1) Class I Portfolio Update | December 31, 2015 Description Portfolio Stats ƒƒ ALPS | Alerian Energy Infrastructure Portfolio delivers exposure to the Alerian Energy Infrastructure Index (CME: AMEI), a composite of North American energy infrastructure companies engaged in the pipeline transportation, storage, and processing of energy commodities. Index constituents belong to one of four categories: U.S. Energy Infrastructure MLPs (25%), U.S. General Partners (25%), U.S. Energy Infrastructure Companies (25%), and Canadian Energy Infrastructure Companies (25%). Investing in North American Energy Infrastructure CUSIP: 00162T 829 Inception Date: 4/30/13 Advisor: ALPS Advisors, Inc. Portfolio Expenses Expense Ratios Gross Expense Ratio What You Pay* Class I: 1.10% 0.95% The energy renaissance in North America began with new technologies unlocking vast reserves of oil and natural gas. Energy infrastructure companies will build the real assets to connect these reserves to growing population and industrial centers, resulting in the United States potentially achieving energy independence by 2030. * What You Pay reflects the Advisor’s decision to contractually limit expenses through April 29, 2016. Please see the prospectus for additional information. ƒƒ Real assets Investment Objective such as pipelines, storage tanks, and processing centers provide inflation protection ƒƒ Limited commodity exposure due to a toll-road, PRICE x VOLUME business model ƒƒ An estimated $641 billion dollars of energy infrastructure assets will be built over the next 22 years The Portfolio seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian Energy Infrastructure Index (the “Index”). Potential Benefits ƒƒ Income Potential - Annual dividends driven by stable cash flows GROWTH OF $10,000 Fund ƒƒ Diversification - Low correlation to equities and bonds ALPS | Alerian Energy Infrastructure Portfolio - Class I ƒƒ Growth Alerian Energy Infrastructure Index $14,000 - Total return potential without fund-level corporate taxes Diversification does not eliminate the risk of experiencing investment losses. $12,000 Index $14000 $10,000 $7,790 Alerian Energy Infrastructure Index $8,000 $7,536 ALPS | Alerian Energy Infrastructure Portfolio - Class I 15 1/ /3 /1 5 $10000 $8000 12 30 9/ 5 /1 5 30 6/ 14 /1 31 3/ 1/ /3 /1 4 12 30 9/ 4 /1 4 30 6/ /1 31 3/ /1 3 /3 1 /1 3 12 9/ 30 /1 3 30 6/ 4/ 30 /1 3 $6,000 $12000 The chart above represents the total return historical performance of a hypothetical investment of $10,000 in the Portfolio over the life of the Portfolio. Performance calculations are as of the end of each month. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. $6000 www.alpsfunds.com | 866.432.2926 

2) Cash Equivalents U.S. General Partners Canadian Energy Infrastructure Companies ALPS | ALERIAN ENERGY INFRASTRUCTURE PORTFOLIO U.S. Energy Infrastructure MLPs Class I Portfolio Update | December 31, 2015 U.S. Energy Infrastructure Companies PORTFOLIO CHARACTERISTICS Number of Companies Market Capitalization ($ Billions) PORTFOLIO SECTOR WEIGHTINGS 36 Magellan Midstream Partners LP 5.6% $376 Enterprise Products Partners LP 5.5% Columbia Pipeline Group, Inc. 5.3% TransCanada Corp. 5.2% Spectra Energy Corp. 5.0% Dominion Resources, Inc. 5.0% ONEOK, Inc. 4.9% Enbridge, Inc. 4.9% Pembina Pipeline Corp. 4.6% CenterPoint Energy, Inc. 4.5% Company Size ($ Millions) Average $10,446 Median $5,762 Largest $51,307 Smallest $522 U.S. Energy Infrastructure Companies - 29.3% U.S. Energy Infrastructure MLPs - 27.1% Canadian Energy Infrastructure Companies - 24.3% U.S. General Partners - 19.2% Cash Equivalents - 0.1% 50.5% Future holdings are subject to change. SOLUTION BASED PARTNERSHIP PERFORMANCE as of 12/31/15 3 Month1 ALPS | Alerian Energy Infrastructure Porfolio – Class I -9.75% Alerian Energy Infrastructure Index3 -9.62% YTD1 1 Year Since Inception2 -37.71% -37.71% -10.05% -37.14% -37.14% -8.93% *** Make sure names match as follows:*** U.S. Energy Infrastructure Companies Performance data quoted represents past performance. Past performance does not guarantee Canadian Energy Infrastructure Companies future results. Investment return and principal value of an investmentPartners will fluctuate so that U.S. General an investor’s shares, when sold or redeemed, may be worth more or lessInfrastructure MLPs cost. than the original U.S. Current performance data may be higher or lower than actualEnergy quoted. For the most data current month-end performance data please call 1-866-432-2926. The performance shown here does not reflect the impact of costs associated with variable contracts, qualified pension and retirement plans or registered and unregistered separate accounts, which when deducted, will reduce the return figures shown. Performance less than one year is cumulative. Portfolio inception date of 4/30/13. The Alerian Energy Infrastructure Index is a composite of North American energy infrastructure companies engaged in the pipeline transportation, storage, and processing of energy commodities. 1 3 Total ^ Subject to change. 2 TOP 10 PORTFOLIO HOLDINGS^ ALPS Advisors ƒƒ ƒƒ ƒƒ Serves as Advisor to the Portfolio Specialist in manager oversight & evaluation Focuses on delivering innovative asset management solutions Alerian Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. Over $19 billion is directly tied to the Alerian Index Series through exchangetraded products, delta one notes, and separately managed accounts. For index values, yields, constituents, and announcements regarding rebalancings, please visit www.alerian.com. www.alpsfunds.com | 866.432.2926 IMPORTANT DISCLOSURES & DEFINITIONS An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1.866.432.2926 or visit www.alpsfunds.com. Read the prospectus carefully before investing. Investments in securities of MLPs involve risks that differ from an investment in common stock. MLPs are controlled by their general partners, which generally have conflicts of interest and limited fiduciary duties to the MLP, which may permit the general partner to favor its own interests over the MLPs. The benefit you are expected to derive from the Portfolio’s investment in MLPs depends largely on the MLPs being treated as partnerships for federal income tax purposes. As a partnership, an MLP has no federal income tax liability at the entity level. Therefore, treatment of one or more MLPs as a corporation for federal income tax purposes could affect the Portfolio’s ability to meet its investment objective and would reduce the amount of cash available to pay or distribute to you. Legislative, judicial, or administrative changes and differing interpretations, possibly on a retroactive basis, could negatively impact the value of an investment in MLPs and therefore the value of your investment in the Portfolio. The Portfolio invests primarily in a particular sector and could experience greater volatility than a portfolio investing in a broader range of industries. The MLP is not required to make distributions or make distributions that are equal to the distribution rate of the underlying partnership programs. MLPs that invest in companies engaged in the energy sector are also subject to risks including, but not limited to; a sustained decline in demand for energy products could adversely affect revenues and cash flows, increases in the market price of the underlying commodity, changes in regulation; and extreme weather. Investments in securities of non-U.S. issuers involve risks not ordinarily associated with investments and instruments of U.S. issuers. The ALPS | Alerian Energy Infrastructure Portfolio is not suitable for all investors. Subject to investment risks, including possible loss of the principal amount invested. The ALPS | Alerian Energy Infrastructure Portfolio is only offered to participating insurance companies and their separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies. Shares of the Portfolios also may be used as investment vehicles for qualified pension and retirement plans and certain registered and unregistered separate accounts. Not FDIC Insured • No Bank Guarantee • May Lose Value The ALPS | Alerian Energy Infrastructure Portfolio is a series of ALPS Variable Investment Trust. The ALPS | Alerian Energy Infrastructure Portfolio is distributed by ALPS Portfolio Solutions Distributor, Inc. ALPS Portfolio Solutions Distributor, Inc. is not affiliated with Alerian. ALI000175 4/30/16