An ALPS Advisors, Inc. Solution
HOLDINGS (as of 4/30/09)*
% OF PORTFOLIO

1. iShares S&P 500 Index Fund
40.75%
2. iShares MSCI EAFE Index Fund
21.10%
3. Vanguard Small-Cap ETF
13.99%
4. Vanguard Total Bond Market ETF
9.72%
5. Vanguard Emerging Markets ETF
5.12%
6. iShares S&P GSCI Commodity Indexed Trust
4.89%
7. Vanguard REIT ETF
4.42%
8. Cash Equivalents^
0.01%
TOTAL
100.00%
*Subject to change.

An investor should consider the investment objectives, risks, charges and expenses of the Fund (or of the Investment Company) carefully before investing. To obtain a prospectus containing this and other information, please call 1-866-432-2926. Read the prospectus carefully before you invest.

Investing involves risk including loss of principle. Additional information regarding the risks of this investment is available by clicking the disclosure link at the top of the page.

Shares of the Portfolios 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.

ALPS Distributors, Inc. is the distributor for the Ibbotson Portfolios.

©2009 Ibbotson Associates. All rights reserved. Ibbotson Associates is a registered investment advisor and a wholly owned subsidiary of Morningstar, Inc. Ibbotson and the Ibbotson logo are either trademarks or service marks of Ibbotson Associates.