April 29, 2011 Financial Investors Variable Insurance Trust Board of Trustees

Exhibit (d) (iii)

April 29, 2011

Financial Investors Variable Insurance Trust

Board of Trustees

0000 Xxxxxxxx, Xxxxx 0000

Denver, CO 80203

Re: Financial Investors Variable Insurance Trust (the “Trust”)

By our execution of this letter agreement (the “Agreement”), between the undersigned parties ALPS Advisors, Inc. (“ALPS”) and Ibbotson Associates, Inc. (“Ibbotson”), with the Trust, pursuant to which ALPS and Ibbotson each waive certain fees that such entity is entitled to receive from the following portfolios of the Trust: Ibbotson Conservative ETF Asset Allocation Portfolio; Ibbotson Income and Growth ETF Asset Allocation Portfolio; Ibbotson Balanced ETF Asset Allocation Portfolio; Ibbotson Growth ETF Asset Allocation Portfolio; and Ibbotson Aggressive Growth ETF Asset Allocation Portfolio (collectively, the “Portfolios”).

The parties hereby agree that ALPS and Ibbotson shall reimburse, equally 50% each, Portfolio expenses and/or waive a portion of the investment advisory, sub-advisory, and other fees that ALPS and/or Ibbotson is entitled to receive to the extent necessary such that Total Annual Fund Operating Expenses (as defined in Form N-1A), after such expense reimbursement and/or fee waiver (excluding acquired fund fees and expenses, taxes, brokerage commissions and extraordinary expenses), do not exceed the levels set forth below:

Portfolio		Class I		Class II
Ibbotson Conservative ETF Asset Allocation Portfolio		53bp		78bp
Ibbotson Income and Growth ETF Asset Allocation Portfolio		53bp		78bp
Ibbotson Balanced ETF Asset Allocation Portfolio		53bp		78bp
Ibbotson Growth ETF Asset Allocation Portfolio		53bp		78bp
Ibbotson Aggressive Growth ETF Asset Allocation Portfolio		53bp		78bp

ALPS and Ibbotson acknowledge that neither party will be entitled to collect on or make a claim for waived fees at any time in the future.

ALPS and Ibbotson agree that such expense reimbursements and/or fee waivers for the Portfolios will be effective beginning on April 30, 2011, and shall continue through April 29, 2014.

ALPS ADVISORS, INC.

By: /s/ Xxxxxx X. Xxxxxx

Title: President

IBBOTSON ASSOCIATES, INC.

By: /s/ Xxxxx Xxxxxxx

Title: Vice President

Your signature below acknowledges acceptance of this Agreement:

FINANCIAL INVESTORS VARIABLE INSURANCE TRUST

By: /s/ Xxxxxx X. Xxx

Title: Treasurer

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