April 30, 2016 ALPS Variable Investment Trust Board of Trustees
April 30, 2016
Board of Trustees
▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
Denver, CO 80203
Re: ALPS Variable Investment Trust (the “Trust”)
By our execution of this letter agreement (the “Agreement”), between the undersigned parties, ALPS Advisors, Inc. (“ALPS”) and Morningstar Investment Management, LLC (“MIM”), with the Trust, ALPS and MIM each agree to waive certain fees that such entity is entitled to receive from the following portfolios 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 and Morningstar Aggressive Growth ETF Asset Allocation Portfolio (collectively, the “Portfolios”).
The parties hereby agree that ALPS and MIM 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 MIM is entitled to receive to the extent necessary such that Total Annual Fund Operating Expenses (as defined in Form N-1A) (excluding Distribution and Service (12b-1) Fees, Shareholder Service Fees, acquired fund fees and expenses, taxes, brokerage commissions and extraordinary expenses) do not exceed the levels set forth below:
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Portfolio
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Class I
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Class II
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Class III
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Morningstar Conservative ETF Asset Allocation Portfolio
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53bp
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53bp
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N/A
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Morningstar Income and Growth ETF Asset Allocation Portfolio
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53bp
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53bp
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N/A
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Morningstar Balanced ETF Asset Allocation Portfolio
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53bp
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53bp
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N/A
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Morningstar Growth ETF Asset Allocation Portfolio
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53bp
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53bp
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N/A
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Morningstar Aggressive Growth ETF Asset Allocation Portfolio
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53bp
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53bp
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N/A
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ALPS and MIM 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 MIM agree that such expense reimbursements and/or fee waivers for the Portfolios will be effective beginning on April 30, 2016, and shall continue through April 29, 2017.
ALPS ADVISORS, INC.
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By:
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Title: President
MORNINGSTAR INVESTMENT MANAGEMENT, LLC
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By:
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/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
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Title: Chief Operating Officer
Your signature below acknowledges acceptance of this Agreement:
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By:
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/s/ ▇▇▇▇ ▇. ▇▇▇▇▇
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Title: Secretary
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