Venerable US Large Cap Core Equity Fund

Class I

VVEIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable US Large Cap Core Equity Fund for the period of August 8, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$30^{Footnote Reference(a)}	0.75%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From inception in August 2025 through the year ended December 31, 2025, the Fund posted positive absolute performance and underperformed its benchmark, the Russell 1000^® Index. The Fund maintained diversified exposures through its multi-style and multi-manager approach. Results of the underlying strategies were negative overall. Four of the five underlying strategies underperformed their assigned benchmarks. Russell Investment Management, LLC’s positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the lowest quality and smallest capitalization stocks, was the sole outperformer over the period. Stock selection was the primary detractor over the period, as holdings within the information technology and healthcare sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most volatile stocks were not rewarded. Sector allocation was mixed over the period, as an overweight to the healthcare sector was additive, while an overweight to the consumer discretionary sector detracted from performance. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment since inception in an appropriate broad-based securities market index for the same period.

	Class I	Russell 1000^® Index
8/8/2025	10,000	10,000
12/31/2025	10,580	10,745

Annual Fund Performance*

	Since Inception
Class I	5.80%
Russell 1000^® Index	7.45%

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of funds shares, or any insurance company separate account or policy charges.

Key Fund Statistics

Net Assets (thousands)	$655,316
Total Number of Portfolio Holdings	329
Total Advisory Fees Paid (thousands)	$1,295
Portfolio Turnover Rate	13%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.1%
Short-Term Investments	2.1%
Common Stocks	97.8%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Technology	39.2%
Financial Services	14.6%
Consumer Discretionary	13.2%
Health Care	9.9%
Producer Durables	9.0%
Materials and Processing	4.0%
Energy	2.9%
Utilities	2.7%
Consumer Staples	2.3%
Other	2.2%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://docs.venerable.com/#/venerable-variable-insurance-trust.

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable US Large Cap Core Equity Fund

Class I

Annual Shareholder Report

VVEIX

December 31, 2025

Venerable US Large Cap Strategic Equity Fund

Class I

VVSIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable US Large Cap Strategic Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$80	0.74%

How did the Fund perform last year and what affected its performance?

U.S. equities ended the year higher, led by technology and other artificial intelligence (AI)‑linked winners. Market leadership remained concentrated in large-capitalization names tied to AI infrastructure and software, while tariff headlines and policy uncertainty produced bouts of volatility. U.S. monetary policy was generally supportive of markets: at its December meeting, the Federal Reserve lowered the federal funds target range to 3.50%–3.75%, reinforcing expectations that policy rates were moving gradually lower as inflation cooled. Concerns surrounding AI stocks’ valuations and excessive capital expenditures briefly raised market volatility in the beginning of Q4, but equity markets stabilized to finish another strong year of performance.

For the year ended December 31, 2025, the Fund posted positive absolute performance and modestly underperformed its benchmark, the Russell 1000^® Index. The Fund maintained diversified exposures through its multi-style and multi-manager approach. Results of the underlying strategies were mixed for the period, detracting from relative performance overall. Three of the seven strategies contributed to relative performance. Value-oriented and multi-factor strategies fared well versus their assigned style benchmarks, while growth- and quality-oriented strategies experienced relative performance headwinds. Stock selection was positive within financials and consumer discretionary sectors. In contrast, selection within information technology and communication services detracted. Sector allocation results were mixed with underweights to consumer discretionary and real estate sectors contributing and overweight to health care and underweight to information technology detracting. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class I	Russell 1000^® Index
9/4/2024	10,000	10,000
12/31/2024	10,770	10,742
12/31/2025	12,524	12,608

Annual Fund Performance*

	1 Year	Since Inception
Class I	16.28%	18.54%
Russell 1000^® Index	17.37%	19.14%

Key Fund Statistics

Net Assets (thousands)	$2,843,981
Total Number of Portfolio Holdings	424
Total Advisory Fees Paid (thousands)	$19,915
Portfolio Turnover Rate	57%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Short-Term Investments	3.1%
Common Stocks	96.7%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Technology	39.3%
Financial Services	15.5%
Consumer Discretionary	13.3%
Health Care	10.2%
Producer Durables	5.6%
Utilities	3.5%
Materials and Processing	3.4%
Consumer Staples	3.3%
Energy	2.6%
Other	3.3%

Material Fund Changes

In September 2025, Putnam Investment Management, LLC was appointed to serve as an additional non-discretionary investment sub-adviser to the Fund.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://docs.venerable.com/#/venerable-variable-insurance-trustor upon a request at 1-800-366-0066.

Additional Information

Householding

Venerable US Large Cap Strategic Equity Fund

Class I

Annual Shareholder Report

VVSIX

December 31, 2025

Venerable US Large Cap Strategic Equity Fund

Class V

VVSVX

Annual Shareholder Report

December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$93	0.86%

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	Russell 1000^® Index
9/4/2024	10,000	10,000
12/31/2024	10,760	10,742
12/31/2025	12,509	12,608

Annual Fund Performance*

	1 Year	Since Inception
Class V	16.25%	18.43%
Russell 1000^® Index	17.37%	19.14%

Key Fund Statistics

Net Assets (thousands)	$2,843,981
Total Number of Portfolio Holdings	424
Total Advisory Fees Paid (thousands)	$19,915
Portfolio Turnover Rate	57%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Short-Term Investments	3.1%
Common Stocks	96.7%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Technology	39.3%
Financial Services	15.5%
Consumer Discretionary	13.3%
Health Care	10.2%
Producer Durables	5.6%
Utilities	3.5%
Materials and Processing	3.4%
Consumer Staples	3.3%
Energy	2.6%
Other	3.3%

Material Fund Changes

In September 2025, Putnam Investment Management, LLC was appointed to serve as an additional non-discretionary investment sub-adviser to the Fund.

Additional Information

Householding

Venerable US Large Cap Strategic Equity Fund

Class V

Annual Shareholder Report

VVSVX

December 31, 2025

Venerable US Small Cap Fund

Class V

VEAVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable US Small Cap Fund for the period of September 12, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$25^{Footnote Reference(a)}	0.85%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

U.S. large-cap technology stocks continued to post robust returns amid artificial intelligence optimism, leading U.S. equities higher in 2025. U.S. small-cap stocks rebounded from a challenging first quarter to collectively deliver solid gains, including reaching a record high in September. Global stock markets were shocked in early April by “Liberation Day” announcements promising to levy a range of punitive tariffs on U.S. trading partners. However, trade agreements eased tensions and restored investor confidence. The rest of the year was characterized by steady gains, as investors focused on strong macro and corporate fundamentals.

From inception in September 2025 through the year ended December 31, 2025, the Fund posted positive absolute performance and underperformed its secondary benchmark, the Russell 2000^® Index. The Fund maintained diversified exposures through its multi-style and multi-manager approach. In the aggregate, the underlying strategies underperformed over the period. Style headwinds weighed on the growth-oriented strategy, which also underperformed its assigned style benchmark, with stock selection in the health care sector being the primary detractor. Despite positive stock selection results, the value-oriented strategy lagged its assigned style benchmark owing to sector allocation decisions, most notably an overweight to the information technology sector. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class V	Russell 3000^®Index^{Footnote Reference(b)}	Russell 2000^® Index
9/12/2025	10,000	10,000	10,000
12/31/2025	10,250	10,392	10,397

Annual Fund Performance*

	Since Inception
Class V	2.50%
Russell 3000^®Index^{Footnote Reference(b)}	3.92%
Russell 2000^® Index	3.97%

Key Fund Statistics

Net Assets (thousands)	$141,337
Total Number of Portfolio Holdings	892
Total Advisory Fees Paid (thousands)	$303
Portfolio Turnover Rate	24%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.6%
Short-Term Investments	3.4%
Common Stocks	96.0%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Producer Durables	18.2%
Financial Services	17.8%
Health Care	16.8%
Technology	16.5%
Consumer Discretionary	10.6%
Materials and Processing	8.2%
Energy	4.7%
Utilities	2.3%
Consumer Staples	0.9%
Other	4.0%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.

Venerable US Small Cap Fund

Class V

Annual Shareholder Report

VEAVX

December 31, 2025

Venerable Emerging Markets Equity Fund

Class V

VVDVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Emerging Markets Equity Fund for the period of September 12, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$44^{Footnote Reference(a)}	1.44%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From the Fund’s inception in September 2025 through the year ended December 31, 2025, emerging markets equities generally performed well, modestly outperforming developed markets equity. Over the same period, the Fund posted positive absolute performance and moderately underperformed its benchmark, the MSCI Emerging Markets Index. The Fund maintained diversified exposures through its multi-style and multi-manager approach. In the aggregate, the underlying strategies detracted from relative performance, with three of the seven underlying strategies outperforming the Fund’s benchmark for the period. Stock selection within Brazil was a challenge, as well as exposure to names linked to e-commerce in Southeast Asia. Stock selection within Thailand was also unrewarded. On the other hand, stock selection within South Korea was a key contributor over the period. Stock selection within the materials sector was also helpful. An underweight to India was additive as well.

Value-oriented strategies were in favor over the fourth quarter and did well, contributing to the Fund’s returns, whereas quality-growth oriented strategies struggled.

Russell Investment Management, LLC’s low-volatility oriented positioning strategy was beneficial, as the strategy’s tilt away from the highest volatility pocket of the market was helpful, particularly being underweight Chinese large-cap consumer names and Chinese pharmaceutical companies.

Over the period, the Fund exited its modest futures allocation to Taiwan and ended the period underweight the market. The Fund also utilized a modest short futures position on South Korea to mitigate overall portfolio risk following a very strong run of the South Korean market. This also served to reduce the Fund’s benchmark-relative overweight to South Korea. The Fund also initiated a modest long futures position on India following the market’s relative underperformance, with the aim of reducing the Fund’s benchmark-relative underweight to the market. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class V	MSCI Emerging Markets Index (Net)
9/12/2025	10,000	10,000
12/31/2025	10,570	10,643

Annual Fund Performance*

	Since Inception
Class V	5.70%
MSCI Emerging Markets Index (Net)	6.43%

Key Fund Statistics

Net Assets (thousands)	$140,023
Total Number of Portfolio Holdings	436
Total Advisory Fees Paid (thousands)	$422
Portfolio Turnover Rate	14%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.9)%
Preferred Stocks	1.2%
Short-Term Investments	4.4%
Common Stocks	95.3%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
China	25.2%
Taiwan	16.9%
South Korea	15.2%
India	11.2%
Brazil	5.6%
South Africa	3.0%
Mexico	2.2%
Thailand	2.1%
Saudi Arabia	1.8%
Indonesia	1.5%
Other Common Stocks	10.6%
Other	4.7%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable Emerging Markets Equity Fund

Class V

Annual Shareholder Report

VVDVX

December 31, 2025

Venerable World Equity Fund

Class I

VVWIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable World Equity Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$29^{Footnote Reference(a)}	0.90%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From the Fund’s inception in September 2025 through the year ended December 31, 2025, global equities delivered steady gains across regions. Over the same period, the Fund posted positive absolute performance and outperformed its benchmark, the MSCI World Index. Three of the Fund’s six underlying strategies outperformed their assigned benchmarks for the period. Stock selection was the primary driver of outperformance over the period, as holdings within the information technology and financials sectors contributed to performance. Factor positioning was negative, as tilts toward growth, quality and low volatility stocks were not rewarded, while a tilt toward inexpensive names in the benchmark helped reduce the negative impact. Sector allocation decisions had a positive impact over the period, driven by the overweight to the healthcare sector and the underweight to information technology. Russell Investment Management Company, LLC, used derivatives to manage country and currency exposures, and the Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class I	MSCI World Index (Net)
9/5/2025	10,000	10,000
12/31/2025	10,630	10,606

Annual Fund Performance*

	Since Inception
Class I	6.30%
MSCI World Index (Net)	6.06%

Key Fund Statistics

Net Assets (thousands)	$1,119,909
Total Number of Portfolio Holdings	650
Total Advisory Fees Paid (thousands)	$2,600
Portfolio Turnover Rate	33%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.4%
Preferred Stocks	0.3%
Short-Term Investments	3.5%
Common Stocks	94.8%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
United States	59.0%
United Kingdom	5.0%
Japan	4.5%
France	4.5%
Germany	2.8%
Taiwan	2.5%
Netherlands	2.5%
Canada	2.0%
China	1.8%
Switzerland	1.4%
Other Common Stocks	8.8%
Other	5.2%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable World Equity Fund

Class I

Annual Shareholder Report

VVWIX

December 31, 2025

Venerable World Equity Fund

Class V

VVWVX

Annual Shareholder Report

December 31, 2025

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$28^{Footnote Reference(a)}	0.85%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	MSCI World Index (Net)
9/5/2025	10,000	10,000
12/31/2025	10,640	10,606

Annual Fund Performance*

	Since Inception
Class V	6.40%
MSCI World Index (Net)	6.06%

Key Fund Statistics

Net Assets (thousands)	$1,119,909
Total Number of Portfolio Holdings	650
Total Advisory Fees Paid (thousands)	$2,600
Portfolio Turnover Rate	33%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.4%
Preferred Stocks	0.3%
Short-Term Investments	3.5%
Common Stocks	94.8%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
United States	59.0%
United Kingdom	5.0%
Japan	4.5%
France	4.5%
Germany	2.8%
Taiwan	2.5%
Netherlands	2.5%
Canada	2.0%
China	1.8%
Switzerland	1.4%
Other Common Stocks	8.8%
Other	5.2%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable World Equity Fund

Class V

Annual Shareholder Report

VVWVX

December 31, 2025

Venerable High Yield Fund

Class I

VHYIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable High Yield Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$83	0.80%

How did the Fund perform last year and what affected its performance?

Risk assets were shocked in early April by “Liberation Day” announcements promising to levy a range of punitive tariffs on U.S. trading partners. Credit spreads widened significantly and high yield (HY) bond market performance suffered. However, subsequent trade agreements eased tensions and restored investor confidence. The rest of the year was characterized by steady gains for the HY bond market and other risk assets, supported by generally favorable macroeconomic and corporate fundamentals. By year's end, U.S. HY bond market index spreads were moderately tighter than they were to start the year.

For the year ended December 31, 2025, the Fund posted positive absolute performance and slightly lagged its secondary benchmark, the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. Security selection positively contributed to performance, led by selection within the healthcare, automotive, and non-bank financials industries. In contrast, selection in chemicals, media entertainment, and building-related issues detracted. Industry allocation was a slight detractor overall. Positive contributions from underweights to retail and technology sectors and overweights to media entertainment and financials were offset by overweights to underperforming chemicals and energy segments as well as underweights to consumer cyclicals services and cable satellite.

How did the Fund perform since inception?*

	Class I	Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(a)}	Bloomberg U.S. High Yield-2% Issuer Capped Bond Index
9/4/2024	10,000	10,000	10,000
12/31/2024	10,047	9,733	10,179
12/31/2025	10,903	10,444	11,057

Annual Fund Performance*

	1 Year	Since Inception
Class I	8.52%	6.75%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(a)}	7.30%	3.34%
Bloomberg U.S. High Yield-2% Issuer Capped Bond Index	8.62%	7.89%

Key Fund Statistics

Net Assets (thousands)	$702,134
Total Number of Portfolio Holdings	252
Total Advisory Fees Paid (thousands)	$3,974
Portfolio Turnover Rate	46%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.8%
Preferred Stocks	0.1%
Long-Term Fixed Income Investments	98.1%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
Corporate Bonds and Notes	96.4%
United States Government Agencies	1.7%
Other	1.9%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Primary benchmark is representative of overall market.

Venerable High Yield Fund

Class I

Annual Shareholder Report

VHYIX

December 31, 2025

Venerable High Yield Fund

Class V

VHYVX

Annual Shareholder Report

December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$75	0.72%

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(a)}	Bloomberg U.S. High Yield-2% Issuer Capped Bond Index
9/4/2024	10,000	10,000	10,000
12/31/2024	10,059	9,733	10,179
12/31/2025	10,913	10,444	11,057

Annual Fund Performance*

	1 Year	Since Inception
Class V	8.49%	6.82%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(a)}	7.30%	3.34%
Bloomberg U.S. High Yield-2% Issuer Capped Bond Index	8.62%	7.89%

Key Fund Statistics

Net Assets (thousands)	$702,134
Total Number of Portfolio Holdings	252
Total Advisory Fees Paid (thousands)	$3,974
Portfolio Turnover Rate	46%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.8%
Preferred Stocks	0.1%
Long-Term Fixed Income Investments	98.1%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
Corporate Bonds and Notes	96.4%
United States Government Agencies	1.7%
Other	1.9%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Primary benchmark is representative of overall market.

Venerable High Yield Fund

Class V

Annual Shareholder Report

VHYVX

December 31, 2025

Venerable Strategic Bond Fund

Class I

VVBIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Strategic Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$61	0.59%

How did the Fund perform last year and what affected its performance?

Bond markets delivered broadly positive results in 2025 as many major central banks moved from restrictive settings toward easing, and investors earned meaningful carry. The U.S. Federal Reserve cut the policy rate by a cumulative 75 basis points over the year, which helped support duration-sensitive assets and reinforced demand for yield across credit and securitized markets. The overall backdrop was supportive for most core and spread sectors.

For the year ended December 31, 2025, the Fund posted positive absolute performance and moderately trailed its benchmark, the Bloomberg U.S. Aggregate Bond Index. Allocations to mortgage-backed securities (MBS), collateralized loan obligations (CLOs), corporate investment-grade bonds, and commercial mortgage-backed securities (CMBS) strengthened relative returns. Gains for many of these bond sectors were supported by coupon carry and a duration tailwind as Treasury yields declined. Agency MBS spreads tightened, and the sector outperformed other securitized sectors thanks to strong bank demand and falling mortgage rates. On CMBS, demand for commercial real estate was resilient in the face of labor market softness, sticky inflation, and tariffs impacts. For corporate bonds, credit spreads stayed tight for most of the year, reflecting a resilient economy and generally solid corporate fundamentals. In contrast, security selection in MBS detracted from results.

How did the Fund perform since inception?*

	Class I	Bloomberg U.S. Aggregate Bond Index
9/4/2024	10,000	10,000
12/31/2024	9,646	9,733
12/31/2025	10,330	10,444

Annual Fund Performance*

	1 Year	Since Inception
Class I	6.98%	2.48%
Bloomberg U.S. Aggregate Bond Index	7.30%	3.34%

Key Fund Statistics

Net Assets (thousands)	$1,806,311
Total Number of Portfolio Holdings	498
Total Advisory Fees Paid (thousands)	$7,913
Portfolio Turnover Rate	122%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(20.4)%
Short-Term Investments	3.5%
Long-Term Fixed Income Investments	116.9%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
Mortgage-Backed Securities	46.3%
United States Government Treasuries	31.6%
Corporate Bonds and Notes	30.3%
Asset-Backed Securities	7.9%
International Debt	0.8%
Other	(16.9)%

Additional Information

Householding

Venerable Strategic Bond Fund

Class I

Annual Shareholder Report

VVBIX

December 31, 2025

Venerable Strategic Bond Fund

Class V

VVBVX

Annual Shareholder Report

December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$83	0.80%

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	Bloomberg U.S. Aggregate Bond Index
9/4/2024	10,000	10,000
12/31/2024	9,632	9,733
12/31/2025	10,294	10,444

Annual Fund Performance*

	1 Year	Since Inception
Class V	6.87%	2.21%
Bloomberg U.S. Aggregate Bond Index	7.30%	3.34%

Key Fund Statistics

Net Assets (thousands)	$1,806,311
Total Number of Portfolio Holdings	498
Total Advisory Fees Paid (thousands)	$7,913
Portfolio Turnover Rate	122%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(20.4)%
Short-Term Investments	3.5%
Long-Term Fixed Income Investments	116.9%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
Mortgage-Backed Securities	46.3%
United States Government Treasuries	31.6%
Corporate Bonds and Notes	30.3%
Asset-Backed Securities	7.9%
International Debt	0.8%
Other	(16.9)%

Additional Information

Householding

Venerable Strategic Bond Fund

Class V

Annual Shareholder Report

VVBVX

December 31, 2025

Venerable Large Cap Index Fund

Class I

VVLIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Large Cap Index Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$9^{Footnote Reference(a)}	0.28%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

U.S. equity markets recorded positive returns for the calendar year, supported by corporate earnings growth and generally favorable economic conditions, despite intermittent market volatility related to interest rate expectations and geopolitical developments. For the year ended December 31, 2025, the Fund posted positive absolute performance and achieved its investment objective by closely tracking the performance of its benchmark, the S&P 500^® Index, before expenses. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class I	S&P 500^® Index
9/5/2025	10,000	10,000
12/31/2025	10,590	10,601

Annual Fund Performance*

	Since Inception
Class I	5.90%
S&P 500^® Index	6.01%

Key Fund Statistics

Net Assets (thousands)	$4,684,353
Total Number of Portfolio Holdings	505
Total Advisory Fees Paid (thousands)	$5,557
Portfolio Turnover Rate	20%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Short-Term Investments	0.9%
Common Stocks	99.1%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Technology	43.0%
Financial Services	14.2%
Consumer Discretionary	13.4%
Health Care	9.3%
Producer Durables	7.1%
Utilities	3.2%
Consumer Staples	3.2%
Materials and Processing	2.9%
Energy	2.8%
Other	0.9%

Material Fund Changes

In December 2025, the Fund’s Board of Trustees approved revisions to the Fund’s fundamental investment policy to allow the Fund to temporarily exceed its diversification limits to the extent the S&P 500 Index, the Fund’s index, becomes non-diversified.

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable Large Cap Index Fund

Class I

Annual Shareholder Report

VVLIX

December 31, 2025

Venerable Large Cap Index Fund

Class V

VVLVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Large Cap Index Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$55	0.51%

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	S&P 500^® Index
9/4/2024	10,000	10,000
12/31/2024	10,900	10,701
12/31/2025	12,785	12,615

Annual Fund Performance*

	1 Year	Since Inception
Class V	17.30%	20.40%
S&P 500^® Index	17.88%	19.19%

Key Fund Statistics

Net Assets (thousands)	$4,684,353
Total Number of Portfolio Holdings	505
Total Advisory Fees Paid (thousands)	$5,557
Portfolio Turnover Rate	20%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Short-Term Investments	0.9%
Common Stocks	99.1%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Technology	43.0%
Financial Services	14.2%
Consumer Discretionary	13.4%
Health Care	9.3%
Producer Durables	7.1%
Utilities	3.2%
Consumer Staples	3.2%
Materials and Processing	2.9%
Energy	2.8%
Other	0.9%

Material Fund Changes

Additional Information

Householding

Venerable Large Cap Index Fund

Class V

Annual Shareholder Report

VVLVX

December 31, 2025

Venerable Mid Cap Index Fund

Class V

VEFVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Mid Cap Index Fund for the period of September 12, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$19^{Footnote Reference(a)}	0.65%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From the Fund’s inception in September 2025 through the year ended December 31, 2025, U.S. mid-cap equities generated positive returns, supported by favorable market conditions and despite intermittent volatility. Over the same period, the Fund posted positive absolute performance and achieved its investment objective by closely tracking the performance of its secondary benchmark, the Russell Midcap^® Index, before expenses. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class V	Russell 3000^®Index^{Footnote Reference(b)}	Russell Midcap^® Index
9/12/2025	10,000	10,000	10,000
12/31/2025	10,010	10,392	10,033

Annual Fund Performance*

	Since Inception
Class V	0.10%
Russell 3000^®Index^{Footnote Reference(b)}	3.92%
Russell Midcap^® Index	0.33%

Key Fund Statistics

Net Assets (thousands)	$1,065,542
Total Number of Portfolio Holdings	813
Total Advisory Fees Paid (thousands)	$841
Portfolio Turnover Rate	57%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.4%
Short-Term Investments	0.8%
Common Stocks	98.8%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Financial Services	20.2%
Producer Durables	16.4%
Consumer Discretionary	15.3%
Technology	15.0%
Health Care	9.6%
Utilities	6.9%
Materials and Processing	6.7%
Energy	4.8%
Consumer Staples	3.9%
Other	1.2%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.

Venerable Mid Cap Index Fund

Class V

Annual Shareholder Report

VEFVX

December 31, 2025

Venerable Small Cap Index Fund

Class V

VVAVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Small Cap Index Fund for the period of September 12, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$20^{Footnote Reference(a)}	0.68%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From the Fund’s inception in September 2025 through the year ended December 31, 2025, U.S. small-cap equities posted positive returns amid fluctuating market conditions and heightened volatility relative to large-cap equities. Over the same period, the Fund recorded positive absolute performance and achieved its investment objective by closely tracking the performance of its secondary benchmark, the Russell 2000^® Index, before expenses. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class V	Russell 3000^®Index^{Footnote Reference(b)}	Russell 2000^® Index
9/12/2025	10,000	10,000	10,000
12/31/2025	10,370	10,392	10,397

Annual Fund Performance*

	Since Inception
Class V	3.70%
Russell 3000^®Index^{Footnote Reference(b)}	3.92%
Russell 2000^® Index	3.97%

Key Fund Statistics

Net Assets (thousands)	$235,666
Total Number of Portfolio Holdings	1,956
Total Advisory Fees Paid (thousands)	$222
Portfolio Turnover Rate	7%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Short-Term Investments	1.8%
Common Stocks	98.0%

Sector Exposure - Common Stocks

(% of Net Assets)

Value	Value
Financial Services	23.3%
Health Care	17.9%
Producer Durables	15.5%
Technology	13.2%
Consumer Discretionary	10.7%
Materials and Processing	7.1%
Utilities	4.3%
Energy	4.2%
Consumer Staples	1.8%
Other	2.0%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.

Venerable Small Cap Index Fund

Class V

Annual Shareholder Report

VVAVX

December 31, 2025

Venerable International Index Fund

Class I

VEEIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable International Index Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$15^{Footnote Reference(a)}	0.45%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From the Fund’s inception in September 2025 through the year ended December 31, 2025, developed international equity markets recorded positive returns despite ongoing market volatility related to economic and geopolitical developments. Over the period, the Fund posted positive absolute performance and achieved its investment objective by closely tracking the performance of its benchmark, the MSCI EAFE Index, before expenses. The Fund's cash was largely equitized during the period using equity index futures.

How did the Fund perform since inception?*

	Class I	MSCI EAFE Index (Net)
9/5/2025	10,000	10,000
12/31/2025	10,620	10,659

Annual Fund Performance*

	Since Inception
Class I	6.20%
MSCI EAFE Index (Net)	6.59%

Key Fund Statistics

Net Assets (thousands)	$1,022,325
Total Number of Portfolio Holdings	692
Total Advisory Fees Paid (thousands)	$954
Portfolio Turnover Rate	5%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.2)%
Preferred Stocks	0.3%
Short-Term Investments	0.9%
Common Stocks	99.0%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
Japan	22.0%
United Kingdom	11.2%
United States	9.4%
Germany	9.3%
France	9.0%
Australia	7.0%
Switzerland	4.9%
Netherlands	4.7%
Spain	3.7%
Sweden	3.3%
Other Common Stocks	14.5%
Other	1.0%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable International Index Fund

Class I

Annual Shareholder Report

VEEIX

December 31, 2025

Venerable International Index Fund

Class V

VEEVX

Annual Shareholder Report

December 31, 2025

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$23^{Footnote Reference(a)}	0.70%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	MSCI EAFE Index (Net)
9/5/2025	10,000	10,000
12/31/2025	10,610	10,659

Annual Fund Performance*

	Since Inception
Class V	6.10%
MSCI EAFE Index (Net)	6.59%

Key Fund Statistics

Net Assets (thousands)	$1,022,325
Total Number of Portfolio Holdings	692
Total Advisory Fees Paid (thousands)	$954
Portfolio Turnover Rate	5%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.2)%
Preferred Stocks	0.3%
Short-Term Investments	0.9%
Common Stocks	99.0%

Country Exposure - Common Stocks

(% of Net Assets)

Value	Value
Japan	22.0%
United Kingdom	11.2%
United States	9.4%
Germany	9.3%
France	9.0%
Australia	7.0%
Switzerland	4.9%
Netherlands	4.7%
Spain	3.7%
Sweden	3.3%
Other Common Stocks	14.5%
Other	1.0%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable International Index Fund

Class V

Annual Shareholder Report

VEEVX

December 31, 2025

Venerable Bond Index Fund

Class I

VECIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Bond Index Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$11^{Footnote Reference(a)}	0.36%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From the Fund's inception in September 2025 through the year ended December 31, 2025, market sentiment wavered as uncertainties increased in the initial portion of Q4 and rebounded to an extent in December due to strong U.S. economic growth and moderate inflation. The U.S. Federal Reserve (Fed) delivered three successive 25-bp cuts to the federal funds rate across their meetings in Q4, ending the period at 3.50% - 3.75%. Fixed income volatility fell toward the end of the quarter, reaching lowest levels since 2021.

Since inception, the Fund posted positive absolute performance and achieved its investment objective by closely tracking the performance of its benchmark, the Bloomberg U.S. Aggregate Bond Index, before expenses. Securitized sectors saw positive absolute returns as spreads tightened. Investment-grade corporate bonds also performed positively.

How did the Fund perform since inception?*

	Class I	Bloomberg U.S. Aggregate Bond Index
9/5/2025	10,000	10,000
12/31/2025	10,096	10,127

Annual Fund Performance*

	Since Inception
Class I	0.96%
Bloomberg U.S. Aggregate Bond Index	1.27%

Key Fund Statistics

Net Assets (thousands)	$367,352
Total Number of Portfolio Holdings	377
Total Advisory Fees Paid (thousands)	$284
Portfolio Turnover Rate	27%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.1%
Short-Term Investments	0.3%
Long-Term Fixed Income Investments	98.6%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
United States Government Treasuries	44.7%
Corporate Bonds and Notes	25.7%
Mortgage-Backed Securities	25.5%
International Debt	1.8%
United States Government Agencies	0.5%
Asset-Backed Securities	0.4%
Other	1.4%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable Bond Index Fund

Class I

Annual Shareholder Report

VECIX

December 31, 2025

Venerable Bond Index Fund

Class V

VECVX

Annual Shareholder Report

December 31, 2025

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$19^{Footnote Reference(a)}	0.61%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	Bloomberg U.S. Aggregate Bond Index
9/5/2025	10,000	10,000
12/31/2025	10,084	10,127

Annual Fund Performance*

	Since Inception
Class V	0.84%
Bloomberg U.S. Aggregate Bond Index	1.27%

Key Fund Statistics

Net Assets (thousands)	$367,352
Total Number of Portfolio Holdings	377
Total Advisory Fees Paid (thousands)	$284
Portfolio Turnover Rate	27%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.1%
Short-Term Investments	0.3%
Long-Term Fixed Income Investments	98.6%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
United States Government Treasuries	44.7%
Corporate Bonds and Notes	25.7%
Mortgage-Backed Securities	25.5%
International Debt	1.8%
United States Government Agencies	0.5%
Asset-Backed Securities	0.4%
Other	1.4%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.

Venerable Bond Index Fund

Class V

Annual Shareholder Report

VECVX

December 31, 2025

Venerable Intermediate Corporate Bond Index Fund

Class I

VEBIX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Intermediate Corporate Bond Index Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$11^{Footnote Reference(a)}	0.36%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From the Fund's inception in September 2025 through the year ended December 31, 2025, risk assets generally performed well, and all-in U.S. investment grade (IG) fixed income yields remained attractive relative to perceived risk. This supported investor sentiment despite spreads remaining near multi-decade tights and a growing focus on potential supply pressures tied to artificial intelligence-related capital needs and increased merger and acquisition activity.

Since inception, the Fund posted positive absolute performance and achieved its investment objective by closely tracking the performance of its secondary benchmark, the Bloomberg U.S. Corporate 5-10 Year Index, before expenses. U.S. IG corporate credit delivered positive absolute performance, supported largely by steady coupon income.

How did the Fund perform since inception?*

	Class I	Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	Bloomberg US Credit Corp 5-10 Year Index
9/5/2025	10,000	10,000	10,000
12/31/2025	10,114	10,127	10,149

Annual Fund Performance*

	Since Inception
Class I	1.14%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	1.27%
Bloomberg US Credit Corp 5-10 Year Index	1.49%

Key Fund Statistics

Net Assets (thousands)	$959,093
Total Number of Portfolio Holdings	296
Total Advisory Fees Paid (thousands)	$706
Portfolio Turnover Rate	11%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.6%
Short-Term Investments	0.4%
Long-Term Fixed Income Investments	98.0%

Long-Term Fixed Income Exposure

(% of Net Assets)

Value	Value
Corporate Bonds and Notes	95.0%
International Debt	3.0%
Other	2.0%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.

Venerable Intermediate Corporate Bond Index Fund

Class I

Annual Shareholder Report

VEBIX

December 31, 2025

Venerable Conservative Allocation Fund

Class V

VCAVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Conservative Allocation Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$17^{Footnote Reference(a)}	0.52%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From inception in September 2025 through the year ended December 31, 2025, the Fund posted positive absolute performance and underperformed its secondary benchmark, a blended benchmark. Strategic asset allocation contributed positively to performance as the allocation to intermediate corporate credit outperformed core bonds as represented by the Bloomberg U.S. Aggregate Bond Index. The Fund invests in underlying funds that seek to replicate the performance of their respective performance benchmarks and therefore security selection of the underlying funds is not a driver of Fund performance.

How did the Fund perform since inception?*

	Class V	Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	Venerable Conservative Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}
9/5/2025	10,000	10,000	10,000
12/31/2025	10,210	10,127	10,249

Annual Fund Performance*

	Since Inception
Class V	2.10%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	1.27%
Venerable Conservative Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}	2.49%

Key Fund Statistics

Net Assets (thousands)	$159,452
Total Number of Portfolio Holdings	4
Total Advisory Fees Paid (thousands)	$26
Portfolio Turnover Rate	7%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	75.2%
Domestic Equities	17.4%
International Equities	7.5%
Other	(0.1)%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.
Footnote^(c)	The Venerable Conservative Allocation Fund Performance Composite Benchmark consists of 17.50% S&P 500^® Index, 7.50% MSCI EAFE Index (Net), and 75% Bloomberg U.S. Aggregate Bond Index.

Venerable Conservative Allocation Fund

Class V

Annual Shareholder Report

VCAVX

December 31, 2025

Venerable Conservative Appreciation Allocation Fund

Class V

VIAVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Conservative Appreciation Allocation Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$17^{Footnote Reference(a)}	0.52%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	Venerable Conservative Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}
9/5/2025	10,000	10,000	10,000
12/31/2025	10,290	10,127	10,322

Annual Fund Performance*

	Since Inception
Class V	2.90%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	1.27%
Venerable Conservative Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}	3.22%

Key Fund Statistics

Net Assets (thousands)	$483,650
Total Number of Portfolio Holdings	4
Total Advisory Fees Paid (thousands)	$78
Portfolio Turnover Rate	7%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	60.2%
Domestic Equities	27.8%
International Equities	12.0%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.
Footnote^(c)	The Venerable Conservative Appreciation Allocation Fund Performance Composite Benchmark consists of 28% S&P 500^® Index, 12% MSCI EAFE Index (Net), and 60% Bloomberg U.S. Aggregate Bond Index.

Venerable Conservative Appreciation Allocation Fund

Class V

Annual Shareholder Report

VIAVX

December 31, 2025

Venerable World Conservative Allocation Fund

Class V

VWCVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable World Conservative Allocation Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$2^{Footnote Reference(a)}	0.07%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From inception in September 2025 through the year ended December 31, 2025, the Fund posted positive absolute performance and outperformed its secondary benchmark, a blended benchmark. Strategic asset allocation contributed positively to performance as the allocation to high yield credit outperformed core bonds as represented by the Bloomberg U.S. Aggregate Bond Index. The Fund invests in actively managed underlying funds, and all three underlying funds outperformed their respective benchmarks over the period.

How did the Fund perform since inception?*

	Class V	Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	Venerable World Conservative Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}
9/5/2025	10,000	10,000	10,000
12/31/2025	10,350	10,127	10,317

Annual Fund Performance*

	Since Inception
Class V	3.50%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference(b)}	1.27%
Venerable World Conservative Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}	3.17%

Key Fund Statistics

Net Assets (thousands)	$149,304
Total Number of Portfolio Holdings	3
Total Advisory Fees Paid (thousands)	$0
Portfolio Turnover Rate	8%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	60.2%
International Equities	39.8%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.
Footnote^(c)	The Venerable World Conservative Allocation Fund Performance Composite Benchmark consists of 40% MSCI World Index (Net) and 60% Bloomberg U.S. Aggregate Bond Index.

Venerable World Conservative Allocation Fund

Class V

Annual Shareholder Report

VWCVX

December 31, 2025

Venerable Moderate Allocation Fund

Class V

VMAVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Moderate Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$18	0.17%

How did the Fund perform last year and what affected its performance?

For the year ended December 31, 2025, the Fund posted positive absolute performance and modestly underperformed its secondary benchmark, a blended benchmark. Strategic asset allocation contributed positively to performance as the allocation to high yield credit outperformed core bonds as represented by the Bloomberg U.S. Aggregate Bond Index. The Fund invests in actively managed underlying funds, and the performance of the underlying funds was mixed relative to their respective performance benchmarks over the period.

How did the Fund perform since inception?*

	Class V	Russell 1000^®Index^{Footnote Reference(a)}	Venerable Moderate Performance Benchmark^{Footnote Reference(b)}
9/4/2024	10,000	10,000	10,000
12/31/2024	10,390	10,742	10,333
12/31/2025	11,704	12,608	11,719

Annual Fund Performance*

	1 Year	Since Inception
Class V	12.64%	12.62%
Russell 1000^®Index^{Footnote Reference(a)}	17.37%	19.14%
Venerable Moderate Performance Benchmark^{Footnote Reference(b)}	13.41%	12.73%

Key Fund Statistics

Net Assets (thousands)	$2,185,412
Total Number of Portfolio Holdings	4
Total Advisory Fees Paid (thousands)	$1,119
Portfolio Turnover Rate	36%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Domestic Equities	59.9%
Fixed Income	40.1%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Primary benchmark is representative of overall market.
Footnote^(b)	The Venerable Moderate Performance Benchmark consists of 60% Russell 1000^® Index and 40% Bloomberg U.S. Aggregate Bond Index.

Venerable Moderate Allocation Fund

Class V

Annual Shareholder Report

VMAVX

December 31, 2025

Venerable Moderate Appreciation Allocation Fund

Class V

VIIVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Moderate Appreciation Allocation Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$16^{Footnote Reference(a)}	0.51%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

From inception in September 2025 through the year ended December 31, 2025, the Fund underperformed its secondary benchmark, a blended benchmark. Strategic asset allocation contributed positively to performance as the allocation to intermediate corporate credit outperformed core bonds as represented by the Bloomberg U.S. Aggregate Bond Index. The Fund invests in underlying funds that seek to replicate the performance of their respective performance benchmarks and therefore security selection of the underlying funds is not a driver of Fund performance.

How did the Fund perform since inception?*

	Class V	MSCI World Index (Net)^{Footnote Reference(b)}	Venerable Moderate Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}
9/5/2025	10,000	10,000	10,000
12/31/2025	10,390	10,606	10,421

Annual Fund Performance*

	Since Inception
Class V	3.90%
MSCI World Index (Net)^{Footnote Reference(b)}	6.06%
Venerable Moderate Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}	4.21%

Key Fund Statistics

Net Assets (thousands)	$1,008,390
Total Number of Portfolio Holdings	4
Total Advisory Fees Paid (thousands)	$161
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Domestic Equities	42.0%
Fixed Income	39.9%
International Equities	18.1%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.
Footnote^(c)	The Venerable Moderate Appreciation Allocation Fund Performance Composite Benchmark consists of 42% S&P 500^® Index, 18% MSCI EAFE Index (Net), and 40% Bloomberg U.S. Aggregate Bond Index.

Venerable Moderate Appreciation Allocation Fund

Class V

Annual Shareholder Report

VIIVX

December 31, 2025

Venerable World Moderate Allocation Fund

Class V

VWMVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable World Moderate Allocation Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$6^{Footnote Reference(a)}	0.19%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	MSCI World Index (Net)^{Footnote Reference(b)}	Venerable World Moderate Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}
9/5/2025	10,000	10,000	10,000
12/31/2025	10,430	10,606	10,413

Annual Fund Performance*

	Since Inception
Class V	4.30%
MSCI World Index (Net)^{Footnote Reference(b)}	6.06%
Venerable World Moderate Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}	4.13%

Key Fund Statistics

Net Assets (thousands)	$379,975
Total Number of Portfolio Holdings	3
Total Advisory Fees Paid (thousands)	$61
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	60.1%
Fixed Income	39.9%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.
Footnote^(c)	The Venerable World Moderate Allocation Fund Performance Composite Benchmark consists of 60% MSCI World Index (Net) and 40% Bloomberg U.S. Aggregate Bond Index.

Venerable World Moderate Allocation Fund

Class V

Annual Shareholder Report

VWMVX

December 31, 2025

Venerable Appreciation Allocation Fund

Class V

VAAVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable Appreciation Allocation Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$16^{Footnote Reference(a)}	0.50%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	MSCI World Index (Net)^{Footnote Reference(b)}	Venerable Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}
9/5/2025	10,000	10,000	10,000
12/31/2025	10,460	10,606	10,495

Annual Fund Performance*

	Since Inception
Class V	4.60%
MSCI World Index (Net)^{Footnote Reference(b)}	6.06%
Venerable Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}	4.95%

Key Fund Statistics

Net Assets (thousands)	$1,571,790
Total Number of Portfolio Holdings	3
Total Advisory Fees Paid (thousands)	$251
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Domestic Equities	52.5%
Fixed Income	24.9%
International Equities	22.6%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.
Footnote^(c)	The Venerable Appreciation Allocation Fund Performance Composite Benchmark consists of 52.50% S&P 500^® Index, 22.50% MSCI EAFE Index (Net), and 25% Bloomberg U.S. Aggregate Bond Index.

Venerable Appreciation Allocation Fund

Class V

Annual Shareholder Report

VAAVX

December 31, 2025

Venerable World Appreciation Allocation Fund

Class V

VEDVX

Annual Shareholder Report

December 31, 2025

This annual shareholder report contains important information about Venerable World Appreciation Allocation Fund for the period of September 5, 2025 to December 31, 2025. You can find additional information about the Fund at https://docs.venerable.com/#/venerable-variable-insurance-trust. You can also request this information by contacting us at (800) 366-0066.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$5^{Footnote Reference(a)}	0.16%^{Footnote Reference(a)}

How did the Fund perform last year and what affected its performance?

How did the Fund perform since inception?*

	Class V	MSCI World Index (Net)^{Footnote Reference(b)}	Venerable World Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}
9/5/2025	10,000	10,000	10,000
12/31/2025	10,500	10,606	10,485

Annual Fund Performance*

	Since Inception
Class V	5.00%
MSCI World Index (Net)^{Footnote Reference(b)}	6.06%
Venerable World Appreciation Allocation Fund Performance Composite Benchmark^{Footnote Reference(c)}	4.85%

Key Fund Statistics

Net Assets (thousands)	$380,212
Total Number of Portfolio Holdings	3
Total Advisory Fees Paid (thousands)	$60
Portfolio Turnover Rate	5%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	75.2%
Fixed Income	24.8%

Additional Information

Householding

Footnote	Description
Footnote^(a)	Expenses are only for the period since inception and would be higher for a full reporting period.
Footnote^(b)	Primary benchmark is representative of overall market.
Footnote^(c)	The Venerable World Appreciation Allocation Fund Performance Composite Benchmark consists of 75% MSCI World Index (Net) and 25% Bloomberg U.S. Aggregate Bond Index.

Venerable World Appreciation Allocation Fund

Class V

Annual Shareholder Report

VEDVX

December 31, 2025

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer (“Code”). There have been no material amendments to, or waivers in connection with, the Code during the period covered by this Report. The registrant has filed a copy of the Code as an exhibit to its annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Sherilyn Anderson, John Guy, and Julian Sluyters each have been determined to be an Audit Committee Financial Expert and is also determined to be “independent” for purposes of Item 3, paragraph (a)(2)(i) and (ii) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

2024 $169,000

2025 $645,610

Audit-Related Fees

(b) The aggregate fees billed for each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:

Fees Nature of Services

2024 $0 None

2025 $0 None

Tax Fees

(c) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:

Fees Nature of Services

2024 $24,500 Tax compliance services

2025 $137,060 Tax compliance services

All Other Fees

(d) The aggregate fees billed for each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item and the nature of the services comprising those fees were as follows:

Fees Nature of Services

2024 $0

2025 $0

(e) (1) Registrant’s audit committee has adopted the following pre-approval policies and procedures for certain services provided by registrant’s accountants:

Venerable Variable Insurance Trust

Audit and Non-Audit Services Pre-Approval Policy

Effective Date: November 19, 2024

I. Statement of Purpose.

This Audit and Non-Audit Services Pre-Approval Policy (“Policy”) has been adopted by the Audit Committee (the “Audit Committee”) of Venerable Variable Insurance Trust (“VVIT”) to apply to any and all engagements of the independent auditor with: (1) VVIT, respectively, for audit and permissible non-audit services and (2) the Funds’ adviser or its control affiliates (collectively, “Adviser Entities”) for permissible non-audit services that relate directly to the Funds’ operations or financial reporting (“fund-related services”).¹ The term “Fund” shall collectively refer to each series of VVIT. The term “Investment Adviser” shall refer to the Funds’ adviser, Venerable Investment Advisers, LLC (“VIA”). This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor.

II. Statement of Principles.

Under the Sarbanes-Oxley Act of 2002 (the “Act”) and rules adopted by the United States Securities and Exchange Commission (the “SEC”), the Audit Committee of the Funds’ Board of Trustees (the “Audit Committee”) is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the Funds. As part of these responsibilities, the Audit Committee is required to pre-approve: (1) the audit services and permissible non-audit services, such as audit-related, tax and other services (“non-audit services”), to be performed by the independent auditor for the Funds, and (2) the services to be performed by the independent auditor for Adviser Entities that relate directly to the operations and financial reporting of the fund, in each case to assure that the independence of the auditor is not in any way compromised or impaired with respect to the Funds. In determining whether an auditor is independent in light of the services it provides to a Fund or Adviser Entity, there are four guiding principles under the Act and relevant SEC rules that must be considered. In general, the independence of the auditor to the Funds could be deemed impaired if the auditor has a relationship or provides a service that:

(a) Creates a mutual or conflicting interest between the auditor and the audit client (including the Funds whose financial statements are being audited, as well as affiliates of the Funds covered by relevant SEC rules);

(b) Results in the auditor acting as management or an employee of the audit client;

(d) Places the accountant in a position of being an advocate for the audit client.

Accordingly, it is the Funds’ policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds. This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.

Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee. The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee’s responsibilities to management (“general pre-approval”), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis (“specific pre-approval”).

The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent auditor. The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee.² As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

III. Delegation.

As provided in the Act and in the SEC’s rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members. Any member to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

IV. Audit Services.

The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year. These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds’ systems of internal control, and consultations relating to the audit. Audit services also include the attestation engagement for the independent auditor’s report on the report from management on financial reporting internal controls. The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee.

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds’ securities offerings.

The audit and non-audited services engagement terms and fees for the independent auditor for the Funds, as described herein, must be specifically pre-approved by the Audit Committee or its delegate on an annual basis. The Audit Committee has pre-approved the services set forth in below. All other services not listed below must be specifically pre- approved by the Audit Committee or its delegate.

V. Audit-Related Services.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant pre-approval to audit related services. “Audit-related services” include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements, including reports required to be filed with the SEC pursuant to applicable requirements.

VI. Tax Services.

The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor’s independence and the SEC has stated that the independent auditor may provide such services. Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence. However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds’ investments outside the United States. The Audit Committee will consult with the Treasurer of the Funds or outside counsel to determine that the Funds’ tax planning and reporting positions are consistent with this policy.

All tax services provided by the independent auditor must be specifically pre-approved by the Audit Committee or its delegate.

VII. All Other Services.

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as “all other” services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

A list of the SEC’s prohibited non-audit services are as follows:

(a) Bookkeeping or other services relating to the accounting records or financial statements of the Funds

(b) Financial information system design and implementation

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

(h) Broker-dealer, investment adviser or investment banking services

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

The SEC’s rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions. Under no circumstance may an executive, manager or associate of the Funds, the Investment Adviser or an Adviser Entity authorize the independent auditor for the Funds to provide prohibited non-audit services.

VIII. De Minimis Waiver.

In accordance with the Act and SEC regulations, notwithstanding anything in this Policy to the contrary, the pre-approval requirements of this Policy are waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided:

(a) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by VVIT, as applicable, to the independent auditor during the fiscal year in which the services were provided;

(b) Such services were not recognized by the Funds at the time of the engagement to be non-audit services requiring pre-approval by the Audit Committee or its delegate; and

(c) Such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or its delegate prior to the completion of the audit, pursuant to the pre-approval provisions of this Policy.

With respect to the provision of fund-related services to Adviser Entities, the aggregate amount of services provided must constitute no more than five percent of the total amount of fees paid by VVIT, as applicable, and the relevant Adviser Entities to the independent auditor during the fiscal year in which the services were provided.

In connection with the approval of any non-audit service pursuant to this de minimis exception, a record shall be made indicating that each of the conditions for this exception has been satisfied.

VIII. Pre-Approval Fee Levels or Budgeted Amounts.

Pre-approved fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Funds and for other affiliates in the investment company complex subject to pre-approval). Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for audit, audit-related, and tax services for the Funds (including any audit-related or tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as “all other services” for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee or its delegate).

IX. Procedures.

All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the “VVIT Clearance Committee” (the “Clearance Committee”) (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services. The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee. The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearance Committee that, in their view, the request or application does not involve a prohibited non-audit service and is consistent with the SEC’s rules governing auditor independence.

VIA’s or its affiliates’ associates and the officers of VVIT will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department or an officer of VVIT.

X. Additional Requirements.

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor’s continuing independence from the Funds and their affiliates. Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and VVIT, VIA and their subsidiaries and affiliates (including persons in financial reporting oversight roles) that may reasonably be thought to bear on the auditor’s independence, consistent with Public Company Accounting Oversight Board Rule 3526, and discussing with the independent auditor its methods and procedures for ensuring its independence.

Footnotes

1 Adviser Entities include the Funds’ investment adviser (but not a sub-adviser whose role is primarily portfolio management and whose activities are overseen by the principal investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds.

2 As noted below, the annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.

(e) (2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable, as the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years were as follows:

2024 $24,500

2025 $241,811

(h) Not applicable.

(i) Not applicable.

(j) Not applicable, as the registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedules of Investments

(a) The registrant’s Schedules of Investments are included as part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies