Class I Performance
Cumulative Total Return | Class I
as of 10/31/2008
as of 9/30/2008
NAV
1 mo
3 mo
6 mo
YTD
SI†
SI†
5.00
(32.89%)
(44.99%)
(50.00%)
(50.00%)
(50.00%)
(25.50%)
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted.

† Portfolio inception date of 4/30/2008.

Performance Bulletin (as of 10/31/2008)
Portfolio Update (as of 9/30/2008)
Annual Portfolio Operating Expenses | Class I
(Expenses That Are Deducted From Portfolio Assets)
Management Fees
0.85%
Acquired Fund Fees and Expenses
0.00%
Other expenses*
1.23%
Total annual portfolio operating expenses**
2.08%
Fee Waiver and Expense Reimbursement**
(0.93%)
Net Annual Fund Operating Expenses**
1.16%
* “Other expenses” are based on estimated amounts for the current fiscal year. “Other Expenses” include administrative services fees, which currently are permitted to be up to 0.16% of the average daily net asset value of the Portfolio. The administrative services fee is used to compensate intermediaries for providing administrative support services to retirement or pension plan participants, variable contract owners or other underlying investors investing through institutional channels.

** The Adviser and Sub-Adviser have given a contractual agreement to the AVS Listed Private Equity Portfolio to limit the amount of the Portfolio’s total annual expenses, exclusive of distribution (12b-1) fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses, to 1.15 % of the Portfolio’s average daily net assets. This agreement is in effect through December 31, 2009 and is reevaluated on an annual basis. Without this agreement expenses could be higher. In addition, the Portfolio’s organizational expenses will be borne by the Adviser. The Adviser and Sub-Adviser will be permitted to recover, on a class by class basis, expenses borne through the agreement described above to the extent that the Portfolio’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Portfolio will not be obligated to pay any such deferred fees and expenses more than one year after the end of the fiscal year in which the fee and expense was deferred.

Listed Private Equity Companies are subject to various risks depending on their underlying investments, which could include, but are not limited to, additional liquidity risk, industry risk, non-U.S. security risk, currency risk, credit risk, managed portfolio risk and derivatives risk (derivatives risk is the risk that the value of the Listed Private Equity Companies’ derivative investments will fall because of pricing difficulties or lack of correlation with the underlying investment).

There are inherent risks in investing in private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to privately - held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision.

Listed Private Equity Companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be adversely impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment.

Shares of the Portfolio are offered only to participating insurance companies and their separate accounts to fund the benefits of Variable Contracts, and to qualified pension and retirement plans and registered and unregistered separate accounts.

Asset allocation cannot assure a profit nor protect against a loss.
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ALPS Distributors, Inc. is the distributor for the AVS Listed Private Equity Portfolio. An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain a prospectus which contain this and other information, or call (866) 514-3949. Read the prospectus carefully before investing. An investment in the Portfolio involves risk, including possible loss of principal.

©2008 AVS Listed Private Equity Portfolio. All rights reserved.

AVS Listed Private Equity Portfolio is a series of ALPS Variable Insurance Trust.