844	14869	13988
11/30/2020	17048	16775	17493	15938
12/31/2020	18349	17526	18989	16712
01/31/2021	17899	17397	19140	16680
02/28/2021	18562	17882	19958	17392
03/31/2021	18963	18442	20559	17814
04/30/2021	20266	19277	22165	18611
05/31/2021	20491	19539	22656	18894
06/30/2021	20767	19780	22471	18945
07/31/2021	21606	20074	23683	19006
08/31/2021	22082	20579	23999	19486
09/30/2021	21143	19750	22779	18780
10/31/2021	22621	20809	24798	19557
11/30/2021	21857	20276	23712	18825
12/31/2021	22741	21138	24297	19576
01/31/2022	21121	19956	22113	18359
02/28/2022	20258	19508	20780	18225
03/31/2022	20271	19999	20615	18487
04/30/2022	18128	18349	18021	17217
05/31/2022	18101	18351	18188	17255
06/30/2022	16050	16732	15721	15576
07/31/2022	17709	18066	17488	16735
08/31/2022	16520	17324	16074	16229
09/30/2022	14560	15690	13742	14589
10/31/2022	15644	16813	14860	15510
11/30/2022	17030	17994	16200	16737
12/31/2022	16167	17300	15455	16207
01/31/2023	17617	18513	17422	17521
02/28/2023	17242	18073	17344	17038
03/31/2023	16849	18528	16566	16903
04/30/2023	17293	18832	17015	16951
05/31/2023	17327	18605	16643	16440
06/30/2023	18060	19731	17594	17516
07/31/2023	18759	20414	18744	18252
08/31/2023	18521	19906	18015	17605
09/30/2023	18282	19040	17554	16806
10/31/2023	17395	18442	16247	15981
11/30/2023	19476	20168	19259	17596
12/31/2023	20823	21226	21402	18785
01/31/2024	21010	21422	21356	18481
02/29/2024	21676	22311	22117	19234
03/31/2024	22153	23043	22845	19962
04/30/2024	21727	22163	22006	19191
05/31/2024	22818	23141	22718	19663
06/30/2024	22528	23524	22312	19493
07/31/2024	23893	24029	24012	20243
08/31/2024	24012	24625	24092	20716
09/30/2024	24524	25075	25333	21259
10/31/2024	23978	24551	24936	20767
11/30/2024	25683	25690	26548	21956
12/31/2024	24573	24950	25230	20765
01/31/2025	25942	25832	27028	21478
02/28/2025	25110	25601	25916	21183
03/31/2025	23666	24501	24323	20536
04/30/2025	24036	24732	24184	20667
05/31/2025	24591	26181	25260	21833
06/30/2025	25369	27306	26708	22680
07/31/2025	25480	27665	27155	22925
08/31/2025	25702	28437	27795	23526
09/30/2025	25221	29303	27239	23839
10/31/2025	24332	29832	26366	23788
11/30/2025	24221	29988	26160	23959
12/31/2025	24907	30234	27105	24114
01/31/2026	24585	30998	27291	25055
02/28/2026	22372	31334	24506	26180
03/31/2026	21024	29265	22703	24264
04/30/2026	22533	32048	24580	26355
05/31/2026	23056	33473	24738	27193
06/30/2026	22291	33250	23071	27650

Average Annual Total Returns (as of June 30, 2026)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Portfolio - Class III - NAV	-12.13%	1.43%	8.35%
Morningstar Developed Markets Index*	21.77%	10.95%	12.77%
Red Rocks Global Listed Private Equity Index	-13.62%	0.53%	8.72%
Morningstar Global Markets Mid Cap Index	21.91%	7.86%	10.71%


*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2026)

Net Assets	$17,968,864
Number of Portfolio Holdings	52
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$42,833

WHAT DID THE PORTFOLIO INVEST IN?

Country Allocation*

Top Ten Holdings*


3i Group PLC	4.39%
Berkshire Hathaway, Inc.	4.36%
KKR & Co., Inc.	4.34%
Brederode SA	4.06%
Ares Management LP	3.93%
Blackstone, Inc.	3.91%
HgCapital Trust PLC	3.90%
Apollo Global Management, Inc.	3.85%
Partners Group Holding AG	3.33%
Investor AB, B Shares Class B	2.51%
Total % of Top 10 Holdings	38.58%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-AVPEX-063026

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

ALPS Variable Investment Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is organized as a Delaware business trust by a Declaration of Trust dated July 26, 2000. The Financial Statements and Financial Highlights herein relate to the following seven series of the Trust: the Morningstar Conservative ETF Asset Allocation Portfolio, the Morningstar Income and Growth ETF Asset Allocation Portfolio, the Morningstar Balanced ETF Asset Allocation Portfolio, the Morningstar Growth ETF Asset Allocation Portfolio, the Morningstar Aggressive Growth ETF Asset Allocation Portfolio (each a “Morningstar Portfolio,” and collectively the “Morningstar Portfolios”), the ALPS|Alerian Energy Infrastructure Portfolio, and the ALPS Global Opportunity Portfolio (collectively the “Portfolios”). The ALPS|Alerian Energy Infrastructure Portfolio is considered non-diversified under the 1940 Act and may invest a greater portion of its assets in a more limited number of issuers than a diversified portfolio. The Morningstar Portfolios and the ALPS Global Opportunity Portfolio are each considered diversified under the 1940 Act.

The Morningstar Portfolios offer Class I and Class II shares. The ALPS | Alerian Energy Infrastructure Portfolio and the ALPS Global Opportunity Portfolio offer Class I and Class III shares. Each class has equal rights as to class and voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All Shareholders bear the common expenses of the Portfolios and earn income and realized gains/losses from the Portfolios pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Common expenses of the Portfolios (including legal fees, printing and mailing fees, and fees and expenses of the independent trustees) are allocated to each Portfolio in proportion to its average daily net assets. Expenses directly attributable to a particular Portfolio (including advisory, custodial, registration, professional and audit fees) are charged directly to that Portfolio. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties with respect to the Portfolios. In addition, in the normal course of business, the Trust, on behalf of the Portfolios, enters into contracts with vendors and others that provide general indemnification to the extent permissible under law. Each Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust and/or the Portfolios.

The Portfolios are investment vehicles for variable annuity contracts and variable life insurance policies. The Portfolios also may be used as investment vehicles for qualified pension and retirement plans and certain registered and unregistered separate accounts. Shares of the Portfolios are offered only to participating insurance companies and their separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies, qualified pensions, retirement plans or registered and unregistered separate accounts. Shares are not offered to the general public.

Each variable annuity contract and variable life insurance policy owner (“Contract Owner”) and retirement plan participant (“Participant”) also incurs fees associated with the variable annuity, variable life insurance or retirement plan through which he or she invested. As a Contract Owner or Participant, you may incur additional fees and different terms and conditions associated with your investment program that are not disclosed in the Portfolios’ Financial Statements.

The Portfolios’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from these estimates. Each Portfolio is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services - Investment Companies. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Portfolio as a whole. The Portfolios’ Treasurer is the CODM for each Portfolio. Each Portfolio’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Portfolio is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Portfolio, against which the CODM assesses performance.

Security Valuation: The price of Portfolio shares (“net asset value”) is determined as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m. Eastern Time), on each day the NYSE is open for business. Securities, including Exchange Traded Funds (“ETFs”) and Exchange Traded Notes (“ETNs”) for which exchange quotations are readily available, are valued at the last sale price, or if no sale price or if traded on the over-the-counter market, at the mean between the last bid and ask price. Shares of an open-end investment company are valued at that investment company’s net asset value per share. Securities for which quotations are not readily available are valued under procedures utilized by the Valuation Designee to determine fair value in good faith. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) designated ALPS Advisors, Inc. (the “Adviser”) as the valuation designee (“Valuation Designee”) for each Portfolio to perform the fair value determinations relating to Portfolio investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees.

Securities traded on one or more of the U.S. national securities exchanges, the NASDAQ Stock Market LLC or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of which such value is being determined.

Each Portfolio’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value in good faith by the Valuation Designee. When market quotations are not readily available, or in management’s judgment they do not accurately reflect fair value of a security, or an event occurs after the market close but before the Portfolio is priced that materially affects the value of a security, the securities will be valued by the Valuation Designee using fair valuation procedures utilized by the Valuation Designee. Examples of potentially significant events that could materially impact the value of a security include, but are not limited to, company specific announcements, significant market volatility, natural disasters, armed conflicts, significant governmental actions, or a security’s trading has been halted, suspended or the security has not traded since the prior day and the closure of the primary trading market at a time when under normal conditions it would be open.

In the case of foreign securities, management may consider the following when determining the “fair value” of a security: (a) the country’s or geographic region’s political and economic environment; (b) the nature of any significant events which have occurred from the time of the market quotation to the valuation of each Portfolio’s net asset value which may materially impact each Portfolio’s net asset valuation; (c) American Depository Receipt trading; (d) Exchange-Traded Fund trading; (e) foreign currency exchange activity; (f) other relevant matters; and (g) if a stock split occurs on a Japanese exchange, management will fair value using the last day of trading price until the security commences trading again.

The ALPS Global Opportunity Portfolio uses a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of the Portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading on the NYSE.

If the current price of a foreign security is unavailable as a result of a foreign stock exchange’s closure for a foreign holiday, such foreign security’s value will be the closing price of such security on the last day such foreign exchange was open, adjusted by the current foreign exchange rate, assuming there are no significant events which occurred which may materially impact each Portfolio’s net asset value determination.

Fair Value Measurements: The Portfolios disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Portfolios’ investments by major category are as follows:

Equity securities, exchange-traded funds and limited partnerships for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when each Portfolio’s assets are valued. Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor.

Various inputs are used in determining the value of each Portfolio’s investments as of the reporting period end. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls for an investment is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

The following is a summary of the inputs used to value each Portfolio’s investments as of the six months ended June 30, 2026:

The Portfolios did not have significant unobservable inputs (Level 3) used in determining fair value and there were no transfers into or out of Level 3 during the six months ended June 30, 2026.

Income Taxes: For federal income tax purposes, the Portfolios currently qualify, and intend to remain qualified, as regulated investment companies under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), by distributing substantially all of their investment company taxable net income including realized gain, not offset by capital loss carryforwards, if any, to shareholders. Accordingly, no provisions for federal income or excise taxes have been made.

As of and during the six months ended June 30, 2026, each Portfolio did not have a liability for any unrecognized tax benefit. Each Portfolio files U.S. federal, state, and local tax returns as required. Each Portfolio’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Portfolios recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. As of, and during the six months ended June 30, 2026, the Portfolios did not recognize interest and penalties related to tax liabilities.

The Treasury Department has issued Regulations under Code Section 817(h) that pertain to diversification requirements for variable annuity and variable life insurance contracts. Each Portfolio intends to comply with these diversification requirements.

Expenses: Most expenses of the Trust can be directly attributed to a Portfolio. Expenses that cannot be directly attributed are apportioned among the Portfolios based on average net assets. Expenses are allocated among classes within a Portfolio based on daily class level net assets, except for distribution fees associated with each Portfolio’s Distribution Plan under Rule 12b-1 of the 1940 Act (“12b-1 fees”) which are only allocated to the Class II shares and Class III shares. In addition, Class III shares and certain Class I shares are also offered with fees for non-distribution related services provided to Shareholders, under a shareholder services plan.

Distributions to Shareholders: Each Portfolio currently intends to declare and pay capital gains and income dividends, if any, on an annual basis. All dividends and capital gains distributions paid by the Portfolios will be automatically reinvested, at net asset value, in additional shares of the Portfolios unless otherwise indicated. There is no fixed dividend rate and there can be no assurance that the Portfolios will pay any dividends or realize any capital gains. Any net capital gains earned by each Portfolio are distributed at least annually to the extent necessary to avoid federal income and excise taxes. Distributions to Shareholders are recorded by each Portfolio on the ex-dividend date.

Master Limited Partnerships (“MLPs”): Pursuant to Section 851(b)(3) of the Code, the ALPS | Alerian Energy Infrastructure Portfolio may invest no more than 25% of the value of its total assets in the securities of one or more qualified publicly traded partnerships, which include MLPs. Unlike direct investments in MLPs, income and losses from the ALPS | Alerian Energy Infrastructure Portfolio’s investments in MLPs will not directly flow through to the personal tax returns of Shareholders. The ALPS | Alerian Energy Infrastructure Portfolio will report distributions from its investments, including MLPs, made to Shareholders annually on Form 1099. Shareholders will not, solely by virtue of their status as ALPS | Alerian Energy Infrastructure Portfolio Shareholders, be treated as engaged in the business conducted by underlying MLPs for federal or state income tax purposes or for purposes of the tax on unrelated business income of tax-exempt organizations. MLPs are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, MLP interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level income taxation. To qualify as an MLP and not be taxed as a corporation for income tax purposes, a partnership must, for any taxable year, receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include, among other things, certain natural resource-based activities such as the processing, transportation and storage of any mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management.

In the normal course of business, each Portfolio’s investment activities expose it to various types of risks associated with the financial instruments and markets in which it invests. Significant types of financial risks the Portfolios are exposed to include market risk, equity securities risk, concentration risk and non-U.S. securities risk. Each Portfolio’s prospectus and statement of additional information provide details of these and other types of risk.

Market Risk: Market risk refers to the risk that the value of securities held by a Portfolio may decline due to daily fluctuations in the securities markets that are generally beyond the Adviser’s or Sub-Adviser’s control, including fluctuation in interest rates, the quality of a Portfolio’s investments, investor sentiment and general economic and market conditions, such as national or international political events, natural disasters, and the spread of infectious illness or other public health issue and investor sentiment. In a declining stock market, stock prices for all companies (including those in a Portfolio’s portfolio) may decline, regardless of their long-term prospects.

Equity Securities Risk: Common stock and other equity securities may be affected by macro-economic and other factors affecting the stock market in general, including without limitation, expectations of interest rates, changes in an issuer’s financial condition, poor performance of a particular issuer, national or international political events, natural disasters, and the spread of infectious illness or other public health issue.

Concentration Risk: The performance of the Portfolios may be directly affected by the performance of the underlying investments in other investment companies. As of June 30, 2026, none of the Portfolios held more than 25% of its assets in other investment companies. The financial statements of all the underlying investment companies, including the portfolio of investments, are included in their respective NCSR filings, available at www.sec.gov and should be read in conjunction with the Portfolio’s financial statements, though this information is not incorporated herein by reference.

Non-U.S. Securities Risk: The ALPS | Alerian Energy Infrastructure Portfolio and the ALPS Global Opportunity Portfolio invest directly in securities of non-U.S. issuers which involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers. Non-U.S. securities exchanges, brokers and companies may be subject to less government supervision and regulation than exists in the U.S. Dividend and interest income may be subject to withholding and other non-U.S. taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. When investing in securities issued by non-U.S. issuers, there is also the risk that the value of such an investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

Security Transactions and Investment Income: Investment security transactions are accounted for as of the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to a Portfolio. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations.

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Portfolios books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments insecurities at fiscal period end, resulting from changes in exchange rates.

Forward Foreign Currency Contracts: The ALPS Global Opportunity Portfolio engaged in currency transactions with counterparties during the six months ended June 30, 2026 to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Portfolios’ as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through delivery, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Portfolios bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

The table below is a summary of the fair valuations of derivative instruments categorized by risk exposure.

Fair values of forward foreign currency contracts on the Statement of Assets and Liabilities and the Statement of Operations as of June 30, 2026:

The forward foreign currency contract’s average volume for the ALPS Global Opportunity Portfolio during the six months ended June 30, 2026 was $1,034,807.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to each Portfolio’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2026.

The tax character of the distributions paid during the year ended December 31, 2025, was as follows:

As of June 30, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and adjustments from partnership basis. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of June 30, 2026.

Purchases and sales of investment securities, other than short-term investments, during the six months ended June 30, 2026, were as follows for each Portfolio:

Pursuant to the Investment Advisory Agreements (the “Advisory Agreements”), each Portfolio pays the Adviser an annual management fee based on the Portfolio’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects each Portfolio’s annual contractual management fee rate.

Pursuant to the Investment Sub-Advisory Agreement, the Adviser pays the Sub-Adviser an annual sub-advisory management fee which is based on a Portfolio’s average daily net assets. The Adviser pays the sub-advisory management fee out of the management fee paid to the Adviser pursuant to the Advisory Agreement. The following table reflects the contractual sub-advisory fees annual rates.

Distribution Agreement and Rule 12b-1 Plans: ALPS Portfolio Solutions Distributor, Inc. (the “Distributor”), an affiliate of the Adviser, serves as the principal underwriter and national distributor for the shares of each Portfolio pursuant to a Distribution Agreement with the Trust. The Trust has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act relating to Class I, Class II and Class III Portfolio shares, respectively (the “12b-1 Plans”).

The Class I shares have adopted a Defensive Distribution Plan that recognizes that the Adviser may use its management fees, in addition to its past profits or its other resources, to pay for expenses incurred in connection with providing services intended to result in the sale of Portfolio shares and/or shareholder support services. As of June 30, 2026, there were no payments from Class I due to the Plan. The Class II and Class III Distribution Plans permit the use of each Portfolio’s assets to compensate the Distributor for its services and costs in distributing shares and servicing shareholder accounts. Under the 12b-1 Plans, the Distributor receives, as a percentage of average annual net assets, the amounts outlined in the following table.

Shareholder Servicing Fees: The ALPS | Alerian Energy Infrastructure Portfolio and the ALPS Global Opportunity Portfolio have each adopted a shareholder services plan with respect to each Portfolio’s Class I and III shares. Under the Services Plan, each Portfolio is authorized to pay insurance companies, banks and their affiliates and other institutions, including broker-dealers and Trust affiliates (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of the Class I shares and 0.25% of the average daily net asset value of the Class III shares of each Portfolio attributable to or held in the name of a Participating Organization for its clients as compensation for providing service activities pursuant to an agreement with a Participating Organization. Any amount of such payment not paid during a Portfolio’s fiscal year for such service activities, attributed to that fiscal year, shall be reimbursed to the Portfolio as soon as practicable.

Expense Limitation Agreements: Under the terms of the Expense Limitation Agreements between the Adviser and/or the Sub-Advisers, as applicable for the benefit of the Portfolios, the Adviser and/or Sub-Advisers have contractually agreed to waive certain fees they are entitled to receive from, or reimburse certain expenses to be paid by, the Portfolios. Specifically, the Adviser and certain Sub-Advisers agree to reimburse Portfolio expenses and/or waive a portion of the investment advisory, sub-advisory, and other fees (excluding distribution and/or service (12b-1) fees, shareholder service fees, acquired fund fees and expenses, taxes, brokerage commissions and extraordinary expenses) that the Adviser and/or Sub-Advisers are entitled to receive to the extent necessary for the Portfolios to maintain a total annual expense ratio not to exceed the per share annual rates set forth in the table below. All parties also agree that the waivers shall continue at least through the end of the period stated below.

The Adviser and Sub-Adviser (as applicable) of the Portfolios may be permitted to recover expenses they have waived or reimbursed, on a class-by-class basis, through the agreements described above to the extent that expenses in later periods fall below the annual limits set forth in these agreements. The Portfolios will not be obligated to pay any deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred. The Expense Limitation Agreements permit the Adviser and/or the Sub-Adviser to recapture only if any such recapture payments do not cause the Portfolio’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture.

Administration, Bookkeeping and Pricing Agreement: ALPS Fund Services, Inc. (“AFS”), an affiliate of the Adviser and the Distributor, serves as administrator pursuant to a Fund Accounting and Administration Agreement (“Administration Agreement”) with the Trust. As such, AFS provides all necessary bookkeeping, shareholder recordkeeping services and pricing services to each Portfolio. Under the Administration Agreement, AFS provides portfolio accounting services, expense accrual and payment services, fund valuation and financial reporting services, tax accounting services and compliance control services. AFS receives an annual fee paid on a monthly basis.

Transfer Agency and Service Agreement: AFS also serves as transfer agent to each Portfolio pursuant to a Transfer Agency and Service Agreement (“TA Agreement”) with the Trust. Under the TA Agreement, AFS provides all of the customary services of a transfer agent and dividend disbursing agent including, but not limited to: (1) receiving and processing orders to purchase or redeem shares; and (2) transmitting shareholder reports and prospectuses to current shareholders. AFS does not charge the Trust a fee in connection with providing services under the TA Agreement.

As of June 30, 2026, there were three Trustees, two of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (each, an “Independent Trustee”). Effective January 1, 2026, each Independent Trustee receives an annual retainer of $40,000, a per meeting fee of $5,000, and reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. To the extent that there is a standalone Audit Committee meeting held not in connection with a Board meeting, each member of the Audit Committee shall receive a per meeting fee of $3,500 and reimbursement for all reasonable out-of-pocket expenses relating to attendance at such meeting. The Chairman of the Board, the Audit Committee Chairman and the Chairman of the Nominating and Governance Committee receive an additional annual retainer of $15,000 and $7,500, and $3,000 respectively.

The Portfolios may engage in cross trades between each other pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board of Trustees previously adopted procedures that apply to transactions between the Portfolios pursuant to Rule 17a-7. At its regularly scheduled meetings, the Trustees review such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and the Trust’s procedures. The procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of each Portfolio.

Cross trades between portfolios for the six months ended June 30, 2026 were as follows:

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

Alerian (the “Licensor”) has entered into an index licensing agreement with ALPS Advisors Inc. (the “Adviser”) with respect to the Alerian Energy Infrastructure Portfolio (the “Alerian Portfolio”), to allow the Adviser’s use of the Alerian Midstream Energy Select Index (the “Index”). The following disclosure relates to the Licensor:

Alerian is the designer of the construction and methodology for the underlying index (each an “Underlying Index”) for the Alerian Portfolio. “Alerian” and “Alerian Midstream Energy Select Index” are service marks or trademarks of Alerian. Alerian acts as brand licensor for the Index. Alerian is not responsible for the descriptions of the Index or the Funds that appear herein. Alerian is not affiliated with the Trust, the Adviser or the Distributor.

The Alerian Portfolio is not issued, sponsored, endorsed, sold or promoted by the Licensor or its affiliates. Licensor makes no representation or warranty, express or implied, to the owners of the Alerian Portfolio or any member of the public regarding the advisability of investing in securities generally or in the Alerian Portfolio particularly or the ability of the Index to track general market performance. Licensor’s only relationship to the Licensee is the licensing of the Index which is determined, composed and calculated by Licensor without regard to the Licensee or the Alerian Portfolio. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Alerian Portfolio to be issued or in the determination or calculation of the equation by which the Alerian Portfolio is to be converted into cash. Licensor has no obligation or liability in connection with the issuance, administration, marketing or trading of the Alerian Portfolio. The Index is a trademark of Alerian and its general use is granted under a license for Alerian.

LICENSOR DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ERRORS OR OMISSIONS OF ANY KIND RELATED TO THE INDEX OR DATA. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE ALERIAN PORTFOLIO, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED TO LICENSEE OR FOR ANY OTHER USE. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of the Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Alerian Portfolio, owners of the Shares of the Alerian Portfolio or any other person or entity from the use of the Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Index, even if notified of the possibility of such damages.

The Portfolios are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”), with the exception of Morningstar Investment Management LLC, a subsidiary of Morningstar, Inc., who is the investment sub-adviser to the Portfolios and may undertake joint marketing activities with ALPS Portfolio Solutions Distributor, Inc. By providing data about the Morningstar Index Data to the Portfolios, the Morningstar Entities make no representation or warranty, express or implied, to the owners of the Portfolios or any member of the public regarding the advisability of investing in mutual funds generally or in the Portfolios in particular or the ability of the Morningstar Index Data to track general mutual fund market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEX DATA OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended June 30, 2026:

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations.

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with AAI with respect to each series of the ALPS Variable Investment Trust (each a “Portfolio”) and the sub-advisory agreement with respect to the Morningstar Portfolios (collectively, the “Advisory Agreements”), legal counsel to the Trustees of the Board of Trustees of ALPS Variable Investment Trust (the “Board”) who are not “interested persons” of the ALPS Variable Investment Trust (the “Independent Trustees”) requested certain information from ALPS Advisors, Inc. (“AAI”) and Morningstar Investment Management LLC (“Morningstar” or the “Sub-Adviser”). In response to these requests, the Board received reports from AAI and Morningstar that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel a memorandum regarding the Board’s responsibilities pertaining to the approval of advisory contracts. Further, the Board met with representatives of AAI and Morningstar and discussed the services the firms provided pursuant to the agreements, as well as the information they provided.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to renew and approve the agreements.

In approving AAI as the Portfolios’ investment adviser and Morningstar as the Morningstar Portfolios’ sub-adviser, and the fees to be charged under the Advisory Agreements, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

At a meeting on June 10, 2026, the Board, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Morningstar for the maximum period permitted under the Investment Company Act of 1940, as amended (the “1940 Act”), with respect to each of the Morningstar Conservative ETF Asset Allocation Portfolio (the “Morningstar Conservative Portfolio”), Morningstar Income and Growth ETF Asset Allocation Portfolio (the “Morningstar Income and Growth Portfolio”), Morningstar Balanced ETF Asset Allocation Portfolio (the “Morningstar Balanced Portfolio”), Morningstar Growth ETF Asset Allocation Portfolio (the “Morningstar Growth Portfolio”), and Morningstar Aggressive Growth ETF Asset Allocation Portfolio (the “Morningstar Aggressive Portfolio” and, together with the Morningstar Conservative Portfolio, Morningstar Income and Growth Portfolio, Morningstar Balanced Portfolio, and Morningstar Growth Portfolio, the “Morningstar Portfolios”).

In renewing and approving the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Morningstar, the Trustees, including the Independent Trustees, considered the following factors with respect to the Morningstar Portfolios:

The Board considered the nature, extent, and quality of the services provided by AAI, including investment sub-adviser selection, evaluation, and monitoring and trade execution and the portfolio management services provided by Morningstar, in light of the investment objective of each Morningstar Portfolio. The Board also considered the portfolio management team’s demonstrated consistency in investment approach for the Morningstar Portfolios, and took note of the degree of portfolio overlap across the various Morningstar Portfolios. The Board reviewed the background and experience of (i) the current AAI personnel responsible for evaluating and monitoring each Morningstar Portfolio and (ii) the Portfolio management personnel of Morningstar responsible for managing the investments of each Morningstar Portfolio. The Board also considered the compliance structure of AAI and Morningstar. Finally, the Board considered the Board’s and the Trust’s association with the current advisory oversight personnel employed by AAI, the relationships those AAI personnel maintain with Morningstar, and the ability of those personnel to evaluate the services provided by Morningstar.

The Board concluded that the nature, extent, and quality of the services provided by AAI and Morningstar to the Morningstar Portfolios were appropriate and consistent with the terms of the respective agreements and that each Morningstar Portfolio and its shareholders were likely to benefit from the services provided under the agreements. The Board also concluded that the quality of the services provided by the senior advisory personnel employed by Morningstar had been consistent and that AAI and Morningstar have sufficient personnel, with the appropriate education and experience, to serve each Morningstar Portfolio effectively.

The Board reviewed the performance of each Morningstar Portfolio over the one-year, three-year, five-year, and ten-year periods ended March 31, 2026. The Board considered information from an independent research provider (the “Data Provider”) regarding the performance of each Morningstar Portfolio relative to its performance peer group. The Board also received and considered the quarterly commentaries from AAI and Morningstar regarding the performance of each Morningstar Portfolio.

(i) each class of the Morningstar Conservative Portfolio underperformed relative to its peer group median over each period;

(ii) with respect to the Morningstar Income and Growth Portfolio, each class of the Portfolio outperformed relative to its peer group median over each period.

(iii) with respect to the Morningstar Balanced Portfolio, each class of the Portfolio outperformed relative to its peer group median over each period.

(iv) with respect to the Morningstar Growth Portfolio, each class of the Portfolio outperformed relative to its peer group median over each period, except Class I, which had performance equal to the peer group median for the ten-year period.

(v) with respect to the Morningstar Aggressive Portfolio, each class of the Portfolio outperformed relative to its peer group median over each period.

The Board reviewed the fees paid by each Morningstar Portfolio to AAI and the fees paid by AAI to Morningstar. The Board took note of the fact that Morningstar is paid by AAI and not directly by each Morningstar Portfolio. In its review, the Board considered information about, among other things, (i) the rates of compensation paid to AAI (and overall expense ratios for open-end mutual funds comparable in character (such as asset size) and investment strategy to the Morningstar Portfolios, after taking into account agreements to waive fees and/or reimburse expenses, and (ii) Morningstar’s stated fee schedule. In connection therewith, the Board noted Morningstar’s statements regarding the range of services that are provided in its capacity as sub-adviser to the Morningstar Portfolios.

The Board noted that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI’s and Morningstar’s other clients employing comparable strategies, as applicable, were not indicative of any unreasonableness with respect to the advisory fees payable by the Morningstar Portfolios or with respect to the sub-advisory fees payable by AAI to Morningstar.

The Board noted that each Morningstar Portfolio’s gross advisory fees were higher, and in some cases significantly higher, when compared with the median of the gross advisory fees charged to similar open-end funds in the peer group, taking into account management and non-management fees for certain Morningstar Portfolios. With respect to the Morningstar Portfolios’ total net expense ratios, the Board noted that the Data Provider report included comparisons of the Morningstar Portfolios’ total next expense ratios both with acquired fund fees and expenses (“AFFE”) and excluding AFFE. The Board noted that when AFFE is excluded each Morningstar Portfolio’s total net expense ratio was higher than the peer group median, but that when AFFE is included, the Morningstar Portfolios’ rankings are generally more favorable.

The Board concluded that both the (i) gross advisory fees payable by each Morningstar Portfolio to AAI and the fees payable by AAI to Morningstar; and (ii) total net expenses borne by each Morningstar Portfolio, were reasonable in relation to the nature and quality of the respective services provided, taking into account the fees charged by other advisers for managing comparable open-end mutual funds.

The Board reviewed the profitability analyses provided by both AAI and Morningstar. The Board considered the profitability to AAI of its overall relationship with the Morningstar Portfolios, which included fees payable to AAI for investment advisory services. The Board concluded that the profits attributable to the services provided by AAI to each Morningstar Portfolio were not excessive.

The Board also considered the profitability of Morningstar’s overall relationship with the Morningstar Portfolios, which included fees payable to Morningstar by AAI for sub-advisory services. In light of the foregoing, the Board concluded that the profits attributable to the services provided by Morningstar to each Morningstar Portfolio were not excessive.

The Board reviewed certain information provided by AAI and Morningstar, as well as the asset size of each Morningstar Portfolio, and concluded that, as the assets of each Morningstar Portfolio increase, there may be future opportunities for sharing the benefits of economies of scale between AAI and Morningstar on one hand, and each Portfolio on the other hand, but none were identified at this time.

The Board also considered AAI’s and Morningstar’s statements regarding potential “fall-out” benefits that AAI and Morningstar might receive in connection with their association with the Morningstar Portfolios. The Board concluded that there were no material incidental benefits accruing to AAI or Morningstar in connection with their relationship with the Morningstar Portfolios.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s compensation for investment advisory services and Morningstar’s compensation for investment sub-advisory services are consistent with the best interests of each Morningstar Portfolio and its shareholders and determined to renew the Advisory Agreements with respect to the Morningstar Portfolios.

At a meeting on June 10, 2026, the Board, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement with AAI for the maximum period permitted under the 1940 Act with respect to the ALPS | Alerian Energy Infrastructure Portfolio (the “Alerian Portfolio”).

In renewing and approving the Investment Advisory Agreement with AAI, the Trustees, including the Independent Trustees, considered the following factors with respect to the Alerian Portfolio:

The Board considered the nature, extent, and quality of the services provided by AAI in light of the investment objective of the Alerian Portfolio. The Board reviewed the research and decision-making processes utilized by AAI, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Alerian Portfolio. The Board reviewed the background and experience of the current AAI personnel responsible for the management of the Alerian Portfolio. The Board also considered the compliance structure of AAI. Finally, the Trustees considered the Board’s and the Trust’s familiarity with the current advisory personnel employed by AAI and the relationships those AAI personnel maintain with the index provider to the Alerian Portfolio.

The Board concluded that the nature, extent, and quality of the services provided by AAI to the Alerian Portfolio were appropriate and consistent with the terms of the Investment Advisory Agreement and that the Alerian Portfolio and its shareholders were likely to benefit from services provided under the agreement. The Board also concluded that the quality of the services provided by the senior advisory personnel employed by AAI had been consistent, and that AAI would have sufficient personnel, with the appropriate education and experience, to serve the Alerian Portfolio effectively.

The Board reviewed the performance of the Alerian Portfolio for the one-year, three-year, five-year, and ten-year periods ended March 31, 2026. The Board considered information from an independent research provider regarding the performance of the Alerian Portfolio relative to its performance peer group. The Board also received and considered the quarterly reports from AAI regarding the performance of the Alerian Portfolio.

The Board noted that the performance of the Alerian Portfolio, for both share classes, outperformed relative to its peer group median for the one-year, three-year, and ten-year periods ended March 31, 2026, and that each class of the Portfolio underperformed relative to its peer group median during the five-year period.

The Board reviewed the fees paid by the Alerian Portfolio to AAI under the Investment Advisory Agreement. In its review, the Board considered information about, among other things, (i) the rates of compensation paid to AAI and overall expense ratios for open-end mutual funds comparable in character (such as asset size) and investment strategy to the Alerian Portfolio, (ii) the fees charged by AAI to other comparable client accounts, and (iii) the asset size of the Alerian Portfolio relative to its peers.

The Board also noted that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI’s other clients employing comparable strategies were not indicative of any unreasonableness with respect to the advisory fees payable by the Alerian Portfolio.

The Board noted that, for both classes, the Alerian Portfolio’s contractual advisory fee and total net expense ratios were lower than the peer group median. The Board concluded that both the (i) contractual advisory fees payable by the Alerian Portfolio to AAI and (ii) total net expenses borne by the Alerian Portfolio were reasonable in relation to the nature and quality of the respective services provided, taking into account the fees charged by other advisers for managing comparable open-end mutual funds and the fees AAI charges to other clients.

The Board reviewed the profitability analysis provided by AAI. The Board considered whether the provision of services by AAI to the Alerian Portfolio was profitable to AAI. In light of the foregoing, the Board concluded that the profits (if any) attributable to the services provided by AAI to the Alerian Portfolio were not excessive.

The Board reviewed certain information provided by AAI and the asset size of the Alerian Portfolio, and concluded that, to the extent any economies of scale could be realized as the assets of the Portfolio increase, such economies would likely not be significant at the current time.

The Board also considered the potential “fall-out” benefits that AAI might receive in connection with its association with the Alerian Portfolio. The Board concluded that there were no material incidental benefits accruing to AAI in connection with its relationship with the Alerian Portfolio.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s compensation for investment advisory services is consistent with the best interests of the Alerian Portfolio and its shareholders and determined to renew the Advisory Agreement with respect to the Alerian Portfolio.

At a meeting on June 10, 2026, the Board, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement with AAI for the maximum period permitted under the 1940 Act with respect to the ALPS Global Opportunity Portfolio (the “Global Opportunity Portfolio”).

In renewing and approving the Investment Advisory Agreement with AAI, the Trustees, including the Independent Trustees, considered the following factors with respect to the Global Opportunity Portfolio:

The Board considered the nature, extent, and quality of the services provided by AAI, in light of the investment objective of the Global Opportunity Portfolio. The Board reviewed the research and decision-making processes utilized by AAI, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Global Opportunity Portfolio. The Board reviewed: (i) the background and experience of the current AAI personnel responsible for the evaluation and monitoring for the Global Opportunity Portfolio; and (ii) the portfolio management personnel of AAI responsible for managing the investments of the Global Opportunity Portfolio.

The Board concluded that the nature, extent, and quality of the services provided by AAI to the Global Opportunity Portfolio was appropriate and consistent with the terms of the Investment Advisory Agreement, and that the Global Opportunity Portfolio and its shareholders were likely to benefit from services provided under the agreement. The Board also concluded that the quality of the services provided by the senior advisory personnel employed by AAI had been consistent and that the investment adviser had sufficient personnel, with the appropriate education and experience, to serve the Global Opportunity Portfolio effectively.

The Board reviewed the performance of the Global Opportunity Portfolio for the one-year, three-year, five-year, and ten-year periods ended March 31, 2026. The Board considered information from an independent research provider regarding the performance of the Global Opportunity Portfolio relative to its performance peer group. The Board considered the limitations on the comparability of performance information for related funds and accounts. The Board also received and considered the quarterly reports from AAI regarding the performance of the Global Opportunity Portfolio.

The Board noted that, as of March 31, 2026, each class of the Portfolio underperformed relative to its peer group median over one-year period and had performance equal to the peer group median over the three-year period; Class I outperformed relative to its peer group median over the five-year period and underperformed relative to its peer group median over the ten-year period; and Class III had performance equal to its peer group median over the five-year and ten-year periods.

The Board reviewed the fees paid by the Global Opportunity Portfolio to AAI under the agreement. In its review, the Board considered information about, among other things, (i) the rate of compensation paid to AAI and overall expense ratios for open-end mutual funds comparable in character (such as asset size) and investment strategy to the Global Opportunity Portfolio, after taking into account agreements to waive fees and/or reimburse expenses and (ii) the fees charged by AAI to other comparable client accounts.

The Board noted that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI’s other clients employing comparable strategies, as applicable, were not indicative of any unreasonableness with respect to the advisory fees payable by the Global Opportunity Portfolio.

The Board noted that, as of March 31, 2026, the Global Opportunity Portfolio’s contractual advisory fee for each class of the Portfolio was equal to the peer group median and the total net expense ratio was lower than the peer group median. The Board concluded that both the (i) contractual advisory fee payable by the Global Opportunity Portfolio to AAI, and (ii) the Portfolio’s total net expense ratios, were reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable open-end mutual funds and the fees AAI charges to other clients.

The Board reviewed the profitability analysis prepared by AAI. The Board considered whether the provision of services by AAI to the Global Opportunity Portfolio was profitable to AAI. The Board concluded that the profits, if any, attributable to the services provided by AAI to the Global Opportunity Portfolio were not excessive.

The Board reviewed certain information provided by AAI, as well as the asset size of each Morningstar Portfolio, and concluded that, as the assets of the Global Opportunity Portfolio increase, there may be opportunity for sharing the benefits of economies of scale between AAI and the Global Opportunity Portfolio.

The Board also considered the potential “fall-out” benefits (including the receipt of research products and services from unaffiliated brokers, if any) that AAI might receive in connection with its association with the Global Opportunity Portfolio. The Board concluded that there were no material incidental benefits accruing to AAI in connection with its relationship with the Global Opportunity Portfolio.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s compensation for investment advisory services are consistent with the best interests of the Global Opportunity Portfolio and its shareholders.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Any Changes in and Disagreements with Accountants information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Any Proxy Disclosures information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Any Remuneration Paid to Directors, Officers, and Others information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The Statement Regarding Basis for Approval of Investment Advisory Contract is included under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


U.S. Equity	44.14%
U.S. Bonds	36.15%
Non-U.S. Equity	18.74%
Cash Equivalents	0.97%


U.S. Equity	57.55%
U.S. Bonds	17.42%
Non-U.S. Equity	24.97%
Cash Equivalents	0.06%


U.S. Equity	65.96%
U.S. Bonds	2.90%
Non-U.S. Equity	31.11%
Cash Equivalents	0.03%


U.S. Energy Infrastructure Companies	30.54%
Canadian Energy Infrastructure Companies	27.21%
U.S. Energy Infrastructure MLPs	27.10%
U.S. General Partners	14.57%
Cash, Cash Equivalents, & Other Net Assets	0.58%


United States	50.68%
Great Britain	14.55%
Sweden	8.18%
Luxembourg	5.53%
Switzerland	4.57%
Guernsey	3.52%
Germany	2.33%
Australia	2.15%
Belgium	1.98%
Bermuda	1.73%
Canada	1.12%
Italy	0.76%
Japan	0.53%
Cash, Cash Equivalents, & Other Net Assets	2.37%

Morningstar ETF Asset Allocation Series
Schedules of Investments	1
Statements of Assets and Liabilities	6
Statements of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	13
ALPS \| Alerian Energy Infrastructure Portfolio
Schedule of Investments	23
Statement of Assets and Liabilities	24
Statement of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	27
ALPS Global Opportunity Portfolio
Schedule of Investments	29
Statement of Assets and Liabilities	31
Statement of Operations	32
Statements of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements and Financial Highlights	36
Additional Information	46
Changes in and Disagreements with Accountants or Open-End Management Investment Companies	47
Proxy Disclosures for Open-End Management Investment Companies	48
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	49
Statement Regarding Basis for Approval of Investment Advisory & Sub-Advisory Contracts	50

Morningstar Conservative ETF Asset Allocation Portfolio
Schedule of Investments	As of June 30, 2026 (Unaudited)

Security Description	Shares		Value
Exchange Traded Funds - 98.48%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF		25,220	$	1,227,710
Eaton Vance Mortgage Opportunities ETF		12,000		599,880
Eaton Vance Total Return Bond ETF		97,140		4,925,969
iShares^® Broad USD High Yield Corporate Bond ETF		32,647		1,208,592
iShares^® Core S&P 500^® ETF		2,879		2,156,054
iShares^® MSCI Emerging Markets ex China ETF		4,490		459,327
iShares^® S&P 100 ETF		1,740		636,614
JPMorgan Core Plus Bond ETF		85,565		4,016,421
Schwab Fundamental International Equity ETF		11,767		620,827
Schwab US TIPS ETF		11,325		300,113
SPDR^® Portfolio Intermediate Term Corporate Bond ETF		46,420		1,553,213
Vanguard^® Core-Plus Bond ETF		24,075		1,867,637
Vanguard^® Emerging Markets Government Bond ETF		13,530		909,757
Vanguard^® FTSE Developed Markets ETF		4,458		317,633
Vanguard^® FTSE Emerging Markets ETF		5,181		309,254
Vanguard^® Mega Cap Growth ETF		3,645		320,432
Vanguard^® Mortgage-Backed Securities ETF		25,793		1,207,370
Vanguard^® Short-Term Bond ETF		23,899		1,861,971
Vanguard^® Short-Term Inflation-Protected Securities ETF		12,115		608,536
Vanguard^® Small-Cap ETF		1,065		322,823
Vanguard^® Total Bond Market ETF		41,890		3,075,145
Vanguard^® Total Stock Market ETF		4,588		1,697,744
Total Exchange Traded Funds
(Cost $28,859,745)				30,203,022

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 1.54%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		3.581	%		474,217	$	474,217

Total Short-Term Investments
(Cost $474,217)							474,217

Total Investments - 100.02%
(Total cost $29,333,962)							30,677,239

Liabilities in Excess of Other Assets - (0.02)%							(6,906	)

Net Assets - 100.00%						$	30,670,333

Morningstar ETF Asset Allocation Series
Statements of Operations	For the Six Months Ended June 30, 2026 (Unaudited)

	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025
OPERATIONS:

Net investment income	$	381,817		$	887,514
Net realized gain		979,622			459,637
Net change in unrealized appreciation/(depreciation)		(441,583	)		1,107,446
Net increase in net assets resulting from operations		919,856			2,454,597

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(207,368	)
Class II		–			(617,098	)
Total distributions		–			(824,466	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		701,170			967,254
Issued to shareholders in reinvestment of distributions		–			207,368
Cost of shares redeemed		(429,846	)		(386,047	)
Net increase from share transactions		271,324			788,575
Class II
Proceeds from sale of shares		4,261,678			5,277,912
Issued to shareholders in reinvestment of distributions		–			617,098
Cost of shares redeemed		(5,880,285	)		(6,131,238	)
Net decrease from share transactions		(1,618,607	)		(236,228	)

Net increase/(decrease) in net assets		(427,427	)		2,182,478

NET ASSETS:
Beginning of period		31,097,760			28,915,282
End of period	$	30,670,333		$	31,097,760

OTHER INFORMATION - SHARES:

Class I
Sold		63,637			90,970
Reinvested		–			19,077
Redeemed		(39,091	)		(36,212	)
Net increase in shares outstanding		24,546			73,835

Class II
Sold		390,768			493,121
Reinvested		–			57,086
Redeemed		(538,585	)		(582,804	)
Net decrease in shares outstanding		(147,817	)		(32,597	)

	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	10.88		$	10.26		$	9.97		$	9.57		$	11.43		$	11.65
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.15			0.35			0.31			0.25			0.25			0.19
Net realized and unrealized gain/(loss) on investments		0.19			0.58			0.24			0.52			(1.57	)		0.11
Total income/(loss) from investment operations		0.34			0.93			0.55			0.77			(1.32	)		0.30

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.31	)		(0.26	)		(0.26	)		(0.18	)		(0.20	)
From net realized gain		–			–			–			(0.11	)		(0.36	)		(0.32	)
Total distributions		–			(0.31	)		(0.26	)		(0.37	)		(0.54	)		(0.52	)
Net increase/(decrease) in net asset value		0.34			0.62			0.29			0.40			(1.86	)		(0.22	)
Net asset value - end of period	$	11.22		$	10.88		$	10.26		$	9.97		$	9.57		$	11.43

Total Return⁽²⁾		3.13	%⁽³⁾		9.11	%		5.52	%		8.19	%		(11.61	)%		2.51	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	7,922		$	7,414		$	6,235		$	5,808		$	5,102		$	4,959
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.62	%⁽⁴⁾		0.63	%		0.66	%		0.66	%		0.61	%		0.65	%
Net expenses after waiver/reimbursements		0.53	%⁽⁴⁾		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income after waiver/reimbursements		2.71	%⁽⁴⁾		3.28	%		3.05	%		2.53	%		2.36	%		1.65	%
Portfolio turnover rate		64	%⁽³⁾		19	%		27	%		32	%		67	%		20	%

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 0.01%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		3.581	%		11,928	$	11,928

Total Short-Term Investments
(Cost $11,928)							11,928

Total Investments - 99.43%
(Total cost $114,223,511)							145,507,671

Other Assets in Excess of Liabilities - 0.57%							841,819

Net Assets - 100.00%						$	146,349,490

ASSETS:

Investments, at value	$	145,507,671
Foreign currency, at value (Cost $123,608)		123,608
Receivable for investments sold		839,344
Receivable for shares sold		51,009
Dividends receivable		189,865
Other assets		4,338
Total Assets		146,715,835

LIABILITIES:

Payable for investments purchased		123,550
Payable for shares redeemed		72,496
Payable to advisor		86,681
Payable for distribution and service fees		57,657
Payable for audit fees		11,894
Accrued expenses and other liabilities		14,067
Total Liabilities		366,345
Net Assets	$	146,349,490

NET ASSETS CONSIST OF:

Paid-in capital	$	92,247,485
Total distributable earnings (accumulated losses)		54,102,005
Net Assets	$	146,349,490

Investments, at Cost	$	114,223,511

PRICING OF SHARES:

Class I:
Net Assets	$	9,413,400
Shares of beneficial interest outstanding		605,886
Net assets value, offering and redemption price per share	$	15.54

Class III:
Net Assets	$	136,936,090
Shares of beneficial interest outstanding		8,842,665
Net assets value, offering and redemption price per share	$	15.49

INVESTMENT INCOME:
Dividends (Net of foreign withholding taxes of $146,543)	$	3,305,528
Total Investment Income		3,305,528

EXPENSES:
Investment advisor fee		500,695
Recoupment of previously waived fees:		12,890
12b-1 fees:
Class III		166,818
Shareholder servicing fees:
Class I		6,601
Class III		166,818
Custodian fees		13,713
Administration fee		5,181
Legal fees		4,612
Audit fees		11,290
Trustees’ fees and expenses		10,720
Report to shareholder fees		3,809
Other expenses		11,034
Total Net Expenses		914,181
Net Investment Income		2,391,347

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on:
Investments		13,251,962
Foreign currency transactions		(11,405	)
Net realized gain		13,240,557
Net change in unrealized appreciation/(depreciation) on:
Investments		13,016,173
Translation of assets and liabilities denominated in foreign currencies		(152	)
Net change in unrealized appreciation		13,016,021
Net Realized and Unrealized Gain on Investments		26,256,578
Net Increase in Net Assets Resulting from Operations	$	28,647,925

ALPS Global Opportunity Portfolio
Schedule of Investments (continued)	As of June 30, 2026 (Unaudited)

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at June 30, 2026		Fund Delivering	U.S. $ Value at June 30, 2026		Unrealized Appreciation/ (Depreciation)
State Street Bank and Trust Company	07/17/26	USD	$	343,429	GBP	$	342,225	$	1,204
State Street Bank and Trust Company	09/18/26	USD	$	540,553	GBP	$	533,233	$	7,320
								$	8,524

ASSETS:
Investments, at value	$	17,977,013
Foreign currency, at value (Cost $73)		73
Unrealized appreciation on forward foreign currency contracts		8,524
Receivable for shares sold		7,415
Dividends receivable		37,428
Dividend Reclaim receivable		48,131
Other assets		521
Total Assets		18,079,105

LIABILITIES:

Payable for shares redeemed		55,966
Payable to advisor		9,155
Payable for distribution and service fees		7,330
Payable for audit fees		9,875
Payable for trustees’ fees		45
Accrued expenses and other liabilities		27,870
Total Liabilities		110,241
Net Assets	$	17,968,864

NET ASSETS CONSIST OF:

Paid-in capital	$	14,972,609
Total distributable earnings (accumulated losses)		2,996,255
Net Assets	$	17,968,864

Investments, at Cost	$	16,567,135

PRICING OF SHARES:

Class I:
Net Assets	$	530,365
Shares of beneficial interest outstanding		51,986
Net assets value, offering and redemption price per share	$	10.20

Class III:
Net Assets	$	17,438,499
Shares of beneficial interest outstanding		1,573,614
Net assets value, offering and redemption price per share	$	11.08

INVESTMENT INCOME:
Dividends (Net of foreign withholding taxes of $12,932)	$	225,815
Total Investment Income		225,815

EXPENSES:
Investment advisor fee		83,772
12b-1 fees:
Class III		19,595
Shareholder servicing fees:
Class I		405
Class III		19,595
Custodian fees		10,626
Administration fee		7,120
Legal fees		1,935
Audit fees		9,304
Trustees’ fees and expenses		1,444
Report to shareholder fees		2,390
Other expenses		12,599
Total expenses before waiver/reimbursements		168,785
Less fees waived/reimbursed by investment advisor
Class I		(1,184	)
Class III		(39,755	)
Total Net Expenses		127,846
Net Investment Income		97,969

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on:
Investments		878,018
Forward foreign currency contracts		(10,851	)
Foreign currency transactions		8,460
Net realized gain		875,627
Net change in unrealized appreciation/(depreciation) on:
Investments		(3,129,514	)
Forward foreign currency contracts		19,021
Translation of assets and liabilities denominated in foreign currencies		(1,509	)
Net change in unrealized depreciation		(3,112,002	)
Net Realized and Unrealized Loss on Investments		(2,236,375	)
Net Decrease in Net Assets Resulting from Operations	$	(2,138,406	)

ALPS Variable Investment Trust
Notes to Financial Statements and Financial Highlights	June 30, 2026 (Unaudited)

Level 1 –	Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Portfolio has the ability to access at the measurement date;

Level 2 –	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 –	Significant unobservable prices or inputs (including the Portfolio’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	30,203,022	$	–	$	–	$	30,203,022
Short-Term Investments		474,217		–		–		474,217
Total	$	30,677,239	$	–	$	–	$	30,677,239

	Valuation Inputs
Investments in Securities at Value^*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	924,747	$	1,263,133	$	–	$	2,187,880
Common Stocks		9,307,645		6,047,192		–		15,354,837
Short-Term Investments		434,296		–		–		434,296
Total	$	10,666,688	$	7,310,325	$	–	$	17,977,013

	Valuation Inputs
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Assets
Forward foreign currency contracts	$	–	$	8,524	$	–	$	8,524
TOTAL	$	–	$	8,524	$	–	$	8,524

Risk Exposure	Location	Fair Value		Location	Fair Value
ALPS Global Opportunity Portfolio
Foreign Exchange Rate Risk (Forward Foreign Currency Contracts)	Unrealized appreciation on forward contracts	$	8,524	Unrealized depreciation on forward contracts	$	-
Total		$	8,524		$	-

Risk Exposure	Location	Realized Gain/(Loss) on Derivatives			Location	Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
ALPS Global Opportunity Portfolio
Foreign Exchange Rate Risk (Forward Foreign Currency Contracts)	Net realized loss on forward foreign currency contracts	$	(10,851	)	Change in unrealized appreciation/(depreciation) on forward foreign currency contracts	$	19,021
Total		$	(10,851	)		$	19,021

2025	Ordinary Income		Long-Term Capital Gains		Total
Morningstar Conservative ETF Asset Allocation Portfolio	$	824,466	$	–	$	824,466
Morningstar Income and Growth ETF Asset Allocation Portfolio		1,681,797		3,719,821		5,401,618
Morningstar Balanced ETF Asset Allocation Portfolio		4,922,975		16,245,270		21,168,245
Morningstar Growth ETF Asset Allocation Portfolio		6,317,247		18,457,267		24,774,514
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		4,634,861		13,475,992		18,110,853
ALPS \| Alerian Energy Infrastructure Portfolio		6,255,817		14,147,564		20,403,381
ALPS Global Opportunity Portfolio		1,320,215		312,445		1,632,660

	Cost of Investments for Income Tax Purposes		Gross Appreciation (Excess of Value Over Tax Cost)		Gross Depreciation (Excess of Tax Cost Over Value)			Net Unrealized Appreciation/ (Depreciation)
Morningstar Conservative ETF Asset Allocation Portfolio	$	29,760,054	$	1,108,463	$	(191,278	)	$	917,185
Morningstar Income and Growth ETF Asset Allocation Portfolio		47,926,485		5,743,959		(219,896	)		5,524,063
Morningstar Balanced ETF Asset Allocation Portfolio		149,574,603		33,838,771		(557,524	)		33,281,247
Morningstar Growth ETF Asset Allocation Portfolio		225,908,713		97,293,012		(624,633	)		96,668,379
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		174,716,750		88,392,753		(131,434	)		88,261,319
ALPS \| Alerian Energy Infrastructure Portfolio		109,870,699		37,058,140		(1,421,168	)		35,636,972
ALPS Global Opportunity Portfolio		16,621,028		3,820,237		(2,464,252	)		1,355,985

Portfolio	Purchases		Sales
Morningstar Conservative ETF Asset Allocation Portfolio	$	19,122,350	$	19,966,192
Morningstar Income and Growth ETF Asset Allocation Portfolio		22,778,137		24,252,967
Morningstar Balanced ETF Asset Allocation Portfolio		62,556,701		63,766,615
Morningstar Growth ETF Asset Allocation Portfolio		81,149,180		84,322,802
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		41,382,052		38,057,268
ALPS \| Alerian Energy Infrastructure Portfolio		31,835,162		38,951,043
ALPS Global Opportunity Portfolio		1,695,966		2,411,134

Portfolio	Sub-Adviser
Morningstar Conservative ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Income and Growth ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Balanced ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Growth ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Aggressive Growth ETF Asset Allocation Portfolio	Morningstar Investment Management LLC