# EDGAR Filing Document

**Accession Number:** 0001382990
**File Stem:** 0001049169-26-001120
**Filing Date:** 2026-5
**Character Count:** 58788
**Document Hash:** 31b73d91271e9ae8f0ca59da06c99ff1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-001120.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001049169-26-001120

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS Variable Investment Trust
- **CENTRAL INDEX KEY:** 0001382990

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21987
- **FILM NUMBER:** 261018478

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 303-623-2577

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Financial Investors Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20061207

## Series and Classes Contracts Data

### Morningstar Balanced ETF Asset Allocation Portfolio (Series ID: S000015809)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000043414 | Class I      |  |
| C000043415 | Class II     | BETFX           |

## Nport-Ex

**ALPS Variable Investment Trust**

**Schedules of Investments<br> (Unaudited)**

**March 31, 2026**

Morningstar Conservative ETF Asset Allocation Portfolio

Schedule of Investments

As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Exchange Traded Funds - 98.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | 25070 | $1232441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Mortgage <br> Opportunities ETF | 12190 | 613401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Total Return Bond ETF | 72070 | 3657553 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Broad USD High Yield Corporate Bond ETF | 41787 | 1539433 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P 500<sup>®</sup> ETF | 2799 | 1828335 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> S&P 100 ETF | 960 | 305347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Core Plus Bond ETF | 45330 | 2134136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Equity ETF | 12737 | 623221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab US TIPS ETF | 34720 | 923899 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR<sup>®</sup> Portfolio Intermediate Term Corporate Bond ETF | 45640 | 1530766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Emerging Markets Government Bond ETF | 14045 | 922616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Developed Markets ETF | 9693 | 621128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Emerging Markets ETF | 8626 | 466235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Mortgage-Backed Securities ETF | 26288 | 1234222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Short-Term Bond ETF | 31064 | 2435728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Small-Cap ETF | 1165 | 305137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Bond Market ETF | 86880 | 6397843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total International Bond ETF | 25623 | 1231185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Stock Market ETF | 6158 | 1975548 |
| Total Exchange Traded Funds |  |  |
| (Cost $28,881,614) |  | 29978174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **7-Day<br> Yield** | **Shares** | **Value** |
| **Short-Term Investments - 1.48%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.600% | 451999 | $451999 |
| Total Short-Term Investments |  |  |  |
| (Cost $451,999) |  |  | 451999 |
| Total Investments - 99.49% |  |  |  |
| (Total cost $29,333,613) |  |  | 30430173 |
| Other Assets in Excess of Liabilities - 0.51% |  |  | 155377 |
| Net Assets - 100.00% |  |  | $30585550 |

---

 

*See Notes to Quarterly Schedule of Investments.*

Morningstar Income and Growth ETF Asset Allocation Portfolio

Schedule of Investments

As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Exchange Traded Funds - 99.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BondBloxx Bloomberg Five Year Target Duration US Treasury ETF | 32270 | $1586393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Mortgage Opportunities ETF | 10490 | 527857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Total Return Bond ETF | 101780 | 5165335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Broad USD High Yield Corporate Bond ETF | 42704 | 1573215 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P 500<sup>®</sup> ETF | 7340 | 4794561 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Emerging Markets ex China ETF | 6560 | 516010 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> S&P 100 ETF | 4710 | 1498110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Core Plus Bond ETF | 55170 | 2597404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Equity ETF | 42865 | 2097384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab US TIPS ETF | 40000 | 1064400 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR<sup>®</sup> Portfolio Intermediate Term Corporate Bond ETF | 47225 | 1583926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Emerging Markets Government Bond ETF | 11840 | 777770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Developed Markets ETF | 36339 | 2328603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Emerging Markets ETF | 18710 | 1011276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Mega Cap Growth ETF | 1360 | 499718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Mortgage-Backed Securities ETF | 38860 | 1824477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Short-Term Bond ETF | 40037 | 3139301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Small-Cap ETF | 3910 | 1024107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Bond Market ETF | 134116 | 9876302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total International Bond ETF | 21955 | 1054938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Stock Market ETF | 20628 | 6617669 |
| Total Exchange Traded Funds |  |  |
| (Cost $47,034,184) |  | 51158756 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **7-Day<br> Yield** | **Shares** | **Value** |
| **Short-Term Investments - 0.72%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.600% | 373558 | $373558 |
| Total Short-Term Investments |  |  |  |
| (Cost $373,558) |  |  | 373558 |
| Total Investments - 100.14% |  |  |  |
| (Total cost $47,407,742) |  |  | 51532314 |
| Liabilities in Excess of Other Assets - (0.14)% |  |  | (73087) |
| Net Assets - 100.00% |  |  | $51459227 |

---

*See Notes to Quarterly Schedule of Investments.*

Morningstar Balanced ETF Asset Allocation Portfolio

Schedule of Investments

As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Exchange Traded Funds - 99.25%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Total Return Bond ETF | 301820 | $15317365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Broad USD High Yield <br> Corporate Bond ETF | 46242 | 1703555 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P 500<sup>®</sup> ETF | 33863 | 22119650 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P<sup>®</sup> Mid-Cap ETF | 24295 | 1640641 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Emerging Markets <br> ex China ETF | 42620 | 3352489 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> S&P 100 ETF | 25495 | 8109195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Core Plus Bond ETF | 145970 | 6872268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Equity ETF | 208824 | 10217758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab US TIPS ETF | 64960 | 1728586 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR<sup>®</sup> Portfolio Intermediate Term Corporate Bond ETF | 51125 | 1714732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Developed Markets ETF | 193532 | 12401531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Emerging Markets ETF | 91138 | 4926009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Mega Cap Growth ETF | 8870 | 3259193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Mortgage-Backed Securities ETF | 73355 | 3444017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Short-Term Bond ETF | 87827 | 6886515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Small-Cap ETF | 22015 | 5766169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Bond Market ETF | 396680 | 29211515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Stock Market ETF | 84259 | 27031130 |
| Total Exchange Traded Funds |  |  |
| (Cost $144,520,075) |  | 165702318 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **7-Day<br> Yield** | **Shares** | **Value** |
| **Short-Term Investments - 0.97%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.600% | 1624601 | $1624601 |
| Total Short-Term Investments |  |  |  |
| (Cost $1,624,601) |  |  | 1624601 |
| Total Investments - 100.22% |  |  |  |
| (Total cost $146,144,676) |  |  | 167326919 |
| Liabilities in Excess of Other Assets - (0.22)% |  |  | (368667) |
| Net Assets - 100.00% |  |  | $166958252 |

---

 

*See Notes to Quarterly Schedule of Investments.*

Morningstar Growth ETF Asset Allocation Portfolio

Schedule of Investments

As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Exchange Traded Funds - 99.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Total Return Bond ETF | 404890 | $20548168 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P 500<sup>®</sup> ETF | 73395 | 47942348 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P<sup>®</sup> Mid-Cap ETF | 128930 | 8706643 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Emerging Markets <br> ex China ETF | 110500 | 8691930 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> S&P 100 ETF | 54305 | 17272791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Core Plus Bond ETF | 127860 | 6019649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Equity ETF | 481921 | 23580395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Developed Markets ETF | 454427 | 29119682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Emerging Markets ETF | 215047 | 11623290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Mega Cap Growth ETF | 23520 | 8642189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Small-Cap ETF | 55625 | 14569300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Bond Market ETF | 441280 | 32495859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Stock Market ETF | 195016 | 62563083 |
| Total Exchange Traded Funds |  |  |
| (Cost $223,821,964) |  | 291775327 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **7-Day<br> Yield** | **Shares** | **Value** |
| **Short-Term Investments - 0.07%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.600% | 202669 | $202669 |
| Total Short-Term Investments |  |  |  |
| (Cost $202,669) |  |  | 202669 |
| Total Investments - 100.04% |  |  |  |
| (Total cost $224,024,633) |  |  | 291977996 |
| Liabilities in Excess of Other Assets - (0.04)% |  |  | (122195) |
| Net Assets - 100.00% |  |  | $291855801 |

---

 

*See Notes to Quarterly Schedule of Investments.*

Morningstar Aggressive Growth ETF Asset Allocation

Portfolio Schedule of Investments

As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Exchange Traded Funds - 99.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Total Return Bond ETF | 136680 | $6936510 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P 500<sup>®</sup> ETF | 58722 | 38357798 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P<sup>®</sup> Mid-Cap ETF | 119415 | 8064095 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Emerging Markets <br> ex China ETF | 102970 | 8099620 |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares<sup>®</sup> S&P 100 ETF | 45972 | 14622314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Equity ETF | 431442 | 21110457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Developed Markets ETF | 464210 | 29746577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> FTSE Emerging Markets ETF | 234170 | 12656888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Mega Cap Growth ETF | 24345 | 8945327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Small-Cap ETF | 70675 | 18511196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Bond Market ETF | 62978 | 4637700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard<sup>®</sup> Total Stock Market ETF | 176186 | 56522231 |
| Total Exchange Traded Funds |  |  |
| (Cost $167,553,797) |  | 228210713 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **7-Day<br> Yield** | **Shares** | **Value** |
| **Short-Term Investments - 0.13%** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.600% | 299965 | $299965 |
| Total Short-Term Investments |  |  |  |
| (Cost $299,965) |  |  | 299965 |
| Total Investments - 100.05% |  |  |  |
| (Total cost $167,853,762) |  |  | 228510678 |
| Liabilities in Excess of Other Assets - (0.05)% |  |  | (119093) |
| Net Assets - 100.00% |  |  | $228391585 |

---

*See Notes to Quarterly Schedule of Investments.*

ALPS \| Alerian Energy Infrastructure Portfolio

Schedule of Investments

As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Canadian Energy Infrastructure Companies - 27.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 233372 | $12650839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Energy, Inc. | 124101 | 2647773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corp. | 173602 | 6715206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 170288 | 7622625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corp. | 158168 | 5262034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | 120070 | 7518725 |
| Total Canadian Energy Infrastructure Companies |  |  |
| (Cost $32,290,968) |  | 42417202 |
| **U.S. Energy Infrastructure Companies - 30.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 29875 | 8477330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 55914 | 7529938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 227359 | 7623347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | 35253 | 1706598 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextDecade Corp. <sup>(1)</sup> | 96995 | 742982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 89307 | 8072460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | 83090 | 1271277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 30272 | 7590099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. | 265770 | 4188535 |
| Total U.S. Energy Infrastructure Companies |  |  |
| (Cost $34,014,934) |  | 47202566 |
| **U.S. Energy Infrastructure MLPs - 27.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP | 10390 | 517006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP | 635982 | 12274453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 297915 | 11273104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy LP | 58862 | 1049509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream LP, Class A | 97925 | 3806345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP | 129964 | 7417045 |
| &nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Partners LP <sup>(1)</sup> | 62200 | 766926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 131525 | 5414884 |
| Total U.S. Energy Infrastructure MLPs |  |  |
| (Cost $35,128,837) |  | 42519272 |
| **U.S. General Partners - 14.88%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 250762 | 5717374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings LP, Class A | 329194 | 7992830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Williams Cos., Inc. | 130309 | 9483889 |
| Total U.S. General Partners |  |  |
| (Cost $15,534,340) |  | 23194093 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **7-Day<br> Yield** | **Shares** | **Value** |
| **Short-Term Investments - 0.22%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.600% | 349809 | $349809 |
| Total Short-Term Investments |  |  |  |
| (Cost $349,809) |  |  | 349809 |
| Total Investments - 99.84% |  |  |  |
| (Total cost $117,318,888) |  |  | 155682942 |
| Other Assets in Excess of Liabilities - 0.16% |  |  | 244789 |
| Net Assets - 100.00% |  |  | $155927731 |

---

*<sup>(1)</sup>* *Non-income producing security.*

 

*See Notes to Quarterly Schedule of Investments.*

ALPS Global Opportunity Portfolio

Schedule of Investments

As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Closed-End Funds - 11.69%** |  |  |
| &nbsp;&nbsp;&nbsp;**Financials - 11.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HarbourVest Global Private Equity, Ltd. <sup>(1)</sup> | 6890 | $277777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBM Healthcare Investments AG, Class A | 765 | 216291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital Trust PLC | 139870 | 718307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NB Private Equity Partners, Ltd. | 12775 | 225727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital Investments, Ltd. | 51910 | 321552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patria Private Equity Trust PLC | 34768 | 267333 |
| Total Financials |  | 2026987 |
| Total Closed-End Funds |  |  |
| (Cost $1,761,560) |  | 2026987 |
| **Common Stocks - 86.14%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 1.34%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 407 | 232857 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 3.78%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(1)</sup> | 1415 | 294702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | 7030 | 358924 |
| &nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | 653626 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 1.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 294 | 292950 |
| &nbsp;&nbsp;&nbsp;**Financials - 60.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | 22652 | 738247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., Class A | 5840 | 650693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management LP, Class A | 5970 | 651327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B <sup>(1)</sup> | 1564 | 749469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc., Class A | 5590 | 642794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 22720 | 207434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brederode SA | 6102 | 721801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgepoint Group PLC <sup>(2)(3)</sup> | 78235 | 243757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 3580 | 173236 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners PLC <sup>(2)(3)</sup> | 18185 | 237412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT AB | 13970 | 433457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 3935 | 391139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 3340 | 479691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG PLC | 20180 | 413875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integral Corp. | 5580 | 113328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor AB, B Shares Class B | 10845 | 410752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc., Class A | 8490 | 785324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 425 | 212356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutares SE & Co. KGaA | 9910 | 332582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | 730 | 786823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sofina SA | 865 | 210045 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | 8820 | 420890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | 10520 | 426165 |
| &nbsp;&nbsp;&nbsp;Total Financials |  | 10432597 |
| &nbsp;&nbsp;&nbsp;**Industrials - 10.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 1010 | 336956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 524 | 136544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 1110 | 231380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | 1590 | 389550 |
| &nbsp;&nbsp;&nbsp;&nbsp;IES Holdings, Inc. <sup>(1)</sup> | 535 | 254911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italmobiliare SpA | 6415 | 195380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEM International AB, Class B | 18605 | 253526 |
| &nbsp;&nbsp;&nbsp;Total Industrials |  | 1798247 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 8.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 107 | 187832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. | 1670 | 274097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. <sup>(1)</sup> | 1665 | 137646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 320 | 138362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lagercrantz Group AB, B Shares | 9745 | 208175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 1621 | 346343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 610 | 225803 |
| &nbsp;&nbsp;&nbsp;Total Information Technology |  | 1518258 |
| Total Common Stocks |  |  |
| (Cost $13,886,431) |  | 14928535 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **7-Day<br> Yield** | **Shares** | **Value** |
| **Short-Term Investments - 2.10%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.600% | 364819 | $364819 |
| Total Short-Term Investments |  |  |  |
| (Cost $364,819) |  |  | 364819 |
| Total Investments - 99.93% |  |  |  |
| (Total cost $16,012,810) |  |  | 17320341 |
| Other Assets in Excess of Liabilities - 0.07% |  |  | 11870 |
| Net Assets - 100.00% |  |  | $17332211 |

---

*<sup>(1)</sup>* *Non-income producing security.*

*<sup>(2)</sup>* *Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of March 31, 2026, the aggregate value of those securities was $481,169, which represents 2.78% of net assets.*

*<sup>(3)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $481,169, representing 2.78% of net assets.*

**OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Settlement<br> Date** | <br>**Fund<br> Receiving** | **U.S. $ Value**<br>**at March 31,**<br> **2026** | <br>**Fund<br> Delivering** | **U.S. $ Value**<br>**at March 31,**<br> **2026** | **Unrealized**<br>**Appreciation/<br> (Depreciation)** |
| State Street Bank and Trust Company | 07/17/26 | USD | $343429 | GBP | $341487 | $1942 |
| State Street Bank and Trust Company | 05/22/26 | USD | $635590 | GBP | $623348 | $12242 |
|  |  |  |  |  |  | $14184 |

---

*See Notes to Quarterly Schedule of Investments.*

ALPS Variable Investment Trust

Notes to Quarterly Schedule of Investments *March 31, 2026 (Unaudited)*

**1. ORGANIZATION**

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 Schedules of Investments herein relate to the following seven series of the Trust: Morningstar Conservative ETF Asset Allocation Portfolio, Morningstar Income and Growth ETF Asset Allocation Portfolio, Morningstar Balanced ETF Asset Allocation Portfolio, Morningstar Growth ETF Asset Allocation Portfolio, 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.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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.

ALPS Variable Investment Trust

*March 31, 2026 (Unaudited)*

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.

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.

ALPS Variable Investment Trust

Notes to Quarterly Schedule of Investments *March 31, 2026 (Unaudited)*

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:

---

| | |
|:---|:---|
| 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. |

---

The following is a summary of the inputs used to value each Portfolio's investments as of the period ended March 31, 2026:

**Morningstar Conservative ETF Asset Allocation Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $29978174 | $- | $- | $29978174 |
| Short-Term Investments | 451999 | - | - | 451999 |
| Total | $30430173 | $- | $- | $30430173 |

---

**Morningstar Income and Growth ETF Asset Allocation Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $51158756 | $- | $- | $51158756 |
| Short-Term Investments | 373558 | - | - | 373558 |
| Total | $51532314 | $- | $- | $51532314 |

---

**Morningstar Balanced ETF Asset Allocation Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $165702318 | $- | $- | $165702318 |
| Short-Term Investments | 1624601 | - | - | 1624601 |
| Total | $167326919 | $- | $- | $167326919 |

---

**Morningstar Growth ETF Asset Allocation Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $291775327 | $- | $- | $291775327 |
| Short-Term Investments | 202669 | - | - | 202669 |
| Total | $291977996 | $- | $- | $291977996 |

---

ALPS Variable Investment Trust

*March 31, 2026 (Unaudited)*

 

**Morningstar Aggressive Growth ETF Asset Allocation Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $228210713 | $- | $- | $228210713 |
| Short-Term Investments | 299965 | - | - | 299965 |
| Total | $228510678 | $- | $- | $228510678 |

---

**ALPS \| Alerian Energy Infrastructure Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Canadian Energy Infrastructure Companies | $42417202 | $- | $- | $42417202 |
| U.S. Energy Infrastructure Companies | 47202566 |  |  | 47202566 |
| U.S. Energy Infrastructure MLPs | 42519272 |  |  | 42519272 |
| U.S. General Partners | 23194093 |  |  | 23194093 |
| Short-Term Investments | 349809 | - | - | 349809 |
| Total | $155682942 | $- | $- | $155682942 |

---

**ALPS Global Opportunity Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Investments in Securities at Value·** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed-End Funds | $1039859 | $987128 | $- | $2026987 |
| Common Stocks | 9719357 | 5209178 |  | 14928535 |
| Short-Term Investments | 364819 | **-** | - | 364819 |
| Total | $11124035 | $6196306 | $- | $17320341 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Forward foreign currency contracts | $- | $14184 | $- | $14184 |
| TOTAL | $- | $14184 | $- | $14184 |

---

 

*\** *See Schedule of Investments for industry classifications.*

The Portfolios did not have significant unobservable inputs (Level 3) used in determining fair value for the period ended March 31, 2026.

**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.

ALPS Variable Investment Trust

Notes to Quarterly Schedule of Investments *March 31, 2026 (Unaudited)*

**Selected Risks**

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 March 31, 2026, none of the Portfolios held more than 25% of its assets in other investment companies.

**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.

The books and records of the Portfolios are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALPS VARIABLE INVESTMENT TRUST

- **b. Investment Company Act file number:** 811-21987

- **c. CIK number of Registrant:** 0001382990

- **d. LEI of Registrant:** 549300SIMUVTFTPVKY68

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1290 BROADWAY SUITE 1000

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 3036232577

**Item A.2. Information about the Series.**

- **a. Name of Series:** Morningstar Balanced ETF Asset Allocation Portfolio

- **b. EDGAR series identifier (if any):** S000015809

- **c. LEI of Series:** 549300R11CJX4CRANZ92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $167393645.30

**Total Liabilities:** $113197.26

**Net Assets:** $167280448.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000043414 | 1.90%                | 1.51%                | -4.29%               |
| Class ID C000043415 | 1.96%                | 1.48%                | -4.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $567038.12               | $2813216.31                                |
| Month 2  | $2457217.01              | $-54066.15                                 |
| Month 3  | $0.00                    | $-7876738.21                               |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vanguard Total Bond Market Etf                                   | Vanguard Total Bond Market ETF                                            | CUSIP: 921937835<br>LEI: 549300INE5BF80OGAZ51 | Long             | EC               | RF                | US        |    396680 | NS      | $29211515.20  | 17.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-term Bond Etf                                     | Vanguard Short-Term Bond ETF                                              | CUSIP: 921937827<br>LEI: 549300INE5BF80OGAZ51 | Long             | EC               | RF                | US        |     87827 | NS      | $6886515.07   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Msci Emerging Markets Ex China Etf                       | iShares MSCI Emerging Markets ex China ETF                                | CUSIP: 46434G764<br>LEI: 549300OO3LEZN53XCB15 | Long             | EC               | RF                | US        |     42620 | NS      | $3352489.20   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Total Return Bond Etf                                | Eaton Vance Total Return Bond ETF                                         | CUSIP: 61774R841<br>LEI: 254900IQ3M4DXR8SC125 | Long             | EC               | RF                | US        |    301820 | NS      | $15317365.00  | 9.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Fundamental International Equity Etf                      | Schwab Fundamental International Equity ETF                               | CUSIP: 808524755<br>LEI: 549300V68SWSEW0KPS30 | Long             | EC               | RF                | US        |    208824 | NS      | $10217758.32  | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Core S&p Mid-cap Etf                                     | iShares Core S&P Mid-Cap ETF                                              | CUSIP: 464287507<br>LEI: 549300ODQWH5PC0IUZ78 | Long             | EC               | RF                | US        |     24295 | NS      | $1640641.35   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Core S&p 500 Etf                                         | iShares Core S&P 500 ETF                                                  | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |     33863 | NS      | $22119650.23  | 13.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Jpmorgan Core Plus Bond Etf                                      | JPMorgan Core Plus Bond ETF                                               | CUSIP: 46641Q670<br>LEI: 549300A4I21YDY6YQ739 | Long             | EC               | RF                | US        |    145970 | NS      | $6872267.60   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mega Cap Growth Etf                                     | Vanguard Mega Cap Growth ETF                                              | CUSIP: 921910816<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |      8870 | NS      | $3259192.80   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares S&p 100 Etf                                              | iShares S&P 100 ETF                                                       | CUSIP: 464287101<br>LEI: 549300G3FWQPUM47D181 | Long             | EC               | RF                | US        |     25495 | NS      | $8109194.65   | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Us Tips Etf                                               | Schwab US TIPS ETF                                                        | CUSIP: 808524870<br>LEI: 5493001H0ESLTZTZWE77 | Long             | EC               | RF                | US        |     64960 | NS      | $1728585.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Spdr Portfolio Intermediate Term Corporate Bond Etf | SPDR Portfolio Intermediate Term Corporate Bond ETF                       | CUSIP: 78464A375<br>LEI: 549300V0LZHF2UQ4WK69 | Long             | EC               | RF                | US        |     51125 | NS      | $1714732.50   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional Treasury Plus Money Market Fund       | State Street Institutional Treasury Plus Money Market Fund, Premier Class | CUSIP: 857492862<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   1624601 | NS      | $1624600.88   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Broad Usd High Yield Corporate Bond Etf                  | iShares Broad USD High Yield Corporate Bond ETF                           | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |     46242 | NS      | $1703555.28   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Small-cap Etf                                           | Vanguard Small-Cap ETF                                                    | CUSIP: 922908751<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     22015 | NS      | $5766168.80   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Ftse Developed Markets Etf                              | Vanguard FTSE Developed Markets ETF                                       | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    193532 | NS      | $12401530.56  | 7.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mortgage-backed Securities Etf                          | Vanguard Mortgage-Backed Securities ETF                                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     73355 | NS      | $3444017.25   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market Etf                                  | Vanguard Total Stock Market ETF                                           | CUSIP: 922908769<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     84259 | NS      | $27031129.79  | 16.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Ftse Emerging Markets Etf                               | Vanguard FTSE Emerging Markets ETF                                        | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     91138 | NS      | $4926008.90   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** ALPS VARIABLE INVESTMENT TRUST

**Signature:** Gina Meyer

**Name of Signer:** Gina Meyer

**Title:** Treasurer