UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23910

Venerable Variable Insurance Trust

(Exact name of registrant as specified in charter)

1475 Dunwoody Drive, Suite 200

West Chester, PA 19380

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

1-888-755-1133

______________________________________________

(Name and address of agent for service)

Registrant's telephone number, including area code: 800-366-0066

Date of fiscal year end:           December 31

Date of reporting period:        January 1, 2026 to June 30, 2026

Item 1. Reports to Stockholders

Venerable US Large Cap Core Equity Fund 

Class I

VVEIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable US Large Cap Core Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$38	0.74%

Key Fund Statistics

• Net Assets (thousands)$630,414
• Total Number of Portfolio Holdings 322
• Total Advisory Fees Paid (thousands) $1,892
• Portfolio Turnover Rate8%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Short-Term Investments	2.4%
Common Stocks	97.6%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Technology	41.0%
Financial Services	14.2%
Consumer Discretionary	11.5%
Health Care	9.4%
Producer Durables	8.5%
Materials and Processing	4.5%
Energy	3.4%
Utilities	3.1%
Consumer Staples	2.0%
Other	2.4%

Additional Information

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

Venerable US Large Cap Strategic Equity Fund 

Class I

VVSIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable US Large Cap Strategic Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$38	0.73%

Key Fund Statistics

• Net Assets (thousands)$2,778,492
• Total Number of Portfolio Holdings 435
• Total Advisory Fees Paid (thousands) $8,226
• Portfolio Turnover Rate28%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	(0.2)%
Short-Term Investments	2.3%
Common Stocks	97.9%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Technology	43.3%
Financial Services	13.0%
Consumer Discretionary	12.3%
Health Care	10.5%
Producer Durables	6.2%
Materials and Processing	3.4%
Utilities	3.3%
Consumer Staples	3.1%
Energy	2.8%
Other	2.1%

Additional Information

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

Venerable US Large Cap Strategic Equity Fund 

Class V

VVSVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable US Large Cap Strategic Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$44	0.86%

Key Fund Statistics

• Net Assets (thousands)$2,778,492
• Total Number of Portfolio Holdings 435
• Total Advisory Fees Paid (thousands) $8,226
• Portfolio Turnover Rate28%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	(0.2)%
Short-Term Investments	2.3%
Common Stocks	97.9%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Technology	43.3%
Financial Services	13.0%
Consumer Discretionary	12.3%
Health Care	10.5%
Producer Durables	6.2%
Materials and Processing	3.4%
Utilities	3.3%
Consumer Staples	3.1%
Energy	2.8%
Other	2.1%

Additional Information

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

Venerable US Small Cap Fund 

Class V

VEAVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable US Small Cap Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$48	0.85%

Key Fund Statistics

• Net Assets (thousands)$160,886
• Total Number of Portfolio Holdings 925
• Total Advisory Fees Paid (thousands) $589
• Portfolio Turnover Rate41%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	(0.5)%
Short-Term Investments	3.3%
Common Stocks	97.2%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Producer Durables	18.4%
Financial Services	17.9%
Health Care	17.6%
Technology	15.8%
Consumer Discretionary	10.9%
Materials and Processing	7.9%
Energy	5.6%
Utilities	2.2%
Consumer Staples	0.9%
Other	2.8%

Additional Information

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

Venerable Real Estate Fund 

Class V

VVRVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Real Estate Fund for the period of March 20, 2026 to June 30, 2026. 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) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$29Footnote Reference(a)	1.00%Footnote Reference(a)

Key Fund Statistics

• Net Assets (thousands)$87,990
• Total Number of Portfolio Holdings 60
• Total Advisory Fees Paid (thousands) $193
• Portfolio Turnover Rate5%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	0.3%
Short-Term Investments	1.9%
Common Stocks	97.8%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Healthcare	18.1%
Technology	17.9%
Diversified	14.7%
Retail	12.6%
Residential	12.2%
Industrial	10.5%
Self Storage	5.1%
Lodging/Resorts	5.0%
Office	1.7%
Other	2.2%

Additional Information

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

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

Venerable International Equity Fund 

Class V

VEQVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable International Equity Fund for the period of March 20, 2026 to June 30, 2026. 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) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$28Footnote Reference(a)	0.99%Footnote Reference(a)

Key Fund Statistics

• Net Assets (thousands)$187,004
• Total Number of Portfolio Holdings 177
• Total Advisory Fees Paid (thousands) $412
• Portfolio Turnover Rate22%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	0.2%
Preferred Stocks	0.9%
Short-Term Investments	2.4%
Common Stocks	96.5%

Country Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Japan	21.1%
France	11.2%
United Kingdom	9.2%
Australia	7.5%
United States	6.5%
Italy	5.8%
Germany	5.8%
Spain	4.1%
Switzerland	3.9%
Netherlands	3.9%
Other Common Stocks	17.5%
Other	3.5%

Additional Information

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

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

VVDVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Emerging Markets Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$81	1.44%

Key Fund Statistics

• Net Assets (thousands)$161,614
• Total Number of Portfolio Holdings 452
• Total Advisory Fees Paid (thousands) $769
• Portfolio Turnover Rate30%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	0.5%
Preferred Stocks	1.7%
Short-Term Investments	2.8%
Common Stocks	95.0%

Country Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
South Korea	23.1%
Taiwan	22.6%
China	19.1%
India	8.8%
Brazil	4.4%
Thailand	2.0%
South Africa	1.9%
Mexico	1.8%
Saudi Arabia	1.7%
Hong Kong	1.0%
Other Common Stocks	8.6%
Other	5.0%

Additional Information

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

Venerable World Equity Fund 

Class I

VVWIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable World Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$46	0.89%

Key Fund Statistics

• Net Assets (thousands)$1,095,315
• Total Number of Portfolio Holdings 637
• Total Advisory Fees Paid (thousands) $4,090
• Portfolio Turnover Rate13%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	1.9%
Preferred Stocks	0.2%
Short-Term Investments	2.7%
Common Stocks	95.2%

Country Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
United States	60.6%
Japan	4.9%
United Kingdom	4.9%
France	4.1%
Taiwan	3.1%
Netherlands	2.8%
Germany	2.4%
South Korea	1.8%
Canada	1.7%
Switzerland	1.4%
Other Common Stocks	7.5%
Other	4.8%

Additional Information

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

Venerable World Equity Fund 

Class V

VVWVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable World Equity Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$44	0.85%

Key Fund Statistics

• Net Assets (thousands)$1,095,315
• Total Number of Portfolio Holdings 637
• Total Advisory Fees Paid (thousands) $4,090
• Portfolio Turnover Rate13%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	1.9%
Preferred Stocks	0.2%
Short-Term Investments	2.7%
Common Stocks	95.2%

Country Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
United States	60.6%
Japan	4.9%
United Kingdom	4.9%
France	4.1%
Taiwan	3.1%
Netherlands	2.8%
Germany	2.4%
South Korea	1.8%
Canada	1.7%
Switzerland	1.4%
Other Common Stocks	7.5%
Other	4.8%

Additional Information

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

Venerable High Yield Fund 

Class I

VHYIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable High Yield Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$40	0.79%

Key Fund Statistics

• Net Assets (thousands)$665,256
• Total Number of Portfolio Holdings 263
• Total Advisory Fees Paid (thousands) $2,179
• Portfolio Turnover Rate19%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	3.1%
Preferred Stocks	0.6%
Short-Term Investments	0.8%
Long-Term Fixed Income Investments	95.5%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
Corporate Bonds and Notes	92.5%
International Debt	3.0%
Other	4.5%

Additional Information

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

Venerable High Yield Fund 

Class V

VHYVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable High Yield Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$36	0.72%

Key Fund Statistics

• Net Assets (thousands)$665,256
• Total Number of Portfolio Holdings 263
• Total Advisory Fees Paid (thousands) $2,179
• Portfolio Turnover Rate19%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	3.1%
Preferred Stocks	0.6%
Short-Term Investments	0.8%
Long-Term Fixed Income Investments	95.5%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
Corporate Bonds and Notes	92.5%
International Debt	3.0%
Other	4.5%

Additional Information

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

Venerable Strategic Bond Fund 

Class I

VVBIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Strategic Bond Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$29	0.59%

Key Fund Statistics

• Net Assets (thousands)$1,731,961
• Total Number of Portfolio Holdings 555
• Total Advisory Fees Paid (thousands) $3,919
• Portfolio Turnover Rate61%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	(17.2)%
Securities Sold Short	(0.1)%
Short-Term Investments	1.8%
Long-Term Fixed Income Investments	115.5%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
Mortgage-Backed Securities	45.1%
Corporate Bonds and Notes	30.6%
United States Government Treasuries	30.5%
Asset-Backed Securities	8.3%
Municipal Bonds	1.0%
Other	(15.5)%

Additional Information

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

Venerable Strategic Bond Fund 

Class V

VVBVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Strategic Bond Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$40	0.80%

Key Fund Statistics

• Net Assets (thousands)$1,731,961
• Total Number of Portfolio Holdings 555
• Total Advisory Fees Paid (thousands) $3,919
• Portfolio Turnover Rate61%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	(17.2)%
Securities Sold Short	(0.1)%
Short-Term Investments	1.8%
Long-Term Fixed Income Investments	115.5%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
Mortgage-Backed Securities	45.1%
Corporate Bonds and Notes	30.6%
United States Government Treasuries	30.5%
Asset-Backed Securities	8.3%
Municipal Bonds	1.0%
Other	(15.5)%

Additional Information

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

Venerable Inflation Focused Fund 

Class V

VIFVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Inflation Focused Fund for the period of March 20, 2026 to June 30, 2026. 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) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$23Footnote Reference(a)	0.84%Footnote Reference(a)

Key Fund Statistics

• Net Assets (thousands)$86,592
• Total Number of Portfolio Holdings 240
• Total Advisory Fees Paid (thousands) $104
• Portfolio Turnover Rate6%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	(1.8)%
Short-Term Investments	21.4%
Long-Term Fixed Income Investments	80.4%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
United States Government Treasuries	30.6%
Corporate Bonds and Notes	27.1%
Mortgage-Backed Securities	15.0%
Asset-Backed Securities	7.7%
Other	19.6%

Additional Information

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

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

VVLIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Large Cap Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$14	0.27%

Key Fund Statistics

• Net Assets (thousands)$4,640,868
• Total Number of Portfolio Holdings 506
• Total Advisory Fees Paid (thousands) $3,418
• Portfolio Turnover Rate1%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Short-Term Investments	1.3%
Common Stocks	98.7%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Technology	45.7%
Financial Services	13.1%
Consumer Discretionary	12.0%
Health Care	8.7%
Producer Durables	7.3%
Energy	3.0%
Utilities	3.0%
Consumer Staples	3.0%
Materials and Processing	2.9%
Other	1.3%

Additional Information

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

Venerable Large Cap Index Fund 

Class V

VVLVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Large Cap Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$27	0.51%

Key Fund Statistics

• Net Assets (thousands)$4,640,868
• Total Number of Portfolio Holdings 506
• Total Advisory Fees Paid (thousands) $3,418
• Portfolio Turnover Rate1%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Short-Term Investments	1.3%
Common Stocks	98.7%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Technology	45.7%
Financial Services	13.1%
Consumer Discretionary	12.0%
Health Care	8.7%
Producer Durables	7.3%
Energy	3.0%
Utilities	3.0%
Consumer Staples	3.0%
Materials and Processing	2.9%
Other	1.3%

Additional Information

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

Venerable Mid Cap Index Fund 

Class V

VEFVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Mid Cap Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$35	0.65%

Key Fund Statistics

• Net Assets (thousands)$1,109,235
• Total Number of Portfolio Holdings 824
• Total Advisory Fees Paid (thousands) $1,389
• Portfolio Turnover Rate12%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Short-Term Investments	1.8%
Common Stocks	98.2%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Financial Services	18.6%
Technology	17.8%
Producer Durables	14.9%
Consumer Discretionary	12.9%
Health Care	10.4%
Materials and Processing	7.6%
Utilities	7.0%
Energy	4.9%
Consumer Staples	4.1%
Other	1.8%

Additional Information

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

Venerable Small Cap Index Fund 

Class V

VVAVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Small Cap Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$37	0.68%

Key Fund Statistics

• Net Assets (thousands)$259,211
• Total Number of Portfolio Holdings 1,976
• Total Advisory Fees Paid (thousands) $376
• Portfolio Turnover Rate20%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	(0.4)%
Short-Term Investments	1.3%
Common Stocks	99.1%

Sector Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Financial Services	24.9%
Health Care	19.6%
Producer Durables	14.2%
Technology	12.6%
Consumer Discretionary	10.9%
Materials and Processing	6.1%
Energy	4.9%
Utilities	4.1%
Consumer Staples	1.8%
Other	0.9%

Additional Information

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

Venerable International Index Fund 

Class I

VEEIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable International Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$22	0.43%

Key Fund Statistics

• Net Assets (thousands)$1,001,306
• Total Number of Portfolio Holdings 674
• Total Advisory Fees Paid (thousands) $1,501
• Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	1.6%
Preferred Stocks	0.2%
Short-Term Investments	0.3%
Common Stocks	97.9%

Country Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Japan	23.2%
United Kingdom	10.8%
Germany	8.3%
France	8.1%
United States	7.2%
Australia	7.1%
Switzerland	6.2%
Netherlands	6.2%
Spain	3.7%
Italy	3.1%
Other Common Stocks	14.0%
Other	2.1%

Additional Information

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

Venerable International Index Fund 

Class V

VEEVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable International Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$36	0.70%

Key Fund Statistics

• Net Assets (thousands)$1,001,306
• Total Number of Portfolio Holdings 674
• Total Advisory Fees Paid (thousands) $1,501
• Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	1.6%
Preferred Stocks	0.2%
Short-Term Investments	0.3%
Common Stocks	97.9%

Country Exposure - Common Stocks

(% of Net Assets) 

Table Summary

Value	Value
Japan	23.2%
United Kingdom	10.8%
Germany	8.3%
France	8.1%
United States	7.2%
Australia	7.1%
Switzerland	6.2%
Netherlands	6.2%
Spain	3.7%
Italy	3.1%
Other Common Stocks	14.0%
Other	2.1%

Additional Information

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

Venerable Bond Index Fund 

Class I

VECIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Bond Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$18	0.36%

Key Fund Statistics

• Net Assets (thousands)$350,636
• Total Number of Portfolio Holdings 477
• Total Advisory Fees Paid (thousands) $405
• Portfolio Turnover Rate28%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	0.7%
Short-Term Investments	0.7%
Long-Term Fixed Income Investments	98.6%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
United States Government Treasuries	45.7%
Corporate Bonds and Notes	25.8%
Mortgage-Backed Securities	24.4%
International Debt	1.8%
United States Government Agencies	0.5%
Asset-Backed Securities	0.4%
Other	1.4%

Additional Information

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

Venerable Bond Index Fund 

Class V

VECVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Bond Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$30	0.61%

Key Fund Statistics

• Net Assets (thousands)$350,636
• Total Number of Portfolio Holdings 477
• Total Advisory Fees Paid (thousands) $405
• Portfolio Turnover Rate28%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	0.7%
Short-Term Investments	0.7%
Long-Term Fixed Income Investments	98.6%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
United States Government Treasuries	45.7%
Corporate Bonds and Notes	25.8%
Mortgage-Backed Securities	24.4%
International Debt	1.8%
United States Government Agencies	0.5%
Asset-Backed Securities	0.4%
Other	1.4%

Additional Information

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

Venerable Intermediate Corporate Bond Index Fund 

Class I

VEBIX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Intermediate Corporate Bond Index Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class I	$18	0.36%

Key Fund Statistics

• Net Assets (thousands)$920,007
• Total Number of Portfolio Holdings 489
• Total Advisory Fees Paid (thousands) $1,060
• Portfolio Turnover Rate22%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Other	1.3%
Short-Term Investments	0.2%
Long-Term Fixed Income Investments	98.5%

Long-Term Fixed Income Exposure

(% of Net Assets) 

Table Summary

Value	Value
Corporate Bonds and Notes	98.5%
Other	1.5%

Additional Information

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

Venerable Conservative Allocation Fund 

Class V

VCAVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Conservative Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$26	0.52%

Key Fund Statistics

• Net Assets (thousands)$148,080
• Total Number of Portfolio Holdings 4
• Total Advisory Fees Paid (thousands) $38
• Portfolio Turnover Rate5%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

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

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
Fixed Income	74.9%
Domestic Equities	17.7%
International Equities	7.5%
Other	(0.1)%

Additional Information

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

Venerable Conservative Appreciation Allocation Fund 

Class V

VIAVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Conservative Appreciation Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$25	0.50%

Key Fund Statistics

• Net Assets (thousands)$457,380
• Total Number of Portfolio Holdings 4
• Total Advisory Fees Paid (thousands) $116
• Portfolio Turnover Rate4%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
Fixed Income	60.0%
Domestic Equities	28.0%
International Equities	12.0%

Additional Information

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

Venerable World Conservative Allocation Fund 

Class V

VWCVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable World Conservative Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$4	0.08%

Key Fund Statistics

• Net Assets (thousands)$138,714
• Total Number of Portfolio Holdings 3
• Total Advisory Fees Paid (thousands) $21
• Portfolio Turnover Rate3%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
Fixed Income	59.9%
International Equities	40.1%

Additional Information

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

Venerable Moderate Allocation Fund 

Class V

VMAVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Moderate Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$9	0.17%

Key Fund Statistics

• Net Assets (thousands)$2,092,892
• Total Number of Portfolio Holdings 4
• Total Advisory Fees Paid (thousands) $524
• Portfolio Turnover Rate5%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
Domestic Equities	60.2%
Fixed Income	39.8%

Additional Information

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

Venerable Moderate Appreciation Allocation Fund 

Class V

VIIVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Moderate Appreciation Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$25	0.49%

Key Fund Statistics

• Net Assets (thousands)$975,703
• Total Number of Portfolio Holdings 4
• Total Advisory Fees Paid (thousands) $244
• Portfolio Turnover Rate3%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
Domestic Equities	42.2%
Fixed Income	39.8%
International Equities	18.0%

Additional Information

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

Venerable World Moderate Allocation Fund 

Class V

VWMVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable World Moderate Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$10	0.20%

Key Fund Statistics

• Net Assets (thousands)$368,303
• Total Number of Portfolio Holdings 3
• Total Advisory Fees Paid (thousands) $92
• Portfolio Turnover Rate3%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
International Equities	60.2%
Fixed Income	39.8%

Additional Information

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

Venerable Appreciation Allocation Fund 

Class V

VAAVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable Appreciation Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$25	0.49%

Key Fund Statistics

• Net Assets (thousands)$1,533,953
• Total Number of Portfolio Holdings 3
• Total Advisory Fees Paid (thousands) $382
• Portfolio Turnover Rate3%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
Domestic Equities	52.8%
Fixed Income	24.7%
International Equities	22.5%

Additional Information

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

Venerable World Appreciation Allocation Fund 

Class V

VEDVX 

Semi-Annual Shareholder Report

June 30, 2026 

This semi-annual shareholder report contains important information about Venerable World Appreciation Allocation Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class V	$8	0.16%

Key Fund Statistics

• Net Assets (thousands)$373,678
• Total Number of Portfolio Holdings 3
• Total Advisory Fees Paid (thousands) $93
• Portfolio Turnover Rate2%

Graphical Representation of Holdings

Asset Type Exposure

Table Summary

Value	Value
Investments in Affiliated Funds	100.0%

Underlying Affiliated Fund Type Exposure

(% of Net Assets) 

Table Summary

Value	Value
International Equities	75.2%
Fixed Income	24.8%

Additional Information

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

Item 2. Code of Ethics.

Annual Report Only.

Item 3. Audit Committee Financial Expert.

Annual Report Only.

Item 4. Principal Accountant Fees and Services.

Annual Report Only.

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

2026

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Venerable

Variable

Insurance

Trust

June

30,

2026

(Unaudited)

FUND

Venerable

US

Large

Cap

Core

Equity

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

US

Small

Cap

Fund

Venerable

Real

Estate

Fund

Venerable

International

Equity

Fund

Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Inflation

Focused

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Small

Cap

Index

Fund

Venerable

International

Index

Fund

Venerable

Bond

Index

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

Conservative

Allocation

Fund

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

World

Conservative

Allocation

Fund

Venerable

Moderate

Allocation

Fund

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

World

Moderate

Allocation

Fund

Venerable

Appreciation

Allocation

Fund

Venerable

World

Appreciation

Allocation

Fund

Venerable

Variable

Insurance

Trust

Venerable

Variable

Insurance

Trust

is

a

series

investment

company

with

twenty-four

different

investment

portfolios

referred

to

as

Funds.

Page

Venerable

US

Large

Cap

Core

Equity

Fund

(Form

N-CSR

Item

7)

3

Venerable

US

Large

Cap

Strategic

Equity

Fund

(Form

N-CSR

Item

7)

12

Venerable

US

Small

Cap

Fund

(Form

N-CSR

Item

7)

22

Venerable

Real

Estate

Fund

(Form

N-CSR

Item

7)

37

Venerable

International

Equity

Fund

(Form

N-CSR

Item

7)

43

Venerable

Emerging

Markets

Equity

Fund

(Form

N-CSR

Item

7)

52

Venerable

World

Equity

Fund

(Form

N-CSR

Item

7)

64

Venerable

High

Yield

Fund

(Form

N-CSR

Item

7)

78

Venerable

Strategic

Bond

Fund

(Form

N-CSR

Item

7)

88

Venerable

Inflation

Focused

Fund

(Form

N-CSR

Item

7)

104

Venerable

Large

Cap

Index

Fund

(Form

N-CSR

Item

7)

116

Venerable

Mid

Cap

Index

Fund

(Form

N-CSR

Item

7)

126

Venerable

Small

Cap

Index

Fund

(Form

N-CSR

Item

7)

140

Venerable

International

Index

Fund

(Form

N-CSR

Item

7)

164

Venerable

Bond

Index

Fund

(Form

N-CSR

Item

7)

178

Venerable

Intermediate

Corporate

Bond

Index

Fund

(Form

N-CSR

Item

7)

192

Venerable

Conservative

Allocation

Fund

(Form

N-CSR

Item

7)

207

Venerable

Conservative

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

212

Venerable

World

Conservative

Allocation

Fund

(Form

N-CSR

Item

7)

217

Venerable

Moderate

Allocation

Fund

(Form

N-CSR

Item

7)

222

Venerable

Moderate

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

227

Venerable

World

Moderate

Allocation

Fund

(Form

N-CSR

Item

7)

232

Venerable

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

237

Venerable

World

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

242

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

247

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

248

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

249

Basis

for

Approval

of

Investment

Advisory

Contracts

(Form

N-CSR

Item

11)

273

Adviser,

Sub-Advisers

and

Service

Providers

282

Venerable

Variable

Insurance

Trust

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2026

(Unaudited)

Table

of

Contents

Venerable

Variable

Insurance

Trust

(the

“Trust”)

The

Trust’s

investment

adviser

is

Venerable

Investment

Advisers,

LLC

(the

"Adviser").

The

Adviser

is

a

wholly-

owned

subsidiary

of

Venerable

Holdings,

Inc.

("Venerable").

Created

by

an

investor

group

led

by

affiliates

of

Apollo

Global

Management,

Inc.,

Crestview

Partners,

and

Reverence

Capital

Partners,

Venerable

owns

and

manages

legacy

variable

annuity

business

acquired

from

other

entities.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

The

Funds

are

distributed

by

Russell

Investments

Financial

Services,

LLC*

(the

“Distributor”)

(member

FINRA),

which

is

not

affiliated

with

the

Adviser.

The

Distributor

will

make

payments

to

financial

intermediaries,

including

to

Directed

Services

LLC

(“DSL”),

an

affiliate

of

the

Adviser

to

the

Trust

which

will

provide

distribution-related

services

to

the

Trust.

*

Effective

July

1,

2026,

Directed

Services,

LLC

serves

as

the

Trust's

distributor.

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

3

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Common

Stocks

-

97.6%

Consumer

Discretionary

-

11.5%

Amazon.com,

Inc.(Æ)

97,578

23,257

AutoZone,

Inc.(Æ)

412

1,317

Axon

Enterprise,

Inc.(Æ)

714

400

Best

Buy

Co.,

Inc.

8,342

633

Carnival

Corp.,

Ltd.

14,950

427

Charter

Communications,

Inc.

Class

A(Æ)

1,640

233

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

27,717

942

Comcast

Corp.

Class

A

23,518

577

Costco

Wholesale

Corp.

1,385

1,296

Coupang,

Inc.(Æ)

34,304

596

Deckers

Outdoor

Corp.(Æ)

9,382

932

Dollar

General

Corp.

3,340

384

Domino's

Pizza,

Inc.

1,739

515

eBay,

Inc.

8,039

898

Expedia

Group,

Inc.

1,331

341

Ford

Motor

Co.

40,526

563

General

Motors

Co.

48,458

3,735

Hilton

Worldwide

Holdings,

Inc.

1,472

486

Home

Depot,

Inc.

(The)

8,467

2,986

Las

Vegas

Sands

Corp.

7,192

332

Lear

Corp.

5,622

754

Lennar

Corp.

Class

A

3,915

354

Lowe's

Cos.,

Inc.

16,178

3,567

Marriott

International,

Inc.

Class

A

2,239

830

McDonald's

Corp.

11,661

3,152

Netflix,

Inc.

Class

B(Æ)

32,808

2,343

NIKE,

Inc.

Class

B

8,643

355

O'Reilly

Automotive,

Inc.(Æ)

4,777

440

QXO,

Inc.(Æ)

19,378

335

Royal

Caribbean

Cruises,

Ltd.

1,996

634

RTX

Corp.

8,035

1,524

Target

Corp.

18,458

2,411

Tesla,

Inc.(Æ)

12,059

5,072

TJX

Cos.,

Inc.

(The)

4,042

612

Versant

Media

Group,

Inc.

940

34

Walmart,

Inc.

42,650

4,831

Walt

Disney

Co.

(The)

31,141

2,997

Wayfair,

Inc.

Class

A(Æ)

1,632

151

Williams-Sonoma,

Inc.

4,339

1,011

Yum!

Brands,

Inc.

2,588

414

72,671

Consumer

Staples

-

2.0%

Altria

Group,

Inc.

8,250

593

Archer-Daniels-Midland

Co.

13,804

1,055

Church

&

Dwight

Co.,

Inc.

5,933

575

Clorox

Co.

(The)

3,976

379

Coca-Cola

Co.

(The)

9,673

786

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

6,191

489

Kenvue,

Inc.

13,118

251

Kroger

Co.

(The)

6,173

343

Mondelez

International,

Inc.

Class

A

49,893

2,886

Monster

Beverage

Corp.(Æ)

7,358

707

PepsiCo,

Inc.

5,167

700

Philip

Morris

International,

Inc.

5,511

997

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Procter

&

Gamble

Co.

(The)

6,734

987

Smithfield

Foods,

Inc.

7,279

176

Sysco

Corp.

10,791

902

Tyson

Foods,

Inc.

Class

A

15,786

904

12,730

Energy

-

3.4%

Baker

Hughes

Co.

67,667

3,756

Chevron

Corp.

4,867

807

Devon

Energy

Corp.

11,280

466

Eaton

Corp.

PLC

12,406

5,286

EOG

Resources,

Inc.

4,527

587

Exxon

Mobil

Corp.

27,683

3,785

First

Solar,

Inc.(Æ)

1,472

347

ONEOK,

Inc.

4,667

406

Phillips

66

14,024

2,371

SLB,

Ltd.

10,910

507

Valero

Energy

Corp.

9,746

2,538

Williams

Cos.,

Inc.

(The)

9,455

703

21,559

Financial

Services

-

14.2%

Aflac,

Inc.

6,058

710

Allstate

Corp.

(The)

1,846

439

Ally

Financial,

Inc.

21,960

1,009

American

Express

Co.

12,412

4,198

American

International

Group,

Inc.

5,620

419

American

Tower

Corp.(ö)

8,840

1,446

Ameriprise

Financial,

Inc.

929

426

Aon

PLC

Class

A

1,501

498

Arthur

J

Gallagher

&

Co.

9,667

2,219

Bank

of

America

Corp.

59,641

3,398

Bank

of

New

York

Mellon

Corp.

(The)

19,296

2,790

Berkshire

Hathaway,

Inc.

Class

B(Æ)

18,767

9,391

BlackRock,

Inc.

653

628

Blackstone,

Inc.

Class

A

19,731

2,322

Brown

&

Brown,

Inc.

3,540

227

Camden

Property

Trust(ö)

9,810

1,123

Capital

One

Financial

Corp.

13,709

2,750

CBRE

Group,

Inc.

Class

A(Æ)

5,460

735

Charles

Schwab

Corp.

(The)

5,664

523

Chubb,

Ltd.

3,632

1,238

Citigroup,

Inc.

28,091

3,932

CME

Group,

Inc.

Class

A

1,772

391

CNA

Financial

Corp.

6,537

318

Corebridge

Financial,

Inc.

12,638

362

Essex

Property

Trust,

Inc.(ö)

3,960

1,155

Everest

Group,

Ltd.

2,365

845

Globe

Life,

Inc.

1,261

225

Goldman

Sachs

Group,

Inc.

(The)

1,185

1,198

Interactive

Brokers

Group,

Inc.

Class

A

22,918

1,995

Intercontinental

Exchange,

Inc.

8,333

1,026

Jefferies

Financial

Group,

Inc.

4,738

237

KKR

&

Co.,

Inc.

Class

A

2,986

274

Marsh

&

McLennan

Cos.,

Inc.

2,400

400

Mastercard,

Inc.

Class

A

11,622

5,969

MetLife,

Inc.

6,369

539

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

Venerable

US

Large

Cap

Core

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Millrose

Properties,

Inc.

Class

A(ö)

4,449

134

Moody's

Corp.

6,577

2,979

Morgan

Stanley

17,780

3,717

Northern

Trust

Corp.

4,156

723

NU

Holdings,

Ltd.

Class

A(Æ)

62,933

841

Popular,

Inc.

1,689

277

Progressive

Corp.

(The)

8,850

1,933

Prologis,

Inc.(ö)

23,280

3,154

Prudential

Financial,

Inc.

10,694

1,154

Public

Storage(ö)

1,253

399

Realty

Income

Corp.(ö)

6,518

404

Reinsurance

Group

of

America,

Inc.

Class

A

4,944

1,051

Robinhood

Markets,

Inc.

Class

A(Æ)

806

81

Rocket

Cos.,

Inc.

Class

A(Æ)

58,923

928

S&P

Global,

Inc.

986

402

State

Street

Corp.

4,106

696

Stifel

Financial

Corp.

6,577

459

Travelers

Cos.,

Inc.

(The)

2,776

916

Truist

Financial

Corp.

9,067

452

US

Bancorp

15,948

963

VICI

Properties,

Inc.(ö)

11,647

309

Visa,

Inc.

Class

A

19,600

6,725

Wells

Fargo

&

Co.

56,862

4,699

Welltower,

Inc.(ö)

2,534

575

89,326

Health

Care

-

9.4%

Abbott

Laboratories

5,959

541

AbbVie,

Inc.

15,084

3,796

Agilent

Technologies,

Inc.

2,467

328

Align

Technology,

Inc.(Æ)

4,758

803

Amgen,

Inc.

1,154

418

Becton

Dickinson

&

Co.

1,874

284

Boston

Scientific

Corp.(Æ)

7,695

328

Bristol-Myers

Squibb

Co.

7,619

439

Cardinal

Health,

Inc.

1,660

394

Cencora,

Inc.

Class

A

1,138

322

Centene

Corp.(Æ)

7,997

513

Cigna

Group

(The)

2,348

647

CVS

Health

Corp.

4,745

491

Danaher

Corp.

22,207

4,230

Dexcom,

Inc.(Æ)

3,786

255

Edwards

Lifesciences

Corp.(Æ)

39,599

3,582

Elevance

Health,

Inc.

1,774

686

Eli

Lilly

&

Co.

4,940

5,925

GE

HealthCare

Technologies,

Inc.

10,347

662

Gilead

Sciences,

Inc.

5,321

672

HCA

Healthcare,

Inc.

819

319

Humana,

Inc.

453

180

IDEXX

Laboratories,

Inc.(Æ)

136

72

Incyte

Corp.(Æ)

4,798

544

Intuitive

Surgical,

Inc.(Æ)

1,119

445

Johnson

&

Johnson

34,058

8,650

Labcorp

Holdings,

Inc.

8,882

2,487

McKesson

Corp.

2,875

2,172

Medtronic

PLC

39,263

3,072

Merck

&

Co.,

Inc.

8,813

1,132

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Neurocrine

Biosciences,

Inc.(Æ)

2,482

418

Pfizer,

Inc.

15,262

368

Quest

Diagnostics,

Inc.

1,837

389

Regeneron

Pharmaceuticals,

Inc.

4,265

2,659

ResMed,

Inc.

1,288

251

Stryker

Corp.

15,606

4,913

Thermo

Fisher

Scientific,

Inc.

674

338

Ultragenyx

Pharmaceutical,

Inc.(Æ)

6,801

227

UnitedHealth

Group,

Inc.

2,400

998

Vertex

Pharmaceuticals,

Inc.(Æ)

6,239

3,099

West

Pharmaceutical

Services,

Inc.

2,740

984

59,033

Materials

and

Processing

-

4.5%

Air

Products

and

Chemicals,

Inc.

1,343

394

Carrier

Global

Corp.

12,586

923

Crown

Holdings,

Inc.

9,649

1,079

Ecolab,

Inc.

2,011

560

Fastenal

Co.

11,738

564

Freeport-McMoRan,

Inc.

9,060

570

General

Electric

Co.

14,801

5,531

James

Hardie

Industries

PLC(Æ)

17,661

462

Johnson

Controls

International

PLC

3,591

525

Linde

PLC

7,066

3,667

Newmont

Corp.

7,797

728

Owens

Corning

7,740

1,230

Qnity

Electronics,

Inc.

27,327

4,463

Reliance,

Inc.

2,384

891

Sherwin-Williams

Co.

(The)

3,218

1,108

Solstice

Advanced

Materials,

Inc.

2,478

219

Trane

Technologies

PLC

4,261

2,093

Vulcan

Materials

Co.

10,148

2,994

Watsco,

Inc.

1,200

500

28,501

Producer

Durables

-

8.5%

3M

Co.

2,807

454

AMETEK,

Inc.

12,241

2,962

Amphenol

Corp.

Class

A

37,943

6,690

AO

Smith

Corp.

2,846

178

Automatic

Data

Processing,

Inc.

1,829

410

Boeing

Co.

(The)(Æ)

1,797

389

Caterpillar,

Inc.

1,461

1,556

Cintas

Corp.

2,443

415

Comfort

Systems

USA,

Inc.

1,189

2,357

CSX

Corp.

11,573

550

Deere

&

Co.

2,744

1,741

Delta

Air

Lines,

Inc.

7,182

673

EMCOR

Group,

Inc.

1,732

1,437

FedEx

Corp.

2,354

737

FedEx

Freight

Holding

Co.,

Inc.(Æ)

1,177

178

Gartner,

Inc.(Æ)

1,171

152

GE

Vernova,

Inc.

1,894

2,225

Graco,

Inc.

7,043

532

HEICO

Corp.

3,641

1,297

Honeywell

Aerospace,

Inc.(Æ)

5,494

1,215

Honeywell

International,

Inc.

5,494

1,230

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Howmet

Aerospace,

Inc.

8,004

2,152

Huntington

Ingalls

Industries,

Inc.

1,929

540

Illinois

Tool

Works,

Inc.

1,507

408

Keysight

Technologies,

Inc.(Æ)

2,479

868

Knight-Swift

Transportation

Holdings,

Inc.

5,351

417

Landstar

System,

Inc.

4,290

887

Lockheed

Martin

Corp.

3,838

1,955

Mettler-Toledo

International,

Inc.(Æ)

1,349

1,723

Norfolk

Southern

Corp.

1,457

458

Northrop

Grumman

Corp.

3,631

1,849

Old

Dominion

Freight

Line,

Inc.

1,696

367

Otis

Worldwide

Corp.

9,039

647

PACCAR,

Inc.

5,128

616

Parker-Hannifin

Corp.

293

287

Paychex,

Inc.

3,918

385

Quanta

Services,

Inc.

1,032

743

Republic

Services,

Inc.

Class

A

2,193

467

Rockwell

Automation,

Inc.

923

457

Ryder

System,

Inc.

3,415

901

Southwest

Airlines

Co.

25,766

1,325

StandardAero,

Inc.(Æ)

12,519

374

Teledyne

Technologies,

Inc.(Æ)

824

550

TransDigm

Group,

Inc.

1,969

2,623

Union

Pacific

Corp.

6,681

1,817

United

Airlines

Holdings,

Inc.(Æ)

4,367

594

United

Parcel

Service,

Inc.

Class

B

4,147

446

United

Rentals,

Inc.

1,148

1,301

Verisk

Analytics,

Inc.

Class

A

1,239

222

Waste

Management,

Inc.

2,879

642

Westinghouse

Air

Brake

Technologies

Corp.

1,831

494

53,893

Technology

-

41.0%

Accenture

PLC

Class

A

4,995

622

Adobe,

Inc.(Æ)

8,451

1,733

Advanced

Micro

Devices,

Inc.(Æ)

6,253

3,632

Airbnb,

Inc.

Class

A(Æ)

3,123

447

Alphabet,

Inc.

Class

A

43,186

15,433

Alphabet,

Inc.

Class

C

52,722

18,628

Analog

Devices,

Inc.

8,422

3,345

Appfolio,

Inc.

Class

A(Æ)

3,008

482

Apple,

Inc.

110,804

32,062

Applied

Materials,

Inc.

5,653

4,087

Arista

Networks,

Inc.(Æ)

8,586

1,459

Autodesk,

Inc.(Æ)

1,445

281

Booking

Holdings,

Inc.

15,125

2,696

Broadcom,

Inc.

45,733

17,276

Broadridge

Financial

Solutions,

Inc.

1,539

211

Cadence

Design

Systems,

Inc.(Æ)

10,812

4,058

Cirrus

Logic,

Inc.(Æ)

3,865

574

Cisco

Systems,

Inc.

16,575

1,947

Cognizant

Technology

Solutions

Corp.

Class

A

8,732

338

Corteva,

Inc.

5,234

443

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

2,321

1,771

Datadog,

Inc.

Class

A(Æ)

2,558

666

DocuSign,

Inc.(Æ)

7,957

353

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

DoorDash,

Inc.

Class

A(Æ)

5,341

986

Dropbox,

Inc.

Class

A(Æ)

42,811

1,176

Fiserv,

Inc.(Æ)

5,696

279

Fortinet,

Inc.(Æ)

21,598

3,318

Hewlett

Packard

Enterprise

Co.

18,529

836

Intel

Corp.(Æ)

17,760

2,480

International

Business

Machines

Corp.

4,221

1,187

Intuit,

Inc.

6,175

1,612

KLA

Corp.

19,780

5,968

Lam

Research

Corp.

15,085

6,537

Manhattan

Associates,

Inc.(Æ)

5,864

817

Maplebear,

Inc.(Æ)

17,946

850

Match

Group,

Inc.

23,601

898

Meta

Platforms,

Inc.

Class

A

23,001

12,956

Micron

Technology,

Inc.

12,464

14,387

Microsoft

Corp.

55,762

20,800

Monolithic

Power

Systems,

Inc.

636

879

Motorola

Solutions,

Inc.

1,713

711

Nutanix,

Inc.

Class

A(Æ)

12,045

614

NVIDIA

Corp.

187,084

37,434

NXP

Semiconductors

NV

15,024

4,222

ON

Semiconductor

Corp.(Æ)

6,959

658

Oracle

Corp.

20,592

3,018

Palantir

Technologies,

Inc.

Class

A(Æ)

14,506

1,692

Palo

Alto

Networks,

Inc.(Æ)

4,271

1,456

PayPal

Holdings,

Inc.

5,146

222

Pegasystems,

Inc.

7,886

236

QUALCOMM,

Inc.

7,758

1,434

Roku,

Inc.(Æ)

6,878

950

Roper

Technologies,

Inc.

2,101

711

Salesforce,

Inc.

4,798

752

Seagate

Technology

Holdings

PLC

1,098

1,060

ServiceNow,

Inc.(Æ)

24,711

2,453

Super

Micro

Computer,

Inc.(Æ)

9,751

286

Synopsys,

Inc.(Æ)

894

399

TE

Connectivity

PLC

2,592

523

Teradyne,

Inc.

4,107

1,987

Texas

Instruments,

Inc.

7,113

2,120

Tyler

Technologies,

Inc.(Æ)

758

222

Uber

Technologies,

Inc.(Æ)

7,618

550

VeriSign,

Inc.

6,281

1,580

Western

Digital

Corp.

6,316

4,034

Workday,

Inc.

Class

A(Æ)

1,710

209

Zscaler,

Inc.(Æ)

2,501

353

258,396

Utilities

-

3.1%

American

Electric

Power

Co.,

Inc.

4,236

580

AT&T,

Inc.

32,578

674

ConocoPhillips

29,789

3,097

Consolidated

Edison,

Inc.

3,799

420

Duke

Energy

Corp.

3,648

462

Entergy

Corp.

15,208

1,747

Exelon

Corp.

12,661

590

NextEra

Energy,

Inc.

74,480

6,537

Public

Service

Enterprise

Group,

Inc.

10,843

880

Sempra

4,896

454

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

Venerable

US

Large

Cap

Core

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Southern

Co.

(The)

17,490

1,674

T-Mobile

US,

Inc.

3,197

536

Verizon

Communications,

Inc.

18,701

792

WEC

Energy

Group,

Inc.

3,527

412

Xcel

Energy,

Inc.

5,364

431

19,286

Total

Common

Stocks

(cost

$544,514)

615,395

Short-Term

Investments

-

2.4%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

14,952,870

14,953

Total

Short-Term

Investments

(cost

$14,953)

14,953

Total

Investments

-

100.0%

(cost

$559,467)

630,348

Other

Assets

net

of

Liabilities

-

0.0%

66

Net

Assets

-

100.0%

630,414

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

7

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

36

USD

13,587

09/18/2026

88

Total

Futures

Contracts

(å)

88

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Consumer

Discretionary

$

72,671

$

—

$

—

$

72,671

Consumer

Staples

12,730

—

—

12,730

Energy

21,559

—

—

21,559

Financial

Services

89,326

—

—

89,326

Health

Care

59,033

—

—

59,033

Materials

and

Processing

28,501

—

—

28,501

Producer

Durables

53,893

—

—

53,893

Technology

258,396

—

—

258,396

Utilities

19,286

—

—

19,286

Short-Term

Investments

14,953

—

—

14,953

Total

Investments

630,348

—

—

630,348

Derivatives

Assets

Futures

Contracts

88

—

—

88

Total

Derivatives

*

$

88

$

—

$

—

$

88

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Brazil

..................................................................................................

841

0.1

Ireland

................................................................................................

622

0.1

Netherlands

........................................................................................

4,222

0.7

Puerto

Rico

.........................................................................................

277

—**

South

Korea

.......................................................................................

596

0.1

Switzerland

........................................................................................

52

2

0.1

United

States

......................................................................................

623,268

98.9

Total

Investments

...............................................................................

630,348

100.0

**

Less

than

.05%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

Venerable

US

Large

Cap

Core

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

559,467

Investments,

at

fair

value

.............................................................................................................................................................

630,348

Receivables:

Dividends

and

interest

......................................................................................................................................................

327

From

broker(a)

.................................................................................................................................................................

902

Variation

margin

on

futures

contracts

..............................................................................................................................

86

Prepaid

expenses

..........................................................................................................................................................................

17

Total

assets

...............................................................................................................................................................

631,680

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

834

Accrued

fees

to

affiliates

..................................................................................................................................................

378

Other

accrued

expenses

....................................................................................................................................................

54

Total

liabilities

...........................................................................................................................................................

1,266

Net

Assets

...............................................................................................................................................................

$

630,414

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

72,854

Paid-in

capital

..............................................................................................................................................................................

557,560

Net

Assets

...............................................................................................................................................................

$

630,414

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

902

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

11.39

Class

I

—

Net

assets

............................................................................................................................................................

$

630,413,620

Class

I

—

Shares

outstanding

..............................................................................................................................................

55,352,760

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

9

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

3,820

Interest

..............................................................................................................................................................................

18

Total

investment

income

.............................................................................................................................................................

3,838

Expenses

Advisory

fees

...................................................................................................................................................................

1,892

Administrative

fees

..........................................................................................................................................................

378

Professional

fees

..............................................................................................................................................................

37

Trustees’

fees

....................................................................................................................................................................

11

Printing

fees

.....................................................................................................................................................................

4

Offering

fees

.....................................................................................................................................................................

16

Miscellaneous

..................................................................................................................................................................

9

Total

expenses

..............................................................................................................................................................................

2,347

Net

investment

income

(loss)

.......................................................................................................................................................

1,491

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(785)

Futures

contracts

..............................................................................................................................................................

1,451

Net

realized

gain

(loss)

................................................................................................................................................................

666

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

47,572

Futures

contracts

..............................................................................................................................................................

64

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

47,636

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

48,302

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

49,793

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

Venerable

US

Large

Cap

Core

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

1,491

$

1,153

Net

realized

gain

(loss)

................................................................................................................

666

1,112

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

47,636

23,333

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

49,793

25,598

Distributions

To

shareholders

Class

I

......................................................................................................................................

(2,537)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(2,537)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(72,158)

629,718

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(24,902)

655,316

Net

Assets

Beginning

of

period

...........................................................................................................................

655,316

—

End

of

period

......................................................................................................................................

$

630,414

$

655,316

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

—

$

—

66,319

$

675,660

Proceeds

from

reinvestment

of

distributions

225

2,537

—

—

Payments

for

shares

redeemed

(6,798)

(74,695)

(4,393)

(45,942)

Total

increase

(decrease)

(6,573)

$

(72,158)

61,926

$

629,718

(1)

For

the

period

August

8,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

11

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Core

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

(℔)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.58‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.03‌

.03‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.83‌

.55‌

$

Total

from

Investment

Operations

.86‌

.58‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.05‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.39‌

10.58‌

%

Total

Return

(

±)(

ǿ)

8.09‌

5.80‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

630,414‌

655,316‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.74‌

.76‌

%

Expenses,

Net

(Ƃ)(ɯ)

.74‌

.75‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.47‌

.53‌

%

Portfolio

Turnover

Rate

(ǿ)

8‌

13‌

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Common

Stocks

-

97.9%

Consumer

Discretionary

-

12.3%

Amazon.com,

Inc.(Æ)

397,825

94,818

Bath

&

Body

Works,

Inc.

70,171

1,623

Best

Buy

Co.,

Inc.

29,473

2,236

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

55,862

4,872

BorgWarner,

Inc.

15,854

1,053

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

179,733

6,111

Comcast

Corp.

Class

A

234,198

5,750

Costco

Wholesale

Corp.

10,808

10,111

Crocs,

Inc.(Æ)

11,658

1,406

Curtiss-Wright

Corp.

2,129

1,613

Darden

Restaurants,

Inc.

3,568

735

Deckers

Outdoor

Corp.(Æ)

19,927

1,979

Dillard's,

Inc.

Class

A

216

114

Dollar

General

Corp.

9,502

1,094

Dollar

Tree,

Inc.(Æ)

16,249

1,965

DR

Horton,

Inc.

20,468

3,334

Duolingo,

Inc.(Æ)

4,101

472

eBay,

Inc.

13,823

1,545

Expedia

Group,

Inc.

14,043

3,593

FactSet

Research

Systems,

Inc.

4,099

943

Ford

Motor

Co.

378,777

5,265

Fox

Corp.

Class

A

7,391

385

GameStop

Corp.

Class

A(Æ)

5,824

129

Gap,

Inc.

(The)

11,469

214

Garmin,

Ltd.

1,934

459

General

Motors

Co.

255,705

19,710

Hasbro,

Inc.

2,969

245

Hilton

Worldwide

Holdings,

Inc.

45,130

14,914

Home

Depot,

Inc.

(The)

9,819

3,463

Las

Vegas

Sands

Corp.

23,199

1,072

Live

Nation

Entertainment,

Inc.(Æ)

31,002

5,677

Lowe's

Cos.,

Inc.

16,100

3,550

Macy's,

Inc.

87,752

2,067

Marriott

International,

Inc.

Class

A

4,087

1,515

Netflix,

Inc.

Class

B(Æ)

309,830

22,122

News

Corp.

Class

A

11,644

289

NVR,

Inc.(Æ)

66

450

Penske

Automotive

Group,

Inc.

2,112

378

PulteGroup,

Inc.

68,952

9,461

Ross

Stores,

Inc.

18,149

3,863

Royal

Caribbean

Cruises,

Ltd.

4,863

1,544

RTX

Corp.

64,104

12,162

Service

Corp.

International

4,443

337

Sirius

Xm

Holdings,

Inc.

6,131

181

Space

Exploration

Technologies

Corp.

Class

A(Æ)

24,641

4,210

Starbucks

Corp.

28,181

2,880

Tapestry,

Inc.

19,204

2,811

Target

Corp.

38,054

4,970

Tesla,

Inc.(Æ)

103,221

43,415

TJX

Cos.,

Inc.

(The)

17,092

2,589

Toll

Brothers,

Inc.

2,951

486

Ulta

Beauty,

Inc.(Æ)

1,045

471

Viking

Holdings,

Ltd.(Æ)

5,259

550

Walmart,

Inc.

119,715

13,559

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Walt

Disney

Co.

(The)

103,570

9,969

Williams-Sonoma,

Inc.

3,922

914

Zillow

Group,

Inc.

Class

A(Æ)

29,313

920

342,563

Consumer

Staples

-

3.1%

Albertsons

Cos.,

Inc.

Class

A

104,715

1,417

Altria

Group,

Inc.

126,170

9,078

Archer-Daniels-Midland

Co.

43,336

3,311

BellRing

Brands,

Inc.(Æ)

63,363

820

Boston

Beer

Co.,

Inc.

(The)

Class

A(Æ)

6,058

1,072

Brown-Forman

Corp.

Class

B

5,056

135

Casey's

General

Stores,

Inc.

676

537

Coca-Cola

Co.

(The)

216,400

17,587

Coca-Cola

Consolidated,

Inc.

3,068

586

Colgate-Palmolive

Co.

33,996

3,117

Constellation

Brands,

Inc.

Class

A

3,172

441

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

6,508

514

Flowers

Foods,

Inc.

156,670

1,238

Hormel

Foods

Corp.

10,155

252

JM

Smucker

Co.

(The)

1,990

224

Kroger

Co.

(The)

92,799

5,153

Molson

Coors

Beverage

Co.

Class

B

2,384

93

Mondelez

International,

Inc.

Class

A

29,724

1,719

Monster

Beverage

Corp.(Æ)

66,319

6,375

PepsiCo,

Inc.

53,666

7,266

Philip

Morris

International,

Inc.

78,278

14,161

Procter

&

Gamble

Co.

(The)

67,136

9,845

Sysco

Corp.

14,671

1,226

Tyson

Foods,

Inc.

Class

A

7,588

434

86,601

Energy

-

2.8%

Antero

Resources

Corp.(Æ)

8,257

290

Diamondback

Energy,

Inc.

8,793

1,546

Eaton

Corp.

PLC

26,864

11,447

EOG

Resources,

Inc.

18,625

2,416

Exxon

Mobil

Corp.

264,269

36,131

First

Solar,

Inc.(Æ)

2,938

693

Halliburton

Co.

25,805

876

HF

Sinclair

Corp.

15,253

1,062

Kinder

Morgan,

Inc.

68,206

2,181

Marathon

Petroleum

Corp.

10,555

2,699

Phillips

66

12,346

2,087

Range

Resources

Corp.

7,415

276

TechnipFMC

PLC

29,172

1,934

Valero

Energy

Corp.

53,183

13,851

77,489

Financial

Services

-

13.0%

Affiliated

Managers

Group,

Inc.

211

71

Aflac,

Inc.

12,147

1,424

Allstate

Corp.

(The)

66,627

15,853

Ally

Financial,

Inc.

5,098

234

American

Express

Co.

8,574

2,900

American

Financial

Group,

Inc.

1,491

209

American

International

Group,

Inc.

46,797

3,488

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

13

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Ameriprise

Financial,

Inc.

2,086

957

Aon

PLC

Class

A

2,728

905

Arch

Capital

Group,

Ltd.(Æ)

6,934

673

Assurant,

Inc.

1,059

284

Assured

Guaranty,

Ltd.

8,717

699

Axis

Capital

Holdings,

Ltd.

1,918

206

Bank

of

America

Corp.

452,582

25,788

Bank

of

New

York

Mellon

Corp.

(The)

40,364

5,837

Berkshire

Hathaway,

Inc.

Class

B(Æ)

13,807

6,909

Blackstone,

Inc.

Class

A

30,739

3,617

Brookfield

Asset

Management,

Ltd.

Class

A

42,987

1,928

Capital

One

Financial

Corp.

49,281

9,887

Cboe

Global

Markets,

Inc.

2,171

527

Charles

Schwab

Corp.

(The)

216,154

19,945

Chubb,

Ltd.

5,024

1,712

Cincinnati

Financial

Corp.

3,574

662

Citigroup,

Inc.

243,458

34,074

Citizens

Financial

Group,

Inc.

8,204

575

Cullen/Frost

Bankers,

Inc.

1,070

165

East

West

Bancorp,

Inc.

2,535

327

Equinix,

Inc.(ö)

494

515

Evercore,

Inc.

Class

A

211

72

Everest

Group,

Ltd.

1,055

377

Fidelity

National

Financial,

Inc.

5,097

240

First

Citizens

BancShares

,

Inc.

Class

A

568

1,182

First

Horizon

Corp.

8,306

213

Globe

Life,

Inc.

1,276

228

Goldman

Sachs

Group,

Inc.

(The)

25,741

26,034

Hartford

Insurance

Group,

Inc.

(The)

6,297

835

Invesco,

Ltd.

5,988

158

Jones

Lang

LaSalle,

Inc.(Æ)

1,266

392

JPMorgan

Chase

&

Co.

68,550

22,438

KeyCorp

16,669

384

Loews

Corp.

4,841

548

M&T

Bank

Corp.

6,822

1,624

Markel

Group,

Inc.(Æ)

211

412

Marsh

&

McLennan

Cos.,

Inc.

10,236

1,706

Mastercard,

Inc.

Class

A

48,261

24,787

MetLife,

Inc.

15,292

1,294

MGIC

Investment

Corp.

189,721

5,350

Morgan

Stanley

68,829

14,388

Morningstar,

Inc.

5,470

853

Northern

Trust

Corp.

17,955

3,121

Old

Republic

International

Corp.

5,536

227

PNC

Financial

Services

Group,

Inc.

(The)

7,327

1,804

Popular,

Inc.

1,070

176

Primerica,

Inc.

850

242

Principal

Financial

Group,

Inc.

5,048

544

Progressive

Corp.

(The)

2,749

601

Prologis,

Inc.(ö)

87,752

11,888

Prudential

Financial,

Inc.

6,721

725

Raymond

James

Financial,

Inc.

4,620

702

Regions

Financial

Corp.

16,844

509

Reinsurance

Group

of

America,

Inc.

Class

A

1,064

226

RenaissanceRe

Holdings,

Ltd.

19,457

6,166

SEI

Investments

Co.

50,752

4,451

Simon

Property

Group,

Inc.(ö)

11,037

2,468

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

SouthState

Bank

Corp.

422

42

State

Street

Corp.

22,814

3,869

Stifel

Financial

Corp.

2,875

201

Sun

Communities,

Inc.(ö)

58,543

7,020

Synchrony

Financial

39,205

2,982

T

Rowe

Price

Group,

Inc.

30,700

3,490

Travelers

Cos.,

Inc.

(The)

10,460

3,453

Truist

Financial

Corp.

21,177

1,055

UMB

Financial

Corp.

423

60

Unum

Group

3,594

321

US

Bancorp

25,339

1,531

VICI

Properties,

Inc.(ö)

258,283

6,857

Visa,

Inc.

Class

A

127,473

43,735

Vornado

Realty

Trust(ö)

16,924

665

W.R.

Berkley

Corp.

8,415

594

Wells

Fargo

&

Co.

64,522

5,332

Western

Alliance

Bancorp

1,298

107

Western

Union

Co.

(The)

124,679

960

Willis

Towers

Watson

PLC

1,896

496

XP,

Inc.

Class

A

44,345

721

Zions

Bancorp

National

Association

1,938

134

361,361

Health

Care

-

10.5%

AbbVie,

Inc.

89,485

22,518

Alnylam

Pharmaceuticals,

Inc.(Æ)

7,809

2,351

Amgen,

Inc.

25,113

9,094

AstraZeneca

PLC

46,688

8,853

Becton

Dickinson

&

Co.

65,693

9,941

Biogen,

Inc.(Æ)

12,528

2,707

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

640

188

Boston

Scientific

Corp.(Æ)

71,225

3,040

Bristol-Myers

Squibb

Co.

75,722

4,363

Cardinal

Health,

Inc.

5,896

1,401

Cencora

,

Inc.

Class

A

5,236

1,482

Centene

Corp.(Æ)

55,054

3,534

Cigna

Group

(The)

10,948

3,018

Cooper

Cos,

Inc.

(The)(Æ)

2,566

184

CVS

Health

Corp.

37,224

3,851

Danaher

Corp.

4,841

922

DaVita,

Inc.(Æ)

854

190

Dexcom,

Inc.(Æ)

12,548

845

Edwards

Lifesciences

Corp.(Æ)

16,245

1,469

Elevance

Health,

Inc.

6,868

2,656

Eli

Lilly

&

Co.

26,845

32,199

Encompass

Health

Corp.

868

88

Exelixis

,

Inc.(Æ)

55,369

3,013

GE

HealthCare

Technologies,

Inc.

8,457

541

Gilead

Sciences,

Inc.

63,842

8,066

Globus

Medical,

Inc.

Class

A(Æ)

20,434

1,614

Halozyme

Therapeutics,

Inc.(Æ)

3,191

250

HCA

Healthcare,

Inc.

7,320

2,854

Henry

Schein,

Inc.(Æ)

3,181

266

IDEXX

Laboratories,

Inc.(Æ)

14,976

7,884

Illumina,

Inc.(Æ)

9,036

1,589

Incyte

Corp.(Æ)

8,695

986

Intuitive

Surgical,

Inc.(Æ)

42,135

16,756

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

IQVIA

Holdings,

Inc.(Æ)

6,091

1,177

Jazz

Pharmaceuticals

PLC(Æ)

1,270

306

Johnson

&

Johnson

95,003

24,128

Labcorp

Holdings,

Inc.

2,312

647

McKesson

Corp.

12,732

9,620

Medpace

Holdings,

Inc.(Æ)

3,061

1,621

Medtronic

PLC

40,648

3,180

Merck

&

Co.,

Inc.

49,462

6,356

Neurocrine

Biosciences,

Inc.(Æ)

3,575

602

Pfizer,

Inc.

105,313

2,536

Quest

Diagnostics,

Inc.

2,945

624

Regeneron

Pharmaceuticals,

Inc.

15,070

9,397

ResMed,

Inc.

5,698

1,110

Revvity

,

Inc.

1,503

167

Solventum

Corp.(Æ)

3,172

245

Stryker

Corp.

13,710

4,316

Tenet

Healthcare

Corp.(Æ)

12,226

2,287

Thermo

Fisher

Scientific,

Inc.

38,842

19,474

United

Therapeutics

Corp.(Æ)

4,498

2,437

UnitedHealth

Group,

Inc.

39,833

16,556

Universal

Health

Services,

Inc.

Class

B

1,699

253

Veeva

Systems,

Inc.

Class

A(Æ)

14,484

2,570

Vertex

Pharmaceuticals,

Inc.(Æ)

43,108

21,413

Viatris

,

Inc.

30,964

492

West

Pharmaceutical

Services,

Inc.

4,411

1,583

Zimmer

Biomet

Holdings,

Inc.

5,269

454

292,264

Materials

and

Processing

-

3.4%

Acuity,

Inc.

847

319

Albemarle

Corp.

6,208

838

Alcoa

Corp.

6,957

363

Anglogold

Ashanti

PLC

24,503

1,982

ATI,

Inc.(Æ)

6,305

1,243

Ball

Corp.

8,215

513

CF

Industries

Holdings,

Inc.

34,925

3,781

Core

&

Main,

Inc.

Class

A(Æ)

5,098

246

CRH

PLC

8,389

898

Crown

Holdings,

Inc.

8,561

957

Dow,

Inc.

14,876

407

DuPont

de

Nemours,

Inc.

28,025

3,801

Fastenal

Co.

26,928

1,293

Freeport-McMoRan,

Inc.

199,830

12,567

General

Electric

Co.

36,737

13,730

Johnson

Controls

International

PLC

10,227

1,494

Linde

PLC

14,760

7,660

Masco

Corp.

31,381

2,553

Newmont

Corp.

54,421

5,083

Nucor

Corp.

12,260

2,731

PPG

Industries,

Inc.

6,925

840

Reliance,

Inc.

1,472

550

RPM

International,

Inc.

4,006

445

Sherwin-Williams

Co.

(The)

35,323

12,162

Southern

Copper

Corp.

13,560

2,363

Trane

Technologies

PLC

19,834

9,742

Trex

Co.,

Inc.(Æ)

13,640

683

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Vulcan

Materials

Co.

15,543

4,585

93,829

Producer

Durables

-

6.2%

3M

Co.

16,315

2,642

AGCO

Corp.

2,333

279

Allison

Transmission

Holdings,

Inc.

Class

A

1,573

177

Amphenol

Corp.

Class

A

9,210

1,624

AO

Smith

Corp.

3,617

227

Applied

Industrial

Technologies,

Inc.

3,309

1,119

Avery

Dennison

Corp.

2,321

377

Carlisle

Cos.,

Inc.

3,411

1,237

Caterpillar,

Inc.

20,682

22,024

CNH

Industrial

NV

22,845

257

Comfort

Systems

USA,

Inc.

1,770

3,508

Corpay

,

Inc.(Æ)

846

282

Cummins,

Inc.

6,008

4,285

Delta

Air

Lines,

Inc.

30,955

2,899

Dover

Corp.

2,314

519

FedEx

Corp.

26,849

8,407

FedEx

Freight

Holding

Co.,

Inc.(Æ)

14,615

2,207

Flowserve

Corp.

2,325

172

Fortive

Corp.

62,404

3,812

Gartner,

Inc.(Æ)

4,153

538

GE

Vernova

,

Inc.

12,054

14,162

General

Dynamics

Corp.

14,622

5,180

H&R

Block,

Inc.

35,718

1,360

Honeywell

Aerospace,

Inc.(Æ)

3,958

875

Honeywell

International,

Inc.

3,959

886

Howmet

Aerospace,

Inc.

7,891

2,122

Ingersoll

Rand,

Inc.

73,303

6,010

JB

Hunt

Transport

Services,

Inc.

9,820

2,842

Keysight

Technologies,

Inc.(Æ)

2,765

968

L3Harris

Technologies,

Inc.

5,589

1,624

Lockheed

Martin

Corp.

5,211

2,655

MarketAxess

Holdings,

Inc.

4,490

510

Mettler-Toledo

International,

Inc.(Æ)

907

1,159

Middleby

Corp.

(The)(Æ)

7,228

1,243

Mueller

Industries,

Inc.

15,386

1,891

Murphy

USA,

Inc.

1,442

777

Northrop

Grumman

Corp.

16,049

8,174

Oshkosh

Corp.

1,907

293

Parker-Hannifin

Corp.

1,446

1,414

Regal

Rexnord

Corp.

2,106

502

Ryder

System,

Inc.

11,640

3,070

Snap-on,

Inc.

1,682

677

Southwest

Airlines

Co.

260,672

13,404

Tetra

Tech,

Inc.

12,516

362

Textron,

Inc.

5,475

502

Toro

Co.

(The)

34,078

3,320

U-Haul

Holding

Co.

3,596

207

Union

Pacific

Corp.

5,872

1,597

United

Airlines

Holdings,

Inc.(Æ)

15,337

2,086

United

Parcel

Service,

Inc.

Class

B

22,595

2,429

United

Rentals,

Inc.

11,286

12,786

Veralto

Corp.

17,613

1,562

Vertiv

Holdings

Co.

Class

A

7,929

2,655

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

15

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

W.W.

Grainger,

Inc.

12,224

16,629

172,525

Technology

-

43.3%

Accenture

PLC

Class

A

16,678

2,075

Adobe,

Inc.(Æ)

29,036

5,953

Advanced

Micro

Devices,

Inc.(Æ)

63,204

36,716

Airbnb,

Inc.

Class

A(Æ)

70,059

10,025

Allegion

PLC

2,746

386

Alphabet,

Inc.

Class

A

318,971

113,991

Alphabet,

Inc.

Class

C

80,305

28,374

Analog

Devices,

Inc.

4,468

1,775

Apple,

Inc.

571,131

165,262

Applied

Materials,

Inc.

11,799

8,531

AppLovin

Corp.

Class

A(Æ)

2,296

1,183

Arista

Networks,

Inc.(Æ)

111,575

18,954

Arrow

Electronics,

Inc.(Æ)

2,844

607

Astera

Labs,

Inc.(Æ)

1,506

727

Atlassian

Corp.

Class

A(Æ)

16,590

1,291

Autodesk,

Inc.(Æ)

10,007

1,946

Block,

Inc.

Class

A(Æ)

19,837

1,508

Booking

Holdings,

Inc.

29,326

5,227

Broadcom,

Inc.

173,157

65,410

CACI

International,

Inc.

Class

A(Æ)

635

294

Cadence

Design

Systems,

Inc.(Æ)

25,120

9,428

Ciena

Corp.(Æ)

2,370

1,163

Cirrus

Logic,

Inc.(Æ)

18,475

2,744

Cisco

Systems,

Inc.

197,521

23,201

Coherent

Corp.(Æ)

15,404

6,076

Concentrix

Corp.

22,358

501

Corning,

Inc.

46,144

11,787

Corteva,

Inc.

116,297

9,849

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

894

682

Datadog,

Inc.

Class

A(Æ)

20,428

5,319

Dell

Technologies,

Inc.

Class

C

4,436

1,914

DocuSign,

Inc.(Æ)

58,855

2,614

Dropbox,

Inc.

Class

A(Æ)

95,974

2,636

Electronic

Arts,

Inc.

6,907

1,416

Etsy,

Inc.(Æ)

11,426

861

F5,

Inc.(Æ)

3,108

1,293

Fair

Isaac

Corp.(Æ)

3,194

3,816

Flex,

Ltd.(Æ)

3,595

583

Fortinet,

Inc.(Æ)

15,942

2,449

Genpact,

Ltd.

20,863

574

GoDaddy,

Inc.

Class

A(Æ)

12,121

1,029

Hewlett

Packard

Enterprise

Co.

22,849

1,031

HubSpot,

Inc.(Æ)

5,391

984

Intel

Corp.(Æ)

88,299

12,329

Intuit,

Inc.

11,928

3,113

KLA

Corp.

20,636

6,226

Lam

Research

Corp.

74,884

32,449

Lyft,

Inc.

Class

A(Æ)

90,907

1,328

Maplebear

,

Inc.(Æ)

27,630

1,308

Marvell

Technology,

Inc.

25,332

7,546

Match

Group,

Inc.

6,586

251

Meta

Platforms,

Inc.

Class

A

116,228

65,470

Micron

Technology,

Inc.

38,682

44,650

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Microsoft

Corp.

292,347

109,051

MongoDB,

Inc.(Æ)

2,051

689

Monolithic

Power

Systems,

Inc.

6,854

9,475

MSCI,

Inc.

Class

A

4,158

2,329

NetApp,

Inc.

6,083

941

Nutanix,

Inc.

Class

A(Æ)

16,663

849

NVIDIA

Corp.

1,004,927

201,076

ON

Semiconductor

Corp.(Æ)

5,274

499

Oracle

Corp.

97,734

14,323

Palantir

Technologies,

Inc.

Class

A(Æ)

44,949

5,244

Palo

Alto

Networks,

Inc.(Æ)

52,614

17,942

Paycom

Software,

Inc.

19,755

2,483

PayPal

Holdings,

Inc.

36,804

1,589

Pegasystems,

Inc.

31,332

939

Pinterest,

Inc.

Class

A(Æ)

97,788

2,056

QUALCOMM,

Inc.

51,717

9,557

RingCentral,

Inc.

Class

A

74,009

2,885

Roku,

Inc.(Æ)

13,630

1,883

Salesforce,

Inc.

34,227

5,362

Sandisk

Corp.(Æ)

2,315

5,264

Seagate

Technology

Holdings

PLC

10,570

10,200

ServiceNow,

Inc.(Æ)

48,190

4,784

Skyworks

Solutions,

Inc.

871

59

Snowflake,

Inc.

Class

A(Æ)

23,334

5,938

Spotify

Technology

SA(Æ)

13,331

6,121

Synopsys,

Inc.(Æ)

13,174

5,877

TD

SYNNEX

Corp.

9,578

2,561

Teradata

Corp.(Æ)

148,714

5,153

Teradyne,

Inc.

2,578

1,247

Texas

Instruments,

Inc.

41,107

12,253

Uber

Technologies,

Inc.

126,351

9,117

Western

Digital

Corp.

15,184

9,698

1,204,299

Utilities

-

3.3%

AES

Corp.

(The)

21,993

322

Alliant

Energy

Corp.

7,989

609

Ameren

Corp.

4,575

517

American

Electric

Power

Co.,

Inc.

54,122

7,404

Antero

Midstream

Corp.

14,797

337

APA

Corp.

188,084

6,126

AT&T,

Inc.

218,114

4,515

ConocoPhillips

96,619

10,045

Consolidated

Edison,

Inc.

59,358

6,567

Constellation

Energy

Corp.

5,539

1,376

DTE

Energy

Co.

5,039

768

Duke

Energy

Corp.

16,323

2,066

Edison

International

26,883

2,001

Entergy

Corp.

4,725

543

Evergy

,

Inc.

7,145

618

FirstEnergy

Corp.

17,836

848

NextEra

Energy,

Inc.

125,469

11,012

NRG

Energy,

Inc.

64,412

9,408

OGE

Energy

Corp.

74,700

3,635

Public

Service

Enterprise

Group,

Inc.

52,441

4,256

Talen

Energy

Corp.(Æ)

1,335

513

T-Mobile

US,

Inc.

38,217

6,410

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

UGI

Corp.

6,590

228

Verizon

Communications,

Inc.

173,653

7,352

Vistra

Corp.

17,238

2,734

WEC

Energy

Group,

Inc.

2,959

346

90,556

Total

Common

Stocks

(cost

$2,042,384)

2,721,487

Warrants

and

Rights

-

0.0%

Walgreens

Boots

Alliance,

Inc.(Š)

Rights

118,030

63

Total

Warrants

and

Rights

(cost

$63)

63

Short-Term

Investments

-

2.3%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

63,557,571

63,558

Total

Short-Term

Investments

(cost

$63,558)

63,558

Total

Investments

-

100.2%

(cost

$2,106,005)

2,785,108

Other

Assets

net

of

Liabilities

-

(0.2)%

(6,616)

Net

Assets

-

100.0%

2,778,492

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

17

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

122

USD

46,044

09/18/2026

435

Total

Futures

Contracts

(å)

435

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Consumer

Discretionary

$

342,563

$

—

$

—

$

342,563

Consumer

Staples

86,601

—

—

86,601

Energy

77,489

—

—

77,489

Financial

Services

361,361

—

—

361,361

Health

Care

292,264

—

—

292,264

Materials

and

Processing

93,829

—

—

93,829

Producer

Durables

172,525

—

—

172,525

Technology

1,204,299

—

—

1,204,299

Utilities

90,556

—

—

90,556

Warrants

and

Rights

—

—

63

63

Short-Term

Investments

63,558

—

—

63,558

Total

Investments

2,785,045

—

63

2,785,108

Derivatives

Assets

Futures

Contracts

435

—

—

435

Total

Derivatives

*

$

435

$

—

$

—

$

435

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Bermuda

.............................................................................................

6,166

0.2

Brazil

..................................................................................................

721

—**

Canada

................................................................................................

1,928

—

**

Ireland

................................................................................................

2,075

0.1

Mexico

...............................................................................................

2,363

0.1

Puerto

Rico

.........................................................................................

176

—**

South

Africa

.......................................................................................

1,982

0.1

United

Kingdom

.................................................................................

10,787

0.4

United

States

......................................................................................

2,758,910

99.3

Total

Investments

...............................................................................

2,785,108

100.2

**

Less

than

.05%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

Venerable

US

Large

Cap

Strategic

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

2,106,005

Investments,

at

fair

value

.............................................................................................................................................................

2,785,108

Cash

..............................................................................................................................................................................................

41

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,470

Investments

sold

...............................................................................................................................................................

9,311

From

broker(a)

.................................................................................................................................................................

4,254

Variation

margin

on

futures

contracts

..............................................................................................................................

293

Total

assets

...............................................................................................................................................................

2,800,477

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

17,323

Fund

shares

redeemed

......................................................................................................................................................

2,647

Accrued

fees

to

affiliates

..................................................................................................................................................

1,896

Other

accrued

expenses

....................................................................................................................................................

119

Total

liabilities

...........................................................................................................................................................

21,985

Net

Assets

...............................................................................................................................................................

$

2,778,492

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

753,467

Paid-in

capital

..............................................................................................................................................................................

2,025,025

Net

Assets

...............................................................................................................................................................

$

2,778,492

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

4,254

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

12.39

Class

I

—

Net

assets

............................................................................................................................................................

$

630,003,846

Class

I

—

Shares

outstanding

.............................................................................................................................................

50,860,376

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

12.38

Class

V

—

Net

assets

...........................................................................................................................................................

$

2,148,488,329

Class

V

—

Shares

outstanding

............................................................................................................................................

173,543,799

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

19

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

16,400

Interest

..............................................................................................................................................................................

85

Total

investment

income

.............................................................................................................................................................

16,485

Expenses

Advisory

fees

...................................................................................................................................................................

8,226

Administrative

fees

..........................................................................................................................................................

1,645

Distribution

fees

-

Class

V

...............................................................................................................................................

3,167

Professional

fees

..............................................................................................................................................................

95

Trustees’

fees

....................................................................................................................................................................

45

Printing

fees

.....................................................................................................................................................................

16

Miscellaneous

..................................................................................................................................................................

26

Expenses

before

reductions

..............................................................................................................................................

13,220

Expense

reductions

..........................................................................................................................................................

(1,827)

Net

expenses

................................................................................................................................................................................

11,393

Net

investment

income

(loss)

.......................................................................................................................................................

5,092

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

85,237

Futures

contracts

..............................................................................................................................................................

5,846

Net

realized

gain

(loss)

................................................................................................................................................................

91,083

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

122,237

Futures

contracts

..............................................................................................................................................................

270

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

122,507

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

213,590

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

218,682

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

Venerable

US

Large

Cap

Strategic

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

5,092

$

16,648

Net

realized

gain

(loss)

................................................................................................................

91,083

165,516

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

122,507

320,465

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

218,682

502,629

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(46,350)

(19,701)

Class

V

.....................................................................................................................................

(155,964)

(31,218)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(202,314)

(50,919)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(81,857)

(1,299,610)

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(65,489)

(847,900)

Net

Assets

Beginning

of

period

...........................................................................................................................

2,843,981

3,691,881

End

of

period

......................................................................................................................................

$

2,778,492

$

2,843,981

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

3

$

42

3,186

$

29,823

Proceeds

from

reinvestment

of

distributions

3,771

46,350

1,781

19,701

Payments

for

shares

redeemed

(5,955)

(76,036)

(83,397)

(965,270)

Net

increase

(decrease)

(2,181)

(29,644)

(78,430)

(915,746)

Class

V

Proceeds

from

shares

sold

125

1,475

113

1,153

Proceeds

from

reinvestment

of

distributions

12,701

155,964

2,822

31,218

Payments

for

shares

redeemed

(16,729)

(209,652)

(36,962)

(416,235)

Net

increase

(decrease)

(3,903)

(52,213)

(34,027)

(383,864)

Total

increase

(decrease)

(6,084)

$

(81,857)

(112,457)

$

(1,299,610)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

21

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.35‌

10.77‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.03‌

.07‌

.02‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.99‌

1.67‌

.75‌

$

Total

from

Investment

Operations

1.02‌

1.74‌

.77‌

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.09‌)

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.89‌)

(.13‌)

—‌

$

Total

Distributions

(.98‌)

(.16‌)

—‌

$

Net

Asset

Value,

End

of

Period

12.39‌

12.35‌

10.77‌

%

Total

Return

(±)(ǿ)

8.31‌

16.28‌

7.70‌

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

630,004‌

655,035‌

1,415,577‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.73‌

.74‌

.75‌

%

Expenses,

Net

(Ƃ)(ɯ)

.73‌

.74‌

.75‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.47‌

.59‌

.66‌

%

Portfolio

Turnover

Rate

(ǿ)

28‌

57‌

42‌

Class

V

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.34‌

10.76‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.02‌

.05‌

.02‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.98‌

1.68‌

.74‌

$

Total

from

Investment

Operations

1.00‌

1.73‌

.76‌

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.07‌)

(.02‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.89‌)

(.13‌)

—‌

$

Total

Distributions

(.96‌)

(.15‌)

—‌

$

Net

Asset

Value,

End

of

Period

12.38‌

12.34‌

10.76‌

%

Total

Return

(±)(ǿ)

8.18‌

16.25‌

7.60‌

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

2,148,488‌

2,188,946‌

2,276,304‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

1.03‌

1.04‌

1.05‌

%

Expenses,

Net

(Ƃ)(ɯ)

.86‌

.86‌

.86‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.34‌

.46‌

.55‌

%

Portfolio

Turnover

Rate

(ǿ)

28‌

57‌

42‌

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Common

Stocks

-

97.2%

Consumer

Discretionary

-

10.9%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

3,695

333

Academy

Sports

&

Outdoors,

Inc.

834

39

Advance

Auto

Parts,

Inc.

8,405

523

Advanced

Energy

Industries,

Inc.

2,723

1,015

American

Eagle

Outfitters,

Inc.

3,980

68

American

Public

Education,

Inc.(Æ)

7,546

405

Archer

Aviation,

Inc.

Class

A(Æ)

10,592

50

Atkore,

Inc.

1,319

100

Atmus

Filtration

Technologies,

Inc.

2,532

129

Bel

Fuse,

Inc.

Class

B

2,057

685

Bloomin'

Brands,

Inc.

10,151

93

Boot

Barn

Holdings,

Inc.(Æ)

2,876

472

Brinker

International,

Inc.(Æ)

1,204

202

Buckle,

Inc.

(The)

1,788

75

Cadre

Holdings,

Inc.

1,630

46

Callaway

Golf

Co.(Æ)

5,782

109

Capri

Holdings,

Ltd.(Æ)

9,285

172

Carter's,

Inc.

5,926

244

Cavco

Industries,

Inc.(Æ)

553

340

Century

Communities,

Inc.

1,103

79

Cinemark

Holdings,

Inc.

1,475

47

Citi

Trends,

Inc.(Æ)

842

49

Comtech

Telecommunications

Corp.(Æ)

11,862

25

Covista,

Inc.(Æ)

3,733

465

Cracker

Barrel

Old

Country

Store,

Inc.

1,481

79

CTS

Corp.

4,738

309

Dana,

Inc.

4,029

110

Dauch

Corp.(Æ)

18,962

103

Dillard's,

Inc.

Class

A

381

201

Enovix

Corp.(Æ)

4,829

29

FIGS,

Inc.

Class

A(Æ)

4,668

48

Firefly

Aerospace,

Inc.(Æ)

2,750

81

FirstCash

Holdings,

Inc.

1,774

384

Five

Below,

Inc.(Æ)

773

139

Flexsteel

Industries,

Inc.

767

57

Forestar

Group,

Inc.(Æ)

1,294

41

Genius

Sports,

Ltd.(Æ)

10,976

66

Gentherm,

Inc.(Æ)

9,867

337

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

12,033

79

Harley-Davidson,

Inc.

3,953

97

Hilton

Grand

Vacations,

Inc.(Æ)

1,841

96

Hims

&

Hers

Health,

Inc.(Æ)

5,047

175

Hovnanian

Enterprises,

Inc.

Class

A(Æ)

1,266

180

IMAX

Corp.(Æ)

5,137

205

Intuitive

Machines,

Inc.(Æ)

2,061

44

J

Jill,

Inc.

11,903

189

Joby

Aviation,

Inc.(Æ)

21,933

196

Johnson

Outdoors,

Inc.

Class

A

849

39

KB

Home

1,660

104

Kohl's

Corp.

8,065

143

Kontoor

Brands,

Inc.

3,547

296

Lakeland

Industries,

Inc.

15,700

168

Laureate

Education,

Inc.

Class

A(Æ)

1,989

72

Leggett

&

Platt,

Inc.

5,028

59

Leonardo

DRS,

Inc.

5,265

225

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

LGI

Homes,

Inc.(Æ)

1,259

80

Life

Time

Group

Holdings,

Inc.(Æ)

2,768

113

LifeMD,

Inc.(Æ)

27,742

115

Lindblad

Expeditions

Holdings,

Inc.(Æ)

4,268

121

Lionsgate

Studios

Corp.(Æ)

36,761

563

Madison

Square

Garden

Entertainment

Corp.(Æ)

1,362

110

Magnite,

Inc.(Æ)

12,943

246

MarineMax,

Inc.(Æ)

12,954

474

Meritage

Homes

Corp.

1,436

120

Monarch

Casino

&

Resort,

Inc.

940

124

Newell

Brands,

Inc.

13,184

81

OneSpaWorld

Holdings,

Ltd.

5,971

169

OneWater

Marine,

Inc.

Class

A(Æ)

7,365

83

OptimizeRx

Corp.(Æ)

23,683

135

Papa

John's

International,

Inc.

751

28

Patrick

Industries,

Inc.

2,924

263

Peloton

Interactive,

Inc.

Class

A(Æ)

13,187

78

Penn

Entertainment,

Inc.(Æ)

3,621

77

People,

Inc.(Æ)

6,402

296

Perdoceo

Education

Corp.

967

31

Polaris,

Inc.

1,653

113

PriceSmart,

Inc.

2,326

454

QuinStreet,

Inc.(Æ)

13,353

196

RCI

Hospitality

Holdings,

Inc.

2,749

75

RealReal,

Inc.

(The)(Æ)

3,877

46

Red

Rock

Resorts,

Inc.

Class

A

1,626

106

Redwire

Corp.(Æ)

10,035

123

Revolve

Group,

Inc.(Æ)

2,070

47

RH(Æ)

489

81

Rush

Street

Interactive,

Inc.(Æ)

1,811

54

Sally

Beauty

Holdings,

Inc.(Æ)

4,603

65

Scholastic

Corp.

2,096

96

Shake

Shack,

Inc.

Class

A(Æ)

817

46

Signet

Jewelers,

Ltd.

1,481

128

Six

Flags

Entertainment

Corp.(Æ)

4,115

88

Sphere

Entertainment

Co.(Æ)

1,095

189

Starz

Entertainment

Corp.(Æ)

9,290

268

Steven

Madden,

Ltd.

1,058

45

Stitch

Fix,

Inc.

Class

A(Æ)

15,906

65

Strata

Critical

Medical,

Inc.(Æ)

22,281

117

Stride,

Inc.(Æ)

774

67

Super

Group

SGHC,

Ltd.

7,613

103

Transcat,

Inc.(Æ)

2,614

242

Turtle

Beach

Corp.(Æ)

2,115

26

Universal

Technical

Institute,

Inc.(Æ)

8,353

357

Urban

Outfitters,

Inc.(Æ)

1,183

84

Victoria's

Secret

&

Co.(Æ)

4,857

405

Visteon

Corp.

812

81

Wendy's

Co.

(The)

9,678

80

Winnebago

Industries,

Inc.

5,021

157

Ziff

Davis,

Inc.(Æ)

1,603

84

17,511

Consumer

Staples

-

0.9%

BellRing

Brands,

Inc.(Æ)

6,453

84

Cal-Maine

Foods,

Inc.

1,705

137

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

23

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Coty,

Inc.

Class

A(Æ)

3,265

7

Del

Monte

Corp.

1,869

52

Flowers

Foods,

Inc.

15,721

124

Hain

Celestial

Group,

Inc.

(The)(Æ)

103,520

58

Herbalife,

Ltd.(Æ)

4,230

56

Marzetti

Co.

(The)

372

42

Medifast,

Inc.(Æ)

7,781

83

MGP

Ingredients,

Inc.

1,626

28

National

Vision

Holdings,

Inc.(Æ)

1,581

30

Nature's

Sunshine

Products,

Inc.(Æ)

3,154

69

Quanex

Building

Products

Corp.

4,470

83

Seneca

Foods

Corp.

Class

A(Æ)

563

98

Simply

Good

Foods

Co.

(The)(Æ)

3,430

46

SkinHealth

Systems,

Inc.(Æ)

37,533

26

Spectrum

Brands

Holdings,

Inc.

898

77

Turning

Point

Brands,

Inc.

529

45

United

Natural

Foods,

Inc.(Æ)

2,365

108

USANA

Health

Sciences,

Inc.(Æ)

2,629

56

Vita

Coco

Co.,

Inc.

(The)(Æ)

1,398

92

Warby

Parker,

Inc.

Class

A(Æ)

1,748

53

1,454

Energy

-

5.6%

Almonty

Industries,

Inc.(Æ)

11,399

189

Alpha

Metallurgical

Resources,

Inc.(Æ)

261

43

Ameresco,

Inc.

Class

A(Æ)

9,132

252

Archrock,

Inc.

20,680

842

Arq,

Inc.(Æ)

30,688

78

Array

Technologies,

Inc.(Æ)

6,100

45

Atlas

Energy

Solutions,

Inc.

4,775

79

Centrus

Energy

Corp.

Class

A(Æ)

472

79

Core

Natural

Resources,

Inc.

705

56

Delek

US

Holdings,

Inc.

2,341

119

DNOW,

Inc.(Æ)

24,794

322

Energy

Fuels,

Inc.(Æ)

13,219

192

Eos

Energy

Enterprises

Inc.(Æ)

11,204

66

Flotek

Industries,

Inc.(Æ)

11,298

266

Flowco

Holdings,

Inc.

Class

A

8,915

190

Fluence

Energy,

Inc.(Æ)

3,132

62

Forum

Energy

Technologies,

Inc.(Æ)

1,499

75

FuelCell

Energy,

Inc.(Æ)

2,681

97

Green

Plains,

Inc.(Æ)

3,979

61

Hallador

Energy

Co.(Æ)

2,113

37

Helmerich

&

Payne,

Inc.

1,922

63

Kodiak

Gas

Services,

Inc.

11,588

871

Liberty

Energy,

Inc.

Class

A

22,037

577

Matador

Resources

Co.

2,853

142

Murphy

Oil

Corp.

2,141

70

Nabors

Industries,

Ltd.(Æ)

822

69

National

Energy

Services

Reunited

Corp.

(Æ)

3,180

95

Noble

Corp.

PLC

3,211

120

NPK

International,

Inc.(Æ)

19,826

315

Oceaneering

International,

Inc.(Æ)

2,340

95

Oil

States

International,

Inc.(Æ)

10,240

82

Ormat

Technologies,

Inc.

1,124

122

Par

Pacific

Holdings,

Inc.(Æ)

1,864

105

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Patterson-UTI

Energy,

Inc.

13,963

128

PBF

Energy,

Inc.

Class

A

1,720

78

Plug

Power,

Inc.(Æ)

42,818

116

Range

Resources

Corp.

3,007

112

Ranger

Energy

Services,

Inc.

Class

A

12,896

207

REX

American

Resources

Corp.(Æ)

2,017

91

Ring

Energy,

Inc.(Æ)

72,635

78

Select

Water

Solutions,

Inc.

Class

A

21,151

423

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

33,061

327

SM

Energy

Co.

2,368

62

Solaris

Energy

Infrastructure,

Inc.

Class

A

8,999

724

Sunrun,

Inc.(Æ)

4,273

57

TETRA

Technologies,

Inc.(Æ)

31,617

358

Transocean,

Ltd.(Æ)

25,903

127

Uranium

Energy

Corp.(Æ)

10,981

117

Valaris,

Ltd.(Æ)

910

66

Warrior

Met

Coal,

Inc.

1,104

90

9,037

Financial

Services

-

17.9%

1st

Source

Corp.

1,047

85

Abacus

Global

Management,

Inc.

29,039

311

Acadian

Asset

Management,

Inc.

3,476

249

AH

Realty

Trust,

Inc.(ö)

11,875

84

Alerus

Financial

Corp.

4,234

132

Amalgamated

Financial

Corp.

2,563

118

American

Healthcare

REIT,

Inc.(ö)

1,652

86

Ameris

Bancorp

1,873

169

Ames

National

Corp.

2,965

88

Apple

Hospitality

REIT,

Inc.(ö)

7,932

133

Arbor

Realty

Trust,

Inc.(ö)

10,593

57

Ares

Commercial

Real

Estate

Corp.(ö)

16,082

72

Artisan

Partners

Asset

Management,

Inc.

Class

A

7,623

263

Associated

Banc-Corp.

2,641

81

Atlantic

Union

Bankshares

Corp.

2,351

99

Axos

Financial,

Inc.(Æ)

6,877

670

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

3,043

81

Banc

of

California,

Inc.

5,681

116

Bancorp,

Inc.

(The)(Æ)

4,136

259

Bank

of

Hawaii

Corp.

1,077

88

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

7,495

446

BankUnited,

Inc.

9,565

463

BayCom

Corp.

8,704

286

BGC

Group,

Inc.

Class

A

6,290

67

Braemar

Hotels

&

Resorts,

Inc.(ö)

34,591

75

Brandywine

Realty

Trust(ö)

24,660

78

Bread

Financial

Holdings,

Inc.

1,262

137

BRT

Apartments

Corp.(ö)

5,211

80

Business

First

Bancshares,

Inc.

9,882

304

Capitol

Federal

Financial,

Inc.

10,346

88

CareTrust

REIT,

Inc.(ö)

1,974

80

Cathay

General

Bancorp

3,708

230

Chatham

Lodging

Trust(ö)

8,370

111

Chicago

Atlantic

Real

Estate

Finance,

Inc.

(ö)

9,041

97

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Chiron

Real

Estate,

Inc.(ö)

1,884

71

Cipher

Digital,

Inc.(Æ)

7,755

190

Cleanspark,

Inc.(Æ)

5,198

76

CNO

Financial

Group,

Inc.

3,818

195

Cohen

&

Steers,

Inc.

2,711

206

Community

Financial

System,

Inc.

1,195

80

Community

Healthcare

Trust,

Inc.(ö)

5,488

100

Community

Trust

Bancorp,

Inc.

1,106

80

Compass,

Inc.

Class

A(Æ)

13,676

169

COPT

Defense

Properties(ö)

4,237

154

Core

Scientific

Inc.(Æ)

15,556

398

Cushman

&

Wakefield,

Ltd.(Æ)

6,445

86

Customers

Bancorp,

Inc.(Æ)

2,462

195

Dave,

Inc.(Æ)

937

349

DiamondRock

Hospitality

Co.(ö)

7,913

96

DigitalBridge

Group,

Inc.

4,582

72

Dime

Commercial

Bancshares,

Inc.

6,849

278

Diversified

Healthcare

Trust(ö)

9,563

89

Douglas

Emmett,

Inc.(ö)

9,544

113

eHealth,

Inc.(Æ)

28,049

42

Employers

Holdings,

Inc.

4,198

212

Enact

Holdings,

Inc.

5,406

247

Encore

Capital

Group,

Inc.(Æ)

3,636

339

Enova

International,

Inc.(Æ)

3,053

735

Essent

Group,

Ltd.

4,303

277

Evercore,

Inc.

Class

A

793

271

Farmland

Partners,

Inc.(ö)

20,270

196

FB

Bancorp,

Inc.(Æ)

13,857

209

Financial

Institutions,

Inc.

2,088

81

First

BanCorp

6,799

177

First

Busey

Corp.

5,574

164

First

Financial

Bankshares,

Inc.

2,866

99

First

Financial

Corp.

552

43

First

Interstate

BancSystem,

Inc.

Class

A

14,153

546

Flagstar

Bank

National

Association

5,387

81

Franklin

Street

Properties

Corp.(ö)

131,635

68

FTAI

Infrastructure,

Inc.

54,712

254

Fulton

Financial

Corp.

3,618

88

Genworth

Financial,

Inc.

Class

A(Æ)

22,225

211

Glacier

Bancorp,

Inc.

1,740

90

Global

Net

Lease,

Inc.(ö)

8,058

72

Great

Southern

Bancorp,

Inc.

507

40

Grid

Dynamics

Holdings,

Inc.(Æ)

4,066

23

HA

Sustainable

Infrastructure

Capital,

Inc.

3,399

133

Hancock

Whitney

Corp.

3,989

298

Happen,

Inc.(Æ)

3,300

68

Heritage

Insurance

Holdings,

Inc.(Æ)

1,344

35

Highwoods

Properties,

Inc.(ö)

2,647

80

Hilltop

Holdings,

Inc.

3,209

124

Hope

Bancorp,

Inc.

5,887

81

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

1,581

24

Hut

8

Corp.(Æ)

5,657

653

Independence

Realty

Trust,

Inc.(ö)

9,321

156

Innovative

Industrial

Properties,

Inc.(ö)

1,797

111

International

Bancshares

Corp.

1,485

113

Jackson

Financial,

Inc.

Class

A

1,591

163

JBG

Smith

Properties(ö)

9,805

144

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Kemper

Corp.

2,925

79

Kingstone

Cos.,

Inc.

9,732

185

Kite

Realty

Group

Trust(ö)

18,896

536

KKR

Real

Estate

Finance

Trust,

Inc.(ö)

10,471

72

Lakeland

Financial

Corp.

1,308

81

Legalzoom.com,

Inc.(Æ)

21,928

134

Lemonade,

Inc.(Æ)

1,791

117

LiveRamp

Holdings,

Inc.(Æ)

2,870

108

Macerich

Co.

(The)(ö)

4,108

104

MARA

Holdings,

Inc.(Æ)

7,466

104

Marex

Group

PLC

9,954

607

Merchants

Bancorp

1,821

91

Mercury

General

Corp.

543

58

Miami

International

Holdings,

Inc.(Æ)

2,169

81

Midland

States

Bancorp,

Inc.

2,784

87

Moelis

&

Co.

Class

A

5,720

374

Navient

Corp.

14,696

125

NexPoint

Residential

Trust,

Inc.(ö)

4,057

113

Nicolet

Bankshares,

Inc.

1

—

NMI

Holdings,

Inc.

Class

A(Æ)

1,499

62

Northfield

Bancorp,

Inc.

5,238

77

OceanFirst

Financial

Corp.

14,442

282

Old

National

Bancorp

5,001

130

Origin

Bancorp,

Inc.

1,554

79

Outfront

Media,

Inc.(ö)

2,907

95

Pagseguro

Digital,

Ltd.

Class

A

13,054

118

Palomar

Holdings,

Inc.(Æ)

975

123

Pathward

Financial,

Inc.

1,263

110

Pebblebrook

Hotel

Trust(ö)

6,981

136

Pelagos

Insurance

Capital,

Ltd.

3,625

88

Perella

Weinberg

Partners

14,717

235

Phillips

Edison

&

Co.,

Inc.(ö)

2,642

110

Piper

Sandler

Cos.

5,133

371

PJT

Partners,

Inc.

Class

A

532

80

Preferred

Bank

771

82

Provident

Financial

Services,

Inc.

4,363

103

Radian

Group,

Inc.

7,652

288

Ready

Capital

Corp.(ö)

45,397

79

Real

Brokerage,

Inc.

(The)(Æ)

42,499

77

Redwood

Trust,

Inc.(ö)

37,644

178

Remitly

Global,

Inc.(Æ)

3,383

76

Renasant

Corp.

1,872

80

Riot

Platforms,

Inc.(Æ)

13,456

368

Ryman

Hospitality

Properties,

Inc.(ö)

965

124

Safehold,

Inc.(ö)

4,702

74

Seacoast

Banking

Corp.

of

Florida

9,364

311

Selectquote,

Inc.(Æ)

15,750

13

ServisFirst

Bancshares,

Inc.

2,024

176

Sierra

Bancorp

2,734

111

SITE

Centers

Corp.(ö)

28,316

112

SL

Green

Realty

Corp.(ö)

4,202

218

Slide

Insurance

Holdings,

Inc.(Æ)

3,765

73

Southern

Missouri

Bancorp,

Inc.

1,223

93

Spire

Global,

Inc.(Æ)

10,628

198

SR

Bancorp,

Inc.

5,208

103

St.

Joe

Co.

(The)

1,900

119

StepStone

Group,

Inc.

Class

A

4,070

168

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

25

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Stock

Yards

Bancorp,

Inc.

1,055

81

StoneX

Group,

Inc.(Æ)

3,067

363

TeraWulf,

Inc.(Æ)

3,123

77

Terreno

Realty

Corp.(ö)

2,510

163

Texas

Capital

Bancshares,

Inc.

2,661

275

TIC

Solutions,

Inc.(Æ)

13,281

107

Tompkins

Financial

Corp.

1,765

167

Towne

Bank

6,509

236

TriCo

Bancshares

914

49

Triumph

Financial,

Inc.(Æ)

1,055

81

Trupanion,

Inc.(Æ)

2,306

57

TrustCo

Bank

Corp.

3,357

184

Trustmark

Corp.

2,200

101

UMB

Financial

Corp.

1,276

182

UMH

Properties,

Inc.(ö)

5,174

78

United

Bankshares,

Inc.

3,350

154

United

Community

Banks,

Inc.

6,249

219

United

Fire

Group,

Inc.

1,534

80

Universal

Insurance

Holdings,

Inc.

1,956

81

Univest

Financial

Corp.

1,038

45

Upstart

Holdings,

Inc.(Æ)

2,965

105

Valley

National

Bancorp

21,298

312

Value

Line,

Inc.

1,078

44

Virtus

Investment

Partners,

Inc.

455

65

WaFd,

Inc.

4,154

159

Walker

&

Dunlop,

Inc.

3,322

182

Washington

Trust

Bancorp,

Inc.

4,545

166

Waterstone

Financial,

Inc.

7,593

157

Webull

Corp.(Æ)

9,149

60

Westamerica

BanCorp

3,380

198

Western

New

England

Bancorp,

Inc.

4,265

61

WisdomTree,

Inc.

2,570

44

WSFS

Financial

Corp.

4,872

374

Xenia

Hotels

&

Resorts,

Inc.(ö)

6,477

132

28,743

Health

Care

-

17.6%

10X

Genomics,

Inc.

Class

A(Æ)

4,585

176

Acadia

Healthcare

Co.,

Inc.(Æ)

2,885

85

Acadia

Pharmaceuticals,

Inc.(Æ)

4,596

116

Adaptive

Biotechnologies

Corp.(Æ)

6,570

141

ADMA

Biologics,

Inc.(Æ)

6,589

55

agilon

health,

Inc.(Æ)

958

103

Akebia

Therapeutics,

Inc.(Æ)

36,228

41

Alignment

Healthcare,

Inc.(Æ)

17,734

422

Alkermes

PLC(Æ)

4,587

240

Alpha

Teknova,

Inc.(Æ)

7,335

42

Alphatec

Holdings,

Inc.(Æ)

3,825

33

Alumis,

Inc.(Æ)

2,943

83

Amneal

Pharmaceuticals,

Inc.(Æ)

3,659

63

AnaptysBio,

Inc.(Æ)

1,015

69

AngioDynamics,

Inc.(Æ)

24,203

315

ANI

Pharmaceuticals,

Inc.(Æ)

720

60

Anika

Therapeutics,

Inc.(Æ)

5,244

77

Apogee

Therapeutics,

Inc.(Æ)

2,676

355

Apyx

Medical

Corp.(Æ)

22,033

99

Arcutis

Biotherapeutics,

Inc.(Æ)

4,349

114

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Ardelyx,

Inc.(Æ)

9,357

48

Arrowhead

Pharmaceuticals,

Inc.(Æ)

2,771

226

Artivion,

Inc.(Æ)

6,780

152

Ascendis

Pharma

A/S(Æ)

971

259

Astrana

Health,

Inc.(Æ)

7,625

354

AtriCure,

Inc.(Æ)

2,052

57

Aurinia

Pharmaceuticals,

Inc.(Æ)

5,654

96

Avanos

Medical,

Inc.(Æ)

2,564

64

Avantor,

Inc.(Æ)

1,633

16

Axogen,

Inc.(Æ)

1,987

92

Axsome

Therapeutics,

Inc.(Æ)

2,358

577

Azenta,

Inc.(Æ)

11,063

282

Beam

Therapeutics,

Inc.(Æ)

2,797

96

BioCryst

Pharmaceuticals,

Inc.(Æ)

11,423

114

Biohaven,

Ltd.(Æ)

5,344

80

BioLife

Solutions,

Inc.(Æ)

3,425

97

Bioventus,

Inc.

Class

A(Æ)

29,295

277

BridgeBio

Pharma,

Inc.(Æ)

1,743

130

BrightSpring

Health

Services,

Inc.(Æ)

12,627

881

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

4,646

75

Butterfly

Network,

Inc.(Æ)

10,760

91

CareDx,

Inc.(Æ)

2,390

68

Castle

Biosciences,

Inc.(Æ)

1,477

35

Catalyst

Pharmaceuticals,

Inc.(Æ)

7,610

239

Celcuity,

Inc.(Æ)

1,629

170

Celldex

Therapeutics,

Inc.(Æ)

2,134

79

Ceribell,

Inc.(Æ)

9,569

186

Certara,

Inc.(Æ)

16,635

109

Cerus

Corp.(Æ)

28,004

82

CG

Oncology,

Inc.(Æ)

4,508

320

Cogent

Biosciences,

Inc.(Æ)

5,002

194

Collegium

Pharmaceutical,

Inc.(Æ)

2,319

84

Concentra

Group

Holdings

Parent,

Inc.

7,626

227

CorMedix,

Inc.(Æ)

19,749

155

Crinetics

Pharmaceuticals,

Inc.(Æ)

2,162

81

CRISPR

Therapeutics

AG(Æ)

2,346

128

Cytek

Biosciences,

Inc.(Æ)

8,889

39

Cytokinetics,

Inc.(Æ)

3,318

283

Definium

Therapeutics,

Inc.(Æ)

2,730

128

Denali

Therapeutics,

Inc.(Æ)

3,937

101

Dentsply

Sirona,

Inc.

13,640

145

Dianthus

Therapeutics,

Inc.(Æ)

881

86

Disc

Medicine,

Inc.(Æ)

1,072

78

DocGo,

Inc.(Æ)

110,638

57

Dyne

Therapeutics,

Inc.(Æ)

3,758

83

Edgewise

Therapeutics,

Inc.(Æ)

2,142

87

Electromed,

Inc.(Æ)

1,791

76

Embecta

Corp.

6,561

21

Enanta

Pharmaceuticals,

Inc.(Æ)

5,984

87

Encompass

Health

Corp.

3,659

370

Enliven

Therapeutics,

Inc.(Æ)

1,571

80

Enovis

Corp.(Æ)

1,223

25

Ensign

Group,

Inc.

(The)

4,103

658

Erasca,

Inc.(Æ)

5,525

101

Establishment

Labs

Holdings,

Inc.(Æ)

4,453

382

Fortrea

Holdings,

Inc.(Æ)

5,728

100

GeneDx

Holdings

Corp.(Æ)

459

32

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Geron

Corp.(Æ)

23,300

30

Glaukos

Corp.(Æ)

1,353

189

GRAIL,

Inc.(Æ)

739

50

Guardant

Health,

Inc.(Æ)

3,442

516

Haemonetics

Corp.(Æ)

1,639

123

Halozyme

Therapeutics,

Inc.(Æ)

5,860

459

Harmony

Biosciences

Holdings,

Inc.(Æ)

3,288

120

HealthEquity,

Inc.(Æ)

1,821

165

HeartFlow,

Inc.(Æ)

2,292

67

Hinge

Health,

Inc.

Class

A(Æ)

3,121

259

ICU

Medical,

Inc.(Æ)

511

75

IDEAYA

Biosciences,

Inc.(Æ)

1,988

74

ImmunityBio,

Inc.(Æ)

9,757

85

Immunome,

Inc.(Æ)

3,797

80

Immunovant,

Inc.(Æ)

2,491

96

Indivior

Pharmaceuticals,

Inc.(Æ)

5,064

208

InnovAge

Holding

Corp.(Æ)

10,250

122

Innoviva,

Inc.(Æ)

10,781

245

Intellia

Therapeutics,

Inc.(Æ)

4,810

81

Iovance

Biotherapeutics,

Inc.(Æ)

18,978

79

iRadimed

Corp.

1,191

114

IRhythm

Holdings,

Inc.(Æ)

864

103

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

18,863

79

Kiniksa

Pharmaceuticals

International

PLC(Æ)

1,280

82

Kodiak

Sciences,

Inc.(Æ)

2,123

83

KORU

Medical

Systems,

Inc.(Æ)

7,823

33

Krystal

Biotech,

Inc.(Æ)

1,332

495

Kymera

Therapeutics,

Inc.(Æ)

4,635

532

Lantheus

Holdings,

Inc.(Æ)

1,972

219

LeMaitre

Vascular,

Inc.

1,170

112

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

1,132

358

Liquidia

Corp.(Æ)

1,743

139

LivaNova

PLC(Æ)

2,627

216

Lumexa

Imaging

Holdings,

Inc.(Æ)

12,488

141

Madrigal

Pharmaceuticals,

Inc.(Æ)

197

106

MannKind

Corp.(Æ)

17,074

73

MBX

Biosciences,

Inc.(Æ)

1,483

82

Medpace

Holdings,

Inc.(Æ)

778

412

Merit

Medical

Systems,

Inc.(Æ)

1,375

95

MiMedx

Group,

Inc.(Æ)

18,413

71

Mineralys

Therapeutics,

Inc.(Æ)

2,374

64

Mirum

Pharmaceuticals,

Inc.(Æ)

3,313

388

Monte

Rosa

Therapeutics,

Inc.(Æ)

3,343

81

Myriad

Genetics,

Inc.(Æ)

14,870

85

Nektar

Therapeutics(Æ)

1,221

85

Neogen

Corp.(Æ)

5,637

51

Novavax,

Inc.(Æ)

8,536

80

Novocure,

Ltd.(Æ)

3,181

48

Nurix

Therapeutics,

Inc.(Æ)

3,350

81

Omada

Health,

Inc.(Æ)

5,347

117

Option

Care

Health,

Inc.(Æ)

2,141

45

Orthofix

Medical,

Inc.(Æ)

2,293

21

Oruka

Therapeutics,

Inc.(Æ)

3,939

375

Oscar

Health,

Inc.

Class

A(Æ)

5,187

148

PACS

Group,

Inc.(Æ)

1,897

81

Perrigo

Co.

PLC

7,950

83

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Phibro

Animal

Health

Corp.

Class

A

968

30

Phreesia,

Inc.(Æ)

3,984

41

Praxis

Precision

Medicines,

Inc.(Æ)

994

333

Prestige

Consumer

Healthcare,

Inc.(Æ)

1,692

80

Privia

Health

Group,

Inc.(Æ)

13,248

341

PROCEPT

BioRobotics

Corp.(Æ)

1,714

39

Progyny,

Inc.(Æ)

4,599

133

Protagonist

Therapeutics,

Inc.(Æ)

4,528

555

Protalix

BioTherapeutics,

Inc.(Æ)

41,314

96

PTC

Therapeutics,

Inc.(Æ)

2,282

186

Puma

Biotechnology,

Inc.(Æ)

8,831

72

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

5,880

329

RadNet,

Inc.(Æ)

4,564

281

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

21,652

79

Relay

Therapeutics,

Inc.(Æ)

6,657

125

Rhythm

Pharmaceuticals,

Inc.(Æ)

4,083

453

Sanara

Medtech,

Inc.(Æ)

2,346

55

Sarepta

Therapeutics,

Inc.(Æ)

4,694

84

Scholar

Rock

Holding

Corp.(Æ)

7,359

405

SELLAS

Life

Sciences

Group,

Inc.(Æ)

7,803

115

Septerna,

Inc.(Æ)

2,247

75

SI-BONE,

Inc.(Æ)

1,980

32

Sophia

Genetics

SA(Æ)

22,405

129

Spyre

Therapeutics,

Inc.(Æ)

3,902

346

Tactile

Systems

Technology,

Inc.(Æ)

2,505

75

Tandem

Diabetes

Care,

Inc.(Æ)

16,945

256

Tango

Therapeutics,

Inc.(Æ)

3,401

106

Tarsus

Pharmaceuticals,

Inc.(Æ)

2,253

142

Teladoc

Health,

Inc.(Æ)

17,147

145

Teleflex,

Inc.

1,238

157

TG

Therapeutics,

Inc.(Æ)

3,353

184

Theravance

Biopharma,

Inc.(Æ)

11,069

188

TransMedics

Group,

Inc.(Æ)

1,005

67

Travere

Therapeutics,

Inc.(Æ)

2,730

155

TruBridge,

Inc.(Æ)

3,877

102

Twist

Bioscience

Corp.(Æ)

1,807

186

UFP

Technologies,

Inc.(Æ)

819

217

Ultragenyx

Pharmaceutical,

Inc.(Æ)

2,604

87

Varex

Imaging

Corp.(Æ)

18,099

189

Vaxcyte,

Inc.(Æ)

3,622

211

Vera

Therapeutics,

Inc.(Æ)

2,310

99

Veracyte,

Inc.(Æ)

3,145

185

VeraDermics,

Inc.(Æ)

646

79

Vericel

Corp.(Æ)

2,362

105

Waystar

Holding

Corp.(Æ)

1,111

23

Xenon

Pharmaceuticals,

Inc.(Æ)

5,267

318

Xeris

Biopharma

Holdings,

Inc.(Æ)

5,209

41

Zymeworks,

Inc.(Æ)

3,231

84

28,245

Materials

and

Processing

-

7.9%

Apogee

Enterprises,

Inc.

4,316

197

Ashland,

Inc.

1,243

82

Aspen

Aerogels,

Inc.(Æ)

19,202

122

ATI,

Inc.(Æ)

1,522

300

Avient

Corp.

2,368

88

Balchem

Corp.

502

85

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

27

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Belden,

Inc.

668

80

Boise

Cascade

Co.

2,103

163

Cabot

Corp.

1,567

142

Caledonia

Mining

Corp.

PLC

3,156

60

Carpenter

Technology

Corp.

776

479

Century

Aluminum

Co.(Æ)

2,012

93

Chemours

Co.

(The)

4,502

92

Coeur

Mining,

Inc.

4,892

80

Commercial

Metals

Co.

5,585

350

Compass

Minerals

International,

Inc.(Æ)

2,079

65

Constellium

SE(Æ)

5,499

175

Ecovyst,

Inc.(Æ)

7,475

93

Element

Solutions,

Inc.

5,105

244

Fabrinet(Æ)

1,114

626

Ferroglobe

PLC

16,123

51

Gibraltar

Industries,

Inc.(Æ)

6,675

301

Global

Industrial

Co.

2,659

89

Griffon

Corp.

1,541

150

H.B.

Fuller

Co.

1,351

79

Hawkins,

Inc.

398

57

Healthcare

Services

Group,

Inc.(Æ)

14,288

351

Hecla

Mining

Co.

5,188

80

Ingevity

Corp.(Æ)

5,640

421

Installed

Building

Products,

Inc.

1,507

346

Interface,

Inc.

Class

A

2,385

86

Intrepid

Potash,

Inc.(Æ)

6,133

201

Ivanhoe

Electric,

Inc.(Æ)

4,165

40

Kaiser

Aluminum

Corp.

1,879

368

Knife

River

Corp.(Æ)

1,434

120

Koppers

Holdings,

Inc.

1,120

50

Legence

Corp.

Class

A(Æ)

6,969

594

Louisiana-Pacific

Corp.

1,548

122

LSI

Industries,

Inc.

13,298

353

Mativ

Holdings,

Inc.

5,294

40

Metallus,

Inc.(Æ)

10,538

197

Modine

Manufacturing

Co.(Æ)

2,344

626

Mueller

Water

Products,

Inc.

Class

A

2,347

61

NovaGold

Resources,

Inc.(Æ)

8,414

50

NWPX

Infrastructure,

Inc.(Æ)

2,351

353

Omega

Flex,

Inc.

1,300

41

OPENLANE,

Inc.(Æ)

2,313

95

Orion

SA

10,809

72

Perimeter

Solutions,

Inc.(Æ)

12,357

441

Ranpak

Holdings

Corp.(Æ)

29,160

213

Resideo

Technologies,

Inc.(Æ)

10,903

339

Rush

Enterprises,

Inc.

Class

A

3,157

230

Rush

Enterprises,

Inc.

Class

B

1,257

96

Sensient

Technologies

Corp.

787

97

SiteOne

Landscape

Supply,

Inc.(Æ)

1,563

179

SmartRent,

Inc.(Æ)

39,508

47

SPX

Technologies,

Inc.(Æ)

1,770

434

SSR

Mining,

Inc.(Æ)

5,632

159

Tecnoglass,

Inc.

789

37

ThredUp,

Inc.

Class

A(Æ)

2,861

20

Trex

Co.,

Inc.(Æ)

4,942

247

TriMas

Corp.

2,068

93

UFP

Industries,

Inc.

1,178

107

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

United

States

Lime

&

Minerals,

Inc.

261

27

USA

Rare

Earth,

Inc.(Æ)

5,210

112

VSE

Corp.

3,944

901

12,789

Producer

Durables

-

18.4%

AAR

Corp.(Æ)

3,617

517

Adient

PLC(Æ)

2,727

50

Aebi

Schmidt

Holding

AG

16,893

212

AeroVironment,

Inc.(Æ)

643

106

Alight,

Inc.

Class

A

46,231

26

Allegiant

Travel

Co.

Class

A(Æ)

936

110

Allient,

Inc.

1,223

126

American

Superconductor

Corp.(Æ)

6,515

270

AMN

Healthcare

Services,

Inc.(Æ)

14,086

456

Amprius

Technologies,

Inc.(Æ)

4,146

57

Applied

Industrial

Technologies,

Inc.

1,543

522

ArcBest

Corp.

1,049

151

Ardmore

Shipping

Corp.

1,147

16

Argan,

Inc.

745

595

Astec

Industries,

Inc.

2,892

177

Astronics

Corp.(Æ)

5,698

463

Astronics

Corp.

Class

B(Æ)

1,139

87

AZZ,

Inc.

1,722

267

Babcock

&

Wilcox

Enterprises,

Inc.(Æ)

17,756

250

Badger

Meter,

Inc.

419

62

Bloom

Energy

Corp.

Class

A(Æ)

290

88

Blue

Bird

Corp.(Æ)

1,336

105

Brink's

Co.

(The)

368

35

Cactus,

Inc.

Class

A

6,228

319

Cardinal

Infrastructure

Group,

Inc.

Class

A(Æ)

2,513

237

Casella

Waste

Systems,

Inc.

Class

A(Æ)

3,683

357

CBIZ,

Inc.(Æ)

2,905

93

CECO

Environmental

Corp.(Æ)

6,248

567

Champion

Homes,

Inc.(Æ)

4,151

366

Cimpress

PLC(Æ)

1,300

132

Comfort

Systems

USA,

Inc.

318

630

Construction

Partners,

Inc.

Class

A(Æ)

5,161

613

Cross

Country

Healthcare,

Inc.(Æ)

8,170

108

CryoPort,

Inc.(Æ)

3,176

50

CSW

Industrials,

Inc.

447

124

DHT

Holdings,

Inc.

4,396

73

Dorman

Products,

Inc.(Æ)

2,279

311

Ducommun,

Inc.(Æ)

2,114

392

Dycom

Industries,

Inc.(Æ)

302

153

Eastman

Kodak

Co.(Æ)

8,118

75

EnerSys

3,164

740

Enpro,

Inc.

453

171

ESCO

Technologies,

Inc.

1,338

468

Euronet

Worldwide,

Inc.(Æ)

2,847

208

Everforth,

Inc.(Æ)

1,841

33

Federal

Signal

Corp.

4,410

567

Fluor

Corp.(Æ)

2,493

131

Forrester

Research,

Inc.(Æ)

6,327

53

Fox

Factory

Holding

Corp.(Æ)

6,714

114

Franklin

Covey

Co.(Æ)

3,411

84

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Frontdoor,

Inc.(Æ)

1,951

151

FTAI

Aviation,

Ltd.

776

210

Garrett

Motion,

Inc.

4,252

154

GEO

Group,

Inc.

(The)(Æ)

2,712

80

GPGI,

Inc.

Class

A

5,141

81

Granite

Construction,

Inc.

757

120

Helios

Technologies,

Inc.

4,193

374

Herc

Holdings,

Inc.

2,431

348

Hub

Group,

Inc.

Class

A

5,449

239

Huron

Consulting

Group,

Inc.(Æ)

3,692

333

I3

Verticals,

Inc.

Class

A(Æ)

9,947

212

IES

Holdings,

Inc.(Æ)

887

652

indie

Semiconductor,

Inc.

Class

A(Æ)

36,983

166

International

Seaways,

Inc.

1,516

116

Itron,

Inc.(Æ)

702

61

Janus

International

Group,

Inc.(Æ)

13,389

74

JBT

Marel

Corp.

2,474

359

Kadant,

Inc.

243

76

Kennametal,

Inc.

2,336

82

Kforce,

Inc.

8,086

379

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

1,701

85

LCI

Industries

557

59

Limbach

Holdings,

Inc.(Æ)

2,883

222

Liquidity

Services,

Inc.(Æ)

2,086

82

Luxfer

Holdings

PLC

19,679

355

Marten

Transport,

Ltd.

13,757

239

Materion

Corp.

1,900

565

Matson,

Inc.

410

79

Maximus,

Inc.

1,044

56

Mayville

Engineering

Co.,

Inc.(Æ)

12,816

480

Mercury

Systems,

Inc.(Æ)

9,610

1,176

Mesa

Laboratories,

Inc.

873

87

Microvast

Holdings,

Inc.(Æ)

11,643

14

Miller

Industries,

Inc.

3,722

190

Mirion

Technologies,

Inc.(Æ)

2,751

49

Mistras

Group,

Inc.(Æ)

19,624

343

Moog,

Inc.

Class

A

1,531

649

MYR

Group,

Inc.(Æ)

456

228

NANO

Nuclear

Energy,

Inc.(Æ)

2,878

61

Navigator

Holdings,

Ltd.

13,721

256

Nextpower,

Inc.

Class

A(Æ)

722

86

NuScale

Power

Corp.(Æ)

7,795

78

Onterris,

Inc.(Æ)

11,618

235

Orion

Group

Holdings,

Inc.(Æ)

27,160

457

OSI

Systems,

Inc.(Æ)

342

75

Pitney

Bowes,

Inc.

5,617

98

Powell

Industries,

Inc.

284

81

Primoris

Services

Corp.

3,072

305

Proficient

Auto

Logistics,

Inc.(Æ)

20,630

140

Proto

Labs,

Inc.(Æ)

1,298

106

Public

Policy

Holding

Co,

Inc.

15,433

114

Radiant

Logistics,

Inc.(Æ)

30,518

289

RBC

Bearings,

Inc.(Æ)

1,355

873

Resources

Connection,

Inc.

18,402

78

Robert

Half,

Inc.

10,608

326

RXO,

Inc.(Æ)

13,069

361

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Scorpio

Tankers,

Inc.

1,321

91

Sezzle,

Inc.(Æ)

525

90

SFL

Corp.,

Ltd.

12,029

123

SkyWest,

Inc.(Æ)

2,761

274

Standex

International

Corp.

393

141

Sterling

Infrastructure,

Inc.(Æ)

489

410

StoneCo,

Ltd.

Class

A

12,388

134

Strattec

Security

Corp.(Æ)

603

49

TAT

Technologies,

Ltd.(Æ)

3,195

154

Teekay

Corp.,

Ltd.

6,006

60

Teekay

Tankers,

Ltd.

Class

A

1,111

72

Tennant

Co.

3,103

272

Terex

Corp.

1,559

113

Tidewater,

Inc.(Æ)

1,335

89

Titan

International,

Inc.(Æ)

13,522

104

Titan

Machinery,

Inc.(Æ)

13,595

287

TrueBlue,

Inc.(Æ)

28,180

196

TTM

Technologies,

Inc.(Æ)

427

80

Tutor

Perini

Corp.

1,553

129

V2X,

Inc.(Æ)

1,260

94

Versigent

PLC(Æ)

2,027

85

Watts

Water

Technologies,

Inc.

Class

A

1,046

409

Werner

Enterprises,

Inc.

6,310

275

WESCO

International,

Inc.

676

234

Willdan

Group,

Inc.(Æ)

509

40

Xerox

Holdings

Corp.

8,555

27

Xometry,

Inc.

Class

A(Æ)

1,027

99

Zurn

Elkay

Water

Solutions

Corp.

5,243

265

29,557

Technology

-

15.8%

8x8,

Inc.(Æ)

15,267

26

A10

Networks,

Inc.

12,826

479

ACI

Worldwide,

Inc.(Æ)

8,187

412

ACM

Research,

Inc.

Class

A(Æ)

1,181

150

ACV

Auctions,

Inc.

Class

A(Æ)

20,516

148

Adeia,

Inc.

2,806

92

ADTRAN

Holdings,

Inc.(Æ)

23,542

327

Aehr

Test

Systems(Æ)

884

85

Agilysys,

Inc.(Æ)

3,620

378

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

3,369

159

Ambarella,

Inc.(Æ)

1,353

116

Amentum

Holdings,

Inc.(Æ)

11,391

235

Amkor

Technology,

Inc.

2,476

213

Appian

Corp.

Class

A(Æ)

3,067

70

Applied

Optoelectronics,

Inc.(Æ)

532

79

Arlo

Technologies,

Inc.(Æ)

20,529

277

Arteris,

Inc.(Æ)

2,016

98

Asana,

Inc.

Class

A(Æ)

14,283

100

AvePoint,

Inc.(Æ)

9,604

108

Aviat

Networks,

Inc.(Æ)

10,738

238

Axcelis

Technologies,

Inc.(Æ)

1,840

349

AXT,

Inc.(Æ)

1,390

100

Benchmark

Electronics,

Inc.

949

94

BigBear.ai

Holdings,

Inc.(Æ)

12,079

44

Blackbaud,

Inc.(Æ)

1,406

42

Blackline,

Inc.(Æ)

832

23

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

29

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Blend

Labs,

Inc.

Class

A(Æ)

7,266

12

Box,

Inc.

Class

A(Æ)

6,881

183

Bumble,

Inc.

Class

A(Æ)

5,810

19

Calix,

Inc.(Æ)

1,531

57

Cargurus,

Inc.(Æ)

2,864

98

Cerence,

Inc.(Æ)

3,376

38

CI&T,

Inc.

Class

A(Æ)

12,760

43

Clear

Secure,

Inc.

Class

A

2,249

125

Cohu,

Inc.(Æ)

5,677

420

Commerce.com,

Inc.(Æ)

21,130

63

CommVault

Systems,

Inc.(Æ)

2,453

348

Concentrix

Corp.

3,166

71

Corsair

Gaming,

Inc.(Æ)

5,148

50

Crexendo,

Inc.(Æ)

15,721

117

Cricut,

Inc.

Class

A

11,376

50

Daktronics,

Inc.(Æ)

1,857

36

Descartes

Systems

Group,

Inc.

(The)(Æ)

3,475

241

Diebold

Nixdorf,

Inc.(Æ)

592

50

Digi

International,

Inc.(Æ)

5,067

380

DigitalOcean

Holdings,

Inc.(Æ)

5,557

873

Diodes,

Inc.(Æ)

1,395

153

Domo,

Inc.

Class

B(Æ)

12,592

39

D-Wave

Quantum,

Inc.(Æ)

14,570

350

EchoStar

Corp.

Class

A(Æ)

792

80

EverQuote,

Inc.

Class

A(Æ)

4,833

115

Expensify,

Inc.

Class

A(Æ)

55,614

100

Extreme

Networks,

Inc.(Æ)

4,312

140

Fastly,

Inc.

Class

A(Æ)

4,239

78

Five9,

Inc.(Æ)

3,434

73

FormFactor,

Inc.(Æ)

3,725

596

Gilat

Satellite

Networks,

Ltd.(Æ)

12,260

163

Globalstar,

Inc.(Æ)

984

80

IBEX

Holdings,

Ltd.(Æ)

1,899

58

Ichor

Holdings,

Ltd.(Æ)

3,118

350

Identiv,

Inc.(Æ)

11,269

28

IDT

Corp.

Class

B

1,267

74

Impinj,

Inc.(Æ)

661

95

Innodata,

Inc.(Æ)

780

59

Inseego

Corp.(Æ)

15,403

159

Insight

Enterprises,

Inc.(Æ)

938

114

Intapp,

Inc.(Æ)

3,936

99

InterDigital,

Inc.

1,277

362

inTEST

Corp.(Æ)

13,110

238

IonQ,

Inc.(Æ)

1,482

79

IPG

Photonics

Corp.(Æ)

1,648

193

JFrog,

Ltd.(Æ)

4,793

436

Kaltura,

Inc.(Æ)

24,379

32

Keel

Infrastructure

Corp.(Æ)

13,823

79

Knowles

Corp.(Æ)

14,081

584

Kopin

Corp.(Æ)

56,313

252

Kulicke

&

Soffa

Industries,

Inc.

3,859

516

Lantronix,

Inc.(Æ)

18,090

106

Liberty

Capital

Corp.

Class

C(Æ)

3,749

81

Life360,

Inc.(Æ)

382

21

Lyft,

Inc.

Class

A(Æ)

6,532

95

Marqeta,

Inc.

Class

A(Æ)

13,860

56

MaxLinear,

Inc.

Class

A(Æ)

4,604

589

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

MediaAlpha,

Inc.

Class

A(Æ)

2,524

32

Napco

Security

Technologies,

Inc.

1,557

59

Navan,

Inc.

Class

A(Æ)

4,188

96

Navitas

Semiconductor

Corp.(Æ)

3,874

69

NCR

Atleos

Corp.(Æ)

6,108

265

NETGEAR,

Inc.(Æ)

5,999

140

NetScout

Systems,

Inc.(Æ)

1,979

86

Netskope,

Inc.

Class

A(Æ)

10,794

118

nLight,

Inc.(Æ)

3,355

234

Nova,

Ltd.(Æ)

1,559

846

Novanta,

Inc.(Æ)

484

79

Ondas,

Inc.(Æ)

10,669

88

Onto

Innovation,

Inc.(Æ)

1,443

546

Ooma,

Inc.(Æ)

7,005

135

Opendoor

Technologies,

Inc.(Æ)

19,749

91

Ouster,

Inc.(Æ)

1,129

71

Pagaya

Technologies,

Ltd.

Class

A(Æ)

924

17

Parsons

Corp.(Æ)

5,138

269

Penguin

Solutions,

Inc.(Æ)

1,176

89

Photronics,

Inc.(Æ)

1,861

61

Playstudios,

Inc.(Æ)

101,859

51

Playtika

Holding

Corp.

8,704

32

Plexus

Corp.(Æ)

431

130

Porch

Group,

Inc.(Æ)

2,254

34

Power

Integrations,

Inc.

1,310

110

Powerfleet,

Inc.(Æ)

39,012

149

Preformed

Line

Products

Co.

190

78

Progress

Software

Corp.(Æ)

2,398

81

PubMatic,

Inc.

Class

A(Æ)

9,322

122

Q2

Holdings,

Inc.(Æ)

1,138

55

Qualys,

Inc.(Æ)

1,574

216

Quantum

Computing,

Inc.(Æ)

6,129

59

Rapid7,

Inc.(Æ)

8,815

71

Red

Violet,

Inc.(Æ)

626

40

Ribbon

Communications,

Inc.(Æ)

56,557

132

Rigetti

Computing,

Inc.(Æ)

8,898

172

SailPoint,

Inc.(Æ)

5,469

80

Sanmina

Corp.(Æ)

332

84

Sapiens

International

Corp.

NV(Æ)(Š)

1,133

49

Semtech

Corp.(Æ)

2,963

480

Silicon

Laboratories,

Inc.(Æ)

931

203

Simulations

Plus,

Inc.(Æ)

3,449

63

SiTime

Corp.(Æ)

430

321

Sonos,

Inc.(Æ)

18,388

249

SoundHound

AI,

Inc.

Class

A(Æ)

7,267

47

Sprinklr,

Inc.

Class

A(Æ)

7,269

38

Sprout

Social,

Inc.

Class

A(Æ)

14,982

113

SPS

Commerce,

Inc.(Æ)

586

33

Stubhub

Holdings,

Inc.

Class

A(Æ)

6,193

80

Synaptics,

Inc.(Æ)

661

82

Telos

Corp.(Æ)

15,387

71

Tenable

Holdings,

Inc.(Æ)

6,770

250

Trump

Media

&

Technology

Group

Corp.

(Æ)

10,667

83

Ultra

Clean

Holdings,

Inc.(Æ)

6,383

910

Upwork,

Inc.(Æ)

8,119

68

Varonis

Systems,

Inc.(Æ)

15,311

642

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

30

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Veeco

Instruments,

Inc.(Æ)

12,034

912

Viant

Technology,

Inc.

Class

A(Æ)

18,314

232

Viasat,

Inc.(Æ)

3,033

272

Vishay

Intertechnology,

Inc.

2,176

117

Vistance

Networks,

Inc.

5,178

66

Weave

Communications,

Inc.(Æ)

10,951

66

WidePoint

Corp.(Æ)

6,675

117

Workiva,

Inc.(Æ)

3,876

188

Yelp,

Inc.

Class

A(Æ)

3,239

79

Yext,

Inc.(Æ)

4,524

21

Zeta

Global

Holdings

Corp.

Class

A(Æ)

5,277

104

25,481

Utilities

-

2.2%

American

States

Water

Co.

4,393

363

ATN

International,

Inc.

2,508

66

Black

Hills

Corp.

1,185

88

Brookfield

Infrastructure

Corp.

Class

A

2,072

80

California

Resources

Corp.

2,921

154

California

Water

Service

Group

864

42

CNX

Resources

Corp.(Æ)

2,496

85

Comstock

Resources,

Inc.(Æ)

9,742

145

Consolidated

Water

Co.,

Ltd.

2,728

81

Genie

Energy,

Ltd.

Class

B

10,763

156

Golar

LNG,

Ltd.

1,381

69

Hawaiian

Electric

Industries,

Inc.(Æ)

2,685

36

Kosmos

Energy,

Ltd.(Æ)

38,413

81

Lumen

Technologies,

Inc.(Æ)

23,387

180

Magnolia

Oil

&

Gas

Corp.

Class

A

9,345

239

Middlesex

Water

Co.

1,426

80

New

Jersey

Resources

Corp.

1,894

106

Northern

Oil

&

Gas,

Inc.

11,696

212

Northwestern

Energy

Group,

Inc.

1,079

77

Oklo,

Inc.(Æ)

1,514

79

ONE

Gas,

Inc.

1,281

99

Otter

Tail

Corp.

1,118

101

Portland

General

Electric

Co.

4,568

237

SandRidge

Energy,

Inc.

16,815

230

Shenandoah

Telecommunications

Co.

9,553

144

Southwest

Gas

Holdings,

Inc.

923

82

Spire,

Inc.

754

59

Talos

Energy,

Inc.(Æ)

12,548

162

Telephone

and

Data

Systems,

Inc.

2,046

76

3,609

Total

Common

Stocks

(cost

$128,596)

156,426

Warrants

and

Rights

-

0.0%

Akero

Therapeutics,

Inc.(Æ)(Š)

Rights

1,808

1

Avadel

Pharmaceuticals

PLC(Æ)(Š)

Rights

3,391

2

Xerox

Holdings

Corp.(Æ)

2028

Warrants

4,413

2

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Total

Warrants

and

Rights

(cost

$3)

5

Short-Term

Investments

-

3.3%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

5,328,166

5,328

Total

Short-Term

Investments

(cost

$5,328)

5,328

Total

Investments

-

100.5%

(cost

$133,927)

161,759

Other

Assets

net

of

Liabilities

-

(0.5)%

(873)

Net

Assets

-

100.0%

160,886

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

31

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

Russell

2000

Micro

E-Mini

Index

Futures

322

USD

4,903

09/18/2026

114

Total

Futures

Contracts

(å)

114

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Consumer

Discretionary

$

17,511

$

—

$

—

$

17,511

Consumer

Staples

1,454

—

—

1,454

Energy

9,037

—

—

9,037

Financial

Services

28,743

—

—

28,743

Health

Care

28,245

—

—

28,245

Materials

and

Processing

12,789

—

—

12,789

Producer

Durables

29,557

—

—

29,557

Technology

25,432

—

49

25,481

Utilities

3,609

—

—

3,609

Warrants

and

Rights

2

—

3

5

Short-Term

Investments

5,328

—

—

5,328

Total

Investments

161,707

—

52

161,759

Derivatives

Assets

Futures

Contracts

114

—

—

114

Total

Derivatives

*

$

114

$

—

$

—

$

114

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

32

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Bahamas

.............................................................................................

169

0.1

Bermuda

.............................................................................................

506

0.3

Brazil

..................................................................................................

295

0.2

Cameroon

...........................................................................................

173

0.1

Canada

................................................................................................

1,760

1.1

Cayman

Islands

..................................................................................

60

—**

China

..................................................................................................

166

0.1

Costa

Rica

..........................................................................................

382

0.2

Denmark

.............................................................................................

259

0.2

Germany

.............................................................................................

153

0.1

Guernsey

............................................................................................

103

0.1

Ireland

................................................................................................

233

0.1

Israel

...................................................................................................

1,059

0.7

Monaco

..............................................................................................

91

0.1

Norway

...............................................................................................

123

0.1

Puerto

Rico

.........................................................................................

177

0.1

Singapore

...........................................................................................

516

0.3

South

Africa

.......................................................................................

60

—**

Switzerland

........................................................................................

623

0.4

Thailand

.............................................................................................

626

0.4

United

Kingdom

.................................................................................

1,198

0.7

United

States

......................................................................................

152,947

95.1

Virgin

Islands,

British

........................................................................

80

—**

Total

Investments

...............................................................................

161,759

100.5

**

Less

than

.05%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

33

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

133,927

Investments,

at

fair

value

.............................................................................................................................................................

161,759

Receivables:

Dividends

and

interest

......................................................................................................................................................

77

Investments

sold

...............................................................................................................................................................

11,688

From

broker(a)

.................................................................................................................................................................

391

Variation

margin

on

futures

contracts

..............................................................................................................................

24

Prepaid

expenses

..........................................................................................................................................................................

6

Total

assets

...............................................................................................................................................................

173,945

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

11,202

Fund

shares

redeemed

......................................................................................................................................................

1,712

Accrued

fees

to

affiliates

..................................................................................................................................................

104

Other

accrued

expenses

....................................................................................................................................................

41

Total

liabilities

...........................................................................................................................................................

13,059

Net

Assets

...............................................................................................................................................................

$

160,886

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

39,678

Paid-in

capital

..............................................................................................................................................................................

121,208

Net

Assets

...............................................................................................................................................................

$

160,886

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

391

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

13.02

Class

V

—

Net

assets

...........................................................................................................................................................

$

160,885,596

Class

V

—

Shares

outstanding

............................................................................................................................................

12,352,237

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

Venerable

US

Small

Cap

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

780

Interest

..............................................................................................................................................................................

7

Total

investment

income

.............................................................................................................................................................

787

Expenses

Advisory

fees

...................................................................................................................................................................

627

Administrative

fees

..........................................................................................................................................................

89

Distribution

fees

-

Class

V

...............................................................................................................................................

221

Professional

fees

..............................................................................................................................................................

23

Trustees’

fees

....................................................................................................................................................................

2

Printing

fees

.....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

6

Miscellaneous

..................................................................................................................................................................

6

Expenses

before

reductions

..............................................................................................................................................

975

Expense

reductions

..........................................................................................................................................................

(348)

Net

expenses

................................................................................................................................................................................

627

Net

investment

income

(loss)

.......................................................................................................................................................

160

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

11,576

Futures

contracts

..............................................................................................................................................................

725

Net

realized

gain

(loss)

................................................................................................................................................................

12,301

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

23,461

Futures

contracts

..............................................................................................................................................................

215

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

23,676

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

35,977

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

36,137

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

35

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

160

$

186

Net

realized

gain

(loss)

................................................................................................................

12,301

(756)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

23,676

4,270

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

36,137

3,700

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(159)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(159)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(16,429)

137,637

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

19,549

141,337

Net

Assets

Beginning

of

period

...........................................................................................................................

141,337

—

End

of

period

......................................................................................................................................

$

160,886

$

141,337

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

36

$

404

14,803

$

148,047

Proceeds

from

reinvestment

of

distributions

13

159

—

—

Payments

for

shares

redeemed

(1,480)

(16,992)

(1,020)

(10,410)

Total

increase

(decrease)

(1,431)

$

(16,429)

13,783

$

137,637

(1)

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

Venerable

US

Small

Cap

Fund

Venerable

Variable

Insurance

Trust

Venerable

US

Small

Cap

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(℈)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.25‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.01‌

.01‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.77‌

.24‌

$

Total

from

Investment

Operations

2.78‌

.25‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.01‌)

—‌

$

Total

Distributions

(.01‌)

—‌

$

Net

Asset

Value,

End

of

Period

13.02‌

10.25‌

%

Total

Return

(±)(ǿ)

27.15‌

2.50‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

160,886‌

141,337‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

1.32‌

1.41‌

%

Expenses,

Net

(Ƃ)(ɯ)

.85‌

.85‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.22‌

.43‌

%

Portfolio

Turnover

Rate

(ǿ)

41‌

24‌

Venerable

Variable

Insurance

Trust

Venerable

Real

Estate

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Real

Estate

Fund

37

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Common

Stocks

-

97.8%

Diversified

-

14.7%

Broadstone

Net

Lease,

Inc.(ö)

13,780

285

Centerspace

(ö)

6,015

338

Crown

Castle,

Inc.(ö)

33,975

2,573

Essential

Properties

Realty

Trust,

Inc.(ö)

54,897

1,639

Global

Net

Lease,

Inc.(ö)

5,366

48

Iron

Mountain,

Inc.(ö)

27,417

3,463

Outfront

Media,

Inc.(ö)

25,207

826

Realty

Income

Corp.(ö)

13,981

866

Vornado

Realty

Trust(ö)

18,715

735

Weyerhaeuser

Co.(ö)

34,908

836

WP

Carey,

Inc.(ö)

19,108

1,366

12,975

Healthcare

-

18.1%

American

Healthcare

REIT,

Inc.(ö)

34,255

1,786

Brookdale

Senior

Living,

Inc.(Æ)

33,980

547

CareTrust

REIT,

Inc.(ö)

23,269

939

Sabra

Health

Care

REIT,

Inc.(ö)

30,108

587

Ventas,

Inc.(ö)

28,874

2,564

Welltower,

Inc.(ö)

41,871

9,504

15,927

Industrial

-

10.5%

EastGroup

Properties,

Inc.(ö)

12,640

2,560

First

Industrial

Realty

Trust,

Inc.(ö)

30,593

1,876

LXP

Industrial

Trust(ö)

9,793

527

Prologis,

Inc.(ö)

29,481

3,994

Rexford

Industrial

Realty,

Inc.(ö)

8,214

275

9,232

Lodging/Resorts

-

5.0%

Gaming

and

Leisure

Properties,

Inc.(ö)

36,903

1,643

Hilton

Worldwide

Holdings,

Inc.

1,291

427

Host

Hotels

&

Resorts,

Inc.(ö)

9,037

214

Pebblebrook

Hotel

Trust(ö)

51,264

995

Ryman

Hospitality

Properties,

Inc.(ö)

5,953

765

Xenia

Hotels

&

Resorts,

Inc.(ö)

18,486

377

4,421

Office

-

1.7%

BXP,

Inc.(ö)

8,588

569

COPT

Defense

Properties(ö)

13,426

489

Cousins

Properties,

Inc.(ö)

13,965

419

1,477

Residential

-

12.2%

American

Homes

4

Rent,

LP(ö)

70,525

2,364

AvalonBay

Communities,

Inc.(ö)

8,598

1,622

Equity

LifeStyle

Properties,

Inc.(ö)

13,695

883

Essex

Property

Trust,

Inc.(ö)

8,309

2,423

Invitation

Homes,

Inc.(ö)

16,051

485

Mid-America

Apartment

Communities,

Inc.

(ö)

10,216

1,420

Sun

Communities,

Inc.(ö)

5,415

649

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

UDR,

Inc.(ö)

22,951

916

10,762

Retail

-

12.6%

Acadia

Realty

Trust(ö)

14,870

311

Agree

Realty

Corp.(ö)

14,575

1,104

Brixmor

Property

Group,

Inc.(ö)

40,412

1,274

Curbline

Properties

Corp.(ö)

10,220

311

InvenTrust

Properties

Corp.(ö)

10,869

385

Kimco

Realty

Corp.(ö)

26,330

667

Macerich

Co.

(The)(ö)

20,760

523

NETSTREIT

Corp.(ö)

38,478

813

Phillips

Edison

&

Co.,

Inc.(ö)

18,846

784

Regency

Centers

Corp.(ö)

14,688

1,171

Simon

Property

Group,

Inc.(ö)

16,696

3,734

11,077

Self

Storage

-

5.1%

CubeSmart

(ö)

32,572

1,295

Public

Storage(ö)

9,983

3,178

4,473

Technology

-

17.9%

American

Tower

Corp.(ö)

28,201

4,614

Applied

Digital

Corp.(Æ)

993

37

Blackstone

Digital

Infrastructure

Trust

Inc.

(Æ)(ö)

2,041

44

Digital

Realty

Trust,

Inc.(ö)

17,838

3,203

Equinix,

Inc.(ö)

6,352

6,621

SBA

Communications

Corp.(ö)

7,017

1,238

15,757

Total

Common

Stocks

(cost

$78,117)

86,101

Short-Term

Investments

-

1.9%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,644,118

1,644

Total

Short-Term

Investments

(cost

$1,644)

1,644

Total

Investments

-

99.7%

(cost

$79,761)

87,745

Other

Assets

net

of

Liabilities

-

0.3%

245

Net

Assets

-

100.0%

87,990

Venerable

Variable

Insurance

Trust

Venerable

Real

Estate

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

Venerable

Real

Estate

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

Dow

Jones

U.S.

Real

Estate

Index

Futures

44

USD

1,706

09/18/2026

(33)

Total

Futures

Contracts

(å)

(33)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Diversified

$

12,975

$

—

$

—

$

12,975

Healthcare

15,927

—

—

15,927

Industrial

9,232

—

—

9,232

Lodging/Resorts

4,421

—

—

4,421

Office

1,477

—

—

1,477

Residential

10,762

—

—

10,762

Retail

11,077

—

—

11,077

Self

Storage

4,473

—

—

4,473

Technology

15,757

—

—

15,757

Short-Term

Investments

1,644

—

—

1,644

Total

Investments

87,745

—

—

87,745

Derivatives

Liabilities

Futures

Contracts

(33)

—

—

(33)

Total

Derivatives

*

$

(33)

$

—

$

—

$

(33)

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

427

0.5

Financial

Services

..............................................................................

85,127

96.7

Health

Care

........................................................................................

547

0.6

Short-Term

Investments

.............................................................

1,644

1.9

Total

Investments

...............................................................................

87,745

99.7

Venerable

Variable

Insurance

Trust

Venerable

Real

Estate

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Real

Estate

Fund

39

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

79,761

Investments,

at

fair

value

.............................................................................................................................................................

87,745

Receivables:

Dividends

and

interest

......................................................................................................................................................

320

From

broker(a)

.................................................................................................................................................................

135

Prepaid

expenses

..........................................................................................................................................................................

37

Total

assets

...............................................................................................................................................................

88,237

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

135

Accrued

fees

to

affiliates

..................................................................................................................................................

64

Other

accrued

expenses

....................................................................................................................................................

17

Variation

margin

on

futures

contracts

..............................................................................................................................

31

Total

liabilities

...........................................................................................................................................................

247

Net

Assets

...............................................................................................................................................................

$

87,990

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

9,335

Paid-in

capital

..............................................................................................................................................................................

78,655

Net

Assets

...............................................................................................................................................................

$

87,990

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

135

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.14

Class

V

—

Net

assets

...........................................................................................................................................................

$

87,989,555

Class

V

—

Shares

outstanding

............................................................................................................................................

7,900,221

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Real

Estate

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

Venerable

Real

Estate

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(1)

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

1,021

Interest

..............................................................................................................................................................................

1

Total

investment

income

.............................................................................................................................................................

1,022

Expenses

Advisory

fees

...................................................................................................................................................................

193

Administrative

fees

..........................................................................................................................................................

29

Distribution

fees

-

Class

V

...............................................................................................................................................

72

Professional

fees

..............................................................................................................................................................

15

Trustees’

fees

....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

10

Miscellaneous

..................................................................................................................................................................

4

Expenses

before

reductions

..............................................................................................................................................

324

Expense

reductions

..........................................................................................................................................................

(83)

Net

expenses

................................................................................................................................................................................

241

Net

investment

income

(loss)

.......................................................................................................................................................

781

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

365

Futures

contracts

..............................................................................................................................................................

238

Net

realized

gain

(loss)

................................................................................................................................................................

603

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

7,984

Futures

contracts

..............................................................................................................................................................

(33)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

7,951

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

8,554

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

9,335

(1)    

For

the

period

March

20,

2026

(commencement

of

operations)

to

June

30,

2026.

Venerable

Variable

Insurance

Trust

Venerable

Real

Estate

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Real

Estate

Fund

41

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(1)

(Unaudited)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

781

Net

realized

gain

(loss)

................................................................................................................

603

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

7,951

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

9,335

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

78,655

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

87,990

Net

Assets

Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

87,990

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

June

30,

2026

were

as

follows:

2026

(1)

(Unaudited)

Shares

Dollars

Class

V

Proceeds

from

shares

sold

8,358

$

83,594

Payments

for

shares

redeemed

(458)

(4,939)

Total

increase

(decrease)

7,900

$

78,655

(1)

For

the

period

March

20,

2026

(commencement

of

operations)

to

June

30,

2026.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

Venerable

Real

Estate

Fund

Venerable

Variable

Insurance

Trust

Venerable

Real

Estate

Fund

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

the

Period.

Class

V

06/30/26

(δ)

Per-Share

Data

–

$

Net

Asset

Value,

Beginning

of

Period

10.00‌

Income

(loss)

from

investment

operations:

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.10‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.04‌

$

Total

from

Investment

Operations

1.14‌

$

Net

Asset

Value,

End

of

Period

11.14‌

%

Total

Return

(±)(ǿ)

11.40‌

–

Ratios/Supplemental

Data

–

$

Net

Assets,

End

of

Period

(000)

87,990‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

1.34‌

%

Expenses,

Net

(Ƃ)(ɯ)

1.00‌

%

Net

Investment

Income

(Ƃ)(ɯ)

3.24‌

%

Portfolio

Turnover

Rate

(ǿ)

5‌

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Equity

Fund

43

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

S

hares

H2

Fair

Value

$

Common

Stocks

-

96.5%

Australia

-

7.5%

ANZ

Group

Holdings,

Ltd.

18,904

463

BHP

Group,

Ltd.

42,367

1,768

Brambles,

Ltd.

65,281

881

Fortescue,

Ltd.

153,520

2,045

Glencore

PLC(Æ)

47,347

323

Mirvac

Group(ö)

151,420

181

Pro

Medicus,

Ltd.

2,062

292

Qantas

Airways,

Ltd.

67,740

502

QBE

Insurance

Group,

Ltd.

46,112

805

Rio

Tinto

PLC

34,141

3,229

Santos,

Ltd.

352,883

1,752

Telstra

Group,

Ltd.

130,367

458

Vicinity,

Ltd.(ö)

451,887

805

Woodside

Energy

Group,

Ltd.

30,112

583

14,087

Austria

-

0.5%

OMV

AG

9,145

574

Verbund

AG

Class

A

4,816

306

880

Belgium

-

1.3%

Anheuser-Busch

InBev

SA

10,843

894

KBC

Group

NV

4,884

666

UCB

SA

2,704

810

2,370

Canada

-

1.5%

Celestica,

Inc.(Æ)

1,458

531

Cenovus

Energy,

Inc.

34,624

859

Dollarama,

Inc.

6,326

837

Loblaw

Cos.,

Ltd.

11,614

527

2,754

China

-

1.3%

SITC

International

Holdings

Co.,

Ltd.

162,063

651

Yangzijiang

Shipbuilding

Holdings,

Ltd.

645,203

1,713

2,364

Denmark

-

1.9%

Carlsberg

AS

Class

B

3,857

506

Danske

Bank

A/S

33,070

1,774

Novo

Nordisk

A/S

Class

B

28,710

1,378

3,658

Finland

-

1.8%

Kesko

Oyj

Class

B

19,263

431

Nokia

Oyj

-

ADR

49,465

657

Nordea

Bank

Abp

122,429

2,325

3,413

France

-

11.2%

Airbus

SE

1,970

439

Amundi

SA(Þ)

5,477

526

AXA

SA

64,513

3,233

BNP

Paribas

SA

29,753

3,477

Bouygues

SA

14,778

825

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Capgemini

SE

1,208

122

Compagnie

de

Saint-Gobain

SA

4,425

401

Credit

Agricole

SA

114,196

2,297

Danone

SA

17,341

1,422

Engie

SA

15,644

493

EssilorLuxottica

SA

2,043

383

Hermes

International

SCA

330

604

Klepierre

SA(ö)

22,701

949

L'Oreal

SA

2,007

881

Pernod

Ricard

SA

26,165

1,911

Publicis

Groupe

SA

7,728

764

Safran

SA

1,415

559

Thales

SA

1,379

354

TotalEnergies

SE

3,417

265

Vinci

SA

6,723

983

20,888

Germany

-

5.8%

Bayer

AG

9,299

514

Daimler

Truck

Holding

AG

36,805

1,775

Deutsche

Post

AG

6,534

396

Deutsche

Telekom

AG

15,813

431

E.ON

SE

55,117

1,137

Infineon

Technologies

AG

14,706

1,373

Mercedes-Benz

Group

AG

44,631

2,240

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

1,032

576

Siemens

AG

2,097

674

Siemens

Energy

AG

9,026

1,711

10,827

Hong

Kong

-

0.9%

Prudential

PLC

25,524

340

Swire

Pacific,

Ltd.

Class

A

32,156

336

WH

Group,

Ltd.(Þ)

977,853

1,037

1,713

Ireland

-

0.4%

AIB

Group

PLC

64,075

753

Italy

-

5.8%

Banco

BPM

SpA

17,974

310

BPER

Banca

SpA

146,427

2,298

Enel

SpA

139,494

1,603

Intesa

Sanpaolo

SpA

327,080

2,241

Poste

Italiane

SpA

64,289

2,103

Prysmian

SpA

10,512

1,766

Ryanair

Holdings

PLC

18,872

591

10,912

Japan

-

21.1%

Advantest

Corp.

3,949

803

AGC,

Inc.

15,982

691

Asahi

Group

Holdings,

Ltd.

26,464

252

Asics

Corp.

17,880

486

Astellas

Pharma,

Inc.

58,682

789

Bridgestone

Corp.

25,912

546

Canon,

Inc.

84,393

2,157

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

44

Venerable

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Daito

Trust

Construction

Co.,

Ltd.

30,885

589

Hitachi,

Ltd.

16,636

462

Honda

Motor

Co.,

Ltd.

227,518

2,061

Hoya

Corp.

12,083

1,949

Ibiden

Co.,

Ltd.

1,506

226

ITOCHU

Corp.

31,959

367

Japan

Tobacco,

Inc.

58,514

2,150

Kawasaki

Kisen

Kaisha,

Ltd.

82,823

1,270

KDDI

Corp.

18,042

304

Keyence

Corp.

1,925

970

Kioxia

Holdings

Corp.(Æ)

3,492

1,982

Lasertec

Corp.

3,126

973

MatsukiyoCocokara

&

Co.

17,313

256

MINEBEA

MITSUMI,

Inc.

14,339

425

Mitsubishi

Corp.

18,138

488

Mitsubishi

Electric

Corp.

19,725

723

Mitsubishi

Heavy

Industries,

Ltd.

30,957

705

Mitsubishi

UFJ

Financial

Group,

Inc.

112,871

2,239

Murata

Manufacturing

Co.,

Ltd.

3,720

268

ORIX

Corp.

20,707

785

Otsuka

Corp.

33,675

577

Pan

Pacific

International

Holdings

Corp.

119,040

608

Recruit

Holdings

Co.,

Ltd.

9,140

636

Resona

Holdings,

Inc.

35,290

460

Sekisui

House,

Ltd.

85,149

1,772

Shin-Etsu

Chemical

Co.,

Ltd.

20,418

890

SoftBank

Corp.

1,544,788

1,977

SoftBank

Group

Corp.

27,182

1,020

Sony

Group

Corp.

57,598

1,155

Sumitomo

Electric

Industries,

Ltd.

43,932

811

Sumitomo

Mitsui

Financial

Group,

Inc.

24,284

949

Terumo

Corp.

46,711

643

Tokyo

Electron,

Ltd.

5,752

2,782

Yamazaki

Baking

Co.,

Ltd.

15,322

302

39,498

Macao

-

0.3%

Sands

China,

Ltd.

397,352

664

Netherlands

-

3.9%

Argenx

SE(Æ)

347

322

ASM

International

NV

1,205

1,379

ASML

Holding

NV

1,812

3,593

ASR

Nederland

NV

8,766

662

ING

Groep

NV

43,933

1,390

7,346

Norway

-

1.3%

DNB

Bank

ASA

55,535

1,652

Telenor

ASA

54,682

786

2,438

Portugal

-

0.1%

EDP

SA

32,085

168

Singapore

-

2.4%

Capitaland

Investment,

Ltd.

58,796

114

DBS

Group

Holdings,

Ltd.

40,888

2,066

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Keppel,

Ltd.

148,128

1,262

Sea,

Ltd.

-

ADR(Æ)

3,905

374

Sembcorp

Industries,

Ltd.

147,830

728

4,544

Spain

-

4.1%

Aena

SME

SA(Þ)

54,019

1,647

Banco

Santander

SA

90,191

1,248

CaixaBank

SA

61,260

870

Industria

de

Diseno

Textil

SA

23,215

1,463

Naturgy

Energy

Group

SA

48,006

1,506

Redeia

Corp.

SA

50,151

853

7,587

Sweden

-

3.0%

Atlas

Copco

AB

Class

A

55,465

1,126

Evolution

AB(Æ)(Þ)

6,641

457

Sandvik

AB

22,220

917

Skanska

AB

Class

B

30,380

813

Swedbank

AB

Class

A

18,011

673

Volvo

AB

Class

B

46,113

1,568

5,554

Switzerland

-

3.9%

ABB,

Ltd.

9,038

980

Compagnie

Financiere

Richemont

SA

Class

A

6,019

1,397

Galderma

Group

AG(Æ)

4,634

1,054

Nestle

SA

5,382

553

Partners

Group

Holding

AG

336

275

UBS

Group

AG

11,390

564

Zurich

Insurance

Group

AG

3,237

2,391

7,214

Taiwan

-

0.8%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

3,154

1,506

United

Kingdom

-

9.2%

3i

Group

PLC

9,342

308

AstraZeneca

PLC

10,552

1,974

BAE

Systems

PLC

34,632

847

Barclays

PLC

184,428

1,238

Compass

Group

PLC

7,118

230

GSK

PLC

6,325

166

Halma

PLC

8,677

453

HSBC

Holdings

PLC

141,431

2,687

Imperial

Brands

PLC

64,872

2,399

Intertek

Group

PLC

30,164

2,324

Land

Securities

Group

PLC(ö)

114,595

990

London

Stock

Exchange

Group

PLC

8,827

956

NatWest

Group

PLC

99,578

878

Segro

PLC(ö)

32,254

375

Tesco

PLC

176,721

1,079

Vodafone

Group

PLC

238,640

315

17,219

United

States

-

6.5%

Aegon,

Ltd.

179,516

1,526

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Equity

Fund

45

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Alcon

AG

6,201

419

CRH

PLC

6,166

660

Ferguson

Enterprises,

Inc.

1,522

363

Novartis

AG

14,018

2,195

Roche

Holding

AG

4,131

1,701

Sanofi

SA

6,709

573

Schneider

Electric

SE

4,828

1,584

Seagate

Technology

Holdings

PLC

947

914

Shell

PLC

43,432

1,682

Spotify

Technology

SA(Æ)

1,172

538

12,155

Total

Common

Stocks

(cost

$167,391)

180,512

Preferred

Stocks

-

0.9%

Germany

-

0.9%

Volkswagen

AG

6.666%

(Ÿ)

21,194

1,698

Total

Preferred

Stocks

(cost

$2,091)

1,698

Short-Term

Investments

-

2.4%

United

States

-

2.4%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

4,369,720

4,370

Total

Short-Term

Investments

(cost

$4,370)

4,370

Total

Investments

-

99.8%

(cost

$173,852)

186,580

Other

Assets

net

of

Liabilities

-

0.2%

424

Net

Assets

-

100.0%

187,004

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

46

Venerable

International

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

MSCI

EAFE

Index

Futures

40

USD

6,291

09/18/2026

20

Total

Futures

Contracts

(å)

20

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Australia

$

—

$

14,087

$

—

$

14,087

Austria

—

880

—

880

Belgium

—

2,370

—

2,370

Canada

2,754

—

—

2,754

China

—

2,364

—

2,364

Denmark

—

3,658

—

3,658

Finland

657

2,756

—

3,413

France

—

20,888

—

20,888

Germany

—

10,827

—

10,827

Hong

Kong

—

1,713

—

1,713

Ireland

—

753

—

753

Italy

—

10,912

—

10,912

Japan

—

39,498

—

39,498

Macao

—

664

—

664

Netherlands

—

7,346

—

7,346

Norway

—

2,438

—

2,438

Portugal

—

168

—

168

Singapore

374

4,170

—

4,544

Spain

—

7,587

—

7,587

Sweden

—

5,554

—

5,554

Switzerland

—

7,214

—

7,214

Taiwan

1,506

—

—

1,506

United

Kingdom

—

17,219

—

17,219

United

States

2,112

10,043

—

12,155

Preferred

Stocks

—

1,698

—

1,698

Short-Term

Investments

4,370

—

—

4,370

Total

Investments

11,773

174,807

—

186,580

Derivatives

Assets

Futures

Contracts

20

—

—

20

Total

Derivatives

*

$

20

$

—

$

—

$

2

0

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Equity

Fund

47

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

20,690

11.1

Consumer

Staples

...............................................................................

10,942

5.8

Energy

................................................................................................

6,717

3.6

Financial

Services

..............................................................................

51,121

27.3

Health

Care

........................................................................................

13,212

7.1

Materials

and

Processing

...................................................................

10,681

5.7

Producer

Durables

..............................................................................

34,930

18.7

Technology

.........................................................................................

21,842

11.7

Utilities

...............................................................................................

10,377

5.5

Preferred

Stocks

Consumer

Discretionary

....................................................................

1,698

0.9

Short-Term

Investments

.............................................................

4,370

2.4

Total

Investments

...............................................................................

186,580

99.8

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

48

Venerable

International

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

173,852

Investments,

at

fair

value

.............................................................................................................................................................

186,580

Foreign

currency

holdings(^)

.......................................................................................................................................................

52

Receivables:

Dividends

and

interest

......................................................................................................................................................

243

Investments

sold

...............................................................................................................................................................

920

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

269

From

broker(a)

.................................................................................................................................................................

248

Variation

margin

on

futures

contracts

..............................................................................................................................

22

Spot

foreign

currency

exchange

contracts

.......................................................................................................................

3

Prepaid

expenses

..........................................................................................................................................................................

80

Total

assets

...............................................................................................................................................................

188,417

Liabilities

Payables:

Due

to

custodian

..............................................................................................................................................................

333

Investments

purchased

.....................................................................................................................................................

651

Fund

shares

redeemed

......................................................................................................................................................

267

Accrued

fees

to

affiliates

..................................................................................................................................................

140

Other

accrued

expenses

....................................................................................................................................................

22

Total

liabilities

...........................................................................................................................................................

1,413

Net

Assets

...............................................................................................................................................................

$

187,004

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

16,946

Paid-in

capital

..............................................................................................................................................................................

170,058

Net

Assets

...............................................................................................................................................................

$

187,004

(^)    

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

52

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

248

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.95

Class

V

—

Net

assets

...........................................................................................................................................................

$

187,004,196

Class

V

—

Shares

outstanding

.............................................................................................................................................

17,073,716

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Equity

Fund

49

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(1)

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

3,799

Interest

..............................................................................................................................................................................

1

Less

foreign

taxes

withheld

.............................................................................................................................................

(449)

Total

investment

income

.............................................................................................................................................................

3,351

Expenses

Advisory

fees

...................................................................................................................................................................

412

Administrative

fees

..........................................................................................................................................................

62

Distribution

fees

-

Class

V

...............................................................................................................................................

155

Professional

fees

..............................................................................................................................................................

18

Trustees’

fees

....................................................................................................................................................................

2

Printing

fees

.....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

21

Miscellaneous

..................................................................................................................................................................

4

Expenses

before

reductions

..............................................................................................................................................

675

Expense

reductions

..........................................................................................................................................................

(165)

Net

expenses

................................................................................................................................................................................

510

Net

investment

income

(loss)

.......................................................................................................................................................

2,841

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

2,328

Futures

contracts

..............................................................................................................................................................

(587)

Foreign

currency-related

transactions

..............................................................................................................................

(377)

Net

realized

gain

(loss)

................................................................................................................................................................

1,364

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

12,728

Futures

contracts

..............................................................................................................................................................

20

Foreign

currency-related

transactions

..............................................................................................................................

(7)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

12,741

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

14,105

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

16,946

(1)    

For

the

period

March

20,

2026

(commencement

of

operations)

to

June

30,

2026.

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

Venerable

International

Equity

Fund

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(1)

(Unaudited)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

2,841

Net

realized

gain

(loss)

................................................................................................................

1,364

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

12,741

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

16,946

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

170,058

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

187,004

Net

Assets

Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

187,004

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

June

30,

2026

were

as

follows:

2026

(1)

(Unaudited)

Shares

Dollars

Class

V

Proceeds

from

shares

sold

18,115

$

181,161

Payments

for

shares

redeemed

(1,041)

(11,103)

Total

increase

(decrease)

17,074

$

170,058

(1)

For

the

period

March

20,

2026

(commencement

of

operations)

to

June

30,

2026.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Equity

Fund

51

Venerable

Variable

Insurance

Trust

Venerable

International

Equity

Fund

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

the

Period.

Class

V

06/30/26

(δ)

Per-Share

Data

–

$

Net

Asset

Value,

Beginning

of

Period

10.00‌

Income

(loss)

from

investment

operations:

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.78‌

$

Total

from

Investment

Operations

.95‌

$

Net

Asset

Value,

End

of

Period

10.95‌

%

Total

Return

(±)(ǿ)

9.50‌

–

Ratios/Supplemental

Data

–

$

Net

Assets,

End

of

Period

(000)

187,004‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

1.31‌

%

Expenses,

Net

(Ƃ)(ɯ)

.99‌

%

Net

Investment

Income

(Ƃ)(ɯ)

5.51‌

%

Portfolio

Turnover

Rate

(ǿ)

22‌

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

S

hares

H2

Fair

Value

$

Common

Stocks

-

95.0%

Argentina

-

0.2%

YPF

SA

-

ADR(Æ)

6,629

301

Austria

-

0.1%

Erste

Group

Bank

AG

1,272

170

Raiffeisen

Bank

International

AG

680

44

214

Brazil

-

4.4%

Allos

SA

20,628

112

Ambev

SA

175,229

553

Axia

Energia

SA

15,571

164

B3

SA

-

Brasil

Bolsa

Balcao

146,831

413

Banco

Bradesco

SA

13,225

40

Banco

BTG

Pactual

SA

17,359

182

Banco

do

Brasil

SA

67,322

260

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

16,221

93

Embraer

SA

27,967

443

Embraer

SA

-

ADR

3,721

237

Equatorial

SA

14,051

106

Hypera

SA

41,550

168

Itau

Unibanco

Holding

SA

-

ADR(Æ)

51,423

420

Lojas

Renner

SA

125,952

360

Magazine

Luiza

SA

35,340

32

MercadoLibre

,

Inc.(Æ)

252

428

Natura

Cosmeticos

SA(Æ)

71,242

121

NU

Holdings,

Ltd.

Class

A(Æ)

47,518

635

Petroleo

Brasileiro

SA

-

Petrobras

-

ADR

11,907

179

PRIO

SA(Æ)

9,495

96

Raia

Drogasil

SA

40,345

131

Rede

D'Or

Sao

Luiz

SA(Þ)

4,341

29

Rumo

SA

25,700

67

StoneCo

,

Ltd.

Class

A

5,017

54

TIM

SA

59,970

254

TOTVS

SA

15,940

89

Vale

SA

35,573

537

Vale

SA

Class

B

-

ADR

17,153

258

Vibra

Energia

SA(Æ)

14,128

82

WEG

SA

44,420

404

XP,

Inc.

Class

A

13,249

215

7,162

Canada

-

0.3%

Barrick

Mining

Corp.

11,081

407

Capstone

Mining

Corp.(Æ)

16,136

148

555

Chile

-

0.1%

Antofagasta

PLC

2,423

123

Latam

Airlines

Group

SA

3,046,306

89

212

China

-

19.1%

AAC

Technologies

Holdings,

Inc.

6,000

33

Advanced

Micro-Fabrication

Equipment,

Inc.

Class

A

10,691

750

Agricultural

Bank

of

China,

Ltd.

Class

H

215,000

147

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Airtac

International

Group

1,000

42

Alibaba

Group

Holding,

Ltd.

159,900

1,910

Aluminum

Corp.

of

China,

Ltd.

Class

A

252,400

306

Aluminum

Corp.

of

China,

Ltd.

Class

H

100,000

95

Anta

Sports

Products,

Ltd.

43,800

398

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

3,849

122

Baidu,

Inc.

Class

A(Æ)

58,400

832

Bank

of

China,

Ltd.

Class

H

534,000

340

Bank

of

Communications

Co.,

Ltd.

Class

H

103,000

89

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

128,400

225

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

184,500

144

BYD

Co.,

Ltd.

Class

H

13,900

129

Cambricon

Technologies

Corp.,

Ltd.

Class

A

575

136

China

CITIC

Bank

Corp.,

Ltd.

Class

H

96,000

82

China

Construction

Bank

Corp.

Class

H

756,000

779

China

Galaxy

Securities

Co.,

Ltd.

Class

H

72,500

68

China

Gold

International

Resources

Corp.,

Ltd.

1,600

25

China

Hongqiao

Group,

Ltd.

20,000

51

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

157,600

424

China

Mengniu

Dairy

Co.,

Ltd.

293,000

603

China

Merchants

Bank

Co.,

Ltd.

Class

H

89,000

511

China

Merchants

Securities

Co.,

Ltd.

Class

A

32,200

100

China

Overseas

Land

&

Investment,

Ltd.

239,000

369

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

A

24,050

101

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

18,800

65

China

Petroleum

&

Chemical

Corp.

Class

H

522,000

266

China

Resources

Land,

Ltd.

77,000

296

China

Shenhua

Energy

Co.,

Ltd.

Class

H

34,000

174

China

Yangtze

Power

Co.,

Ltd.

Class

A

73,800

288

Chongqing

Rural

Commercial

Bank

Co.,

Ltd.

Class

A

127,000

114

Chongqing

Rural

Commercial

Bank

Co.,

Ltd.

Class

H

44,000

32

CITIC

Securities

Co.,

Ltd.

Class

A

58,150

246

CMOC

Group,

Ltd.

Class

H

15,000

29

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

23,102

1,343

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

6,261

564

CSPC

Pharmaceutical

Group,

Ltd.

24,000

21

DiDi

Global,

Inc.

-

ADR(Æ)

29,287

98

Eastroc

Beverage

Group

Co,

Ltd.

Class

H

1,560

21

Fujian

Star-net

Communication

Co.,

Ltd.

Class

A

10,350

29

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

9,500

77

Ganfeng

Lithium

Group

Co.,

Ltd.

Class

H(Þ)

10,400

67

Geely

Automobile

Holdings,

Ltd.

105,000

226

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

53

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Giant

Network

Group

Co.,

Ltd.

Class

A

31,200

127

Great

Wall

Motor

Co.,

Ltd.

Class

H

134,000

151

Guoquan

Food

(Shanghai)

Co.,

Ltd.

Class

H

64,800

16

Guotai

Haitong

Securities

Co.,

Ltd.

Class

H(Þ)

13,400

25

H

World

Group,

Ltd.

57,200

240

Haier

Smart

Home

Co.,

Ltd.

Class

H

202,400

518

Han's

Laser

Technology

Industry

Group

Co.,

Ltd.

Class

A

5,878

131

Hansoh

Pharmaceutical

Group

Co.,

Ltd.

(Þ)

46,000

174

Harbin

Electric

Co.,

Ltd.

Class

H

12,000

24

Hisense

Visual

Technology

Co.,

Ltd.

Class

A

8,100

33

Huatai

Securities

Co.,

Ltd.

Class

H(Þ)

24,200

52

Hubei

DOTI

Micro

Technology

Co.,

Ltd.

Class

A

3,373

133

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

630,000

517

Innovent

Biologics,

Inc.(Æ)(Þ)

39,500

403

JD.com,

Inc.

Class

A

29,450

375

Jiangsu

Hengli

Hydraulic

Co.,

Ltd.

Class

A

13,674

218

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

8,700

67

Kanzhun

,

Ltd.

-

ADR

4,051

52

KE

Holdings,

Inc.

-

ADR

15,109

220

Kuaishou

Technology(Þ)

33,400

178

Kweichow

Moutai

Co.,

Ltd.

Class

A

800

140

Leader

Harmonious

Drive

Systems

Co.,

Ltd.

Class

A

4,862

301

Lenovo

Group,

Ltd.

144,000

430

Li

Ning

Co.,

Ltd.

114,000

215

Longfor

Group

Holdings,

Ltd.(Þ)

144,500

111

Luxshare

Precision

Industry

Co.,

Ltd.

Class

A

8,400

89

Meituan

Class

B(Æ)(Þ)

19,200

169

Montage

Technology

Co.,

Ltd.

Class

A

4,511

212

NAURA

Technology

Group

Co.,

Ltd.

Class

A

2,300

302

NetEase,

Inc.

25,000

644

NetEase,

Inc.

-

ADR

1,605

206

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR

456

21

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

20,000

102

PDD

Holdings,

Inc.

-

ADR(Æ)

1,988

152

PetroChina

Co.,

Ltd.

Class

H

184,000

198

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

70,000

128

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

102,000

667

Piotech

,

Inc.

Class

A

3,856

473

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

92,000

54

Qinghai

Salt

Lake

Industry

Co.,

Ltd.

Class

A(Æ)

34,300

153

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

RemeGen

Co.,

Ltd.

Class

H(Æ)(Þ)

3,500

33

Sany

Heavy

Industry

Co.,

Ltd.

Class

H

43,949

104

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

273,600

111

Shanghai

Fudan

Microelectronics

Group

Co.,

Ltd.

Class

H

8,000

32

Shanjin

International

Gold

Co.,

Ltd.

Class

A

14,900

37

Shengyi

Technology

Co.,

Ltd.

Class

A

9,300

240

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

H(Þ)

32,800

10

Shenzhou

International

Group

Holdings,

Ltd.

68,500

345

Sieyuan

Electric

Co.,

Ltd.

Class

A

8,300

213

Sino

Biopharmaceutical,

Ltd.

353,000

199

Sungrow

Power

Supply

Co.,

Ltd.

Class

A

3,700

87

Sunny

Optical

Technology

Group

Co.,

Ltd.

49,900

390

SY

Holdings

Group,

Ltd.(Þ)

21,000

20

Tencent

Holdings,

Ltd.

54,300

2,992

Trip.com

Group,

Ltd.(Æ)

5,150

205

Vipshop

Holdings,

Ltd.

-

ADR

2,033

27

Weichai

Power

Co.,

Ltd.

Class

H

151,000

663

Wilmar

International,

Ltd.

105,000

294

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

38,700

761

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

26,500

117

Wuxi

Lead

Intelligent

Equipment

Co,

Ltd.

Class

H

15,024

65

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

10,400

63

Xiaomi

Corp.

Class

B(Æ)(Þ)

73,200

203

Xinyi

Glass

Holdings,

Ltd.

171,000

186

Yadea

Group

Holdings,

Ltd.(Þ)

28,000

32

Yangtze

Optical

Fibre

&

Cable

Joint

Stock,

Ltd.

Co.

Class

H(Þ)

6,000

199

Yum

China

Holdings,

Inc.

3,600

147

Zhaojin

Mining

Industry

Co.,

Ltd.

Class

H

39,500

83

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

Class

H(Æ)(Þ)

15,077

66

Zhongji

Innolight

Co.,

Ltd.

Class

A

2,200

416

Zhongsheng

Group

Holdings,

Ltd.(Æ)

109,000

67

Zijin

Mining

Group

Co.,

Ltd.

Class

H

158,000

556

ZTO

Express

Cayman,

Inc.

14,650

324

ZTO

Express

Cayman,

Inc.

-

ADR

15,087

338

30,813

Colombia

-

0.2%

Grupo

Cibest

SA

-

ADR

796

63

Parex

Resources,

Inc.

11,895

180

243

Czech

Republic

-

0.1%

CEZ

AS

1,586

93

Germany

-

0.1%

Aixtron

SE

900

54

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Siemens

Energy

AG

917

174

228

Greece

-

0.3%

Alpha

Bank

SA

71,041

322

National

Bank

of

Greece

SA

3,971

69

Piraeus

Bank

SA(Æ)

2,158

22

Public

Power

Corp.

SA

1,453

38

451

Guatemala

-

0.2%

Millicom

International

Cellular

SA

2,660

241

Hong

Kong

-

1.0%

AIA

Group,

Ltd.

44,400

407

ASMPT,

Ltd.

15,900

490

Hong

Kong

Exchanges

&

Clearing,

Ltd.

900

42

Insilico

Medicine

Cayman

TopCo

(Æ)

20,182

103

Techtronic

Industries

Co.,

Ltd.

11,500

192

WH

Group,

Ltd.(Þ)

306,500

325

Zijin

Gold

International

Co.,

Ltd.

8,735

99

1,658

Hungary

-

0.4%

OTP

Bank

Nyrt

.

4,497

665

India

-

8.8%

Adani

Ports

&

Special

Economic

Zone,

Ltd.

9,774

188

Amber

Enterprises

India,

Ltd.(Æ)

1,810

145

Apollo

Hospitals

Enterprise,

Ltd.

2,528

232

Asian

Paints,

Ltd.

3,958

110

Axis

Bank,

Ltd.

26,055

373

Bajaj

Finance,

Ltd.

53,264

569

Bharat

Electronics,

Ltd.

130,198

567

Bharat

Forge,

Ltd.

8,404

191

Bharat

Heavy

Electricals,

Ltd.

22,329

98

Bharat

Petroleum

Corp.,

Ltd.

23,844

77

Bharti

Airtel,

Ltd.

66,326

1,300

BSE,

Ltd.

6,816

281

Cipla,

Ltd.

6,223

97

Cummins

India,

Ltd.

2,007

121

Divi's

Laboratories,

Ltd.

1,408

98

Eicher

Motors,

Ltd.

647

49

Eternal,

Ltd.(Æ)

42,543

120

GE

Vernova

T&D

India,

Ltd.

4,009

211

GMR

Airports,

Ltd.(Æ)

110,768

132

Grasim

Industries,

Ltd.

3,209

105

HCL

Technologies,

Ltd.

9,134

104

HDFC

Asset

Management

Co.,

Ltd.(Þ)

3,558

100

HDFC

Bank,

Ltd.

114,618

969

HDFC

Bank,

Ltd.

-

ADR

9,627

249

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

20,643

126

Hero

MotoCorp,

Ltd.

2,082

106

Hindalco

Industries,

Ltd.

2,784

28

Hindustan

Aeronautics,

Ltd.(Þ)

1,871

87

Hindustan

Petroleum

Corp.,

Ltd.

12,884

54

Hindustan

Unilever,

Ltd.

6,053

136

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Hindustan

Zinc,

Ltd.

23,974

136

Hitachi

Energy

India,

Ltd.

731

272

ICICI

Bank,

Ltd.

22,657

330

ICICI

Bank,

Ltd.

-

ADR

3,468

101

Indian

Hotels

Co.,

Ltd.

(The)

1,859

14

Indian

Oil

Corp.,

Ltd.

70,153

104

Infosys,

Ltd.

20,812

220

JSW

Infrastructure,

Ltd.

33,968

117

JSW

Steel,

Ltd.

7,207

94

Kotak

Mahindra

Bank,

Ltd.

28,085

117

Larsen

&

Toubro,

Ltd.

6,241

275

Lodha

Developers,

Ltd.(Þ)

19,801

201

Lupin,

Ltd.

6,721

172

Mahindra

&

Mahindra,

Ltd.

12,689

415

Marico,

Ltd.

6,572

58

Maruti

Suzuki

India,

Ltd.

998

149

MTAR

Technologies,

Ltd.(Æ)(Þ)

3,850

313

Multi

Commodity

Exchange

of

India,

Ltd.

6,403

193

National

Aluminium

Co.,

Ltd.

12,287

44

NTPC,

Ltd.

25,292

96

Oil

&

Natural

Gas

Corp.,

Ltd.

43,546

108

Petronet

LNG,

Ltd.

75,699

225

Phoenix

Mills,

Ltd.

(The)

10,348

214

Power

Finance

Corp.,

Ltd.

5,116

23

Power

Grid

Corp.

of

India,

Ltd.

47,642

145

REC,

Ltd.

38,492

149

Reliance

Industries,

Ltd.

27,912

384

SBI

Life

Insurance

Co.,

Ltd.(Þ)

3,971

74

Shriram

Finance,

Ltd.

21,238

237

Siemens

Energy

India,

Ltd.

5,381

210

Sun

Pharmaceutical

Industries,

Ltd.

14,053

277

Tata

Consultancy

Services,

Ltd.

8,339

180

Tata

Motors

Passenger

Vehicles,

Ltd.

31,627

119

Tata

Steel,

Ltd.

26,904

54

Tech

Mahindra,

Ltd.

6,272

93

Titan

Co.,

Ltd.

4,323

202

TVS

Motor

Co.,

Ltd.

9,351

345

UltraTech

Cement,

Ltd.

1,296

155

UPL,

Ltd.

84,887

515

14,153

Indonesia

-

0.6%

Bank

Central

Asia

Tbk

PT

641,100

200

Bank

Mandiri

Persero

Tbk

PT

1,325,200

286

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,819,800

279

Telkom

Indonesia

Persero

Tbk

PT

1,994,060

264

1,029

Kazakhstan

-

0.4%

Kaspi.KZ

JSC

-

ADR

6,736

584

Kuwait

-

0.2%

Kuwait

Finance

House

KSCP

38,625

96

National

Bank

of

Kuwait

SAKP

55,663

145

241

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

55

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

137,000

516

Malaysia

-

0.5%

Gamuda

Berhad

53,000

57

Malayan

Banking

Berhad

61,000

162

Press

Metal

Aluminium

Holdings

Berhad

37,300

70

Public

Bank

Berhad

300,100

355

Sunway

Construction

Group

Berhad

9,000

16

Tenaga

Nasional

Berhad

26,300

92

752

Mexico

-

1.8%

America

Movil

SAB

de

CV

336,715

436

America

Movil

SAB

de

CV

-

ADR

7,090

184

Cemex

SAB

de

CV

62,100

75

Fomento

Economico

Mexicano

SAB

de

CV

6,300

80

Fresnillo

PLC

8,197

299

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

4,557

115

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

52,625

556

Industrias

Penoles

SAB

de

CV

1,694

74

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

90,989

202

Southern

Copper

Corp.

2,016

351

Ternium

SA

-

ADR

2,151

92

Wal-Mart

de

Mexico

SAB

de

CV

121,964

358

2,822

Netherlands

-

0.2%

ASML

Holding

NV

154

305

Peru

-

0.3%

Credicorp

,

Ltd.

1,223

477

Philippines

-

0.4%

BDO

Unibank,

Inc.

128,700

249

International

Container

Terminal

Services,

Inc.

25,190

368

617

Poland

-

0.7%

Allegro.eu

SA(Æ)(Þ)

7,293

74

Bank

Polska

Kasa

Opieki

SA

802

49

KGHM

Polska

Miedz

SA

1,239

109

ORLEN

SA

13,828

465

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

8,282

227

Powszechny

Zaklad

Ubezpieczen

SA

15,659

273

1,197

Qatar

-

0.1%

Qatar

National

Bank

QPSC

43,904

208

Saudi

Arabia

-

1.7%

Al

Babtain

Power

&

Telecommunication

Co.

1,260

22

Al

Rajhi

Bank

45,401

797

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Etihad

Etisalat

Co.

8,085

130

Riyad

Bank

5,364

28

Riyadh

Cables

Group

Co.

1,161

37

SABIC

Agri-Nutrients

Co.

2,750

91

Saudi

Arabian

Mining

Co.(Æ)

4,358

69

Saudi

Arabian

Oil

Co.(Þ)

122,766

853

Saudi

Awwal

Bank

6,387

55

Saudi

Basic

Industries

Corp.

2,780

38

Saudi

National

Bank

(The)

38,924

401

Saudi

Telecom

Co.

22,370

257

2,778

Singapore

-

0.4%

DBS

Group

Holdings,

Ltd.

800

40

Grab

Holdings,

Ltd.

Class

A(Æ)

36,604

138

Sea,

Ltd.

-

ADR(Æ)

5,213

500

678

South

Africa

-

1.9%

Absa

Group,

Ltd.

11,553

161

Anglogold

Ashanti

PLC

11,358

919

Bid

Corp.,

Ltd.

3,972

108

Bidvest

Group,

Ltd.

11,718

172

Discovery,

Ltd.

6,410

104

FirstRand,

Ltd.

40,639

241

Gold

Fields,

Ltd.

14,055

471

Gold

Fields,

Ltd.

-

ADR

6,907

232

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

4,074

62

Impala

Platinum

Holdings,

Ltd.

2,286

24

MTN

Group,

Ltd.

10,884

151

Naspers,

Ltd.

Class

N

5,085

255

Sanlam,

Ltd.

21,216

114

Shoprite

Holdings,

Ltd.

-

ADR

4,649

84

3,098

South

Korea

-

23.1%

Amorepacific

Corp.

3,378

231

APR

Corp.

1,397

350

Celltrion

,

Inc.

1,470

165

Cosmax

,

Inc.

611

61

Coupang,

Inc.(Æ)

11,351

197

Doosan

Bobcat,

Inc.

5,834

234

Hana

Financial

Group,

Inc.

8,481

629

Hankook

Tire

&

Technology

Co.,

Ltd.

7,269

292

Hanwha

Aerospace

Co.,

Ltd.

132

85

HD

Hyundai

Co.,

Ltd.

1,046

135

HD

Hyundai

Electric

Co.,

Ltd.

926

587

HD

Hyundai

Heavy

Industries

Co.,

Ltd.

1,328

510

HD

Hyundai

Marine

Solution

Co.,

Ltd.

129

19

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.,

Ltd.

1,349

306

Hyosung

Heavy

Industries

Corp.

107

240

Hyundai

Engineering

&

Construction

Co.,

Ltd.

1,580

117

Hyundai

Marine

&

Fire

Insurance

Co.,

Ltd.(Æ)

14,938

338

Hyundai

Mobis

Co.,

Ltd.

728

237

Hyundai

Motor

Co.

2,404

774

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

56

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

KB

Financial

Group,

Inc.

8,240

847

Kia

Corp.

2,465

221

Korea

Electric

Power

Corp.

16,991

405

KT

Corp.

-

ADR

9,983

173

KT&G

Corp.

1,288

141

L&C

BIO

Co.,

Ltd.(Æ)

3,662

215

LG

Electronics,

Inc.

Class

H

2,390

318

LS

Electric

Co.,

Ltd.

605

94

NAVER

Corp.

1,619

209

NH

Investment

&

Securities

Co.,

Ltd.

1,957

37

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

129

116

Samsung

C&T

Corp.

881

270

Samsung

Electro-Mechanics

Co.,

Ltd.

1,382

1,998

Samsung

Electronics

Co.,

Ltd.

50,490

11,038

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

259

104

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

18,534

280

Samsung

Life

Insurance

Co.,

Ltd.

355

93

Samsung

Securities

Co.,

Ltd.

2,271

160

Shinhan

Financial

Group

Co.,

Ltd.

11,652

722

SK

Hynix,

Inc.

7,327

12,927

SK

Square

Co.,

Ltd.(Æ)

1,086

1,210

Sung

Kwang

Bend

Co.,

Ltd.

3,505

63

Woori

Financial

Group,

Inc.

11,875

223

37,371

Taiwan

-

22.6%

Accton

Technology

Corp.

21,000

1,661

Alchip

Technologies,

Ltd.

1,000

134

ASE

Technology

Holding

Co.,

Ltd.

21,000

453

ASE

Technology

Holding

Co.,

Ltd.

Class

W

-

ADR

5,462

246

Asia

Vital

Components

Co.,

Ltd.

4,000

321

ASPEED

Technology,

Inc.

2,000

1,046

Asustek

Computer,

Inc.

7,000

155

Bizlink

Holding,

Inc.

12,000

729

Cathay

Financial

Holding

Co.,

Ltd.

73,000

227

Chailease

Holding

Co.,

Ltd.

128,000

473

Chroma

ATE,

Inc.

4,000

275

Chunghwa

Telecom

Co.,

Ltd.

37,000

164

Compal

Electronics,

Inc.

265,000

299

Co-Tech

Development

Corp.

9,000

171

CTBC

Financial

Holding

Co.,

Ltd.

82,000

183

Delta

Electronics,

Inc.

50,000

3,095

E.Sun

Financial

Holding

Co.,

Ltd.

93,000

101

Elite

Material

Co.,

Ltd.

8,000

1,369

eMemory

Technology,

Inc.

1,000

93

Evergreen

Marine

Corp.

Taiwan,

Ltd.

12,000

70

Fubon

Financial

Holding

Co.,

Ltd.

74,675

305

Globalwafers

Co.,

Ltd.

19,000

615

Gold

Circuit

Electronics,

Ltd.

2,000

76

Hiwin

Technologies

Corp.

27,000

279

Hon

Hai

Precision

Industry

Co.,

Ltd.

169,000

1,355

Hon

Precision,

Inc.

2,381

492

KGI

Financial

Holding

Co.,

Ltd.

306,000

277

King

Yuan

Electronics

Co.,

Ltd.

20,000

216

Largan

Precision

Co.,

Ltd.

4,000

542

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Lite-On

Technology

Corp.

24,000

169

Macronix

International

Co.,

Ltd.(Æ)

31,000

153

MediaTek,

Inc.

24,000

3,277

Nanya

Technology

Corp.

7,000

101

Novatek

Microelectronics

Corp.

7,000

119

Pegatron

Corp.

171,000

451

Quanta

Computer,

Inc.

10,000

116

Realtek

Semiconductor

Corp.

5,000

128

Sigurd

Microelectronics

Corp.

22,000

165

Silicon

Motion

Technology

Corp.

-

ADR

184

61

SinoPac

Financial

Holdings

Co.,

Ltd.

59,000

74

Sunonwealth

Electric

Machine

Industry

Co.,

Ltd.

6,222

28

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

185,000

14,206

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

1,213

579

Unimicron

Technology

Corp.

3,000

102

Uni-President

Enterprises

Corp.

48,000

112

United

Microelectronics

Corp.

-

ADR

8,670

236

Winbond

Electronics

Corp.

73,000

481

WPG

Holdings,

Ltd.

14,000

47

Yageo

Corp.

8,000

289

Yuanta

Financial

Holding

Co.,

Ltd.

110,000

229

36,545

Thailand

-

2.0%

Advanced

Info

Service

PCL

-

NVDR

30,400

337

Bangkok

Bank

PCL

-

NVDR

48,400

263

Charoen

Pokphand

Foods

PCL

-

NVDR

113,400

67

CP

ALL

PCL

-

NVDR

169,800

241

Delta

Electronics

Thailand

PCL

38,900

387

Indorama

Ventures

PCL

-

NVDR

179,400

119

Kasikornbank

PCL

-

NVDR

44,700

295

PTT

Exploration

&

Production

PCL

-

NVDR

9,700

39

PTT

Oil

&

Retail

Business

PCL

-

NVDR

382,000

145

PTT

PCL

-

NVDR

579,100

620

SCB

X

PCL

-

NVDR

55,400

247

Siam

Cement

PCL

(The)

-

NVDR

27,300

202

Srisawad

Corp.

PCL

-

NVDR

305,600

216

3,178

Turkey

-

0.5%

Akbank

TAS

136,418

226

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

18,601

138

BIM

Birlesik

Magazalar

AS

7,312

57

Migros

Ticaret

AS

7,005

101

Turk

Telekomunikasyon

AS(Æ)

20,808

27

Turkcell

Iletisim

Hizmetleri

AS

45,239

104

Turkiye

Garanti

Bankasi

AS

42,681

127

Turkiye

Petrol

Rafinerileri

AS

6,640

32

812

United

Arab

Emirates

-

0.9%

Abu

Dhabi

Commercial

Bank

PJSC

23,243

92

Adnoc

Gas

PLC

216,011

203

Aldar

Properties

PJSC

7,616

17

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

57

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Emaar

Development

PJSC

5,269

20

Emaar

Properties

PJSC

180,115

590

Emirates

Telecommunications

Group

Co.

PJSC

33,090

173

First

Abu

Dhabi

Bank

PJSC

59,087

274

Parkin

Co.

PJSC

28,927

46

Salik

Co.

PJSC

34,186

55

1,470

United

Kingdom

-

0.1%

Investec

PLC

19,973

159

United

States

-

0.8%

BeOne

Medicines,

Ltd.

-

ADR(Æ)

703

200

BeOne

Medicines,

Ltd.

Class

A(Æ)

316

12

BeOne

Medicines,

Ltd.

Class

H(Æ)

4,200

92

Broadcom,

Inc.

590

223

Cognizant

Technology

Solutions

Corp.

Class

A

7,740

300

Freeport-McMoRan,

Inc.

3,538

222

NVIDIA

Corp.

1,093

219

1,268

Vietnam

-

0.2%

Vietnam

Dairy

Products

JSC

180,000

376

Total

Common

Stocks

(cost

$118,869)

153,470

Preferred

Stocks

-

1.7%

Brazil

-

0.9%

Axia

Energia

SA

0.000%

(Æ)

3,508

36

Banco

Bradesco

SA

8.349%

(Æ)(Ÿ)

99,570

349

Cia

Energetica

de

Minas

Gerais

10.134%

(Ÿ)

152,975

322

Itau

Unibanco

Holding

SA

7.906%

(Ÿ)

37,561

307

Petroleo

Brasileiro

SA

-

Petrobras

8.143%

(Ÿ)

57,527

421

1,435

South

Korea

-

0.8%

Samsung

Electronics

Co.,

Ltd.

0.853%

(Ÿ)

9,045

1,267

Total

Preferred

Stocks

(cost

$1,950)

2,702

Short-Term

Investments

-

2.8%

United

States

-

2.8%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

4,580,498

4,580

Total

Short-Term

Investments

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

(cost

$4,580)

4,580

Total

Investments

-

99.5%

(cost

$125,399)

160,752

Other

Assets

net

of

Liabilities

-

0.5%

862

Net

Assets

-

100.0%

161,614

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

58

Venerable

Emerging

Markets

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

IFSC

NIFTY

50

Index

Futures

36

USD

1,728

07/28/2026

(6)

MSCI

Emerging

Markets

Index

Futures

88

USD

7,732

09/18/2026

(23)

Contracts

to

Sell

MSCI

Korea

Index

Futures

21

USD

3,248

09/18/2026

39

Total

Futures

Contracts

(å)

10

Forward

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

1,694

INR

163,000

09/16/26

18

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Forward

Foreign

Currency

Exchange

Contracts

18

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Argentina

$

301

$

—

$

—

$

301

Austria

—

214

—

214

Brazil

7,162

—

—

7,162

Canada

555

—

—

555

Chile

89

123

—

212

China

1,313

29,500

—

30,813

Colombia

243

—

—

243

Czech

Republic

—

93

—

93

Germany

—

228

—

228

Greece

—

451

—

451

Guatemala

241

—

—

241

Hong

Kong

—

1,658

—

1,658

Hungary

—

665

—

665

India

350

13,803

—

14,153

Indonesia

—

1,029

—

1,029

Kazakhstan

584

—

—

584

Kuwait

—

241

—

241

Macao

—

516

—

516

Malaysia

—

752

—

752

Mexico

2,523

299

—

2,822

Netherlands

—

305

—

305

Peru

477

—

—

477

Philippines

—

617

—

617

Poland

—

1,197

—

1,197

Qatar

—

208

—

208

Saudi

Arabia

—

2,778

—

2,778

Singapore

638

40

—

678

South

Africa

1,213

1,885

—

3,098

South

Korea

370

37,001

—

37,371

Taiwan

1,122

35,423

—

36,545

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

59

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Thailand

—

3,178

—

3,178

Turkey

—

812

—

812

United

Arab

Emirates

—

1,470

—

1,470

United

Kingdom

—

159

—

159

United

States

1,164

104

—

1,268

Vietnam

—

376

—

376

Preferred

Stocks

1,435

1,267

—

2,702

Short-Term

Investments

4,580

—

—

4,580

Total

Investments

24,360

136,392

—

160,752

Derivatives

Assets

Futures

Contracts

39

—

—

39

Forward

Foreign

Currency

Exchange

Contracts

—

18

—

18

Liabilities

Futures

Contracts

(29)

—

—

(29)

Total

Derivatives

*

$

10

$

18

$

—

$

28

*

Futures

and

forward

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

18,247

11.3

Consumer

Staples

...............................................................................

5,006

3.1

Energy

................................................................................................

7,935

4.9

Financial

Services

..............................................................................

28,431

17.6

Health

Care

........................................................................................

3,862

2.4

Materials

and

Processing

...................................................................

8,573

5.3

Producer

Durables

..............................................................................

11,195

6.9

Technology

.........................................................................................

65,518

40.6

Utilities

...............................................................................................

4,704

2.9

Preferred

Stocks

Energy

................................................................................................

421

0.3

Financial

Services

..............................................................................

656

0.4

Technology

.........................................................................................

1,266

0.8

Utilities

...............................................................................................

358

0.2

Short-Term

Investments

.............................................................

4,580

2.8

Total

Investments

...............................................................................

160,752

99.5

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

60

Venerable

Emerging

Markets

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

125,399

Investments,

at

fair

value

.............................................................................................................................................................

160,752

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,059

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

.................................................................................

18

Receivables:

Dividends

and

interest

......................................................................................................................................................

417

Investments

sold

...............................................................................................................................................................

24

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

8

From

broker(a)

.................................................................................................................................................................

1,155

Prepaid

expenses

..........................................................................................................................................................................

6

Total

assets

...............................................................................................................................................................

163,439

Liabilities

Payables:

Due

to

custodian

..............................................................................................................................................................

2

Investments

purchased

.....................................................................................................................................................

24

Fund

shares

redeemed

......................................................................................................................................................

1,554

Accrued

fees

to

affiliates

..................................................................................................................................................

187

Other

accrued

expenses

....................................................................................................................................................

18

Variation

margin

on

futures

contracts

..............................................................................................................................

40

Total

liabilities

...........................................................................................................................................................

1,825

Net

Assets

...............................................................................................................................................................

$

161,614

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

42,446

Paid-in

capital

..............................................................................................................................................................................

119,168

Net

Assets

...............................................................................................................................................................

$

161,614

(^)    

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

1,066

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

1,155

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

13.27

Class

V

—

Net

assets

...........................................................................................................................................................

$

161,613,684

Class

V

—

Shares

outstanding

............................................................................................................................................

12,178,082

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

61

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

1,936

Interest

..............................................................................................................................................................................

6

Less

foreign

taxes

withheld

.............................................................................................................................................

(207)

Total

investment

income

.............................................................................................................................................................

1,735

Expenses

Advisory

fees

...................................................................................................................................................................

769

Administrative

fees

..........................................................................................................................................................

91

Distribution

fees

-

Class

V

...............................................................................................................................................

228

Professional

fees

..............................................................................................................................................................

27

Trustees’

fees

....................................................................................................................................................................

2

Printing

fees

.....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

6

Miscellaneous

..................................................................................................................................................................

7

Expenses

before

reductions

..............................................................................................................................................

1,131

Expense

reductions

..........................................................................................................................................................

(34)

Net

expenses

................................................................................................................................................................................

1,097

Net

investment

income

(loss)

.......................................................................................................................................................

638

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$9)

.....................................................................................................

7,439

Futures

contracts

..............................................................................................................................................................

(461)

Forward

foreign

currency

exchange

contracts

.................................................................................................................

(58)

Foreign

currency-related

transactions

..............................................................................................................................

(118)

Net

realized

gain

(loss)

................................................................................................................................................................

6,802

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

27,761

Futures

contracts

..............................................................................................................................................................

45

Forward

foreign

currency

exchange

contracts

.................................................................................................................

16

Foreign

currency-related

transactions

..............................................................................................................................

(13)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

27,809

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

34,611

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

35,249

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

Venerable

Emerging

Markets

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

638

$

298

Net

realized

gain

(loss)

................................................................................................................

6,802

(61)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

27,809

7,568

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

35,249

7,805

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(662)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(662)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(12,996)

132,218

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

21,591

140,023

Net

Assets

Beginning

of

period

...........................................................................................................................

140,023

—

End

of

period

......................................................................................................................................

$

161,614

$

140,023

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

73

$

913

14,202

$

142,081

Proceeds

from

reinvestment

of

distributions

50

662

—

—

Payments

for

shares

redeemed

(1,194)

(14,571)

(953)

(9,863)

Total

increase

(decrease)

(1,071)

$

(12,996)

13,249

$

132,218

(1)

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

63

Venerable

Variable

Insurance

Trust

Venerable

Emerging

Markets

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(℈)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.57‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05‌

.02‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.70‌

.55‌

$

Total

from

Investment

Operations

2.75‌

.57‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.05‌)

—‌

$

Total

Distributions

(.05‌)

—‌

$

Net

Asset

Value,

End

of

Period

13.27‌

10.57‌

%

Total

Return

(±)(ǿ)

26.06‌

5.70‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

161,614‌

140,023‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

1.49‌

1.58‌

%

Expenses,

Net

(Ƃ)(ɯ)

1.44‌

1.44‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.84‌

.71‌

%

Portfolio

Turnover

Rate

(ǿ)

30‌

14‌

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

64

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

S

hares

H2

Fair

Value

$

Common

Stocks

-

95.2%

Australia

-

0.4%

BHP

Group,

Ltd.

45,184

1,886

Glencore

PLC(Æ)

15,140

103

IGO,

Ltd.(Æ)

40,003

205

Perseus

Mining,

Ltd.

39,400

131

Regis

Resources,

Ltd.

87,188

365

Rio

Tinto

PLC

11,225

1,062

Santos,

Ltd.

20,280

101

South32,

Ltd.

Class

B

189,930

511

4,364

Austria

-

0.2%

ams-OSRAM

AG(Æ)

14,718

318

Erste

Group

Bank

AG

12,526

1,678

Mondi

PLC

64,189

583

2,579

Belgium

-

0.1%

Ageas

SA

15,007

1,201

Proximus

SADP

35,281

236

1,437

Brazil

-

0.7%

Ambev

SA

396,769

1,252

B3

SA

-

Brasil

Bolsa

Balcao

36,544

103

Banco

Bradesco

SA

-

ADR

448,703

1,557

Lojas

Renner

SA

213,058

609

MercadoLibre,

Inc.(Æ)

829

1,407

Natura

Cosmeticos

SA(Æ)

346,800

586

Suzano

SA

53,142

409

Telefonica

Brasil

SA

118,716

781

Ultrapar

Participacoes

SA

103,705

524

7,228

Canada

-

1.7%

Air

Canada

Class

B(Æ)

25,632

447

Alimentation

Couche-Tard,

Inc.

11,783

751

Bank

of

Montreal

6,050

1,069

Bank

of

Nova

Scotia

(The)

9,566

831

Barrick

Mining

Corp.

47,646

1,752

Boardwalk

Real

Estate

Investment

Trust(ö)

2,134

97

Canadian

Apartment

Properties

REIT(ö)

7,725

190

Canadian

Imperial

Bank

of

Commerce

9,389

1,081

Canadian

Natural

Resources,

Ltd.

19,771

782

Cenovus

Energy,

Inc.

32,951

818

Dollarama,

Inc.

7,305

966

George

Weston,

Ltd.

6,162

442

Hudbay

Minerals,

Inc.

8,340

197

iA

Financial

Corp.,

Inc.

1,472

203

Kinross

Gold

Corp.

57,763

1,365

Loblaw

Cos.,

Ltd.

13,568

616

Manulife

Financial

Corp.

33,377

1,354

National

Bank

of

Canada

4,528

715

Nutrien,

Ltd.

13,177

830

Royal

Bank

of

Canada

7,299

1,511

Shopify,

Inc.

Class

A(Æ)

11,595

1,325

Stantec,

Inc.

8,327

574

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Suncor

Energy,

Inc.

15,198

818

Wesdome

Gold

Mines,

Ltd.

7,896

136

WSP

Global,

Inc.

1,296

161

19,031

China

-

1.0%

Alibaba

Group

Holding,

Ltd.

34,600

413

Alibaba

Group

Holding,

Ltd.

-

ADR

7,034

675

Baidu,

Inc.

Class

A(Æ)

74,250

1,057

China

Mengniu

Dairy

Co.,

Ltd.

307,000

632

JD.com,

Inc.

Class

A

41,950

534

PDD

Holdings,

Inc.

-

ADR(Æ)

14,631

1,116

Tencent

Holdings,

Ltd.

78,600

4,332

Trip.com

Group,

Ltd.

-

ADR(Æ)

61,435

2,448

11,207

Denmark

-

0.5%

Demant

A/S(Æ)

9,841

403

DSV

A/S

3,402

808

Genmab

A/S(Æ)

1,399

383

Novo

Nordisk

A/S

Class

B

76,820

3,685

Zealand

Pharma

A/S(Æ)

1,720

76

5,355

Finland

-

0.2%

Nokia

Oyj

81,697

1,082

Nordea

Bank

Abp

34,963

664

Stora

Enso

Oyj

Class

R

31,334

334

2,080

France

-

4.1%

Accor

SA

18,483

1,074

Air

Liquide

SA

Class

A

3,692

731

Airbus

SE

30,945

6,888

Arkema

SA

7,575

477

AXA

SA

50,877

2,550

BNP

Paribas

SA

51,856

6,061

Capgemini

SE

4,695

472

Carrefour

SA

61,844

1,149

Compagnie

de

Saint-Gobain

SA

12,058

1,092

Compagnie

Generale

des

Etablissements

Michelin

SCA

20,550

794

Engie

SA

89,462

2,821

EssilorLuxottica

SA

5,385

1,010

Forvia

SE(Æ)

9,359

93

Hermes

International

SCA

378

692

Legrand

SA

6,560

1,107

L'Oreal

SA

1,283

563

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,642

2,570

Nexans

SA

648

108

Orange

SA

154,875

2,921

Renault

SA

21,506

617

Safran

SA

1,151

455

Societe

Generale

SA

51,179

4,532

Sodexo

SA

5,959

345

Thales

SA

721

185

TotalEnergies

SE

50,563

3,928

Valeo

SE

62,251

914

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

65

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Vinci

SA

4,948

724

44,873

Germany

-

2.4%

Allianz

SE

2,407

1,139

Aumovio

SE(Æ)

7,853

323

BASF

SE

27,403

1,465

Bayer

AG

12,550

694

Bayerische

Motoren

Werke

AG

5,143

337

Beiersdorf

AG

10,206

878

Brenntag

SE

5,381

327

Continental

AG

9,054

747

Daimler

Truck

Holding

AG

28,826

1,390

Deutsche

Bank

AG

20,417

691

Deutsche

Post

AG

13,591

825

Deutsche

Telekom

AG

17,925

488

Evonik

Industries

AG

47,901

869

Fresenius

SE

&

Co.

KGaA

24,615

1,124

Infineon

Technologies

AG

21,089

1,969

LEG

Immobilien

SE

4,672

295

Mercedes-Benz

Group

AG

14,756

741

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

1,515

846

Rheinmetall

AG

1,004

1,136

SAP

SE

3,061

469

Siemens

AG

7,562

2,430

Siemens

Energy

AG

573

109

Siemens

Healthineers

AG(Þ)

47,598

1,860

Symrise

AG

38,259

3,839

Wacker

Chemie

AG(Æ)

2,605

271

Zalando

SE(Æ)(Þ)

29,655

859

26,121

Hong

Kong

-

0.8%

AIA

Group,

Ltd.

387,000

3,549

ASMPT,

Ltd.

13,900

429

CK

Asset

Holdings,

Ltd.

160,000

906

Hong

Kong

Exchanges

&

Clearing,

Ltd.

16,400

762

Prudential

PLC

195,788

2,607

Yue

Yuen

Industrial

Holdings,

Ltd.

99,000

155

8,408

India

-

0.3%

HDFC

Bank,

Ltd.

-

ADR

125,186

3,234

Indonesia

-

0.0%

Bank

Negara

Indonesia

Persero

Tbk

PT

2,531,100

449

Ireland

-

0.6%

Accenture

PLC

Class

A

16,440

2,046

AerCap

Holdings

NV

3,308

482

AIB

Group

PLC

186,213

2,188

Bank

of

Ireland

Group

PLC

84,780

1,690

6,406

Israel

-

0.1%

Bank

Leumi

Le-Israel

BM

34,155

764

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Italy

-

1.1%

BPER

Banca

SpA

87,091

1,367

Eni

SpA

68,707

1,607

FinecoBank

Banca

Fineco

SpA

15,911

399

Generali

13,544

659

Intesa

Sanpaolo

SpA

485,207

3,324

Ryanair

Holdings

PLC

-

ADR

17,154

1,111

UniCredit

SpA

44,259

3,960

12,427

Japan

-

4.9%

Advantest

Corp.

12,600

2,561

Alfresa

Holdings

Corp.

27,900

372

Amada

Co.,

Ltd.

26,400

487

Bridgestone

Corp.

32,900

693

Chiba

Bank,

Ltd.

(The)

105,900

1,611

Daiichi

Sankyo

Co.,

Ltd.

54,100

868

Dentsu

Group,

Inc.(Æ)

38,300

735

Eisai

Co.,

Ltd.

16,900

427

Fast

Retailing

Co.,

Ltd.

1,800

921

Hakuhodo

DY

Holdings,

Inc.

50,600

358

Hitachi,

Ltd.

77,800

2,162

Honda

Motor

Co.,

Ltd.

106,900

968

Horiba,

Ltd.

2,400

411

Hoya

Corp.

18,300

2,951

Isuzu

Motors,

Ltd.

10,100

134

Japan

Airlines

Co.,

Ltd.

27,900

492

Japan

Post

Insurance

Co.,

Ltd.

Class

A

127,800

1,205

JGC

Holdings

Corp.

46,400

723

KDDI

Corp.

48,600

820

Keyence

Corp.

7,900

3,980

Koito

Manufacturing

Co.,

Ltd.

54,600

863

Kubota

Corp.

91,600

1,534

Kuraray

Co.,

Ltd.

19,700

202

Mitsubishi

Estate

Co.,

Ltd.

37,800

962

Mitsubishi

Gas

Chemical

Co.,

Inc.

15,600

495

Mitsubishi

Heavy

Industries,

Ltd.

8,500

194

Murata

Manufacturing

Co.,

Ltd.

3,400

245

Nexon

Co.,

Ltd.

23,600

314

Nikon

Corp.

33,900

476

Nissan

Motor

Co.,

Ltd.(Æ)

236,700

439

Persol

Holdings

Co.,

Ltd.

349,100

532

Recruit

Holdings

Co.,

Ltd.

4,500

313

Resona

Holdings,

Inc.

138,100

1,801

Rinnai

Corp.

22,700

498

Rohm

Co.,

Ltd.

51,400

1,722

Sega

Sammy

Holdings,

Inc.

26,800

363

Shin-Etsu

Chemical

Co.,

Ltd.

60,100

2,621

SoftBank

Group

Corp.

19,600

735

Sompo

Holdings,

Inc.

6,400

244

Sony

Group

Corp.

85,600

1,717

Stanley

Electric

Co.,

Ltd.

22,900

497

Subaru

Corp.

47,500

700

Sumitomo

Heavy

Industries,

Ltd.

16,000

505

Sumitomo

Mitsui

Financial

Group,

Inc.

70,500

2,756

Sumitomo

Mitsui

Trust

Group,

Inc.

49,600

1,852

Sysmex

Corp.

87,300

794

T&D

Holdings,

Inc.

75,600

2,239

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

66

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Taiheiyo

Cement

Corp.

11,900

291

Takeda

Pharmaceutical

Co.,

Ltd.

25,100

792

THK

Co.,

Ltd.

12,500

572

Tokio

Marine

Holdings,

Inc.

23,600

1,045

Toyota

Motor

Corp.

48,800

818

Tsuruha

Holdings,

Inc.

40,800

516

Yamato

Holdings

Co.,

Ltd.

51,900

587

53,113

Luxembourg

-

0.0%

RTL

Group

SA

7,677

273

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

63,042

1,638

Netherlands

-

2.8%

ABN

AMRO

Bank

NV

-

Dutch

Certificates(Þ)

65,558

2,788

Adyen

NV(Æ)(Þ)

1,258

1,175

AMG

Critical

Materials

NV

3,285

123

Argenx

SE(Æ)

1,264

1,172

ASM

International

NV

502

575

ASML

Holding

NV

3,518

6,977

Heineken

NV

39,545

3,326

ING

Groep

NV

213,872

6,766

Koninklijke

Ahold

Delhaize

NV

15,633

629

Koninklijke

Heijmans

NV

-

Dutch

Certificates

1,918

250

Koninklijke

Philips

NV

60,254

1,637

NN

Group

NV

20,072

1,759

NXP

Semiconductors

NV

1,564

440

Randstad

NV

21,133

609

Universal

Music

Group

NV

108,105

2,265

VEON,

Ltd.

-

ADR(Æ)

5,128

268

30,759

Singapore

-

0.2%

Grab

Holdings,

Ltd.

Class

A(Æ)

148,809

561

Singapore

Exchange,

Ltd.

6,400

120

Singapore

Technologies

Engineering,

Ltd.

82,400

665

United

Overseas

Bank,

Ltd.

40,100

1,236

2,582

South

Africa

-

0.3%

Anglo

American

PLC

19,075

934

MTN

Group,

Ltd.

99,658

1,387

Old

Mutual,

Ltd.

882,155

722

3,043

South

Korea

-

1.8%

Coway

Co.,

Ltd.

4,547

266

Hankook

Tire

&

Technology

Co.,

Ltd.

9,698

389

Hyundai

Mobis

Co.,

Ltd.

1,826

594

KB

Financial

Group,

Inc.

10,971

1,128

KT

Corp.

-

ADR

52,071

900

LG

H&H

Co.,

Ltd.

612

91

Samsung

Electronics

Co.,

Ltd.

48,403

10,582

Shinhan

Financial

Group

Co.,

Ltd.

40,927

2,536

SK

Hynix,

Inc.

1,388

2,449

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

SK

Telecom

Co.,

Ltd.

12,073

691

19,626

Spain

-

0.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

32,410

813

Banco

Santander

SA

65,534

907

Iberdrola

SA

32,697

816

Industria

de

Diseno

Textil

SA

13,994

882

Repsol

SA

3,568

89

3,507

Sweden

-

0.3%

Boliden

AB

3,619

204

SKF

AB

Class

B

48,665

1,250

Telefonaktiebolaget

LM

Ericsson

Class

B

108,275

1,209

2,663

Switzerland

-

1.4%

ABB,

Ltd.

22,626

2,455

Accelleron

Industries

AG

4,563

469

Adecco

Group

AG

23,720

438

Galderma

Group

AG(Æ)

6,409

1,457

Nestle

SA

24,954

2,562

Sonova

Holding

AG

1,305

310

Swatch

Group

AG

(The)

Class

B

4,704

1,151

TE

Connectivity

PLC

5,327

1,074

UBS

Group

AG

88,310

4,375

Zurich

Insurance

Group

AG

829

612

14,903

Taiwan

-

3.1%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

69,000

5,298

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

60,367

28,830

34,128

Thailand

-

0.2%

Bangkok

Bank

PCL

-

NVDR

109,700

595

Kasikornbank

PCL

-

NVDR

294,000

1,938

2,533

Turkey

-

0.0%

Coca-Cola

Icecek

AS

95,238

170

United

Kingdom

-

4.9%

AstraZeneca

PLC

23,293

4,386

BAE

Systems

PLC

27,115

663

Barclays

PLC

85,367

573

Barratt

Redrow

PLC

97,686

365

British

American

Tobacco

PLC

75,344

4,647

British

Land

Co.

PLC

(The)(ö)

123,413

678

BT

Group

PLC

521,110

1,314

Burberry

Group

PLC(Æ)

43,250

610

CK

Hutchison

Holdings,

Ltd.

Class

B

130,000

1,105

Compass

Group

PLC

85,355

2,758

DCC

PLC

13,138

1,088

Diageo

PLC

46,825

941

Drax

Group

PLC

28,833

290

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

67

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

easyJet

PLC

191,026

1,417

GSK

PLC

153,452

4,026

Hikma

Pharmaceuticals

PLC

21,065

424

HSBC

Holdings

PLC

196,623

3,735

International

Consolidated

Airlines

Group

SA

33,141

210

J

Sainsbury

PLC

128,091

544

Kingfisher

PLC

207,209

779

Land

Securities

Group

PLC(ö)

89,022

769

Lloyds

Banking

Group

PLC

2,208,662

3,259

NatWest

Group

PLC

430,874

3,798

Reckitt

Benckiser

Group

PLC

78,560

5,122

Rolls-Royce

Holdings

PLC

97,715

1,876

Standard

Chartered

PLC

132,218

3,584

Tate

&

Lyle

PLC

51,223

377

Unilever

PLC

58,493

3,511

Unite

Group

PLC

(The)(ö)

47,985

324

Vodafone

Group

PLC

196,159

259

WPP

PLC

157,311

489

53,921

United

States

-

60.6%

Abbott

Laboratories

9,411

854

AbbVie,

Inc.

12,343

3,106

Acuity,

Inc.

326

123

Adobe,

Inc.(Æ)

6,147

1,260

Advanced

Micro

Devices,

Inc.(Æ)

8,957

5,203

Aegon,

Ltd.

50,965

433

Aflac,

Inc.

6,160

722

Agilent

Technologies,

Inc.

1,707

227

Airbnb,

Inc.

Class

A(Æ)

24,190

3,462

Alnylam

Pharmaceuticals,

Inc.(Æ)

307

92

Alphabet,

Inc.

Class

A

36,987

13,218

Alphabet,

Inc.

Class

C

98,518

34,809

Altria

Group,

Inc.

17,708

1,274

Amazon.com,

Inc.(Æ)

133,102

31,724

American

Electric

Power

Co.,

Inc.

6,180

845

American

Express

Co.

4,976

1,683

American

International

Group,

Inc.

5,166

385

American

Tower

Corp.(ö)

2,054

336

Ameriprise

Financial,

Inc.

513

235

AMETEK,

Inc.

14,206

3,437

Amgen,

Inc.

2,182

790

Amphenol

Corp.

Class

A

32,097

5,659

Analog

Devices,

Inc.

6,333

2,515

Aon

PLC

Class

A

1,637

543

Apple,

Inc.

133,855

38,732

Applied

Materials,

Inc.

22,117

15,991

AppLovin

Corp.

Class

A(Æ)

1,829

942

Aptiv

PLC(Æ)

4,012

246

Arch

Capital

Group,

Ltd.(Æ)

5,661

549

Archer-Daniels-Midland

Co.

12,830

980

Arista

Networks,

Inc.(Æ)

18,388

3,124

AT&T,

Inc.

43,672

904

Atlassian

Corp.

Class

A(Æ)

1,947

151

Atmos

Energy

Corp.

1,841

317

Autodesk,

Inc.(Æ)

5,914

1,150

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Automatic

Data

Processing,

Inc.

2,396

537

AutoZone,

Inc.(Æ)

145

463

Axis

Capital

Holdings,

Ltd.

1,122

121

Axon

Enterprise,

Inc.(Æ)

3,156

1,769

Baker

Hughes

Co.

62,164

3,450

Bank

of

America

Corp.

112,423

6,406

Bank

of

New

York

Mellon

Corp.

(The)

7,953

1,150

Bath

&

Body

Works,

Inc.

5,599

130

Becton

Dickinson

&

Co.

3,285

497

Berkshire

Hathaway,

Inc.

Class

B(Æ)

4,630

2,317

BioMarin

Pharmaceutical,

Inc.(Æ)

3,698

212

Blackstone,

Inc.

Class

A

7,303

859

Bloom

Energy

Corp.

Class

A(Æ)

1,036

314

Booking

Holdings,

Inc.

17,321

3,087

Boston

Scientific

Corp.(Æ)

21,694

926

BP

PLC

334,216

2,057

Bristol-Myers

Squibb

Co.

30,453

1,755

Broadcom,

Inc.

51,495

19,452

Cadence

Design

Systems,

Inc.(Æ)

3,308

1,242

Capital

One

Financial

Corp.

20,639

4,141

Cardinal

Health,

Inc.

6,374

1,514

Carnival

Corp.,

Ltd.

23,635

675

Carrier

Global

Corp.

17,269

1,267

Cboe

Global

Markets,

Inc.

1,787

434

CBRE

Group,

Inc.

Class

A(Æ)

673

91

Cencora,

Inc.

Class

A

1,856

525

Centene

Corp.(Æ)

1,811

116

CH

Robinson

Worldwide,

Inc.

1,279

241

Charles

Schwab

Corp.

(The)

54,454

5,024

Chevron

Corp.

15,153

2,512

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

103,237

3,510

Chubb,

Ltd.

2,510

855

Ciena

Corp.(Æ)

224

110

Cigna

Group

(The)

17,511

4,827

Cintas

Corp.

6,252

1,063

Cisco

Systems,

Inc.

24,173

2,839

Citigroup,

Inc.

10,849

1,518

Cloudflare,

Inc.

Class

A(Æ)

2,449

601

CME

Group,

Inc.

Class

A

22,301

4,925

CMS

Energy

Corp.

6,728

515

Coca-Cola

Co.

(The)

11,485

933

Cognizant

Technology

Solutions

Corp.

Class

A

11,190

433

Colgate-Palmolive

Co.

1,175

108

Comcast

Corp.

Class

A

28,204

692

Comfort

Systems

USA,

Inc.

135

268

ConocoPhillips

10,423

1,084

Consolidated

Edison,

Inc.

6,699

741

Copart,

Inc.(Æ)

13,508

381

Corning,

Inc.

7,391

1,888

Costco

Wholesale

Corp.

3,782

3,538

Credo

Technology

Group

Holding,

Ltd.

(Æ)

1,606

437

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,935

1,477

Cummins,

Inc.

1,507

1,075

Curtiss-Wright

Corp.

289

219

CVS

Health

Corp.

12,111

1,253

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

68

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Datadog,

Inc.

Class

A(Æ)

8,712

2,268

Delta

Air

Lines,

Inc.

40,501

3,793

Devon

Energy

Corp.

9,044

374

Dexcom,

Inc.(Æ)

45,245

3,047

Diamondback

Energy,

Inc.

4,281

753

Dollar

General

Corp.

4,391

505

DoorDash,

Inc.

Class

A(Æ)

8,267

1,526

Dover

Corp.

2,686

602

DR

Horton,

Inc.

4,930

803

DTE

Energy

Co.

3,958

603

Duke

Energy

Corp.

4,440

562

Dynatrace,

Inc.(Æ)

4,112

181

Eaton

Corp.

PLC

2,820

1,202

eBay,

Inc.

7,294

815

EchoStar

Corp.

Class

A(Æ)

5,945

603

Ecolab,

Inc.

2,759

769

Edwards

Lifesciences

Corp.(Æ)

6,701

606

Electronic

Arts,

Inc.

2,594

532

Elevance

Health,

Inc.

10,360

4,007

Eli

Lilly

&

Co.

6,050

7,257

EMCOR

Group,

Inc.

451

374

Entergy

Corp.

6,294

723

EOG

Resources,

Inc.

7,273

944

EQT

Corp.

10,868

578

Equifax,

Inc.

15,171

2,408

Everpure,

Inc.

Class

A(Æ)

3,578

282

Eversource

Energy

8,248

596

Exelon

Corp.

17,853

832

Expand

Energy

Corp.

6,373

581

Exxon

Mobil

Corp.

18,020

2,464

Fastenal

Co.

17,219

827

FedEx

Corp.

3,112

974

FedEx

Freight

Holding

Co.,

Inc.(Æ)

1,556

235

Ford

Motor

Co.

71,704

997

Fortinet,

Inc.(Æ)

5,547

852

Fortive

Corp.

9,432

576

Garmin,

Ltd.

3,760

893

GE

HealthCare

Technologies,

Inc.

9,760

625

GE

Vernova,

Inc.

1,891

2,222

General

Dynamics

Corp.

11,562

4,096

General

Electric

Co.

4,896

1,830

General

Mills,

Inc.

11,761

409

General

Motors

Co.

17,819

1,373

Gilead

Sciences,

Inc.

7,808

986

GoDaddy,

Inc.

Class

A(Æ)

2,039

173

Goldman

Sachs

Group,

Inc.

(The)

2,514

2,543

Haleon

PLC

928,144

4,283

Halliburton

Co.

10,881

369

Halozyme

Therapeutics,

Inc.(Æ)

1,450

114

Hartford

Insurance

Group,

Inc.

(The)

4,724

626

HCA

Healthcare,

Inc.

13,764

5,366

Hershey

Co.

(The)

3,199

561

Hewlett

Packard

Enterprise

Co.

22,232

1,003

Holcim

AG(Æ)

6,864

621

Home

Depot,

Inc.

(The)

2,996

1,057

Honeywell

Aerospace,

Inc.(Æ)

1,256

278

Honeywell

International,

Inc.

1,257

281

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Host

Hotels

&

Resorts,

Inc.(ö)

11,814

280

HP,

Inc.

5,447

120

Hubbell,

Inc.

1,072

561

HubSpot,

Inc.(Æ)

1,446

264

IDEXX

Laboratories,

Inc.(Æ)

933

491

Illinois

Tool

Works,

Inc.

2,460

665

Illumina,

Inc.(Æ)

1,589

279

Insulet

Corp.(Æ)

400

61

Intel

Corp.(Æ)

15,283

2,134

Intercontinental

Exchange,

Inc.

3,557

438

International

Business

Machines

Corp.

2,028

570

Intuit,

Inc.

10,829

2,826

Intuitive

Surgical,

Inc.(Æ)

3,762

1,496

Iridium

Communications,

Inc.

7,237

397

Jack

Henry

&

Associates,

Inc.

690

95

Johnson

&

Johnson

11,262

2,860

Johnson

Controls

International

PLC

6,589

963

JPMorgan

Chase

&

Co.

18,506

6,058

Keysight

Technologies,

Inc.(Æ)

2,145

751

KLA

Corp.

6,730

2,031

Kraft

Heinz

Co.

(The)

20,183

477

Kroger

Co.

(The)

9,907

550

L3Harris

Technologies,

Inc.

1,518

441

Lam

Research

Corp.

10,302

4,464

Leidos

Holdings,

Inc.

1,396

144

Lennar

Corp.

Class

A

4,704

426

Linde

PLC

8,373

4,345

Lockheed

Martin

Corp.

3,435

1,750

Lowe's

Cos.,

Inc.

2,420

534

LPL

Financial

Holdings,

Inc.

1,617

455

LyondellBasell

Industries

NV

Class

A

1,602

84

Marathon

Petroleum

Corp.

3,941

1,008

Marsh

&

McLennan

Cos.,

Inc.

2,695

449

Marvell

Technology,

Inc.

1,383

412

Mastercard,

Inc.

Class

A

23,041

11,834

McCormick

&

Co.,

Inc.

2,267

114

McDonald's

Corp.

2,205

596

McKesson

Corp.

1,361

1,028

Medtronic

PLC

10,202

798

Merck

&

Co.,

Inc.

17,117

2,200

Meta

Platforms,

Inc.

Class

A

31,873

17,954

Microchip

Technology,

Inc.

2,897

264

Micron

Technology,

Inc.

6,920

7,988

Microsoft

Corp.

55,745

20,794

Monolithic

Power

Systems,

Inc.

695

961

Monster

Beverage

Corp.(Æ)

14,814

1,424

Moody's

Corp.

986

447

Morgan

Stanley

5,350

1,118

Motorola

Solutions,

Inc.

1,736

721

Netflix,

Inc.

Class

B(Æ)

27,348

1,953

Newmont

Corp.

12,114

1,131

NMI

Holdings,

Inc.

Class

A(Æ)

5,364

220

Northrop

Grumman

Corp.

5,172

2,634

Novartis

AG

20,443

3,201

NRG

Energy,

Inc.

5,666

828

Nucor

Corp.

4,034

899

nVent

Electric

PLC

2,706

459

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

69

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

NVIDIA

Corp.

255,110

51,045

ON

Semiconductor

Corp.(Æ)

9,421

891

Oracle

Corp.

10,100

1,480

O'Reilly

Automotive,

Inc.(Æ)

11,021

1,015

PACCAR,

Inc.

6,916

831

Palantir

Technologies,

Inc.

Class

A(Æ)

14,250

1,663

Palo

Alto

Networks,

Inc.(Æ)

4,139

1,411

Parker-Hannifin

Corp.

2,011

1,967

Paychex,

Inc.

5,414

532

PepsiCo,

Inc.

10,412

1,410

Pfizer,

Inc.

31,041

747

PG&E

Corp.

73,913

1,243

Philip

Morris

International,

Inc.

4,238

767

Phillips

66

4,651

786

Pinterest,

Inc.

Class

A(Æ)

5,370

113

PNC

Financial

Services

Group,

Inc.

(The)

2,517

620

Procter

&

Gamble

Co.

(The)

18,359

2,692

Progressive

Corp.

(The)

4,090

893

Prudential

Financial,

Inc.

4,640

501

Public

Storage(ö)

1,864

593

PulteGroup,

Inc.

4,552

625

Qnity

Electronics,

Inc.

2,800

457

QUALCOMM,

Inc.

13,609

2,515

Realty

Income

Corp.(ö)

9,988

619

Reddit,

Inc.

Class

A(Æ)

673

117

Regeneron

Pharmaceuticals,

Inc.

1,713

1,068

Reinsurance

Group

of

America,

Inc.

Class

A

893

190

Republic

Services,

Inc.

Class

A

2,197

468

ResMed,

Inc.

1,874

365

Roche

Holding

AG

11,537

4,749

Rockwell

Automation,

Inc.

779

386

Roku,

Inc.(Æ)

847

117

Roper

Technologies,

Inc.

1,316

445

Ross

Stores,

Inc.

3,487

742

Royal

Caribbean

Cruises,

Ltd.

5,087

1,615

RTX

Corp.

15,376

2,917

S&P

Global,

Inc.

1,131

461

Salesforce,

Inc.

16,290

2,552

Sandisk

Corp.(Æ)

335

762

Sanofi

SA

44,865

3,834

Schneider

Electric

SE

20,775

6,816

Seagate

Technology

Holdings

PLC

4,412

4,258

ServiceNow,

Inc.(Æ)

9,979

991

Shell

PLC

119,310

4,621

Sherwin-Williams

Co.

(The)

299

103

Simon

Property

Group,

Inc.(ö)

4,464

998

Snowflake,

Inc.

Class

A(Æ)

6,980

1,776

SoFi

Technologies,

Inc.(Æ)

5,655

101

Southern

Co.

(The)

5,663

542

Space

Exploration

Technologies

Corp.

Class

A(Æ)

6,112

1,044

Spotify

Technology

SA(Æ)

2,781

1,277

Starbucks

Corp.

10,729

1,096

State

Street

Corp.

721

122

Stryker

Corp.

1,522

479

Synchrony

Financial

5,899

449

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Synopsys,

Inc.(Æ)

1,125

502

Sysco

Corp.

7,451

623

Target

Corp.

5,862

766

Teledyne

Technologies,

Inc.(Æ)

1,052

702

Teradyne,

Inc.

286

138

Tesla,

Inc.(Æ)

12,142

5,107

Texas

Instruments,

Inc.

3,461

1,032

Textron,

Inc.

2,028

186

Thermo

Fisher

Scientific,

Inc.

1,681

843

TJX

Cos.,

Inc.

(The)

12,816

1,942

T-Mobile

US,

Inc.

6,440

1,080

Trane

Technologies

PLC

2,297

1,128

TransDigm

Group,

Inc.

2,743

3,654

Travelers

Cos.,

Inc.

(The)

1,760

581

Trimble,

Inc.(Æ)

3,196

164

Truist

Financial

Corp.

11,458

571

Uber

Technologies,

Inc.(Æ)

64,517

4,656

Ulta

Beauty,

Inc.(Æ)

3,327

1,500

Union

Pacific

Corp.

2,627

715

United

Airlines

Holdings,

Inc.(Æ)

25,379

3,451

United

Parcel

Service,

Inc.

Class

B

8,419

905

United

Rentals,

Inc.

706

800

UnitedHealth

Group,

Inc.

22,349

9,289

US

Bancorp

10,294

622

Valero

Energy

Corp.

4,653

1,212

Veeva

Systems,

Inc.

Class

A(Æ)

2,358

418

Veralto

Corp.

3,213

285

Verisk

Analytics,

Inc.

Class

A

2,347

421

Verizon

Communications,

Inc.

29,523

1,250

Versigent

PLC(Æ)

790

33

Vertex

Pharmaceuticals,

Inc.(Æ)

7,560

3,755

VICI

Properties,

Inc.(ö)

35,728

949

Viking

Holdings,

Ltd.(Æ)

11,732

1,228

Visa,

Inc.

Class

A

17,574

6,029

Vistra

Corp.

693

110

W.W.

Grainger,

Inc.

609

828

Walmart,

Inc.

16,183

1,833

Walt

Disney

Co.

(The)

21,018

2,023

Waste

Management,

Inc.

14,169

3,158

WEC

Energy

Group,

Inc.

4,847

566

Wells

Fargo

&

Co.

22,665

1,873

Welltower,

Inc.(ö)

6,778

1,538

Western

Digital

Corp.

5,966

3,811

Williams

Cos.,

Inc.

(The)

10,241

761

Woodward,

Inc.

308

131

Xcel

Energy,

Inc.

7,071

568

Yelp,

Inc.

Class

A(Æ)

3,705

91

Yum!

Brands,

Inc.

3,610

577

Zebra

Technologies

Corp.

Class

A(Æ)

814

214

Zoetis,

Inc.

Class

A

7,001

503

663,799

Total

Common

Stocks

(cost

$919,316)

1,042,621

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

70

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

S

hares

H2

Fair

Value

$

Preferred

Stocks

-

0.2%

Germany

-

0.2%

Henkel

AG

&

Co.

KGaA

2.903%

(Ÿ)

9,082

763

Volkswagen

AG

6.666%

(Ÿ)

17,221

1,380

2,143

Total

Preferred

Stocks

(cost

$2,812)

2,143

Short-Term

Investments

-

2.7%

United

States

-

2.7%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

29,717,637

29,718

Total

Short-Term

Investments

(cost

$29,718)

29,718

Total

Investments

-

98.1%

(cost

$951,846)

1,074,482

Other

Assets

net

of

Liabilities

-

1.9%

20,833

Net

Assets

-

100.0%

1,095,315

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

71

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

313

USD

118,130

09/18/2026

982

S&P/TSX

60

Index

Futures

59

CAD

24,257

09/17/2026

55

SPI

200

Index

Futures

96

AUD

21,062

09/17/2026

(245)

TOPIX

Index

Futures

44

JPY

1,761,320

09/10/2026

406

Contracts

to

Sell

CAC40

Euro

Index

Futures

107

EUR

8,999

07/17/2026

56

DAX

Index

Futures

12

EUR

7,541

09/18/2026

33

EURO

STOXX

50

Index

Futures

86

EUR

5,466

09/18/2026

(87)

FTSE

100

Index

Futures

221

GBP

23,297

09/18/2026

(204)

FTSE/MIB

Index

Futures

13

EUR

3,372

09/18/2026

11

Hang

Seng

Index

Futures

9

HKD

10,281

07/30/2026

29

IBEX

35

Index

Futures

19

EUR

3,685

07/17/2026

(73)

MSCI

Emerging

Markets

Index

Futures

528

USD

46,393

09/18/2026

(19)

MSCI

Singapore

Index

Futures

37

SGD

1,770

07/30/2026

7

OMXS30

Index

Futures

74

SEK

23,806

07/17/2026

(58)

Total

Futures

Contracts

(å)

893

Forward

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

SEK

5,570

USD

591

09/16/26

13

HSBC

USD

1,296

AUD

1,847

09/16/26

(19)

HSBC

USD

1,488

CAD

2,062

09/16/26

(29)

HSBC

USD

2,578

JPY

410,284

09/16/26

(40)

HSBC

EUR

8,102

USD

9,407

09/16/26

121

HSBC

GBP

5,258

USD

7,051

09/16/26

77

Morgan

Stanley

USD

1,293

AUD

1,847

09/16/26

(17)

Morgan

Stanley

USD

670

CAD

950

09/16/26

3

Morgan

Stanley

USD

1,486

CAD

2,062

09/16/26

(27)

Morgan

Stanley

USD

584

JPY

93,840

09/16/26

(3)

Morgan

Stanley

USD

2,577

JPY

410,284

09/16/26

(38)

Morgan

Stanley

AUD

150

USD

103

09/16/26

—

Morgan

Stanley

EUR

1,270

USD

1,445

09/16/26

(10)

Morgan

Stanley

EUR

8,102

USD

9,394

09/16/26

107

Morgan

Stanley

GBP

170

USD

223

09/16/26

(2)

Morgan

Stanley

GBP

5,258

USD

7,038

09/16/26

64

Standard

Chartered

USD

1,296

AUD

1,847

09/16/26

(19)

Standard

Chartered

USD

1,489

CAD

2,062

09/16/26

(30)

Standard

Chartered

USD

2,578

JPY

410,284

09/16/26

(39)

Standard

Chartered

EUR

8,102

USD

9,407

09/16/26

121

Standard

Chartered

GBP

5,258

USD

7,053

09/16/26

79

Toronto

Dominion

Bank

USD

1,293

AUD

1,847

09/16/26

(16)

Toronto

Dominion

Bank

USD

1,486

CAD

2,062

09/16/26

(28)

Toronto

Dominion

Bank

USD

2,577

JPY

410,284

09/16/26

(38)

Toronto

Dominion

Bank

EUR

8,102

USD

9,397

09/16/26

110

Toronto

Dominion

Bank

GBP

5,258

USD

7,041

09/16/26

66

Westpac

USD

1,295

AUD

1,847

09/16/26

(18)

Westpac

USD

1,488

CAD

2,062

09/16/26

(29)

Westpac

USD

2,578

JPY

410,284

09/16/26

(39)

Westpac

EUR

8,102

USD

9,406

09/16/26

119

Westpac

GBP

5,258

USD

7,049

09/16/26

74

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Forward

Foreign

Currency

Exchange

Contracts

513

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

72

Venerable

World

Equity

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Australia

$

—

$

4,364

$

—

$

4,364

Austria

—

2,579

—

2,579

Belgium

—

1,437

—

1,437

Brazil

7,228

—

—

7,228

Canada

19,031

—

—

19,031

China

4,239

6,968

—

11,207

Denmark

—

5,355

—

5,355

Finland

—

2,080

—

2,080

France

—

44,873

—

44,873

Germany

—

26,121

—

26,121

Hong

Kong

—

8,408

—

8,408

India

3,234

—

—

3,234

Indonesia

—

449

—

449

Ireland

2,528

3,878

—

6,406

Israel

—

764

—

764

Italy

1,111

11,316

—

12,427

Japan

—

53,113

—

53,113

Luxembourg

—

273

—

273

Mexico

1,638

—

—

1,638

Netherlands

707

30,052

—

30,759

Singapore

561

2,021

—

2,582

South

Africa

—

3,043

—

3,043

South

Korea

900

18,726

—

19,626

Spain

—

3,507

—

3,507

Sweden

—

2,663

—

2,663

Switzerland

1,074

13,829

—

14,903

Taiwan

28,830

5,298

—

34,128

Thailand

—

2,533

—

2,533

Turkey

—

170

—

170

United

Kingdom

2,112

51,809

—

53,921

United

States

633,182

30,617

—

663,799

Preferred

Stocks

—

2,143

—

2,143

Short-Term

Investments

29,718

—

—

29,718

Total

Investments

736,093

338,389

—

1,074,482

Derivatives

Assets

Futures

Contracts

1,579

—

—

1,579

Forward

Foreign

Currency

Exchange

Contracts

—

954

—

954

Liabilities

Futures

Contracts

(686)

—

—

(686)

Forward

Foreign

Currency

Exchange

Contracts

—

(441)

—

(441)

Total

Derivatives

*

$

893

$

513

$

—

$

1,406

*

Futures

and

forward

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

73

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

120,864

11.0

Consumer

Staples

...............................................................................

45,132

4.1

Energy

................................................................................................

39,082

3.6

Financial

Services

..............................................................................

188,588

17.2

Health

Care

........................................................................................

103,072

9.4

Materials

and

Processing

...................................................................

41,446

3.8

Producer

Durables

..............................................................................

88,385

8.1

Technology

.........................................................................................

389,394

35.6

Utilities

...............................................................................................

26,658

2.4

Preferred

Stocks

Consumer

Discretionary

....................................................................

1,380

0.1

Consumer

Staples

...............................................................................

763

0.1

Short-Term

Investments

.............................................................

29,718

2.7

Total

Investments

...............................................................................

1,074,482

98.1

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

74

Venerable

World

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

951,846

Investments,

at

fair

value

.............................................................................................................................................................

1,074,482

Foreign

currency

holdings(^)

.......................................................................................................................................................

3,436

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

.................................................................................

954

Receivables:

Dividends

and

interest

......................................................................................................................................................

912

Investments

sold

...............................................................................................................................................................

107

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

371

From

broker(a)

.................................................................................................................................................................

17,854

Prepaid

expenses

..........................................................................................................................................................................

24

Total

assets

...............................................................................................................................................................

1,098,140

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

1,212

Accrued

fees

to

affiliates

..................................................................................................................................................

777

Other

accrued

expenses

....................................................................................................................................................

95

Variation

margin

on

futures

contracts

..............................................................................................................................

300

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

.................................................................................

441

Total

liabilities

...........................................................................................................................................................

2,825

Net

Assets

...............................................................................................................................................................

$

1,095,315

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

150,130

Paid-in

capital

..............................................................................................................................................................................

945,185

Net

Assets

...............................................................................................................................................................

$

1,095,315

(^)    

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

3,453

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

17,854

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

11.50

Class

I

—

Net

assets

............................................................................................................................................................

$

558,391,730

Class

I

—

Shares

outstanding

.............................................................................................................................................

48,551,415

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.51

Class

V

—

Net

assets

...........................................................................................................................................................

$

536,923,043

Class

V

—

Shares

outstanding

............................................................................................................................................

46,665,880

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

75

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

11,966

Interest

..............................................................................................................................................................................

203

Less

foreign

taxes

withheld

.............................................................................................................................................

(853)

Total

investment

income

.............................................................................................................................................................

11,316

Expenses

Advisory

fees

...................................................................................................................................................................

4,090

Administrative

fees

..........................................................................................................................................................

654

Distribution

fees

-

Class

V

...............................................................................................................................................

799

Professional

fees

..............................................................................................................................................................

54

Trustees’

fees

....................................................................................................................................................................

18

Printing

fees

.....................................................................................................................................................................

6

Offering

fees

.....................................................................................................................................................................

23

Miscellaneous

..................................................................................................................................................................

13

Expenses

before

reductions

..............................................................................................................................................

5,657

Expense

reductions

..........................................................................................................................................................

(907)

Net

expenses

................................................................................................................................................................................

4,750

Net

investment

income

(loss)

.......................................................................................................................................................

6,566

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

24,251

Futures

contracts

..............................................................................................................................................................

(6,044)

Forward

foreign

currency

exchange

contracts

.................................................................................................................

87

Foreign

currency-related

transactions

..............................................................................................................................

(206)

Net

realized

gain

(loss)

................................................................................................................................................................

18,088

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

65,714

Futures

contracts

..............................................................................................................................................................

3,129

Forward

foreign

currency

exchange

contracts

.................................................................................................................

1,392

Foreign

currency-related

transactions

..............................................................................................................................

(28)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

70,207

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

88,295

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

94,861

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

76

Venerable

World

Equity

Fund

(2)

During

the

period

ended

December

31,

2025,

Venerable

World

Equity

Fund

received

securities

in

the

amount

of

$305,374

for

Class

V

to

satisfy

a

subscription-in-kind.

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

6,566

$

2,994

Net

realized

gain

(loss)

................................................................................................................

18,088

6,429

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

70,207

53,811

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

94,861

63,234

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(4,021)

—

Class

V

.....................................................................................................................................

(3,944)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(7,965)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(111,490)

1,056,675

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(24,594)

1,119,909

Net

Assets

Beginning

of

period

...........................................................................................................................

1,119,909

—

End

of

period

......................................................................................................................................

$

1,095,315

$

1,119,909

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

71

$

762

57,982

$

579,827

Proceeds

from

reinvestment

of

distributions

352

4,021

—

—

Payments

for

shares

redeemed

(5,847)

(64,985)

(4,007)

(41,638)

Net

increase

(decrease)

(5,424)

(60,202)

53,975

538,189

Class

V

Proceeds

from

shares

sold

(2)

25

259

55,871

565,407

Proceeds

from

reinvestment

of

distributions

346

3,944

—

—

Payments

for

shares

redeemed

(5,042)

(55,491)

(4,533)

(46,921)

Net

increase

(decrease)

(4,671)

(51,288)

51,338

518,486

Total

increase

(decrease)

(10,095)

$

(111,490)

105,313

$

1,056,675

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

77

Venerable

Variable

Insurance

Trust

Venerable

World

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.63‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06‌

.03‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.89‌

.60‌

$

Total

from

Investment

Operations

.95‌

.63‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.05‌)

—‌

$

Total

Distributions

(.08‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.50‌

10.63‌

%

Total

Return

(±)(ǿ)

8.97‌

6.30‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

558,392‌

573,888‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.89‌

.91‌

%

Expenses,

Net

(Ƃ)(ɯ)

.89‌

.90‌

%

Net

Investment

Income

(Ƃ)(ɯ)

1.19‌

.82‌

%

Portfolio

Turnover

Rate

(ǿ)

13‌

33‌

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.64‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.07‌

.03‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.88‌

.61‌

$

Total

from

Investment

Operations

.95‌

.64‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.05‌)

—‌

$

Total

Distributions

(.08‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.51‌

10.64‌

%

Total

Return

(±)(ǿ)

8.88‌

6.40‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

536,923‌

546,021‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

1.19‌

1.21‌

%

Expenses,

Net

(Ƃ)(ɯ)

.85‌

.85‌

%

Net

Investment

Income

(Ƃ)(ɯ)

1.22‌

.91‌

%

Portfolio

Turnover

Rate

(ǿ)

13‌

33‌

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

78

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

95.5%

Corporate

Bonds

and

Notes

-

95.5%

Consumer

Discretionary

-

26.4%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

6.125%

due

06/15/29

(Þ)

4,000

4,060

A&K

Travel

Group

Holdings,

Ltd.

7.500%

due

05/15/33

(Þ)

1,975

1,994

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

4.625%

due

04/01/30

(Þ)

1,900

1,803

6.875%

due

08/01/33

(Þ)

1,655

1,642

Banijay

Entertainment

SAS

8.125%

due

05/01/29

(Þ)

5,100

5,235

Beach

Acquisition

Bidco

LLC

10.000%

due

07/15/33

(Þ)(β)

5,455

6,189

Block

Communications,

Inc.

10.250%

due

03/01/31

(Þ)

2,455

2,245

Carnival

Corp.,

Ltd.

5.750%

due

03/15/30

(Þ)

3,600

3,642

5.750%

due

08/01/32

(Þ)

2,725

2,753

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.375%

due

06/01/29

(Þ)

1,900

1,859

4.500%

due

08/15/30

(Þ)

3,500

3,256

7.000%

due

02/01/33

(Þ)

985

965

4.500%

due

06/01/33

(Þ)

4,000

3,468

4.250%

due

01/15/34

1,395

1,179

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

6.750%

due

09/15/32

(Þ)

4,755

4,853

Clear

Channel

Outdoor

Holdings,

Inc.

7.875%

due

04/01/30

(Þ)

2,800

2,913

7.500%

due

03/15/33

(Þ)

1,400

1,476

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.000%

due

09/15/29

(Þ)

5,400

5,683

CSC

Holdings

LLC

3.375%

due

02/15/31

(Þ)

2,400

1,423

Dexko

Global,

Inc.

7.500%

due

04/15/32

(Þ)

7,622

6,306

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

8.875%

due

02/01/30

(Þ)

1,900

1,936

9.250%

due

06/01/32

(Þ)

2,500

2,539

Discovery

Global

Holdings,

Inc.

4.054%

due

03/15/29

2,460

2,436

5.050%

due

03/15/42

1,675

1,226

Dream

Finders

Homes,

Inc.

8.250%

due

08/15/28

(Þ)

2,200

2,250

EW

Scripps

Co.

(The)

9.875%

due

08/15/30

(Þ)

3,500

3,063

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%

due

01/15/29

(Þ)

2,000

1,944

6.750%

due

01/15/30

(Þ)

5,600

5,492

FirstCash

,

Inc.

4.625%

due

09/01/28

(Þ)

1,500

1,475

6.875%

due

03/01/32

(Þ)

3,700

3,801

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.125%

due

05/01/34

(Þ)

875

870

Forvia

SE

6.750%

due

09/15/33

(Þ)

1,705

1,702

Gates

Corp.

6.875%

due

07/01/29

(Þ)

5,800

5,938

Great

Canadian

Gaming

Corp.

8.750%

due

11/15/29

(Þ)

3,000

3,004

Hilton

Domestic

Operating

Co.,

Inc.

5.500%

due

09/15/31

(Þ)

3,585

3,592

IHO

Verwaltungs

GmbH

7.750%

due

11/15/30

(Þ)

800

826

7.375%

due

05/15/33

(Þ)

750

780

K.

Hovnanian

Enterprises,

Inc.

8.000%

due

04/01/31

(Þ)

720

743

8.375%

due

10/01/33

(Þ)

1,080

1,110

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

8.250%

due

04/15/30

(Þ)

5,000

5,215

NCL

Corp.,

Ltd.

7.750%

due

02/15/29

(Þ)

2,000

2,086

6.750%

due

02/01/32

(Þ)

2,100

2,095

6.250%

due

09/15/33

(Þ)

990

961

Neptune

Bidco

US,

Inc.

9.290%

due

04/15/29

(Þ)

630

643

9.500%

due

02/15/33

(Þ)

2,925

2,959

Nissan

Motor

Co.,

Ltd.

8.125%

due

07/17/35

(Þ)

2,105

2,244

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

4.625%

due

03/15/30

(Þ)

1,605

1,557

Paramount

Global

6.875%

due

04/30/36

650

611

4.375%

due

03/15/43

1,000

647

5.850%

due

09/01/43

1,300

975

PetSmart

LLC

/

PetSmart

Finance

Corp.

7.500%

due

09/15/32

(Þ)

1,980

1,980

Qnity

Electronics,

Inc.

5.750%

due

08/15/32

(Þ)

4,385

4,411

6.250%

due

08/15/33

(Þ)

920

936

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

6.250%

due

10/15/30

(Þ)

1,330

1,347

Royal

Caribbean

Cruises,

Ltd.

6.000%

due

02/01/33

(Þ)

3,300

3,345

Univision

Communications,

Inc.

9.375%

due

08/01/32

(Þ)

700

712

8.875%

due

04/15/33

(Þ)

1,795

1,768

Veritiv

Operating

Co.

10.500%

due

11/30/30

(Þ)

4,350

4,451

Viasat

,

Inc.

7.500%

due

05/30/31

(Þ)

4,325

4,368

Viking

Cruises,

Ltd.

7.000%

due

02/15/29

(Þ)

3,900

3,906

9.125%

due

07/15/31

(Þ)

900

943

5.875%

due

10/15/33

(Þ)

1,390

1,391

VZ

Secured

Financing

BV

7.500%

due

01/15/33

(Þ)

3,845

3,687

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

79

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Wayfair

LLC

7.250%

due

10/31/29

(Þ)

800

826

7.750%

due

09/15/30

(Þ)

1,500

1,577

6.750%

due

11/15/32

(Þ)

3,015

3,096

Whirlpool

Corp.

7.500%

due

07/01/31

(Þ)

700

709

7.875%

due

07/01/34

(Þ)

1,185

1,190

4.500%

due

06/01/46

260

155

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.125%

due

02/15/31

(Þ)

4,000

4,226

ZF

North

America

Capital,

Inc.

6.875%

due

04/23/32

(Þ)

2,855

2,809

175,497

Consumer

Staples

-

4.9%

Bausch

&

Lomb

Corp.

8.375%

due

10/01/28

(Þ)

3,400

3,498

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

7.625%

due

07/01/29

(Þ)

1,400

1,444

6.375%

due

04/15/34

(Þ)

1,150

1,167

EquipmentShare.com,

Inc.

9.000%

due

05/15/28

(Þ)

3,035

3,099

8.625%

due

05/15/32

(Þ)

1,865

1,941

8.000%

due

03/15/33

(Þ)

1,500

1,535

Froneri

Lux

FinCo

SARL

6.000%

due

08/01/32

(Þ)

4,320

4,235

Grand

Canyon

University

5.125%

due

10/01/28

2,200

2,172

Industrial

F&B

Investments

III,

Inc.

7.750%

due

02/11/33

(Þ)

2,220

2,263

Opal

Bidco

SAS

6.500%

due

03/31/32

(Þ)

3,600

3,672

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

1,800

1,760

RR

Donnelley

&

Sons

Co.

9.500%

due

08/01/29

(Þ)

5,650

5,862

32,648

Energy

-

12.1%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

3,200

3,227

Archrock

Services,

LP

/

Archrock

Partners

Finance

Corp.

6.000%

due

02/01/34

(Þ)

3,765

3,740

Borr

IHC,

Ltd.

/

Borr

Finance

LLC

8.750%

due

01/15/32

(Þ)

1,130

1,105

9.000%

due

01/15/34

(Þ)

905

877

Calumet

Specialty

Products

Partners,

LP

/

Calumet

Finance

Corp.

9.750%

due

02/15/31

(Þ)

1,520

1,607

Coronado

Finance

Pty,

Ltd.

9.250%

due

10/01/29

(Þ)

2,050

1,872

Crescent

Energy

Co.

2.750%

due

03/15/31

(Þ)

1,220

1,204

Crescent

Energy

Finance

LLC

7.875%

due

04/15/32

(Þ)

1,800

1,823

7.375%

due

01/15/33

(Þ)

3,410

3,388

8.375%

due

01/15/34

(Þ)

4,085

4,207

Hess

Midstream

Operations,

LP

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.500%

due

06/01/29

(Þ)

2,165

2,207

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.250%

due

04/15/32

(Þ)

1,120

1,084

7.250%

due

02/15/35

(Þ)

3,000

2,953

Kinetik

Holdings,

LP

5.875%

due

06/15/30

(Þ)

3,300

3,316

Kodiak

Gas

Services

LLC

5.875%

due

04/01/31

(Þ)

1,620

1,623

6.500%

due

10/01/33

(Þ)

680

688

Martin

Midstream

Partners,

LP

/

Martin

Midstream

Finance

Corp.

11.500%

due

02/15/28

(Þ)

2,600

2,620

Murphy

Oil

Corp.

6.000%

due

10/01/32

1,120

1,115

6.500%

due

02/15/34

2,085

2,065

Nabors

Industries,

Inc.

9.125%

due

01/31/30

(Þ)

1,500

1,568

8.875%

due

08/15/31

(Þ)

915

940

Neo

Next+

Energy

Consolidated

Holdings,

Ltd.

6.625%

due

06/11/31

(Þ)

2,400

2,365

Oceaneering

International,

Inc.

6.875%

due

07/15/34

(Þ)

1,270

1,290

Sunoco,

LP

5.375%

due

07/15/31

(Þ)

1,530

1,509

6.250%

due

07/01/33

(Þ)

2,150

2,168

5.625%

due

07/15/34

(Þ)

910

888

Tranocean

Aquila,

Ltd.

8.000%

due

09/30/28

(Þ)

800

817

Transocean

International,

Ltd.

8.250%

due

05/15/29

(Þ)

600

619

8.750%

due

02/15/30

(Þ)

910

943

8.500%

due

05/15/31

(Þ)

1,500

1,557

7.875%

due

10/15/32

(Þ)

440

458

6.800%

due

03/15/38

2,300

2,135

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

1,700

1,623

4.125%

due

08/15/31

(Þ)

2,200

2,065

6.000%

due

05/01/36

(Þ)

350

354

Venture

Global

LNG,

Inc.

9.500%

due

02/01/29

(Þ)

3,900

4,203

8.375%

due

06/01/31

(Þ)

3,900

4,060

Venture

Global

Plaquemines

LNG

LLC

6.125%

due

12/15/30

(Þ)

210

215

7.500%

due

05/01/33

(Þ)

850

933

6.500%

due

01/15/34

(Þ)

975

1,016

6.500%

due

06/15/34

(Þ)

210

219

7.750%

due

05/01/35

(Þ)

850

953

6.750%

due

01/15/36

(Þ)

2,950

3,127

Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

696

703

6.750%

due

10/15/33

(Þ)

3,065

3,127

80,576

Financial

Services

-

15.5%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

8.500%

due

06/15/29

(Þ)

1,300

1,226

7.500%

due

11/06/30

(Þ)

1,400

1,327

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

80

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

7.000%

due

01/15/31

(Þ)

1,600

1,626

7.375%

due

10/01/32

(Þ)

1,400

1,391

Asurion

LLC

and

Asurion

Co.-Issuer,

Inc.

8.375%

due

02/01/34

(Þ)

3,245

3,007

CrossCountry

Intermediate

HoldCo

LLC

6.500%

due

10/01/30

(Þ)

2,060

2,031

6.750%

due

12/01/32

(Þ)

1,030

995

Encore

Capital

Group,

Inc.

8.500%

due

05/15/30

(Þ)

3,800

4,037

6.625%

due

06/01/32

(Þ)

5,490

5,497

Freedom

Mortgage

Holdings

LLC

9.250%

due

02/01/29

(Þ)

4,200

4,365

8.375%

due

04/01/32

(Þ)

500

509

7.875%

due

04/01/33

(Þ)

1,855

1,808

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

3.750%

due

12/15/27

(Þ)

2,950

2,889

Iron

Mountain,

Inc.

7.000%

due

02/15/29

(Þ)

1,400

1,427

5.625%

due

07/15/32

(Þ)

5,500

5,436

Jane

Street

Group

/

JSG

Finance,

Inc.

4.500%

due

11/15/29

(Þ)

900

877

6.125%

due

11/01/32

(Þ)

3,100

3,098

6.750%

due

05/01/33

(Þ)

4,000

4,110

Jefferson

Capital

Holdings

LLC

9.500%

due

02/15/29

(Þ)

3,200

3,343

8.250%

due

05/15/30

(Þ)

2,500

2,627

Millrose

Properties,

Inc.

6.375%

due

08/01/30

(Þ)

4,295

4,351

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

8.500%

due

02/15/32

(Þ)

4,000

4,091

OneMain

Finance

Corp.

5.375%

due

11/15/29

1,300

1,277

7.125%

due

11/15/31

1,400

1,424

Osaic

Holdings,

Inc.

8.000%

due

08/01/33

(Þ)

5,085

5,096

PHH

Escrow

Issuer

LLC/PHH

Corp.

9.875%

due

11/01/29

(Þ)

4,700

4,600

PRA

Group,

Inc.

5.000%

due

10/01/29

(Þ)

3,700

3,497

8.875%

due

01/31/30

(Þ)

1,400

1,445

RHP

Hotel

Properties,

LP

/

RHP

Finance

Corp.

7.250%

due

07/15/28

(Þ)

3,700

3,772

6.500%

due

04/01/32

(Þ)

1,800

1,841

6.500%

due

06/15/33

(Þ)

1,050

1,077

Rocket

Cos.,

Inc.

6.125%

due

08/01/31

(Þ)

515

526

6.500%

due

06/15/34

(Þ)

1,130

1,159

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.625%

due

03/01/29

(Þ)

4,300

4,136

Starwood

Property

Trust,

Inc.

6.125%

due

06/01/31

(Þ)

3,000

3,019

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Stonex

Escrow

Issuer

LLC

6.875%

due

07/15/32

(Þ)

2,360

2,427

StoneX

Group,

Inc.

7.875%

due

03/01/31

(Þ)

3,600

3,777

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

4,100

3,981

103,122

Health

Care

-

6.5%

CHS/Community

Health

Systems,

Inc.

6.000%

due

01/15/29

(Þ)

3,000

2,975

10.875%

due

01/15/32

(Þ)

2,358

2,543

Concenta

Escrow

Issuer

Corp.

6.875%

due

07/15/32

(Þ)

3,800

3,937

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

6,400

6,200

GENMAB

Finance

LLC

6.250%

due

12/15/32

(Þ)

2,250

2,292

7.250%

due

12/15/33

(Þ)

2,250

2,349

Grifols

SA

4.750%

due

10/15/28

(Þ)

1,800

1,767

IQVIA,

Inc.

6.250%

due

06/01/32

(Þ)

4,300

4,380

Kedrion

SpA

6.500%

due

09/01/29

(Þ)

7,500

7,416

MPH

Acquisition

Holdings

LLC

5.750%

due

12/31/30

(Þ)

1,378

1,152

11.500%

due

12/31/30

(Þ)(β)

608

600

6.750%

due

03/31/31

(Þ)(β)

3,268

1,959

Tenet

Healthcare

Corp.

6.125%

due

06/15/30

3,130

3,153

6.750%

due

05/15/31

1,500

1,537

6.000%

due

11/15/33

(Þ)

700

706

42,966

Materials

and

Processing

-

7.4%

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

9.750%

due

03/01/33

(Þ)

2,450

2,356

Arcosa

,

Inc.

4.375%

due

04/15/29

(Þ)

4,000

3,932

6.875%

due

08/15/32

(Þ)

2,700

2,817

Canpack

Group,

Inc.

/

Canpack

SA

6.000%

due

05/15/31

(Þ)

670

674

Cleveland-Cliffs,

Inc.

7.000%

due

03/15/32

(Þ)

1,800

1,791

7.625%

due

01/15/34

(Þ)

1,790

1,788

Clydesdale

Acquisition

Holdings,

Inc.

6.750%

due

04/15/32

(Þ)

3,300

3,203

Commercial

Metals

Co.

5.750%

due

11/15/33

(Þ)

1,055

1,048

6.000%

due

12/15/35

(Þ)

2,110

2,104

Constellium

SE

3.750%

due

04/15/29

(Þ)

2,100

2,017

6.375%

due

08/15/32

(Þ)

1,100

1,118

Element

Solutions,

Inc.

3.875%

due

09/01/28

(Þ)

2,800

2,731

FMC

Corp.

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

81

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

8.450%

due

11/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.366%)(Ê)

1,800

1,313

GPD

Cos.,

Inc.

12.500%

due

12/31/29

(Þ)(β)

2,571

1,763

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

900

873

Magnera

Corp.

4.750%

due

11/15/29

(Þ)

1,500

1,401

Mauser

Packaging

Solutions

Holding

Co.

9.250%

due

04/15/30

(Þ)

900

889

Mineral

Resources,

Ltd.

7.000%

due

04/01/31

(Þ)

1,405

1,455

6.000%

due

05/01/32

(Þ)

855

847

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

3,500

3,386

6.875%

due

01/30/30

(Þ)

1,300

1,332

6.375%

due

08/15/33

(Þ)

435

438

Rain

Carbon,

Inc.

12.250%

due

09/01/29

(Þ)

4,710

5,028

Toucan

FinCo

,

Ltd./Toucan

FinCo

Can,

Inc./Toucan

FinCo

US

LLC

9.500%

due

05/15/30

(Þ)

5,400

5,090

49,394

Producer

Durables

-

9.3%

ATS

Corp.

4.125%

due

12/15/28

(Þ)

3,800

3,704

Axon

Enterprise,

Inc.

6.250%

due

03/15/33

(Þ)

900

923

Bombardier,

Inc.

5.875%

due

01/15/35

(Þ)

3,280

3,292

Calderys

Financing

LLC

11.250%

due

06/01/28

(Þ)

3,200

3,315

Cornerstone

Building

Brands,

Inc.

6.125%

due

01/15/29

(Þ)

2,400

433

Efesto

Bidco

SPA

/

Efesto

US

LLC

Series

XR

7.500%

due

02/15/32

(Þ)

5,450

5,454

Esab

Corp.

6.250%

due

04/15/29

(Þ)

2,600

2,639

5.625%

due

04/01/31

(Þ)

1,490

1,490

Quikrete

Holdings,

Inc.

6.375%

due

03/01/32

(Þ)

1,150

1,174

TransDigm

,

Inc.

6.750%

due

01/31/34

(Þ)

2,060

2,114

TTM

Technologies,

Inc.

4.000%

due

03/01/29

(Þ)

6,300

6,076

Waste

Pro

USA,

Inc.

7.000%

due

02/01/33

(Þ)

2,000

2,047

Watco

Cos.

LLC

/

Watco

Finance

Corp.

7.125%

due

08/01/32

(Þ)

6,415

6,588

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

4.875%

due

09/15/28

(Þ)

1,600

1,576

6.750%

due

01/15/34

(Þ)

4,680

4,690

WESCO

Distribution,

Inc.

5.250%

due

04/15/31

(Þ)

1,350

1,340

6.375%

due

03/15/33

(Þ)

3,250

3,335

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Wrangler

Holdco

Corp.

6.625%

due

04/01/32

(Þ)

6,000

6,151

XPO,

Inc.

7.125%

due

02/01/32

(Þ)

5,400

5,594

61,935

Technology

-

4.8%

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

7.000%

due

06/15/27

(Þ)

2,400

2,381

6.500%

due

07/01/32

(Þ)

3,300

2,970

Flutter

Treasury

DAC

5.875%

due

06/04/31

(Þ)

2,250

2,242

Fortress

Intermediate

3,

Inc.

7.500%

due

06/01/31

(Þ)

7,200

7,325

Gen

Digital,

Inc.

6.250%

due

04/01/33

(Þ)

1,400

1,380

Gray

Media,

Inc.

5.375%

due

11/15/31

(Þ)

1,100

738

9.625%

due

07/15/32

(Þ)

2,465

2,379

McAfee

Corp.

7.375%

due

02/15/30

(Þ)

4,900

4,164

McGraw-Hill

Education,

Inc.

7.375%

due

09/01/31

(Þ)

1,100

1,118

OAK-Eagle

Acquireco

,

Inc.

7.250%

due

07/01/33

(Þ)

1,390

1,455

8.750%

due

07/01/34

(Þ)

1,165

1,236

Rocket

Software,

Inc.

6.500%

due

02/15/29

(Þ)

1,400

1,262

Sinclair

Television

Group,

Inc.

8.125%

due

02/15/33

(Þ)

3,250

3,349

31,999

Utilities

-

8.6%

APLD

Compute

Co.

LLC

9.250%

due

12/15/30

(Þ)

4,845

5,227

APLD

ComputeCo

2

LLC

6.750%

due

03/15/31

(Þ)

3,230

3,241

APLD

ComputeCo

3

LLC

7.000%

due

06/15/31

(Þ)

1,500

1,498

Atlantica

Sustainable

Infrastructure,

Ltd.

4.125%

due

06/15/28

(Þ)

2,902

2,844

Black

Pearl

Compute

LLC

6.125%

due

02/15/31

(Þ)

1,855

1,882

California

Buyer,

Ltd.

/

Atlantica

Sustainable

Infrastructure

PLC

6.375%

due

02/15/32

(Þ)

2,250

2,255

Cipher

Compute

LLC

7.125%

due

11/15/30

(Þ)

1,805

1,878

Clearway

Energy

Operating

LLC

5.750%

due

01/15/34

(Þ)

2,005

1,965

Edged

Compute

LLC

7.500%

due

04/30/31

(Þ)

4,755

4,634

Leeward

Renewable

Energy

Operations

LLC

4.250%

due

07/01/29

(Þ)

5,800

5,541

Maya

SAS

7.000%

due

04/15/32

(Þ)

3,275

3,335

NRG

Energy,

Inc.

5.750%

due

07/15/29

(Þ)

1,000

1,000

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

82

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.000%

due

01/15/36

(Þ)

4,935

4,919

6.125%

due

05/15/36

(Þ)

740

741

PR

RNO

Property

Owner

1

LLC

6.500%

due

05/01/31

(Þ)

3,130

3,126

SV

RNO

Property

Owner

1

LLC

5.875%

due

03/01/31

(Þ)

2,855

2,815

Talen

Energy

Supply

LLC

6.125%

due

05/01/31

(Þ)

1,605

1,605

6.375%

due

05/01/33

(Þ)

1,045

1,044

6.250%

due

02/01/34

(Þ)

1,455

1,446

6.500%

due

02/01/36

(Þ)

955

962

WULF

Compute

LLC

7.750%

due

10/15/30

(Þ)

2,700

2,834

Yondr

JK

1

LLC

6.875%

due

06/30/31

(Þ)

2,275

2,280

57,072

635,209

Total

Long-Term

Fixed

Income

Investments

(cost

$636,222)

635,209

Number

of

S

hares

Preferred

Stocks

-

0.6%

Consumer

Discretionary

-

0.1%

Boeing

Co.

(The)

6.000%

due

10/15/27

11,000

740

Technology

-

0.5%

Alphabet,

Inc.

6.250%

due

05/15/29

45,940

2,324

Oracle

Corp.

6.500%

due

01/15/29

25,000

1,124

3,448

Total

Preferred

Stocks

(cost

$4,097)

4,188

Short-Term

Investments

-

0.8%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

5,177,101

5,177

Total

Short-Term

Investments

(cost

$5,177)

5,177

Total

Investments

-

96.9%

(cost

$645,496)

644,574

Other

Assets

net

of

Liabilities

-

3.1%

20,682

Net

Assets

-

100.0%

665,256

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

83

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

$

—

$

635,209

$

—

$

635,209

Preferred

Stocks

4,188

—

—

4,188

Short-Term

Investments

5,177

—

—

5,177

Total

Investments

$

9,365

$

635,209

$

—

$

644,574

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Australia

.............................................................................................

4,174

0

.6

Canada

................................................................................................

25,301

3

.8

Denmark

.............................................................................................

4,641

0

.7

France

.................................................................................................

17,259

2

.6

Germany

.............................................................................................

4,415

0

.7

Italy

....................................................................................................

12,869

1

.9

Japan

..................................................................................................

2,244

0

.3

Luxembourg

.......................................................................................

4,235

0

.6

Mexico

...............................................................................................

1,982

0

.3

Netherlands

........................................................................................

3,687

0

.6

Spain

..................................................................................................

4,611

0

.7

United

Kingdom

.................................................................................

14,539

2

.2

United

States

......................................................................................

544,617

81

.9

Total

Investments

...............................................................................

644,574

96

.9

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

84

Venerable

High

Yield

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

645,496

Investments,

at

fair

value

.............................................................................................................................................................

644,574

Receivables:

Dividends

and

interest

......................................................................................................................................................

12,949

Investments

sold

...............................................................................................................................................................

10,534

Fund

shares

sold

...............................................................................................................................................................

522

Total

assets

...............................................................................................................................................................

668,579

Liabilities

Payables:

Due

to

custodian

..............................................................................................................................................................

341

Investments

purchased

.....................................................................................................................................................

2,494

Fund

shares

redeemed

......................................................................................................................................................

2

Accrued

fees

to

affiliates

..................................................................................................................................................

422

Other

accrued

expenses

....................................................................................................................................................

64

Total

liabilities

...........................................................................................................................................................

3,323

Net

Assets

...............................................................................................................................................................

$

665,256

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(

5,917

)

Paid-in

capital

..............................................................................................................................................................................

671,173

Net

Assets

...............................................................................................................................................................

$

665,256

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

9.93

Class

I

—

Net

assets

............................................................................................................................................................

$

562,584,921

Class

I

—

Shares

outstanding

.............................................................................................................................................

56,626,685

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

9.94

Class

V

—

Net

assets

...........................................................................................................................................................

$

102,671,412

Class

V

—

Shares

outstanding

............................................................................................................................................

10,333,170

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

85

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Interest

..............................................................................................................................................................................

$

23,018

Dividends

.........................................................................................................................................................................

158

Total

investment

incom

e

.............................................................................................................................................................

23,176

Expenses

Advisory

fees

...................................................................................................................................................................

2,179

Administrative

fees

..........................................................................................................................................................

402

Distribution

fees

-

Class

V

...............................................................................................................................................

158

Professional

fees

..............................................................................................................................................................

46

Trustees’

fees

....................................................................................................................................................................

11

Printing

fees

.....................................................................................................................................................................

4

Miscellaneous

..................................................................................................................................................................

9

Expenses

before

reductions

..............................................................................................................................................

2,809

Expense

reductions

..........................................................................................................................................................

(

195

)

Net

expenses

................................................................................................................................................................................

2,614

Net

investment

income

(loss)

.......................................................................................................................................................

20,562

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

251

Net

realized

gain

(loss)

................................................................................................................................................................

251

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

(

8,473

)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(

8,473

)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(

8,222

)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

12,340

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

86

Venerable

High

Yield

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

20,562

$

37,011

Net

realized

gain

(loss)

................................................................................................................

251

(

3,887

)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(

8,473

)

15,292

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

12,340

48,416

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(

21,355

)

(

29,610

)

Class

V

.....................................................................................................................................

(

4,005

)

(

7,037

)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(

25,360

)

(

36,647

)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(

23,858

)

93,060

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(

36,878

)

104,829

Net

Assets

Beginning

of

period

...........................................................................................................................

702,134

597,305

End

of

period

......................................................................................................................................

$

665,256

$

702,134

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

1,290

$

12,961

15,607

$

157,253

Proceeds

from

reinvestment

of

distributions

2,135

21,355

2,974

29,610

Payments

for

shares

redeemed

(

5,220

)

(

52,357

)

(

8,231

)

(

81,861

)

Net

increase

(decrease)

(

1,795

)

(

18,041

)

10,350

105,002

Class

V

Proceeds

from

shares

sold

140

1,405

137

1,378

Proceeds

from

reinvestment

of

distributions

401

4,005

707

7,037

Payments

for

shares

redeemed

(

1,119

)

(

11,227

)

(

2,045

)

(

20,357

)

Net

increase

(decrease)

(

578

)

(

5,817

)

(

1,201

)

(

11,942

)

Total

increase

(decrease)

(

2,373

)

$

(

23,858

)

9,149

$

93,060

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

87

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.13‌

9.92‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.30‌

.60‌

.19‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.12‌)

.22‌

(.14‌)

$

Total

from

Investment

Operations

.18‌

.82‌

.05‌

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.38‌)

(.61‌)

(.13‌)

$

Total

Distributions

(.38‌)

(.61‌)

(.13‌)

$

Net

Asset

Value,

End

of

Period

9.93‌

10.13‌

9.92‌

%

Total

Return

(±)(ǿ)

1.88‌

8.52‌

.47‌

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

562,585‌

591,620‌

477,090‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.79‌

.80‌

.83‌

%

Expenses,

Net

(Ƃ)(ɯ)

.79‌

.80‌

.80‌

%

Net

Investment

Income

(Ƃ)(ɯ)

6.12‌

6.04‌

5.86‌

%

Portfolio

Turnover

Rate

(ǿ)

19‌

46‌

7‌

Class

V

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.13‌

9.93‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.31‌

.61‌

.19‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.12‌)

.20‌

(.13‌)

$

Total

from

Investment

Operations

.19‌

.81‌

.06‌

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.38‌)

(.61‌)

(.13‌)

$

Total

Distributions

(.38‌)

(.61‌)

(.13‌)

$

Net

Asset

Value,

End

of

Period

9.94‌

10.13‌

9.93‌

%

Total

Return

(±)(ǿ)

1.91‌

8.49‌

.59‌

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

102,671‌

110,514‌

120,215‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

1.09‌

1.09‌

1.13‌

%

Expenses,

Net

(Ƃ)(ɯ)

.72‌

.72‌

.72‌

%

Net

Investment

Income

(Ƃ)(ɯ)

6.19‌

6.12‌

5.94‌

%

Portfolio

Turnover

Rate

(ǿ)

19‌

46‌

7‌

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

88

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

115.5%

Asset-Backed

Securities

-

8.3%

522

Funding

CLO,

Ltd.

Series

2024-6A

Class

A1R2

4.866%

due

10/23/34

(CME

Term

SOFR

3

Month

+

1.200%)(Ê)(Þ)

5,490

5,493

AGL

CLO,

Ltd.

Series

2024-33A

Class

A1

5.022%

due

07/21/37

(CME

Term

SOFR

3

Month

+

1.350%)(Ê)(Þ)

1,630

1,631

Angel

Oak

Mortgage

Trust

Series

2025-HB1

Class

A1

5.428%

due

02/25/55

(SOFR

30

Day

Average

+

1.800%)(Ê)(Þ)

766

774

Ares

CLO,

Ltd.

Series

2026-69A

Class

A1R

4.888%

due

04/15/36

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)(Þ)

4,125

4,127

Basswood

Park

CLO,

Ltd.

Series

2025-1A

Class

AR

4.705%

due

04/20/34

(CME

Term

SOFR

3

Month

+

1.030%)(Ê)(Þ)

1,950

1,950

Battalion

CLO,

Ltd.

Series

2025-10A

Class

A1R3

4.807%

due

01/24/35

(CME

Term

SOFR

3

Month

+

1.140%)(Ê)(Þ)

3,347

3,349

Black

Diamond

CLO,

Ltd.

Series

2024-1A

Class

A1

5.317%

due

10/25/37

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

5,000

5,008

BlueMountain

CLO,

Ltd.

Series

2025-31A

Class

A2R

5.075%

due

04/19/34

(CME

Term

SOFR

3

Month

+

1.400%)(Ê)(Þ)

5,100

5,105

BRAVO

Residential

Funding

Trust

Series

2025-HE1

Class

A1

4.978%

due

09/25/72

(SOFR

30

Day

Average

+

1.350%)(Ê)(Þ)

1,827

1,832

CarMax

Auto

Owner

Trust

Series

2025-2

Class

A2A

4.590%

due

07/17/28

1,090

1,091

CarVal

CLO,

Ltd.

Series

2024-1A

Class

A1R

5.115%

due

07/20/37

(CME

Term

SOFR

3

Month

+

1.440%)(Ê)(Þ)

1,920

1,921

Chase

Auto

Owner

Trust

Series

2024-3A

Class

A3

5.220%

due

07/25/29

(Þ)

1,434

1,441

Series

2026-1A

Class

A3

4.530%

due

06/25/31

(Þ)

1,623

1,623

Columbia

Cent

CLO,

LP

Series

2026-33A

Class

A1R

4.878%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.260%)(Ê)(Þ)

5,300

5,306

Compass

Datacenters

Issuer

II

LLC

Series

2024-2A

Class

A1

5.022%

due

08/25/49

(Þ)

3,127

3,102

Series

2025-2A

Class

A1

4.926%

due

11/25/50

(Þ)

1,058

1,037

Dryden

Senior

Loan

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2019-75A

Class

AR3

4.713%

due

04/14/34

(CME

Term

SOFR

3

Month

+

1.040%)(Ê)(Þ)

9,300

9,303

Series

2025-86A

Class

A1R2

4.810%

due

07/17/34

(CME

Term

SOFR

3

Month

+

1.130%)(Ê)(Þ)

2,250

2,252

Elmwood

CLO,

Ltd.

Series

2022-3A

Class

BRR

5.125%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.450%)(Ê)(Þ)

1,525

1,525

Series

2026-1A

Class

A1R3

4.795%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.120%)(Ê)(Þ)

5,180

5,171

FIGRE

Trust

Series

2025-HE3

Class

A

5.560%

due

05/25/55

(~)(Ê)(Þ)

984

983

Series

2025-HE4

Class

A

5.408%

due

07/25/55

(~)(Ê)(Þ)

2,970

2,958

Ford

Credit

Auto

Owner

Trust

Series

2021-2

Class

C

2.110%

due

05/15/34

(Þ)

1,870

1,853

Series

2022-1

Class

A

3.880%

due

11/15/34

(Þ)

1,065

1,061

Series

2024-1

Class

A

4.870%

due

08/15/36

(~)(Ê)(Þ)

3,560

3,591

GM

Financial

Revolving

Receivables

Trust

Series

2024-1

Class

A

4.980%

due

12/11/36

(Þ)

5,693

5,761

Hyundai

Auto

Receivables

Trust

Series

2025-B

Class

A3

4.360%

due

12/17/29

7,058

7,060

Series

2025-C

Class

A2B

3.943%

due

07/17/28

(SOFR

30

Day

Average

+

0.350%)(Ê)

5,844

5,844

JPMorgan

Mortgage

Trust

Series

2024-CES1

Class

A1A

5.919%

due

06/25/54

(~)(Ê)(Þ)

569

570

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(~)(Ê)(Þ)

4,842

4,846

LCM,

Ltd.

Series

2026-39A

Class

A2R2

4.973%

due

10/15/34

(CME

Term

SOFR

3

Month

+

1.300%)(Ê)(Þ)

650

649

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

3,922

3,724

Madison

Park

Funding,

Ltd.

Series

2026-50A

Class

AR

4.645%

due

04/19/34

(CME

Term

SOFR

3

Month

+

0.970%)(Ê)(Þ)

1,350

1,350

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-1

Class

A4

4.310%

due

04/16/29

5,848

5,849

Nassau

LLC

Series

2026-1AR

Class

A1RR

4.718%

due

01/15/35

(CME

Term

SOFR

3

Month

+

1.100%)(Ê)(Þ)

900

900

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

89

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.

Series

2022-51A

Class

AR2

4.666%

due

10/23/36

(CME

Term

SOFR

3

Month

+

1.000%)(Ê)(Þ)

1,800

1,801

Series

2026-51A

Class

BR2

5.066%

due

10/23/36

(CME

Term

SOFR

3

Month

+

1.400%)(Ê)(Þ)

1,775

1,775

Northwoods

Capital,

Ltd.

Series

2021-25A

Class

B1R

5.275%

due

07/20/34

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)(Þ)

5,630

5,631

Ocean

Trails

CLO,

Ltd.

Series

2024-10A

Class

AR2

4.973%

due

10/15/34

(CME

Term

SOFR

3

Month

+

1.300%)(Ê)(Þ)

1,250

1,250

Octagon

Investment

Partners

49,

Ltd.

Series

2026-5A

Class

ARR

4.793%

due

04/15/37

(CME

Term

SOFR

3

Month

+

1.120%)(Ê)(Þ)

1,980

1,977

OHA

Credit

Funding,

Ltd.

Series

2024-18A

Class

A1

5.175%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.500%)(Ê)(Þ)

2,050

2,050

Rad

CLO,

Ltd.

Series

2021-14A

Class

A

5.105%

due

01/15/35

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)(Þ)

2,325

2,326

Towd

Point

Mortgage

Trust

Series

2024-CES4

Class

A1

5.122%

due

09/25/64

(~)(Ê)(Þ)

1,742

1,731

USB

Auto

Owner

Trust

Series

2025-1A

Class

A3

4.490%

due

06/17/30

(Þ)

4,074

4,079

Whitebox

CLO,

Ltd.

Series

2024-3A

Class

A1R

4.943%

due

10/15/35

(CME

Term

SOFR

3

Month

+

1.270%)(Ê)(Þ)

4,700

4,704

Woodmont

Trust

Series

2024-12A

Class

A1R

5.067%

due

10/25/32

(CME

Term

SOFR

3

Month

+

1.400%)(Ê)(Þ)

2,823

2,823

World

Omni

Auto

Receivables

Trust

Series

2026-B

Class

A3

4.370%

due

06/16/31

453

452

Zais

CLO,

Ltd.

Series

2025-16A

Class

A1R2

4.805%

due

10/20/34

(CME

Term

SOFR

3

Month

+

1.130%)(Ê)(Þ)

2,500

2,494

143,133

Corporate

Bonds

and

Notes

-

30.6%

Consumer

Discretionary

-

3.7%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

4,795

4,550

1.800%

due

02/10/31

(Þ)

428

372

Amazon.com,

Inc.

4.550%

due

03/13/33

815

802

4.875%

due

03/13/36

1,205

1,186

5.800%

due

03/13/56

170

169

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.050%

due

03/13/76

1,079

1,075

AS

Mileage

Plan

IP,

Ltd.

5.021%

due

10/20/29

(Þ)

2,350

2,332

Carnival

Corp.,

Ltd.

4.000%

due

08/01/28

(Þ)

5,345

5,245

5.750%

due

03/15/30

(Þ)

1,840

1,862

5.750%

due

08/01/32

(Þ)

2,500

2,525

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.200%

due

03/15/28

900

888

5.050%

due

03/30/29

3,300

3,287

2.800%

due

04/01/31

900

802

4.400%

due

04/01/33

1,350

1,242

6.550%

due

06/01/34

1,250

1,275

6.484%

due

10/23/45

500

459

5.750%

due

04/01/48

370

312

4.800%

due

03/01/50

1,420

1,059

3.900%

due

06/01/52

1,230

784

5.500%

due

04/01/63

1,050

805

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

2,500

2,498

Dick's

Sporting

Goods,

Inc.

3.150%

due

01/15/32

2,520

2,301

4.100%

due

01/15/52

3,050

2,218

DR

Horton,

Inc.

5.000%

due

10/15/34

296

293

Ford

Motor

Co.

6.100%

due

08/19/32

1,380

1,405

Ford

Motor

Credit

Co.

LLC

4.950%

due

05/28/27

2,790

2,792

7.350%

due

03/06/30

4,320

4,570

General

Motors

Co.

5.600%

due

10/15/32

500

512

General

Motors

Financial

Co.,

Inc.

4.200%

due

10/27/28

610

603

2.350%

due

01/08/31

1,000

895

5.450%

due

09/06/34

945

947

Hyundai

Capital

America

5.300%

due

01/08/30

(Þ)

3,500

3,545

5.400%

due

06/24/31

(Þ)

1,800

1,826

5.400%

due

06/23/32

(Þ)

165

167

Las

Vegas

Sands

Corp.

6.000%

due

08/15/29

890

913

Marriott

International,

Inc.

4.500%

due

05/01/33

1,105

1,069

Space

Exploration

Technologies

Corp.

5.350%

due

07/15/31

(Þ)

1,255

1,254

Tapestry,

Inc.

5.100%

due

03/11/30

1,132

1,141

3.050%

due

03/15/32

430

389

5.500%

due

03/11/35

1,376

1,385

Time

Warner

Cable

LLC

7.300%

due

07/01/38

1,760

1,807

63,561

Consumer

Staples

-

2.2%

BAT

Capital

Corp.

4.625%

due

03/22/33

4,670

4,570

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

90

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.390%

due

08/15/37

1,271

1,162

Haleon

US

Capital

LLC

3.375%

due

03/24/29

1,000

969

3.625%

due

03/24/32

2,000

1,872

Imperial

Brands

Finance

PLC

5.500%

due

07/07/36

(Þ)

1,800

1,790

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

3.000%

due

02/02/29

2,500

2,400

5.950%

due

04/20/35

3,340

3,441

5.625%

due

03/10/37

(Þ)

375

373

6.400%

due

05/10/57

(Þ)

365

363

Kellanova

4.500%

due

04/01/46

283

243

Kenvue

,

Inc.

4.850%

due

05/22/32

3,380

3,395

Keurig

Dr

Pepper,

Inc.

5.300%

due

03/15/34

860

862

Kraft

Heinz

Foods

Co.

6.875%

due

01/26/39

645

707

4.625%

due

10/01/39

645

575

5.000%

due

06/04/42

2,205

1,974

Kroger

Co.

(The)

5.000%

due

09/15/34

1,000

986

Mars,

Inc.

3.200%

due

04/01/30

(Þ)

530

504

5.000%

due

03/01/32

(Þ)

275

277

5.200%

due

03/01/35

(Þ)

1,620

1,626

2.375%

due

07/16/40

(Þ)

660

467

5.650%

due

05/01/45

(Þ)

1,040

1,034

5.700%

due

05/01/55

(Þ)

2,010

1,979

5.800%

due

05/01/65

(Þ)

490

486

Philip

Morris

International,

Inc.

4.875%

due

02/13/29

810

816

4.375%

due

04/30/30

3,645

3,608

5.125%

due

02/13/31

180

183

Pilgrim's

Pride

Corp.

3.500%

due

03/01/32

335

305

VSP

Optical

Group,

Inc.

5.400%

due

06/01/33

(Þ)

310

311

5.650%

due

06/01/36

(Þ)

170

170

37,448

Energy

-

2.4%

Aker

BP

ASA

5.800%

due

10/01/54

(Þ)

2,400

2,235

Cheniere

Energy

Partners,

LP

4.000%

due

03/01/31

490

472

3.250%

due

01/31/32

1,850

1,698

Cheniere

Energy,

Inc.

5.200%

due

07/30/36

(Þ)

285

280

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

2,000

1,983

Energy

Transfer,

LP

5.250%

due

04/15/29

900

912

3.750%

due

05/15/30

2,000

1,926

5.550%

due

05/15/34

3,600

3,659

6.250%

due

04/15/49

1,700

1,696

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Eni

SpA

5.250%

due

05/18/36

(Þ)

1,960

1,927

MPLX,

LP

4.000%

due

03/15/28

1,870

1,852

2.650%

due

08/15/30

2,080

1,914

4.700%

due

04/15/48

1,050

872

Occidental

Petroleum

Corp.

7.875%

due

09/15/31

690

778

6.600%

due

03/15/46

3,360

3,570

ONEOK,

Inc.

5.550%

due

11/01/26

900

903

5.800%

due

11/01/30

870

900

Targa

Resources

Corp.

4.350%

due

04/15/31

880

859

6.500%

due

03/30/34

3,330

3,589

4.950%

due

04/15/52

360

308

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

2,000

1,872

Transcontinental

Gas

Pipe

Line

Co.

LLC

5.100%

due

03/15/36

1,140

1,128

Viper

Energy

Partners

LLC

4.900%

due

08/01/30

945

941

5.700%

due

08/01/35

954

967

Williams

Cos.,

Inc.

(The)

3.500%

due

11/15/30

1,000

948

2.600%

due

03/15/31

2,100

1,901

Woodside

Finance,

Ltd.

6.000%

due

05/19/35

912

948

41,038

Financial

Services

-

8.0%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%

due

10/29/26

2,820

2,803

3.000%

due

10/29/28

2,100

2,022

4.125%

due

02/28/29

485

478

3.300%

due

01/30/32

1,680

1,538

American

Express

Co.

5.532%

due

04/25/30

(SOFR

+

1.090%)(Ê)

880

899

American

Tower

Corp.

4.900%

due

03/15/30

1,115

1,120

4.700%

due

12/15/32

690

679

Arthur

J

Gallagher

&

Co.

4.850%

due

12/15/29

900

907

Aviation

Capital

Group

LLC

5.125%

due

04/10/30

(Þ)

2,170

2,174

Avolon

Holdings

Funding,

Ltd.

5.750%

due

11/15/29

(Þ)

2,102

2,148

Banco

Santander

SA

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

2,800

2,792

Bank

of

America

Corp.

2.592%

due

04/29/31

(SOFR

+

2.150%)(Ê)

2,630

2,427

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

4,460

4,374

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

91

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

6,640

5,797

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

1,960

1,894

Banque

Federative

du

Credit

Mutuel

SA

4.541%

due

01/15/31

(Þ)

1,430

1,406

Barclays

PLC

5.367%

due

02/25/31

(SOFR

+

1.230%)(Ê)

2,065

2,094

Brown

&

Brown,

Inc.

4.900%

due

06/23/30

1,883

1,879

5.250%

due

06/23/32

673

673

CaixaBank

SA

4.634%

due

07/03/29

(SOFR

+

1.140%)(Ê)(Þ)

3,000

2,997

5.673%

due

03/15/30

(SOFR

+

1.780%)(Ê)(Þ)

2,250

2,299

Capital

One

Financial

Corp.

4.493%

due

09/11/31

(SOFR

+

1.250%)(Ê)

1,255

1,232

7.624%

due

10/30/31

(SOFR

+

3.070%)(Ê)

2,050

2,249

Citigroup,

Inc.

3.980%

due

03/20/30

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)

4,730

4,639

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

6,390

5,745

3.785%

due

03/17/33

(SOFR

+

1.939%)(Ê)

3,960

3,722

6.125%

due

08/25/36

700

730

Series

GG

6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.890%)(Ê)(ƒ)

3,298

3,373

Credit

Agricole

SA

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

SOFR]

5

Year

Rate

+

1.644%)(Ê)(Þ)

780

767

Crown

Castle,

Inc.

4.900%

due

09/01/29

2,300

2,307

Goldman

Sachs

Group,

Inc.

(The)

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

1,130

1,122

3.814%

due

04/23/29

(CME

Term

SOFR

3

Month

+

1.420%)(Ê)

6,650

6,546

5.094%

due

04/20/34

(SOFR

+

1.340%)(Ê)

565

563

5.065%

due

01/21/37

(SOFR

+

1.190%)(Ê)

710

694

5.425%

due

06/03/37

(SOFR

+

1.310%)(Ê)

690

693

6.750%

due

10/01/37

610

665

Series

DMTN

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

7,620

6,735

Jefferies

Financial

Group,

Inc.

Series

MTN

4.500%

due

09/15/26

2,640

2,636

JPMorgan

Chase

&

Co.

4.452%

due

12/05/29

(CME

Term

SOFR

3

Month

+

1.592%)(Ê)

4,000

3,977

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

2,700

2,489

2.545%

due

11/08/32

(SOFR

+

1.180%)(Ê)

5,800

5,158

5.576%

due

07/23/36

(SOFR

+

1.635%)(Ê)

730

742

LPL

Holdings,

Inc.

6.750%

due

11/17/28

2,730

2,838

5.200%

due

03/15/30

270

272

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

2,200

2,264

6.500%

due

03/26/31

(Þ)

945

987

Morgan

Stanley

4.493%

due

01/16/32

(SOFR

+

0.950%)(Ê)

1,065

1,044

4.708%

due

03/12/32

(SOFR

+

1.195%)(Ê)

1,525

1,507

5.073%

due

01/30/37

(SOFR

+

1.184%)(Ê)

1,080

1,056

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

274

282

5.900%

due

03/13/47

(SOFR

+

1.782%)(Ê)

1,060

1,073

Series

GMTN

3.772%

due

01/24/29

(CME

Term

SOFR

3

Month

+

1.402%)(Ê)

1,300

1,282

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)

900

892

2.699%

due

01/22/31

(SOFR

+

1.143%)(Ê)

6,200

5,760

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

1,550

1,360

PNC

Financial

Services

Group,

Inc.

(The)

5.373%

due

07/21/36

(SOFR

+

1.417%)(Ê)

500

505

UBS

Group

AG

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

4,170

3,826

VICI

Properties,

LP

5.125%

due

11/15/31

2,000

1,990

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.750%

due

02/15/27

(Þ)

2,350

2,336

Wells

Fargo

&

Co.

5.499%

due

01/23/35

(SOFR

+

1.780%)(Ê)

5,375

5,481

Series

MTN

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

92

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

3.350%

due

03/02/33

(SOFR

+

1.500%)(Ê)

4,140

3,805

138,744

Health

Care

-

3.0%

AbbVie,

Inc.

3.200%

due

11/21/29

5,340

5,113

4.400%

due

03/15/33

1,010

989

4.750%

due

03/15/36

345

338

Amgen,

Inc.

5.250%

due

03/02/33

1,800

1,832

5.650%

due

03/02/53

1,800

1,752

CVS

Health

Corp.

4.300%

due

03/25/28

1,550

1,542

3.750%

due

04/01/30

2,130

2,060

1.875%

due

02/28/31

680

597

2.125%

due

09/15/31

970

848

4.780%

due

03/25/38

2,560

2,400

5.125%

due

07/20/45

1,630

1,476

5.050%

due

03/25/48

3,050

2,694

HCA,

Inc.

3.500%

due

09/01/30

2,000

1,896

4.600%

due

11/15/32

1,035

1,008

Horseshoe

Funding

Trust

I

6.062%

due

02/15/36

(Þ)

1,700

1,727

Humana,

Inc.

3.125%

due

08/15/29

4,000

3,821

2.150%

due

02/03/32

500

435

6.625%

due

09/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.891%)(Ê)

1,440

1,434

Icon

Investments

Six

DAC

5.849%

due

05/08/29

601

614

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

4,760

4,622

Medline

Borrower,

LP/Medline

Co.-

Issuer,

Inc.

5.250%

due

06/15/33

(Þ)

1,140

1,134

Merck

&

Co.,

Inc.

4.450%

due

12/04/32

550

541

4.750%

due

12/04/35

890

872

5.200%

due

05/22/36

1,130

1,144

Novartis

Capital

Corp.

4.100%

due

11/05/30

3,965

3,895

4.600%

due

03/18/33

945

936

4.900%

due

03/18/36

1,165

1,158

5.700%

due

03/18/56

625

637

Royalty

Pharma

PLC

2.200%

due

09/02/30

2,250

2,032

5.200%

due

09/25/35

1,495

1,481

Thermo

Fisher

Scientific,

Inc.

4.902%

due

02/12/36

935

924

UnitedHealth

Group,

Inc.

2.000%

due

05/15/30

780

709

52,661

Materials

and

Processing

-

0.6%

Anglo

American

Capital

PLC

5.000%

due

03/21/33

(Þ)

1,405

1,394

AptarGroup,

Inc.

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.750%

due

03/30/31

1,160

1,149

Carlisle

Cos.,

Inc.

5.250%

due

09/15/35

850

847

Georgia-Pacific

LLC

4.900%

due

05/15/33

(Þ)

2,335

2,320

Glencore

Funding

LLC

4.000%

due

03/27/27

(Þ)

2,800

2,790

2.625%

due

09/23/31

(Þ)

1,500

1,341

5.508%

due

04/01/36

(Þ)

1,405

1,413

11,254

Producer

Durables

-

2.2%

Amphenol

Corp.

4.400%

due

02/15/33

2,125

2,066

Avolon

Holdings

Funding,

Ltd.

4.900%

due

10/10/30

(Þ)

2,110

2,092

BAE

Systems

PLC

5.125%

due

03/26/29

(Þ)

2,250

2,281

5.300%

due

03/26/34

(Þ)

3,415

3,476

Boeing

Co.

(The)

3.200%

due

03/01/29

1,220

1,176

3.600%

due

05/01/34

810

728

3.500%

due

03/01/39

5,505

4,490

6.875%

due

03/15/39

1,800

2,011

3.900%

due

05/01/49

2,542

1,902

Burlington

Northern

Santa

Fe

LLC

5.550%

due

03/15/56

1,010

989

Eaton

Corp.

4.800%

due

03/06/36

1,000

981

Honeywell

Aerospace,

Inc.

4.600%

due

03/16/33

(Þ)

665

653

4.950%

due

03/16/36

(Þ)

1,330

1,310

5.732%

due

03/16/56

(Þ)

755

755

5.852%

due

03/16/66

(Þ)

510

514

Howmet

Aerospace,

Inc.

4.550%

due

11/15/32

635

624

4.750%

due

04/15/36

755

734

5.950%

due

02/01/37

2,150

2,281

Regal

Rexnord

Corp.

6.400%

due

04/15/33

1,310

1,390

SMBC

Aviation

Capital

Finance

DAC

5.100%

due

04/01/30

(Þ)

800

803

Vertiv

Group

Corp.

4.125%

due

11/15/28

(Þ)

2,356

2,333

Vertiv

Holdings

Co.

4.850%

due

03/15/36

1,779

1,729

5.800%

due

03/15/56

415

409

Waste

Connections,

Inc.

5.000%

due

03/01/34

1,830

1,827

4.800%

due

07/15/36

1,255

1,222

38,776

Technology

-

2.9%

Airbnb,

Inc.

4.650%

due

03/16/31

790

785

5.250%

due

03/16/36

400

398

Beignet

Investor

LLC

6.581%

due

05/30/49

(Þ)

1,337

1,366

Broadcom,

Inc.

4.150%

due

11/15/30

950

930

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

93

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

3.137%

due

11/15/35

(Þ)

3,300

2,799

4.950%

due

01/15/36

845

830

5.700%

due

01/15/56

125

124

Dell

International

LLC

/

EMC

Corp.

4.750%

due

07/15/31

370

368

5.250%

due

02/15/37

1,385

1,364

Flutter

Treasury

DAC

5.875%

due

06/04/31

(Þ)

965

961

Foundry

JV

Holdco

LLC

5.900%

due

01/25/30

(Þ)

1,800

1,858

5.500%

due

01/25/31

(Þ)

630

644

6.150%

due

01/25/32

(Þ)

1,120

1,175

5.900%

due

01/25/33

(Þ)

955

995

6.400%

due

01/25/38

(Þ)

900

963

Intel

Corp.

4.150%

due

08/05/32

2,925

2,805

5.200%

due

02/10/33

630

637

5.300%

due

05/15/36

821

817

6.125%

due

05/15/56

504

504

Marvell

Technology,

Inc.

5.300%

due

04/15/36

2,160

2,149

Meta

Platforms,

Inc.

5.250%

due

05/15/36

1,130

1,122

6.300%

due

05/15/56

810

806

Motorola

Solutions,

Inc.

4.850%

due

08/15/30

452

453

2.300%

due

11/15/30

397

358

5.400%

due

04/15/34

1,740

1,761

MSCI,

Inc.

3.625%

due

09/01/30

(Þ)

3,312

3,130

NVIDIA

Corp.

4.750%

due

06/15/33

1,405

1,401

4.950%

due

06/15/36

1,405

1,393

5.550%

due

06/15/46

1,895

1,881

5.625%

due

06/15/56

1,265

1,255

Oracle

Corp.

4.450%

due

09/26/30

1,115

1,076

4.950%

due

02/04/31

750

735

4.800%

due

09/26/32

1,495

1,422

3.900%

due

05/15/35

998

848

5.700%

due

02/04/36

947

918

6.700%

due

02/04/56

640

602

Paychex,

Inc.

5.100%

due

04/15/30

2,565

2,586

Salesforce,

Inc.

5.200%

due

03/15/33

2,300

2,304

Synopsys,

Inc.

5.150%

due

04/01/35

3,671

3,653

5.700%

due

04/01/55

150

146

50,322

Utilities

-

5.6%

Alexander

Funding

Trust

II

7.467%

due

07/31/28

(Þ)

1,055

1,103

American

Electric

Power

Co.,

Inc.

Series

C

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.800%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.128%)(Ê)

2,510

2,495

Series

D

6.050%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.940%)(Ê)

835

830

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

2,150

1,920

AT&T,

Inc.

2.550%

due

12/01/33

2,230

1,874

5.125%

due

04/30/36

900

882

5.550%

due

08/15/41

910

882

3.500%

due

09/15/53

2,540

1,648

6.200%

due

10/30/56

720

712

Beacon

Point

DC

LLC

6.129%

due

11/30/42

(Þ)

790

798

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

1,800

1,804

Constellation

Energy

Generation

LLC

4.400%

due

01/15/31

765

752

6.125%

due

01/15/34

2,150

2,283

Dominion

Energy,

Inc.

6.200%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.006%)(Ê)

1,225

1,229

DTE

Electric

Co.

5.250%

due

05/15/35

2,155

2,180

Series

A

4.850%

due

03/01/36

1,035

1,011

Duke

Energy

Corp.

3.150%

due

08/15/27

1,000

986

Duke

Energy

Indiana

LLC

Series

DDDD

4.950%

due

03/15/36

845

831

Duke

Energy

Ohio,

Inc.

5.250%

due

04/01/33

900

916

Enel

Finance

International

NV

4.375%

due

09/30/30

(Þ)

2,115

2,078

Entergy

Mississippi

LLC

5.050%

due

04/15/36

1,155

1,135

Essential

Utilities,

Inc.

5.125%

due

03/15/36

1,210

1,193

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

5,000

4,970

Series

C

4.850%

due

07/15/47

820

713

FirstEnergy

Transmission

LLC

4.550%

due

01/15/30

930

923

5.000%

due

01/15/35

2,000

1,966

NextEra

Energy

Capital

Holdings,

Inc.

5.300%

due

03/15/32

4,445

4,525

5.900%

due

03/15/55

1,330

1,315

Series

AA

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

94

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.000%

due

10/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.840%)(Ê)

840

840

Northern

States

Power

Co.

5.050%

due

05/15/35

2,330

2,336

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

2,450

2,370

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

2,000

1,947

2.500%

due

02/01/31

1,000

898

5.050%

due

11/15/31

525

524

5.800%

due

05/15/34

2,600

2,658

3.300%

due

08/01/40

1,500

1,124

Rogers

Communications,

Inc.

3.800%

due

03/15/32

2,500

2,329

5.300%

due

02/15/34

1,000

992

Southern

Co.

Gas

Capital

Corp.

4.950%

due

09/15/34

2,300

2,269

Southern

Power

Co.

Series

A

4.250%

due

10/01/30

750

737

Series

B

4.900%

due

10/01/35

1,355

1,314

T-Mobile

USA,

Inc.

3.875%

due

04/15/30

4,330

4,196

2.250%

due

11/15/31

2,750

2,415

5.150%

due

04/15/34

1,440

1,444

5.000%

due

02/15/36

1,715

1,676

Verizon

Communications,

Inc.

1.750%

due

01/20/31

3,340

2,933

4.500%

due

08/10/33

1,230

1,189

4.780%

due

02/15/35

2,790

2,694

5.250%

due

04/02/35

1,565

1,565

5.401%

due

07/02/37

770

768

5.875%

due

11/30/55

680

660

6.050%

due

05/14/58

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.813%)(Ê)

1,455

1,468

Virginia

Electric

and

Power

Co.

4.950%

due

03/15/36

1,980

1,938

Series

C

4.900%

due

09/15/35

3,630

3,552

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

2,400

2,351

4.600%

due

10/15/30

(Þ)

2,745

2,697

5.250%

due

10/15/35

(Þ)

690

671

96,509

530,313

Mortgage-Backed

Securities

-

45.1%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.732%

due

12/05/38

(~)(Ê)(Þ)

5,000

5,275

Angel

Oak

Mortgage

Trust

Series

2022-3

Class

A1

5.000%

due

01/25/67

(Þ)

3,295

3,122

Series

2022-3

Class

A3

4.064%

due

01/25/67

(~)(Ê)(Þ)

1,032

952

ARES

Commercial

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2024-IND2

Class

A

5.068%

due

10/15/34

(CME

Term

SOFR

1

Month

+

1.443%)(Ê)(Þ)

5,000

5,013

Avenue

of

the

Americas

Trust

Series

2025-1301

Class

A

5.227%

due

08/11/42

(~)(Ê)(Þ)

2,317

2,310

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2021-BN34

Class

A2

1.935%

due

06/15/63

2,941

2,904

Series

2025-5YR15

Class

XA

Interest

Only

STRIPS

1.438%

due

07/15/58

(~)(Ê)

7,364

315

Series

2026-5YR20

Class

AS

5.336%

due

02/15/59

1,082

1,082

Series

2026-5YR22

Class

AS

6.019%

due

06/15/59

(~)(Ê)

2,598

2,678

Series

2026-5YR22

Class

XA

Interest

Only

STRIPS

0.524%

due

06/15/59

(~)(Ê)

137,440

3,444

Barclays

Commercial

Mortgage

Trust

Series

2019-C5

Class

C

3.710%

due

11/15/52

2,172

1,943

Series

2023-C19

Class

XA

Interest

Only

STRIPS

1.022%

due

04/15/56

(~)(Ê)

36,823

1,010

Series

2024-5C31

Class

XA

Interest

Only

STRIPS

1.281%

due

12/15/57

(~)(Ê)

22,751

715

Series

2025-5C33

Class

XA

Interest

Only

STRIPS

1.038%

due

03/15/58

(~)(Ê)

32,750

846

Series

2026-5C40

Class

AS

5.529%

due

02/15/59

(~)(Ê)

3,162

3,197

Series

2026-5C40

Class

XA

Interest

Only

STRIPS

1.443%

due

02/15/59

(~)(Ê)

54,317

2,590

Series

2026-5C41

Class

AS

5.755%

due

05/15/69

(~)(Ê)

1,424

1,454

Benchmark

Mortgage

Trust

Series

2019-B12

Class

A2

3.001%

due

08/15/52

2,750

2,671

Series

2019-B13

Class

A2

2.889%

due

08/15/57

1,376

1,303

Series

2024-V12

Class

XA

Interest

Only

STRIPS

1.068%

due

12/15/57

(~)(Ê)

26,575

670

Series

2025-V15

Class

XA

Interest

Only

STRIPS

1.349%

due

06/15/58

(~)(Ê)

35,317

1,340

Series

2025-V18

Class

XA

Interest

Only

STRIPS

1.472%

due

10/15/58

(~)(Ê)(Þ)

16,221

755

Series

2026-V21

Class

AS

5.506%

due

03/15/59

1,793

1,805

Series

2026-V21

Class

XA

Interest

Only

STRIPS

1.648%

due

03/15/59

(~)(Ê)

16,014

947

BIKE

Pass

Through

Trust

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

95

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2026-BAND

Class

A

5.780%

due

07/15/43

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

1,628

1,628

BMO

Mortgage

Trust

Series

2024-5C8

Class

XA

Interest

Only

STRIPS

1.239%

due

12/15/57

(~)(Ê)

27,852

878

Series

2026-5C15

Class

XA

Interest

Only

STRIPS

1.083%

due

06/15/59

(~)(Ê)

34,585

1,633

BRAVO

Residential

Funding

Trust

Series

2023-NQM4

Class

A1

6.435%

due

05/25/63

(~)(Ê)(Þ)

4,140

4,131

Series

2023-NQM6

Class

A1

6.602%

due

09/25/63

(~)(Ê)(Þ)

1,349

1,347

Series

2023-NQM8

Class

A1

6.394%

due

10/25/63

(~)(Ê)(Þ)

2,124

2,125

Series

2024-NQM5

Class

A1

5.803%

due

06/25/64

(~)(Ê)(Þ)

4,149

4,162

BX

Trust

Series

2021-PAC

Class

A

4.429%

due

10/15/36

(CME

Term

SOFR

1

Month

+

0.804%)(Ê)(Þ)

5,000

4,998

Series

2025-ARIA

Class

B

5.350%

due

12/13/42

(~)(Ê)(Þ)

1,151

1,147

Series

2025-VOLT

Class

A

5.325%

due

12/15/44

(CME

Term

SOFR

1

Month

+

1.700%)(Ê)(Þ)

864

865

Series

2026-CLS

Class

A

5.025%

due

05/15/43

(CME

Term

SOFR

1

Month

+

1.400%)(Ê)(Þ)

2,084

2,086

Series

2026-CSMO

Class

A

5.025%

due

02/15/43

(CME

Term

SOFR

1

Month

+

1.400%)(Ê)(Þ)

2,691

2,696

Chase

Home

Lending

Mortgage

Trust

Series

2025-3

Class

A11

4.928%

due

02/25/56

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

1,065

1,064

Series

2025-7

Class

A11

5.028%

due

05/25/56

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

613

614

Series

2025-10

Class

A11

4.928%

due

07/25/56

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

707

709

Citigroup

Commercial

Mortgage

Trust

Series

2019-GC41

Class

A2

2.690%

due

08/10/56

1,236

1,213

Citigroup

Mortgage

Loan

Trust

Series

2025-4

Class

A28

4.928%

due

10/25/55

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

1,786

1,786

Colony

American

Finance,

Ltd.

Series

2025-RRTL1

Class

A1

5.684%

due

05/28/40

(~)(Ê)(Þ)

640

641

COLT

Mortgage

Loan

Trust

Series

2024-2

Class

A1

6.125%

due

04/25/69

(~)(Ê)(Þ)

3,690

3,700

COMM

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2014-CR14

Class

B

3.190%

due

02/10/47

(~)(Ê)

1,391

1,360

Series

2015-CR22

Class

B

3.926%

due

03/10/48

(~)(Ê)

935

901

Series

2015-LC19

Class

C

4.568%

due

02/10/48

(~)(Ê)

471

456

Cross

Mortgage

Trust

Series

2024-H1

Class

A1

6.085%

due

12/25/68

(~)(Ê)(Þ)

835

836

CSTL

Commercial

Mortgage

Trust

Series

2025-GATE2

Class

A

4.713%

due

11/10/42

(~)(Ê)(Þ)

2,522

2,470

Ellington

Financial

Mortgage

Trust

Series

2025-NQM4

Class

A1F

4.828%

due

09/25/70

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

1,724

1,724

Fannie

Mae

2.000%

due

2042

18,581

16,062

2.000%

due

2046

12,735

10,279

2.500%

due

2051

12,292

10,346

3.000%

due

2052

33,281

29,620

5.500%

due

2052

4,736

4,803

4.500%

due

2053

4,649

4,491

6.000%

due

2054

15,626

15,989

15

Year

TBA(Ï)

1.500%

8,000

7,138

2.000%

11,500

10,478

2.500%

4,000

3,740

4.500%

500

493

5.000%

5,000

5,013

30

Year

TBA(Ï)

2.000%

4,200

3,352

2.500%

39,060

32,626

3.500%

24,080

21,839

4.000%

21,000

19,610

4.500%

27,930

26,739

5.000%

1,940

1,904

5.500%

15,360

15,386

6.000%

28,800

29,327

6.500%

78,000

80,579

Series

2024-440

Class

C50

Interest

Only

STRIPS

4.500%

due

10/25/53

8,552

1,860

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2016-C07

Class

2M2

8.092%

due

05/25/29

(SOFR

30

Day

Average

+

4.464%)(Ê)

577

585

Series

2023-R06

Class

1M2

6.328%

due

07/25/43

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

4,000

4,107

Series

2025-R01

Class

1A1

4.578%

due

01/25/45

(SOFR

30

Day

Average

+

0.950%)(Ê)(Þ)

1,171

1,172

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

96

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2025-R01

Class

1M1

4.728%

due

01/25/45

(SOFR

30

Day

Average

+

1.100%)(Ê)(Þ)

513

514

Series

2025-R02

Class

1A1

4.628%

due

02/25/45

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

1,471

1,473

Series

2025-R04

Class

1A1

4.628%

due

05/25/45

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

827

828

Series

2025-R04

Class

1M1

4.828%

due

05/25/45

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

1,474

1,475

Series

2026-R01

Class

2A1

4.478%

due

01/25/46

(SOFR

30

Day

Average

+

0.850%)(Ê)(Þ)

3,331

3,328

Series

2026-R01

Class

2M1

4.628%

due

01/25/46

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

3,104

3,103

Series

2026-R02

Class

1M1

4.678%

due

02/25/46

(SOFR

30

Day

Average

+

1.050%)(Ê)(Þ)

1,830

1,829

Fannie

Mae

REMICS

Series

2024-22

Class

FG

4.828%

due

05/25/54

(SOFR

30

Day

Average

+

1.200%)(Ê)

5,566

5,596

Series

2024-39

Class

DF

4.728%

due

06/25/54

(SOFR

30

Day

Average

+

1.100%)(Ê)

5,829

5,843

Series

2024-82

Class

FE

4.578%

due

11/25/54

(SOFR

30

Day

Average

+

0.950%)(Ê)

3,185

3,195

Series

2024-98

Class

FA

4.778%

due

12/25/53

(SOFR

30

Day

Average

+

1.150%)(Ê)

2,207

2,218

Series

2024-105

Class

KF

4.628%

due

01/25/55

(SOFR

30

Day

Average

+

1.000%)(Ê)

4,513

4,547

Series

2025-25

Class

FB

4.578%

due

04/25/55

(SOFR

30

Day

Average

+

0.950%)(Ê)

3,120

3,126

Series

2025-41

Class

FA

4.778%

due

06/25/54

(SOFR

30

Day

Average

+

1.150%)(Ê)

3,153

3,166

Freddie

Mac

2.000%

due

2051

45,662

36,760

2.500%

due

2051

15,568

13,277

Freddie

Mac

REMICS

Series

2024-5420

Class

CF

4.578%

due

06/25/54

(SOFR

30

Day

Average

+

0.950%)(Ê)

2,309

2,323

Series

2024-5438

Class

FC

4.728%

due

08/25/54

(SOFR

30

Day

Average

+

1.100%)(Ê)

1,773

1,780

Series

2024-5466

Class

FG

4.578%

due

10/25/54

(SOFR

30

Day

Average

+

0.950%)(Ê)

9,366

9,403

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2025-5510

Class

FK

4.728%

due

02/25/55

(SOFR

30

Day

Average

+

1.100%)(Ê)

4,745

4,761

Series

2025-5517

Class

FH

4.778%

due

03/25/55

(SOFR

30

Day

Average

+

1.150%)(Ê)

4,746

4,766

Series

2025-5613

Class

CF

4.578%

due

01/25/56

(SOFR

30

Day

Average

+

0.950%)(Ê)

2,364

2,370

Series

2026-5651

Class

KF

4.428%

due

08/25/55

(SOFR

30

Day

Average

+

0.800%)(Ê)

2,207

2,200

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA7

Class

M1

4.478%

due

11/25/41

(SOFR

30

Day

Average

+

0.850%)(Ê)(Þ)

66

66

Series

2024-DNA3

Class

M2

5.078%

due

10/25/44

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

111

111

Series

2025-DNA2

Class

A1

4.728%

due

05/25/45

(SOFR

30

Day

Average

+

1.100%)(Ê)(Þ)

1,052

1,055

Series

2025-DNA3

Class

M1

4.728%

due

09/25/45

(SOFR

30

Day

Average

+

1.100%)(Ê)(Þ)

1,546

1,547

Series

2025-DNA4

Class

M1

4.728%

due

10/25/45

(SOFR

30

Day

Average

+

1.100%)(Ê)(Þ)

971

971

Series

2026-DNA1

Class

M1

4.628%

due

02/25/46

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

2,086

2,085

FS

Commercial

Mortgage

Trust

5.050%

due

07/15/41

3,481

3,481

Ginnie

Mae

II

2.000%

due

2051

14,394

11,803

2.500%

due

2052

8,827

7,507

3.000%

due

2053

9,961

8,881

3.500%

due

2053

10,338

9,490

5.500%

due

2053

8,033

8,238

6.000%

due

2053

4,273

4,411

4.500%

due

2054

9,099

8,765

30

Year

TBA(Ï)

2.000%

3,200

2,620

2.500%

13,010

11,105

4.000%

8,140

7,558

5.000%

14,000

13,788

5.500%

10,000

10,037

6.500%

4,000

4,139

Government

National

Mortgage

Association

Series

2024-78

Class

QF

4.709%

due

05/20/54

(SOFR

30

Day

Average

+

1.100%)(Ê)

1,907

1,914

Series

2024-151

Class

FH

4.639%

due

09/20/54

(SOFR

30

Day

Average

+

1.030%)(Ê)

3,774

3,782

HOMES

Trust

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

97

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2024-NQM1

Class

A1

5.915%

due

07/25/69

(~)(Ê)(Þ)

873

875

Hudson

Yards

Mortgage

Trust

Series

2026-10HY

Class

A

5.086%

due

12/10/39

(~)(Ê)(Þ)

1,244

1,247

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2014-C23

Class

B

4.673%

due

09/15/47

(~)(Ê)

1,502

1,477

Series

2016-JP3

Class

AS

3.144%

due

08/15/49

1,750

1,737

Series

2016-JP3

Class

B

3.397%

due

08/15/49

(~)(Ê)

1,008

954

JPMorgan

Mortgage

Trust

Series

2026-NQX2

Class

A1

5.628%

due

10/25/66

(~)(Ê)(Þ)

4,342

4,344

LHOME

Mortgage

Trust

Series

2025-RTL2

Class

A1

5.612%

due

04/25/40

(~)(Ê)(Þ)

1,024

1,027

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C10

Class

B

4.081%

due

07/15/46

(~)(Ê)

1,216

1,118

Series

2025-5C2

Class

XA

Interest

Only

STRIPS

1.455%

due

11/15/58

(~)(Ê)

32,191

1,515

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2024-INV2

Class

A1

6.500%

due

02/25/54

(~)(Ê)(Þ)

1,675

1,715

NJ

Trust

Series

2023-GSP

Class

A

6.697%

due

01/06/29

(~)(Ê)(Þ)

5,000

5,131

OBX

Trust

Series

2024-NQM3

Class

A1

6.129%

due

12/25/63

(~)(Ê)(Þ)

1,902

1,905

Series

2024-NQM8

Class

A1

6.233%

due

05/25/64

(~)(Ê)(Þ)

3,276

3,292

Series

2024-NQM13

Class

A1

5.116%

due

06/25/64

(Þ)

1,881

1,878

Series

2025-J2

Class

AF

4.928%

due

09/25/55

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

841

843

One

Bryant

Park

Trust

Series

2019-OBP

Class

A

2.516%

due

09/15/54

(Þ)

1,388

1,281

Onity

Loan

Investment

Trust

Series

2025-HB1

Class

A

3.000%

due

06/25/38

(~)(Ê)(Þ)

785

769

ONNI

Commercial

Mortgage

Trust

Series

2024-APT

Class

A

5.753%

due

07/15/39

(~)(Ê)(Þ)

4,460

4,482

PRKCM

Trust

Series

2024-AFC1

Class

A1

6.333%

due

03/25/59

(~)(Ê)(Þ)

1,667

1,671

RCKT

Mortgage

Trust

Series

2024-INV1

Class

A1

6.500%

due

06/25/54

(~)(Ê)(Þ)

1,000

1,020

SDR

Commercial

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2024-DSNY

Class

A

5.017%

due

05/15/39

(CME

Term

SOFR

1

Month

+

1.392%)(Ê)(Þ)

1,155

1,156

Sequoia

Mortgage

Trust

Series

2026-2

Class

A26F

4.778%

due

03/25/56

(SOFR

30

Day

Average

+

1.150%)(Ê)(Þ)

3,421

3,394

SG

Residential

Mortgage

Trust

Series

2022-1

Class

A1

3.953%

due

03/27/62

(~)(Ê)(Þ)

1,201

1,128

SHRN

Trust

Series

2025-MF18

Class

A

4.825%

due

10/15/40

(CME

Term

SOFR

1

Month

+

1.200%)(Ê)(Þ)

2,840

2,839

SMRT

Trust

Series

2022-MINI

Class

A

4.626%

due

01/15/39

(CME

Term

SOFR

1

Month

+

1.000%)(Ê)(Þ)

5,000

4,998

Station

Place

Securitization

Trust

Series

2025-1

Class

A

4.543%

due

07/23/26

(CME

Term

SOFR

1

Month

+

0.900%)(Ê)(Þ)

5,911

5,911

Series

2025-3

Class

A

4.543%

due

09/23/26

(CME

Term

SOFR

1

Month

+

0.900%)(Ê)(Þ)

5,890

5,881

Series

2025-7

Class

A

4.543%

due

11/24/26

(CME

Term

SOFR

1

Month

+

0.900%)(Ê)(Þ)

6,408

6,391

Sunway

Real

Estate

Investment

Trust

Series

2021-PALM

Class

A

4.330%

due

10/15/34

(CME

Term

SOFR

1

Month

+

0.704%)(Ê)(Þ)

5,000

5,000

Toorak

Mortgage

Trust

Series

2025-RRTL1

Class

A1

5.524%

due

02/25/40

(~)(Ê)(Þ)

680

681

UBS

Commercial

Mortgage

Trust

Series

2019-C18

Class

A2

2.994%

due

12/15/52

3,500

3,385

Verus

Securitization

Trust

Series

2023-6

Class

A1

6.665%

due

09/25/68

(~)(Ê)(Þ)

664

664

Series

2024-4

Class

A1

6.218%

due

06/25/69

(~)(Ê)(Þ)

2,222

2,233

VRTX

Trust

Series

2025-HQ

Class

A

5.090%

due

08/05/42

(~)(Ê)(Þ)

1,222

1,198

Wells

Fargo

Commercial

Mortgage

Trust

Series

2024-C63

Class

A5

5.309%

due

08/15/57

5,000

5,077

WFRBS

Commercial

Mortgage

Trust

Series

2014-C23

Class

B

4.408%

due

10/15/57

(~)(Ê)

1,133

1,110

781,611

Municipal

Bonds

-

1.0%

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.190%

due

06/01/37

2,000

1,866

City

of

Orange

Revenue

Bonds

2.650%

due

06/01/34

885

752

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

98

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

City

of

Philadelphia

Redevelopment

Authority

Revenue

Bonds

5.002%

due

11/01/38

1,975

1,940

City

of

Pomona

Revenue

Bonds

3.716%

due

08/01/40

540

454

County

of

Fresno

Revenue

Bonds

4.869%

due

08/15/32

(µ)(ž)

1,160

867

County

of

Tulare

Revenue

Bonds

4.445%

due

06/01/37

1,685

1,599

Georgia

Higher

Education

Facilities

Authority

Revenue

Bonds

5.273%

due

01/01/40

420

422

JobsOhio

Beverage

System

Revenue

Bonds

2.833%

due

01/01/38

1,080

908

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

6.561%

due

12/15/40

360

394

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

4.660%

due

02/01/36

1,315

1,283

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.689%

due

06/01/54

1,265

1,269

State

Board

of

Administration

Finance

Corp.

Revenue

Bonds

5.526%

due

07/01/34

1,745

1,812

State

of

California

General

Obligation

Unlimited

4.350%

due

11/01/32

2,435

2,402

State

of

Illinois

General

Obligation

Unlimited

4.954%

due

04/01/33

1,625

1,628

17,596

United

States

Government

Treasuries

-

30.5%

United

States

Treasury

Notes

3.875%

due

03/31/28

25,410

25,286

3.500%

due

03/15/29

138,130

135,821

3.875%

due

04/15/29

10

10

3.875%

due

05/15/29

10

10

4.125%

due

06/15/29

270

270

3.625%

due

08/31/29

47,667

46,907

3.500%

due

11/30/30

10

10

3.750%

due

01/31/31

63,120

61,931

4.250%

due

11/15/34

16,364

16,205

4.125%

due

02/15/36

67,530

65,905

1.375%

due

11/15/40

12,460

8,054

2.875%

due

08/15/45

55,219

40,974

5.000%

due

05/15/46

6,550

6,601

1.625%

due

11/15/50

173,979

90,986

4.750%

due

08/15/55

24,910

24,178

4.750%

due

02/15/56

10

10

5.000%

due

05/15/56

4,390

4,438

527,596

Total

Long-Term

Fixed

Income

Investments

(cost

$2,018,594)

2,000,249

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Short-Term

Investments

-

1.8%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

31,252,538

31,253

Total

Short-Term

Investments

(cost

$31,253)

31,253

Total

Investments

-

117.3%

(identified

cost

$2,049,847)

2,031,502

Principal

Amount

$

Securities

Sold

Short

-

(0.1)%

Mortgage-Backed

Securities

-

(0.1)%

Ginnie

Mae

II

30

Year

TBA(Ï)

6.000%

(1,000)

(1,019)

Total

Securities

Sold

Short

(proceeds

$1,020)

(1,019)

Other

Assets

net

of

Liabilities

-

(17.2)%

(298,522)

Net

Assets

-

100.0%

1,731,961

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

99

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

143,133

$

—

$

143,133

Corporate

Bonds

and

Notes

—

530,313

—

530,313

Mortgage-Backed

Securities

—

781,611

—

781,611

Municipal

Bonds

—

17,596

—

17,596

United

States

Government

Treasuries

—

527,596

—

527,596

Short-Term

Investments

31,253

—

—

31,253

Total

Investments

$

31,253

$

2,000,249

$

—

$

2,031,502

Securities

Sold

Short

*

—

(1,019)

—

(1,019)

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Australia

.............................................................................................

6,491

0

.4

Bermuda

.............................................................................................

2,050

0

.1

Canada

................................................................................................

5,214

0

.3

Cayman

Islands

..................................................................................

59,223

3

.4

France

.................................................................................................

2,173

0

.1

Ireland

................................................................................................

11,885

0

.7

Italy

....................................................................................................

4,005

0

.2

Jersey

..................................................................................................

15,281

0

.9

Norway

...............................................................................................

2,235

0

.1

South

Africa

.......................................................................................

1,394

0

.1

Spain

..................................................................................................

8,088

0

.5

Switzerland

........................................................................................

3,827

0

.2

United

Kingdom

.................................................................................

19,586

1

.1

United

States

......................................................................................

1,890,050

109

.2

Total

Investments

...............................................................................

2,031,502

117

.3

United

States

......................................................................................

(1,019

)

(0

.1)

Total

Securities

Sold

Short

.................................................................

(1,019

)

(0

.1)

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

100

Venerable

Strategic

Bond

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

2,049,847

Investments,

at

fair

value

.............................................................................................................................................................

2,031,502

Receivables:

Dividends

and

interest

......................................................................................................................................................

15,880

Investments

sold

...............................................................................................................................................................

972,913

Fund

shares

sold

...............................................................................................................................................................

7,123

From

broker(a)

.................................................................................................................................................................

632

Total

assets

...............................................................................................................................................................

3,028,050

Liabilities

Payables:

Due

to

custodian

..............................................................................................................................................................

537

Investments

purchased

.....................................................................................................................................................

1,293,415

Accrued

fees

to

affiliates

..................................................................................................................................................

1,026

Other

accrued

expenses

....................................................................................................................................................

92

Securities

sold

short,

at

fair

value(‡)

...........................................................................................................................................

1,019

Total

liabilities

...........................................................................................................................................................

1,296,089

Net

Assets

...............................................................................................................................................................

$

1,731,961

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(66,102)

Paid-in

capital

..............................................................................................................................................................................

1,798,063

Net

Assets

...............................................................................................................................................................

$

1,731,961

(a)    

Receivable

from

Broker

for

TBAs

.....................................................................................................................................

$

632

(‡)    

Proceeds

on

securities

sold

short

........................................................................................................................................

$

1,020

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

9.65

Class

I

—

Net

assets

............................................................................................................................................................

$

592,468,685

Class

I

—

Shares

outstanding

.............................................................................................................................................

61,381,365

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

9.65

Class

V

—

Net

assets

...........................................................................................................................................................

$

1,139,492,342

Class

V

—

Shares

outstanding

............................................................................................................................................

118,062,137

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

101

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Interest

..............................................................................................................................................................................

$

39,632

Dividends

.........................................................................................................................................................................

741

Total

investment

income

.............................................................................................................................................................

40,373

Expenses

Advisory

fees

...................................................................................................................................................................

3,919

Administrative

fees

..........................................................................................................................................................

1,045

Distribution

fees

-

Class

V

...............................................................................................................................................

1,721

Professional

fees

..............................................................................................................................................................

79

Trustees’

fees

....................................................................................................................................................................

30

Printing

fees

.....................................................................................................................................................................

10

Miscellaneous

..................................................................................................................................................................

16

Expenses

before

reductions

..............................................................................................................................................

6,820

Expense

reductions

..........................................................................................................................................................

(490)

Net

expenses

................................................................................................................................................................................

6,330

Net

investment

income

(loss)

.......................................................................................................................................................

34,043

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(6,809)

Securities

sold

short

.........................................................................................................................................................

731

Net

realized

gain

(loss)

................................................................................................................................................................

(6,078)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

(16,541)

Securities

sold

short

.........................................................................................................................................................

1

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(16,540)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(22,618)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

11,425

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

102

Venerable

Strategic

Bond

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

34,043

$

69,902

Net

realized

gain

(loss)

................................................................................................................

(6,078)

(11,454)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(16,540)

58,795

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

11,425

117,243

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(14,273)

(20,440)

Class

V

.....................................................................................................................................

(26,183)

(49,954)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(40,456)

(70,394)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(45,319)

(22,456)

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(74,350)

24,393

Net

Assets

Beginning

of

period

...........................................................................................................................

1,806,311

1,781,918

End

of

period

......................................................................................................................................

$

1,731,961

$

1,806,311

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

2,017

$

19,627

22,951

$

223,978

Proceeds

from

reinvestment

of

distributions

1,469

14,273

2,110

20,440

Payments

for

shares

redeemed

(5,197)

(50,817)

(11,889)

(115,156)

Net

increase

(decrease)

(1,711)

(16,917)

13,172

129,262

Class

V

Proceeds

from

shares

sold

1,245

12,058

2,244

21,954

Proceeds

from

reinvestment

of

distributions

2,694

26,183

5,164

49,954

Payments

for

shares

redeemed

(6,832)

(66,643)

(23,030)

(223,626)

Net

increase

(decrease)

(2,893)

(28,402)

(15,622)

(151,718)

Total

increase

(decrease)

(4,604)

$

(45,319)

(2,450)

$

(22,456)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

103

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.81‌

9.56‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.20‌

.40‌

.13‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.13‌)

.25‌

(.48‌)

$

Total

from

Investment

Operations

.07‌

.65‌

(.35‌)

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.23‌)

(.40‌)

(.09‌)

$

Total

Distributions

(.23‌)

(.40‌)

(.09‌)

$

Net

Asset

Value,

End

of

Period

9.65‌

9.81‌

9.56‌

%

Total

Return

(±)(ǿ)

.63‌

6.98‌

(3.54‌)

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

592,469‌

619,253‌

477,066‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.59‌

.59‌

.60‌

%

Expenses,

Net

(Ƃ)(ɯ)

.59‌

.59‌

.60‌

%

Net

Investment

Income

(Ƃ)(ɯ)

4.05‌

4.10‌

4.10‌

%

Portfolio

Turnover

Rate

(ǿ)

61‌

122‌

35‌

Class

V

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.81‌

9.55‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.19‌

.38‌

.12‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.13‌)

.26‌

(.49‌)

$

Total

from

Investment

Operations

.06‌

.64‌

(.37‌)

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.22‌)

(.38‌)

(.08‌)

$

Total

Distributions

(.22‌)

(.38‌)

(.08‌)

$

Net

Asset

Value,

End

of

Period

9.65‌

9.81‌

9.55‌

%

Total

Return

(±)(ǿ)

.63‌

6.87‌

(3.68‌)

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

1,139,492‌

1,187,058‌

1,304,852‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.89‌

.89‌

.90‌

%

Expenses,

Net

(Ƃ)(ɯ)

.80‌

.80‌

.80‌

%

Net

Investment

Income

(Ƃ)(ɯ)

3.84‌

3.92‌

3.89‌

%

Portfolio

Turnover

Rate

(ǿ)

61‌

122‌

35‌

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

104

Venerable

Inflation

Focused

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

80.4%

Asset-Backed

Securities

-

7.7%

Ares

CLO,

Ltd.

Series

2026-69A

Class

A1R

4.888%

due

04/15/36

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)(Þ)

500

500

Barrow

Hanley

CLO,

Ltd.

Series

2024-3A

Class

AR

4.891%

due

04/20/38

(CME

Term

SOFR

3

Month

+

1.270%)(Ê)(Þ)

500

500

CARLYLE

US

CLO,

Ltd.

Series

2024-11A

Class

A1R

5.077%

due

07/25/37

(CME

Term

SOFR

3

Month

+

1.410%)(Ê)(Þ)

500

500

CarMax

Auto

Owner

Trust

Series

2026-2

Class

A3

4.220%

due

06/16/31

59

59

Columbia

Cent

CLO,

LP

Series

2026-33A

Class

A1R

4.878%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.260%)(Ê)(Þ)

450

451

Dryden

Senior

Loan

Fund

Series

2025-113A

Class

AR3

4.763%

due

10/15/37

(CME

Term

SOFR

3

Month

+

1.090%)(Ê)(Þ)

500

500

Elmwood

CLO,

Ltd.

Series

2024-6A

Class

A

5.110%

due

07/17/37

(CME

Term

SOFR

3

Month

+

1.430%)(Ê)(Þ)

500

501

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2025-1

Class

A3

4.620%

due

12/17/29

476

477

Series

2026-2

Class

A3

4.150%

due

08/18/31

112

111

Greywolf

CLO,

Ltd.

Series

2021-1A

Class

A1SR

5.073%

due

04/15/34

(CME

Term

SOFR

3

Month

+

1.400%)(Ê)(Þ)

500

500

Honda

Auto

Receivables

Owner

Trust

Series

2025-3

Class

A3

4.040%

due

02/21/30

675

671

Invesco

CLO,

Ltd.

Series

2021-3A

Class

A1R

4.744%

due

10/22/34

(CME

Term

SOFR

3

Month

+

1.080%)(Ê)(Þ)

500

500

Iskandar

Enterprise

LLC

Series

2026-1A

Class

A21

5.049%

due

04/17/56

(Þ)

327

325

JPMorgan

Mortgage

Trust

Series

2026-HE1

Class

A1

4.859%

due

09/20/56

(SOFR

30

Day

Average

+

1.250%)(Ê)(Þ)

45

46

Rad

CLO,

Ltd.

Series

2021-14A

Class

A

5.105%

due

01/15/35

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)(Þ)

250

250

Towd

Point

Mortgage

Trust

Series

2025-HE2

Class

A1A

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.978%

due

09/25/65

(SOFR

30

Day

Average

+

1.350%)(Ê)(Þ)

122

122

Toyota

Auto

Receivables

Owner

Trust

Series

2025-C

Class

A2B

3.893%

due

06/15/28

(SOFR

30

Day

Average

+

0.300%)(Ê)

474

474

Series

2026-B

Class

A3

4.130%

due

12/16/30

102

101

World

Omni

Auto

Receivables

Trust

Series

2026-B

Class

A3

4.370%

due

06/16/31

96

96

6,684

Corporate

Bonds

and

Notes

-

27.1%

Consumer

Discretionary

-

3.8%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

235

223

Amazon.com,

Inc.

4.250%

due

03/13/31

250

246

AS

Mileage

Plan

IP,

Ltd.

5.021%

due

10/20/29

(Þ)

150

149

Brunswick

Corp.

2.400%

due

08/18/31

150

131

Carnival

Corp.,

Ltd.

4.000%

due

08/01/28

(Þ)

150

147

5.125%

due

05/01/29

(Þ)

150

150

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

2.800%

due

04/01/31

295

263

Dick's

Sporting

Goods,

Inc.

4.000%

due

10/01/29

(Þ)

295

287

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

295

297

General

Motors

Financial

Co.,

Inc.

4.200%

due

10/27/28

150

148

Hasbro,

Inc.

4.650%

due

03/12/31

150

148

Hyatt

Hotels

Corp.

5.750%

due

04/23/30

150

154

Hyundai

Capital

America

6.500%

due

01/16/29

(Þ)

295

306

Las

Vegas

Sands

Corp.

5.625%

due

06/15/28

150

152

Royal

Caribbean

Cruises,

Ltd.

3.700%

due

03/15/28

150

148

Space

Exploration

Technologies

Corp.

5.350%

due

07/15/31

(Þ)

60

60

Tapestry,

Inc.

5.100%

due

03/11/30

125

126

Walmart,

Inc.

4.350%

due

04/28/30

150

150

3,285

Consumer

Staples

-

2.2%

BAT

Capital

Corp.

4.906%

due

04/02/30

445

447

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

3.625%

due

01/15/32

235

218

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Inflation

Focused

Fund

105

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Kenvue,

Inc.

5.000%

due

03/22/30

150

152

Keurig

Dr

Pepper,

Inc.

Series

31*

2.250%

due

03/15/31

295

262

Kroger

Co.

(The)

1.700%

due

01/15/31

150

132

Mars,

Inc.

4.800%

due

03/01/30

(Þ)

445

446

McCormick

&

Co.,

Inc.

4.150%

due

02/15/29

150

148

Philip

Morris

International,

Inc.

4.375%

due

04/30/30

60

59

1,864

Energy

-

1.7%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

150

151

Cheniere

Energy

Partners,

LP

4.500%

due

10/01/29

150

149

Energy

Transfer,

LP

5.200%

due

04/01/30

295

300

Hess

Midstream

Operations,

LP

4.250%

due

02/15/30

(Þ)

295

285

South

Bow

USA

Infrastructure

Holdings

LLC

5.026%

due

10/01/29

120

120

Targa

Resources

Corp.

4.350%

due

04/15/31

150

146

Venture

Global

Calcasieu

Pass

LLC

6.250%

due

01/15/30

(Þ)

150

154

Viper

Energy

Partners

LLC

4.900%

due

08/01/30

160

159

1,464

Financial

Services

-

5.8%

American

Tower

Corp.

4.900%

due

03/15/30

150

151

Aviation

Capital

Group

LLC

5.375%

due

07/15/29

(Þ)

260

263

Bank

of

America

Corp.

4.695%

due

04/23/32

(SOFR

+

1.040%)(Ê)

110

109

Series

B

8.050%

due

06/15/27

395

408

Banque

Federative

du

Credit

Mutuel

SA

4.541%

due

01/15/31

(Þ)

200

197

Brown

&

Brown,

Inc.

4.700%

due

06/23/28

150

150

CaixaBank

SA

5.673%

due

03/15/30

(SOFR

+

1.780%)(Ê)(Þ)

295

301

Capital

One

Financial

Corp.

4.493%

due

09/11/31

(SOFR

+

1.250%)(Ê)

150

147

Citigroup,

Inc.

4.503%

due

09/11/31

(SOFR

+

1.171%)(Ê)

445

439

Crown

Castle,

Inc.

4.900%

due

09/01/29

295

296

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Equinix

Asia

Financing

Corporation

Pte.,

Ltd.

4.400%

due

03/15/31

150

146

GABX

Leasing

LLC

4.625%

due

04/15/31

(Þ)

150

148

Goldman

Sachs

Group,

Inc.

(The)

4.153%

due

10/21/29

(SOFR

+

0.900%)(Ê)

150

148

4.594%

due

04/20/30

(SOFR

+

0.990%)(Ê)

40

40

4.972%

due

06/03/32

(SOFR

+

1.030%)(Ê)

150

150

JPMorgan

Chase

&

Co.

2.956%

due

05/13/31

(CME

Term

SOFR

3

Month

+

2.515%)(Ê)

515

481

4.622%

due

04/23/32

(SOFR

+

0.990%)(Ê)

110

109

Lloyds

Banking

Group

PLC

4.818%

due

06/13/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.830%)(Ê)

200

200

LPL

Holdings,

Inc.

5.200%

due

03/15/30

295

296

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

150

154

Morgan

Stanley

4.708%

due

03/12/32

(SOFR

+

1.195%)(Ê)

150

148

Series

I

4.133%

due

10/18/29

(SOFR

+

0.913%)(Ê)

295

291

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

150

146

Wells

Fargo

&

Co.

4.844%

due

05/20/32

(SOFR

+

0.970%)(Ê)

90

90

5,008

Health

Care

-

2.1%

AbbVie,

Inc.

4.125%

due

03/15/31

105

103

CVS

Health

Corp.

5.400%

due

06/01/29

295

301

HCA,

Inc.

3.500%

due

09/01/30

295

280

Icon

Investments

Six

DAC

5.849%

due

05/08/29

295

301

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

295

286

Novartis

Capital

Corp.

4.100%

due

11/05/30

295

290

Royalty

Pharma

PLC

4.450%

due

03/25/31

295

290

1,851

Materials

and

Processing

-

1.2%

AptarGroup,

Inc.

4.750%

due

03/30/31

295

292

Berry

Global,

Inc.

1.650%

due

01/15/27

150

148

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

106

Venerable

Inflation

Focused

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Georgia-Pacific

LLC

4.400%

due

06/30/28

(Þ)

150

150

4.600%

due

05/15/31

(Þ)

125

124

Glencore

Funding

LLC

5.400%

due

05/08/28

(Þ)

295

298

1,012

Producer

Durables

-

3.0%

Amphenol

Corp.

3.900%

due

11/15/28

150

148

Avolon

Holdings

Funding,

Ltd.

4.900%

due

10/10/30

(Þ)

295

292

BAE

Systems

PLC

3.400%

due

04/15/30

(Þ)

200

191

Boeing

Co.

(The)

2.950%

due

02/01/30

295

277

Eaton

Corp.

4.200%

due

03/06/31

200

196

General

Electric

Co.

4.300%

due

07/29/30

150

149

Honeywell

Aerospace,

Inc.

4.300%

due

03/16/31

(Þ)

445

437

Howmet

Aerospace,

Inc.

4.850%

due

10/15/31

150

150

Regal

Rexnord

Corp.

6.050%

due

04/15/28

120

123

Republic

Services,

Inc.

5.000%

due

11/15/29

150

152

SMBC

Aviation

Capital

Finance

DAC

5.300%

due

04/03/29

(Þ)

235

238

Spirit

AeroSystems,

Inc.

4.600%

due

06/15/28

120

120

Vertiv

Group

Corp.

4.125%

due

11/15/28

(Þ)

120

119

2,592

Technology

-

3.5%

Airbnb,

Inc.

4.650%

due

03/16/31

295

293

Alphabet,

Inc.

4.100%

due

02/15/31

150

147

Broadcom,

Inc.

4.300%

due

01/15/31

295

290

Dell

International

LLC

/

EMC

Corp.

4.750%

due

07/15/31

20

20

Foundry

JV

Holdco

LLC

6.150%

due

01/25/32

(Þ)

295

310

Marvell

Technology,

Inc.

4.750%

due

07/15/30

150

150

Motorola

Solutions,

Inc.

2.300%

due

11/15/30

235

212

MSCI,

Inc.

3.625%

due

09/01/30

(Þ)

150

142

Netflix,

Inc.

5.375%

due

11/15/29

(Þ)

295

302

NVIDIA

Corp.

4.500%

due

06/15/31

370

369

Oracle

Corp.

4.800%

due

08/03/28

75

75

4.550%

due

02/04/29

240

237

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.950%

due

02/04/31

75

73

Paychex,

Inc.

5.100%

due

04/15/30

150

151

Salesforce,

Inc.

4.500%

due

03/15/28

150

150

Synopsys,

Inc.

4.650%

due

04/01/28

150

150

3,071

Utilities

-

3.8%

Alexander

Funding

Trust

II

7.467%

due

07/31/28

(Þ)

235

246

Constellation

Energy

Generation

LLC

4.400%

due

01/15/31

295

290

Dominion

Energy,

Inc.

4.600%

due

05/15/28

150

150

Enel

Finance

International

NV

4.125%

due

09/30/28

(Þ)

295

291

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

150

149

NextEra

Energy

Capital

Holdings,

Inc.

5.050%

due

03/15/30

235

238

Pacific

Gas

and

Electric

Co.

6.100%

due

01/15/29

150

155

5.050%

due

11/15/31

55

55

Palomino

Funding

Trust

7.233%

due

05/17/28

(Þ)

250

259

RD

Michigan

Property

Owner

I

LLC

7.500%

due

03/30/45

(Þ)

220

220

Rogers

Communications,

Inc.

5.000%

due

02/15/29

150

151

Southern

Power

Co.

Series

A

4.250%

due

10/01/30

235

231

Sprint

Capital

Corp.

6.875%

due

11/15/28

150

157

T-Mobile

USA,

Inc.

3.875%

due

04/15/30

295

286

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

235

230

Wisconsin

Electric

Power

Co.

4.150%

due

10/15/30

150

147

3,255

23,402

Mortgage-Backed

Securities

-

15.0%

1166

Avenue

of

the

Americas

Commercial

Mortgage

Trust

Series

2005-C6A

Class

A3

5.690%

due

10/13/37

(Þ)

175

177

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2020-BN28

Class

XA

Interest

Only

STRIPS

1.875%

due

03/15/63

(~)(Ê)

5,961

345

Series

2021-BN34

Class

A2

1.935%

due

06/15/63

233

230

Series

2026-5YR21

Class

XA

Interest

Only

STRIPS

0.985%

due

04/15/59

(~)(Ê)

3,993

129

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Inflation

Focused

Fund

107

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Barclays

Commercial

Mortgage

Trust

Series

2026-5C41

Class

AS

5.755%

due

05/15/69

(~)(Ê)

125

128

Series

2026-5C41

Class

XA

Interest

Only

STRIPS

1.375%

due

05/15/69

(~)(Ê)

2,732

136

Series

2026-5C42

Class

AS

5.902%

due

06/15/59

91

93

Benchmark

Mortgage

Trust

Series

2019-B12

Class

A2

3.001%

due

08/15/52

141

137

Series

2019-B15

Class

A2

2.914%

due

12/15/72

135

131

Series

2020-B19

Class

AS

2.148%

due

09/15/53

207

174

Series

2025-V18

Class

XA

Interest

Only

STRIPS

1.472%

due

10/15/58

(~)(Ê)(Þ)

2,629

122

Series

2026-V21

Class

AS

5.506%

due

03/15/59

86

87

CSAIL

Commercial

Mortgage

Trust

Series

2019-C15

Class

XA

Interest

Only

STRIPS

1.152%

due

03/15/52

(~)(Ê)

5,958

123

Fannie

Mae

30

Year

TBA(Ï)

4.500%

2,000

1,915

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2022-R09

Class

2M1

6.128%

due

09/25/42

(SOFR

30

Day

Average

+

2.500%)(Ê)(Þ)

517

520

Series

2023-R07

Class

2M1

5.578%

due

09/25/43

(SOFR

30

Day

Average

+

1.950%)(Ê)(Þ)

422

423

Series

2026-R03

Class

2A1

4.728%

due

04/25/46

(SOFR

30

Day

Average

+

1.100%)(Ê)(Þ)

185

185

Fannie

Mae

REMICS

Series

2024-98

Class

FA

4.778%

due

12/25/53

(SOFR

30

Day

Average

+

1.150%)(Ê)

481

484

Series

2025-25

Class

FB

4.578%

due

04/25/55

(SOFR

30

Day

Average

+

0.950%)(Ê)

363

363

Freddie

Mac

REMICS

Series

2024-5396

Class

FG

4.628%

due

04/25/54

(SOFR

30

Day

Average

+

1.000%)(Ê)

509

510

Series

2025-5613

Class

CF

4.578%

due

01/25/56

(SOFR

30

Day

Average

+

0.950%)(Ê)

198

198

Series

2026-5651

Class

KF

4.428%

due

08/25/55

(SOFR

30

Day

Average

+

0.800%)(Ê)

189

189

Freddie

Mac

STACR

REMIC

Trust

Series

2021-HQA3

Class

M2

5.728%

due

09/25/41

(SOFR

30

Day

Average

+

2.100%)(Ê)(Þ)

304

305

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2021-HQA4

Class

M2

5.978%

due

12/25/41

(SOFR

30

Day

Average

+

2.350%)(Ê)(Þ)

203

204

Government

National

Mortgage

Association

Series

2015-109

Class

IO

Interest

Only

STRIPS

0.427%

due

01/16/52

(~)(Ê)

2,038

32

Series

2024-32

Class

IO

Interest

Only

STRIPS

0.699%

due

06/16/63

(~)(Ê)

1,871

97

Series

2025-169

Class

FC

4.609%

due

10/20/55

(SOFR

30

Day

Average

+

1.000%)(Ê)

318

318

GS

Mortgage

Securities

Trust

Series

2017-GS5

Class

A4

3.674%

due

03/10/50

360

357

GS

Mortgage-Backed

Securities

Trust

Series

2025-NQM2

Class

A1

5.648%

due

06/25/65

(~)(Ê)(Þ)

173

173

Series

2025-PJ10

Class

A27

4.978%

due

04/25/56

(SOFR

30

Day

Average

+

1.350%)(Ê)(Þ)

387

388

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2016-C4

Class

AS

3.385%

due

12/15/49

186

182

Series

2019-COR6

Class

A2

2.946%

due

11/13/52

136

131

JPMorgan

Mortgage

Trust

Series

2025-NQM1

Class

A1

5.591%

due

06/25/65

(~)(Ê)(Þ)

388

389

Series

2025-NQM2

Class

A1

5.567%

due

09/25/65

(~)(Ê)(Þ)

604

605

Series

2026-NQX1

Class

A1

5.500%

due

07/25/66

(~)(Ê)(Þ)

210

209

Series

2026-NQX2

Class

A1

5.628%

due

10/25/66

(~)(Ê)(Þ)

108

108

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C9

Class

B

3.708%

due

05/15/46

(~)(Ê)

90

87

Series

2013-C10

Class

C

4.081%

due

07/15/46

(~)(Ê)

100

85

Series

2015-C22

Class

A4

3.306%

due

04/15/48

128

127

Series

2015-C22

Class

C

4.094%

due

04/15/48

(~)(Ê)

150

128

Series

2016-C30

Class

AS

3.175%

due

09/15/49

184

182

Morgan

Stanley

Capital

I

Trust

Series

2018-H3

Class

B

4.620%

due

07/15/51

(~)(Ê)

100

97

Series

2021-L5

Class

B

3.102%

due

05/15/54

147

131

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2025-NQM2

Class

A1

5.627%

due

01/25/70

(~)(Ê)(Þ)

423

424

OBX

Trust

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

108

Venerable

Inflation

Focused

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

2026-INV3

Class

AF2

4.978%

due

04/25/56

(SOFR

30

Day

Average

+

1.350%)(Ê)(Þ)

291

291

Onity

Loan

Investment

Trust

Series

2026-HB3

Class

A

3.000%

due

06/25/39

(~)(Ê)(Š)(Þ)

136

133

PMT

Loan

Trust

Series

2025-INV10

Class

A36

4.978%

due

10/01/56

(SOFR

30

Day

Average

+

1.350%)(Ê)(Þ)

425

427

Verus

Securitization

Trust

Series

2026-R5

Class

A1

5.457%

due

03/25/68

(~)(Ê)(Þ)

112

112

VRTX

Trust

Series

2025-HQ

Class

A

5.090%

due

08/05/42

(~)(Ê)(Þ)

175

172

Series

2025-HQ

Class

C

6.119%

due

08/05/42

(~)(Ê)(Þ)

45

44

Wells

Fargo

Commercial

Mortgage

Trust

Series

2017-C39

Class

A5

3.418%

due

09/15/50

270

266

13,003

United

States

Government

Treasuries

-

30.6%

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

due

04/15/27

1,781

1,746

2.125%

due

04/15/29

1,690

1,694

1.625%

due

10/15/29

3,026

3,005

1.625%

due

04/15/30

3,043

3,006

0.125%

due

07/15/30

2,822

2,636

1.125%

due

10/15/30

2,666

2,589

0.125%

due

07/15/31

2,845

2,612

2.125%

due

01/15/35

2,595

2,590

1.875%

due

07/15/35

881

862

1.875%

due

01/15/36

2,910

2,828

1.375%

due

02/15/44

529

432

0.750%

due

02/15/45

307

218

1.000%

due

02/15/46

885

650

2.125%

due

02/15/54

868

759

2.375%

due

02/15/55

475

437

2.375%

due

02/15/56

473

436

26,500

Total

Long-Term

Fixed

Income

Investments

(cost

$70,179)

69,589

Short-Term

Investments

-

21.4%

Agree,

LP

3.861%

due

07/01/26

(Þ)(ž)

700

700

Alimentation

Couche-Tard,

Inc.

3.985%

due

07/06/26

(ž)

250

250

3.781%

due

07/17/26

(ç)(Þ)(ž)

250

249

AvalonBay

Communities,

Inc.

3.414%

due

07/07/26

(ç)(Þ)(ž)

250

250

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

3.532%

due

07/09/26

(ç)(Þ)(ž)

495

495

BAT

International

Finance

PLC

3.877%

due

07/01/26

(ž)

250

250

Boston

Scientific

Corp.

3.780%

due

07/21/26

(ç)(Þ)(ž)

250

249

3.807%

due

07/23/26

(ç)(Þ)(ž)

250

249

Cabot

Corp.

3.877%

due

07/01/26

(ž)

250

250

Energy

Transfer,

LP

0.000%

due

06/29/26

(ç)(ž)

500

500

0.000%

due

06/30/26

(ç)(ž)

500

500

3.878%

due

07/01/26

(ž)

635

635

ERAC

USA

Finance

LLC

3.831%

due

07/30/26

(ç)(Þ)(ž)

255

254

Essex

Portfolio,

LP

3.976%

due

07/14/26

(Þ)(ž)

355

354

Extra

Space

Storage,

LP

3.335%

due

07/06/26

(ç)(Þ)(ž)

250

250

3.532%

due

07/09/26

(ç)(Þ)(ž)

265

265

3.847%

due

07/21/26

(ç)(Þ)(ž)

250

249

Intercontinental

Exchange,

Inc.

0.000%

due

07/01/26

(ç)(Þ)(ž)

250

250

Kenvue,

Inc.

3.466%

due

07/13/26

(ç)(Þ)(ž)

380

380

Kinder

Morgan,

Inc.

0.000%

due

06/08/26

(ç)(ž)

750

750

0.000%

due

06/09/26

(ç)(ž)

750

750

Marriott

International,

Inc.

3.860%

due

07/30/26

(ç)(Þ)(ž)

250

249

Mid-America

Apartments,

LP

1.990%

due

07/02/26

(ç)(Þ)(ž)

250

250

O'Reilly

Automotive,

Inc.

3.335%

due

07/06/26

(ç)(Þ)(ž)

300

300

3.716%

due

07/13/26

(ç)(Þ)(ž)

250

250

Penske

Truck

Leasing

Co.,

LP

2.011%

due

07/02/26

(ç)(ž)

250

250

3.448%

due

07/07/26

(ç)(ž)

250

250

3.577%

due

07/09/26

(ç)(ž)

250

250

Realty

Income

Corp.

3.877%

due

07/01/26

(ž)

750

750

Ryder

System,

Inc.

3.734%

due

07/13/26

(ç)(ž)

195

195

Simon

Property

Group,

LP

3.760%

due

07/20/26

(ç)(Þ)(ž)

250

249

3.965%

due

08/04/26

(ç)(Þ)(ž)

250

249

Number

of

S

hares

State

Street

Institutional

U.S.

Government

Money

Market

Fund

6,665,970

6,666

Principal

Amount

$

UDR,

Inc.

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Inflation

Focused

Fund

109

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

1.965%

due

07/02/26

(ç)(Þ)(ž)

250

250

3.923%

due

07/07/26

(ž)

285

285

Total

Short-Term

Investments

(cost

$18,522)

18,522

Total

Investments

-

101.8%

(cost

$88,701)

88,111

Other

Assets

net

of

Liabilities

-

(1.8)%

(1,519)

Net

Assets

-

100.0%

86,592

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

110

Venerable

Inflation

Focused

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

JPMorgan

Chase

USD

32,518

SOFR

(4)

4.040%

(4)

09/16/28

(77)

61

(16)

JPMorgan

Chase

USD

5,878

SOFR

(4)

4.060%

(4)

09/16/33

(34)

(5)

(39)

JPMorgan

Chase

USD

110

SOFR

(4)

4.300%

(4)

09/16/56

(2)

—

(2)

Total

Open

Interest

Rate

Swap

Contracts

(å)

(113)

56

(57)

Total

Return

Swap

Contracts

Amounts

in

thousands

Underlying

Reference

Entity

Counterparty

Notional

Amount

Terms

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Long

Bloomberg

US

Treasury

Inflation-Linked

Bond

Index

(Series-L)

Deutsche

Bank

USD

60,000

SOFR

+0.195%

(1)

09/24/26

—

39

39

Total

Open

Total

Return

Swap

Contracts

(å)

—

39

39

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

6,684

$

—

$

6,684

Corporate

Bonds

and

Notes

—

23,402

—

23,402

Mortgage-Backed

Securities

—

12,870

133

13,003

United

States

Government

Treasuries

—

26,500

—

26,500

Short-Term

Investments

6,666

11,856

—

18,522

Total

Investments

6,666

81,312

133

88,111

Derivatives

Assets

Total

Return

Swap

Contracts

—

39

—

39

Liabilities

Interest

Rate

Swap

Contracts

—

(57)

—

(57)

Total

Derivatives

$

—

$

(18)

$

—

$

(18)

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Inflation

Focused

Fund

111

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Australia

.............................................................................................

298

0

.3

Canada

................................................................................................

771

0

.9

Cayman

Islands

..................................................................................

3,202

3

.7

France

.................................................................................................

197

0

.2

Ireland

................................................................................................

530

0

.6

Italy

....................................................................................................

291

0

.3

Jersey

..................................................................................................

1,000

1

.2

Singapore

...........................................................................................

147

0

.2

Spain

..................................................................................................

302

0

.4

United

Kingdom

.................................................................................

993

1

.2

United

States

......................................................................................

80,380

92

.8

Total

Investments

...............................................................................

88,111

101

.8

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

112

Venerable

Inflation

Focused

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

88,701

Investments,

at

fair

value

.............................................................................................................................................................

88,111

Receivables:

Dividends

and

interest

......................................................................................................................................................

512

Investments

sold

...............................................................................................................................................................

9,128

Fund

shares

sold

...............................................................................................................................................................

221

From

broker(a)

.................................................................................................................................................................

951

Prepaid

expenses

..........................................................................................................................................................................

47

Total

return

swap

contracts,

at

fair

value(∞)

................................................................................................................................

39

Total

assets

...............................................................................................................................................................

99,009

Liabilities

Payables:

Due

to

custodian

..............................................................................................................................................................

1,457

Investments

purchased

.....................................................................................................................................................

10,832

Accrued

fees

to

affiliates

..................................................................................................................................................

49

Other

accrued

expenses

....................................................................................................................................................

22

Interest

rate

swap

contracts,

at

fair

value(•)

.................................................................................................................................

57

Total

liabilities

...........................................................................................................................................................

12,417

Net

Assets

...............................................................................................................................................................

$

86,592

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

577

Paid-in

capital

..............................................................................................................................................................................

86,015

Net

Assets

...............................................................................................................................................................

$

86,592

(a)    

Cash

collateral

held

at

broker

for

swaps

contracts

..............................................................................................................

$

951

(∞)

Total

return

swap

contracts

-

premium

paid

(received)

.......................................................................................................

$

—

(•)    

Interest

rate

swap

contracts

-

premiums

paid

(received)

....................................................................................................

$

(113)

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.06

Class

V

—

Net

assets

...........................................................................................................................................................

$

86,591,896

Class

V

—

Shares

outstanding

............................................................................................................................................

8,603,390

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Inflation

Focused

Fund

113

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(1)

(Unaudited)

Amounts

in

thousands

Investment

Income

Interest

..............................................................................................................................................................................

$

1,442

Dividends

.........................................................................................................................................................................

54

Total

investment

income

.............................................................................................................................................................

1,496

Expenses

Advisory

fees

...................................................................................................................................................................

104

Administrative

fees

..........................................................................................................................................................

29

Distribution

fees

-

Class

V

...............................................................................................................................................

72

Professional

fees

..............................................................................................................................................................

21

Trustees’

fees

....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

10

Miscellaneous

..................................................................................................................................................................

4

Expenses

before

reductions

..............................................................................................................................................

241

Expense

reductions

..........................................................................................................................................................

(39)

Net

expenses

................................................................................................................................................................................

202

Net

investment

income

(loss)

.......................................................................................................................................................

1,294

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Total

return

swap

contracts

..............................................................................................................................................

(45)

Interest

rate

swap

contracts

..............................................................................................................................................

194

Net

realized

gain

(loss)

................................................................................................................................................................

149

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

(590)

Total

return

swap

contracts

..............................................................................................................................................

39

Interest

rate

swap

contracts

..............................................................................................................................................

56

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(495)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(346)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

948

(1)    

For

the

period

March

20,

2026

(commencement

of

operations)

to

June

30,

2026.

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

114

Venerable

Inflation

Focused

Fund

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(1)

(Unaudited)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

1,294

Net

realized

gain

(loss)

................................................................................................................

149

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(495)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

948

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(371)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(371)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

86,015

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

86,592

Net

Assets

Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

86,592

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

June

30,

2026

were

as

follows:

2026

(1)

(Unaudited)

Shares

Dollars

Class

V

Proceeds

from

shares

sold

9,064

$

90,657

Proceeds

from

reinvestment

of

distributions

37

371

Payments

for

shares

redeemed

(498)

(5,013)

Total

increase

(decrease)

8,603

$

86,015

(1)

For

the

period

March

20,

2026

(commencement

of

operations)

to

June

30,

2026.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Inflation

Focused

Fund

115

Venerable

Variable

Insurance

Trust

Venerable

Inflation

Focused

Fund

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

t

he

Period.

Class

V

06/30/26

(δ)

Per-Share

Data

–

$

Net

Asset

Value,

Beginning

of

Period

10.00‌

Income

(loss)

from

investment

operations:

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.15‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.05‌)

$

Total

from

Investment

Operations

.10‌

Less

distributions:

–

$

Distributions

from

Net

Investment

Income

(.04‌)

$

Total

Distributions

(.04‌)

$

Net

Asset

Value,

End

of

Period

10.06‌

%

Total

Return

(±)(ǿ)

1.02‌

–

Ratios/Supplemental

Data

–

$

Net

Assets,

End

of

Period

(000)

86,592‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

1.00‌

%

Expenses,

Net

(Ƃ)(ɯ)

.84‌

%

Net

Investment

Income

(Ƃ)(ɯ)

5.37‌

%

Portfolio

Turnover

Rate

(ǿ)

6‌

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

116

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Common

Stocks

-

98.7%

Consumer

Discretionary

-

12.0%

Amazon.com,

Inc.(Æ)

695,760

165,827

AutoZone,

Inc.(Æ)

1,184

3,784

Axon

Enterprise,

Inc.(Æ)

5,706

3,199

Best

Buy

Co.,

Inc.

13,921

1,056

Carnival

Corp.,

Ltd.

91,816

2,623

Carvana

Co.(Æ)

50,517

3,325

Charter

Communications,

Inc.

Class

A(Æ)

6,412

912

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

93,054

3,164

Comcast

Corp.

Class

A

252,012

6,187

Costco

Wholesale

Corp.

31,386

29,361

Darden

Restaurants,

Inc.

8,431

1,737

Deckers

Outdoor

Corp.(Æ)

10,140

1,007

Dollar

General

Corp.

16,129

1,857

Dollar

Tree,

Inc.(Æ)

13,360

1,616

Domino's

Pizza,

Inc.

2,364

700

DR

Horton,

Inc.

18,659

3,039

eBay,

Inc.

31,399

3,509

Expedia

Group,

Inc.

8,461

2,165

FactSet

Research

Systems,

Inc.

2,823

650

Ford

Motor

Co.

279,924

3,891

Fox

Corp.

Class

A

14,326

747

Fox

Corp.

Class

B

10,670

500

Garmin,

Ltd.

11,679

2,774

General

Motors

Co.

64,586

4,978

Genuine

Parts

Co.

10,367

1,223

Hasbro,

Inc.

9,521

786

Hilton

Worldwide

Holdings,

Inc.

16,101

5,321

Home

Depot,

Inc.

(The)

70,470

24,853

Hubbell,

Inc.

Class

B

3,893

2,037

Las

Vegas

Sands

Corp.

21,871

1,010

Lennar

Corp.

Class

A

15,414

1,395

Live

Nation

Entertainment,

Inc.(Æ)

11,562

2,117

Lowe's

Cos.,

Inc.

39,625

8,737

Lululemon

Athletica,

Inc.(Æ)

7,623

870

Marriott

International,

Inc.

Class

A

15,479

5,736

McDonald's

Corp.

50,269

13,588

MGM

Resorts

International(Æ)

14,602

698

Netflix,

Inc.

Class

B(Æ)

297,877

21,268

News

Corp.

Class

A

28,158

699

News

Corp.

Class

B

9,439

265

NIKE,

Inc.

Class

B

85,114

3,494

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

32,530

687

NVR,

Inc.(Æ)

200

1,363

Omnicom

Group,

Inc.

20,165

1,469

O'Reilly

Automotive,

Inc.(Æ)

58,626

5,399

Paramount

Skydance

Corp.

Class

B

25,939

256

PulteGroup,

Inc.

14,070

1,931

Ralph

Lauren

Corp.

Class

A

2,762

1,109

Ross

Stores,

Inc.

23,091

4,915

Royal

Caribbean

Cruises,

Ltd.

17,647

5,603

RTX

Corp.

95,279

18,077

Starbucks

Corp.

81,369

8,315

Tapestry,

Inc.

14,645

2,144

Target

Corp.

32,346

4,225

Tesla,

Inc.(Æ)

199,885

84,072

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

TJX

Cos.,

Inc.

(The)

78,237

11,853

TKO

Group

Holdings,

Inc.

4,736

953

Tractor

Supply

Co.

38,697

1,223

Ulta

Beauty,

Inc.(Æ)

3,162

1,426

Walmart,

Inc.

310,093

35,121

Walt

Disney

Co.

(The)

122,859

11,825

Warner

Bros.

Discovery,

Inc.(Æ)

177,010

4,719

Williams-Sonoma,

Inc.

8,331

1,942

Wynn

Resorts,

Ltd.

6,421

623

Yum!

Brands,

Inc.

19,826

3,169

555,124

Consumer

Staples

-

3.0%

Altria

Group,

Inc.

118,154

8,501

Archer-Daniels-Midland

Co.

34,332

2,623

Brown-Forman

Corp.

Class

B

14,183

378

Bunge

Global

SA

9,911

1,058

Casey's

General

Stores,

Inc.

2,647

2,104

Church

&

Dwight

Co.,

Inc.

17,337

1,680

Clorox

Co.

(The)

9,011

860

Coca-Cola

Co.

(The)

273,979

22,266

Colgate-Palmolive

Co.

57,591

5,280

Constellation

Brands,

Inc.

Class

A

10,287

1,431

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

17,893

1,413

General

Mills,

Inc.

38,122

1,327

Hershey

Co.

(The)

10,850

1,904

Hormel

Foods

Corp.

20,828

517

JM

Smucker

Co.

(The)

7,622

857

Kenvue,

Inc.

136,909

2,616

Keurig

Dr

Pepper,

Inc.

98,266

3,216

Kimberly-Clark

Corp.

23,704

2,602

Kraft

Heinz

Co.

(The)

62,394

1,474

Kroger

Co.

(The)

40,160

2,230

McCormick

&

Co.,

Inc.

18,117

913

Molson

Coors

Beverage

Co.

Class

B

12,758

497

Mondelez

International,

Inc.

Class

A

91,553

5,295

Monster

Beverage

Corp.(Æ)

50,943

4,897

PepsiCo,

Inc.

96,727

13,097

Philip

Morris

International,

Inc.

110,269

19,949

Procter

&

Gamble

Co.

(The)

164,749

24,159

Sysco

Corp.

34,641

2,895

Tyson

Foods,

Inc.

Class

A

20,403

1,168

137,207

Energy

-

3.0%

Baker

Hughes

Co.

70,589

3,918

Chevron

Corp.

132,452

21,955

Devon

Energy

Corp.

82,244

3,398

Diamondback

Energy,

Inc.

13,859

2,436

Eaton

Corp.

PLC

27,468

11,705

EOG

Resources,

Inc.

37,684

4,889

EQT

Corp.

45,139

2,400

Exxon

Mobil

Corp.

293,256

40,094

First

Solar,

Inc.(Æ)

7,650

1,805

Halliburton

Co.

60,580

2,057

Kinder

Morgan,

Inc.

139,853

4,471

Marathon

Petroleum

Corp.

20,655

5,281

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

117

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Occidental

Petroleum

Corp.

51,363

2,495

ONEOK,

Inc.

44,949

3,908

Phillips

66

28,783

4,866

SLB,

Ltd.

106,799

4,965

Targa

Resources

Corp.

15,334

4,111

Texas

Pacific

Land

Corp.

4,233

1,852

Valero

Energy

Corp.

21,026

5,476

Williams

Cos.,

Inc.

(The)

87,237

6,485

138,567

Financial

Services

-

13.1%

Aflac,

Inc.

32,410

3,800

Alexandria

Real

Estate

Equities,

Inc.(ö)

11,282

596

Allstate

Corp.

(The)

18,573

4,419

American

Express

Co.

37,655

12,737

American

International

Group,

Inc.

37,513

2,796

American

Tower

Corp.(ö)

33,438

5,469

Ameriprise

Financial,

Inc.

6,522

2,992

Aon

PLC

Class

A

15,327

5,084

Apollo

Global

Management,

Inc.

33,174

3,925

Arch

Capital

Group,

Ltd.(Æ)

24,613

2,389

Ares

Management

Corp.

Class

A

15,085

1,679

Arthur

J

Gallagher

&

Co.

18,357

4,214

Assurant,

Inc.

3,668

985

AvalonBay

Communities,

Inc.(ö)

9,829

1,855

Bank

of

America

Corp.

462,000

26,325

Bank

of

New

York

Mellon

Corp.

(The)

49,164

7,110

Berkshire

Hathaway,

Inc.

Class

B(Æ)

130,327

65,214

BlackRock,

Inc.

10,219

9,826

Blackstone,

Inc.

Class

A

52,540

6,182

Brown

&

Brown,

Inc.

21,176

1,358

BXP,

Inc.(ö)

10,797

716

Camden

Property

Trust(ö)

7,572

867

Capital

One

Financial

Corp.

44,007

8,829

Cboe

Global

Markets,

Inc.

7,562

1,835

CBRE

Group,

Inc.

Class

A(Æ)

20,757

2,796

Charles

Schwab

Corp.

(The)

115,637

10,670

Chubb,

Ltd.

25,531

8,699

Cincinnati

Financial

Corp.

11,418

2,114

Citigroup,

Inc.

120,674

16,890

Citizens

Financial

Group,

Inc.

31,126

2,181

CME

Group,

Inc.

Class

A

25,745

5,685

Coinbase

Global,

Inc.

Class

A(Æ)

15,913

2,326

CoStar

Group,

Inc.(Æ)

30,248

857

Crown

Castle,

Inc.(ö)

31,499

2,385

Digital

Realty

Trust,

Inc.(ö)

23,070

4,143

Equinix,

Inc.(ö)

7,015

7,312

Equity

Residential(ö)

25,176

1,710

Erie

Indemnity

Co.

Class

A

2,039

489

Essex

Property

Trust,

Inc.(ö)

4,662

1,359

Everest

Group,

Ltd.

2,908

1,039

Extra

Space

Storage,

Inc.(ö)

15,162

2,203

Federal

Realty

Investment

Trust(ö)

5,749

710

Fifth

Third

Bancorp

64,243

3,621

Franklin

Resources,

Inc.

22,884

761

Global

Payments,

Inc.

17,000

1,234

Globe

Life,

Inc.

5,829

1,042

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Goldman

Sachs

Group,

Inc.

(The)

20,872

21,109

Hartford

Insurance

Group,

Inc.

(The)

19,923

2,640

Healthpeak

Properties,

Inc.(ö)

49,650

1,063

Host

Hotels

&

Resorts,

Inc.(ö)

45,667

1,083

Huntington

Bancshares,

Inc.

144,997

2,571

Interactive

Brokers

Group,

Inc.

Class

A

32,206

2,803

Intercontinental

Exchange,

Inc.

40,568

4,994

Invesco,

Ltd.

31,717

837

Invitation

Homes,

Inc.(ö)

40,793

1,232

Iron

Mountain,

Inc.(ö)

21,398

2,703

JPMorgan

Chase

&

Co.

190,472

62,347

KeyCorp

66,937

1,543

Kimco

Realty

Corp.(ö)

48,757

1,236

KKR

&

Co.,

Inc.

Class

A

49,034

4,500

Loews

Corp.

12,071

1,367

M&T

Bank

Corp.

10,362

2,466

Marsh

&

McLennan

Cos.,

Inc.

34,583

5,764

Mastercard,

Inc.

Class

A

57,087

29,320

MetLife,

Inc.

38,236

3,235

Mid-America

Apartment

Communities,

Inc.

(ö)

8,456

1,175

Moody's

Corp.

10,630

4,815

Morgan

Stanley

84,811

17,729

Nasdaq,

Inc.

32,457

2,558

Northern

Trust

Corp.

13,299

2,312

PNC

Financial

Services

Group,

Inc.

(The)

28,411

6,995

Principal

Financial

Group,

Inc.

14,481

1,561

Progressive

Corp.

(The)

41,354

9,034

Prologis,

Inc.(ö)

66,403

8,996

Prudential

Financial,

Inc.

25,171

2,717

Public

Storage(ö)

11,284

3,592

Raymond

James

Financial,

Inc.

12,272

1,866

Realty

Income

Corp.(ö)

65,713

4,072

Regency

Centers

Corp.(ö)

11,753

937

Regions

Financial

Corp.

60,377

1,823

Robinhood

Markets,

Inc.

Class

A(Æ)

56,464

5,662

S&P

Global,

Inc.

21,450

8,736

SBA

Communications

Corp.(ö)

7,781

1,373

Simon

Property

Group,

Inc.(ö)

23,232

5,196

State

Street

Corp.

19,936

3,381

Synchrony

Financial

23,799

1,810

T

Rowe

Price

Group,

Inc.

15,810

1,797

Travelers

Cos.,

Inc.

(The)

15,045

4,967

Truist

Financial

Corp.

88,138

4,391

UDR,

Inc.(ö)

21,484

858

US

Bancorp

111,040

6,707

Ventas,

Inc.(ö)

33,929

3,013

VICI

Properties,

Inc.(ö)

79,015

2,098

Visa,

Inc.

Class

A

117,425

40,287

W.R.

Berkley

Corp.

21,817

1,539

Wells

Fargo

&

Co.

216,535

17,894

Welltower,

Inc.(ö)

49,844

11,313

Weyerhaeuser

Co.(ö)

51,471

1,232

Willis

Towers

Watson

PLC

6,959

1,819

608,496

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

118

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Health

Care

-

8.7%

Abbott

Laboratories

124,209

11,271

AbbVie,

Inc.

125,022

31,461

Agilent

Technologies,

Inc.

20,458

2,717

Align

Technology,

Inc.(Æ)

4,756

802

Amgen,

Inc.

38,168

13,821

Baxter

International,

Inc.

38,770

827

Becton

Dickinson

&

Co.

19,495

2,950

Biogen,

Inc.(Æ)

10,472

2,263

Bio-Techne

Corp.

11,895

840

Boston

Scientific

Corp.(Æ)

105,939

4,521

Bristol-Myers

Squibb

Co.

145,474

8,382

Cardinal

Health,

Inc.

16,810

3,993

Cencora,

Inc.

Class

A

13,897

3,933

Centene

Corp.(Æ)

33,785

2,169

Charles

River

Laboratories

International,

Inc.(Æ)

3,604

817

Cigna

Group

(The)

18,821

5,189

Cooper

Cos,

Inc.

(The)(Æ)

14,738

1,057

CVS

Health

Corp.

90,845

9,398

Danaher

Corp.

44,943

8,561

DaVita,

Inc.(Æ)

2,542

566

Dexcom,

Inc.(Æ)

27,474

1,850

Edwards

Lifesciences

Corp.(Æ)

41,454

3,750

Elevance

Health,

Inc.

15,365

5,942

Eli

Lilly

&

Co.

56,237

67,452

GE

HealthCare

Technologies,

Inc.

32,954

2,109

Gilead

Sciences,

Inc.

87,827

11,096

HCA

Healthcare,

Inc.

11,182

4,360

Henry

Schein,

Inc.(Æ)

7,147

597

Humana,

Inc.

8,615

3,422

IDEXX

Laboratories,

Inc.(Æ)

5,694

2,998

Incyte

Corp.(Æ)

12,086

1,370

Insulet

Corp.(Æ)

5,296

806

Intuitive

Surgical,

Inc.(Æ)

25,048

9,961

IQVIA

Holdings,

Inc.(Æ)

12,268

2,370

Johnson

&

Johnson

170,409

43,279

Labcorp

Holdings,

Inc.

5,922

1,658

McKesson

Corp.

8,505

6,426

Medtronic

PLC

91,556

7,162

Merck

&

Co.,

Inc.

174,741

22,454

Moderna,

Inc.(Æ)

25,124

1,759

Pfizer,

Inc.

405,994

9,776

Quest

Diagnostics,

Inc.

7,957

1,687

Regeneron

Pharmaceuticals,

Inc.

7,197

4,488

ResMed,

Inc.

10,537

2,053

Revvity,

Inc.

8,302

924

Solventum

Corp.(Æ)

10,532

813

STERIS

PLC

7,094

1,494

Stryker

Corp.

24,589

7,742

Thermo

Fisher

Scientific,

Inc.

26,291

13,181

UnitedHealth

Group,

Inc.

64,250

26,704

Universal

Health

Services,

Inc.

Class

B

4,117

612

Veeva

Systems,

Inc.

Class

A(Æ)

10,801

1,917

Vertex

Pharmaceuticals,

Inc.(Æ)

18,143

9,012

Viatris,

Inc.

82,223

1,306

Waters

Corp.(Æ)

7,094

2,661

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

West

Pharmaceutical

Services,

Inc.

5,204

1,868

Zimmer

Biomet

Holdings,

Inc.

14,157

1,219

Zoetis,

Inc.

Class

A

30,155

2,167

405,983

Materials

and

Processing

-

2.9%

Air

Products

and

Chemicals,

Inc.

15,905

4,663

Albemarle

Corp.

8,630

1,165

Amcor

PLC

33,006

1,431

Ball

Corp.

19,623

1,224

Builders

FirstSource,

Inc.(Æ)

7,900

707

Carrier

Global

Corp.

56,122

4,117

CF

Industries

Holdings,

Inc.

11,417

1,236

Copart,

Inc.(Æ)

65,201

1,838

CRH

PLC

47,890

5,124

Dow,

Inc.

52,540

1,437

DuPont

de

Nemours,

Inc.

9,865

1,338

Ecolab,

Inc.

18,210

5,073

Fastenal

Co.

82,002

3,939

Freeport-McMoRan,

Inc.

102,622

6,454

General

Electric

Co.

73,786

27,576

International

Flavors

&

Fragrances,

Inc.

18,758

1,486

International

Paper

Co.

37,720

1,437

Johnson

Controls

International

PLC

43,723

6,388

Lennox

International,

Inc.

2,280

1,306

Linde

PLC

32,701

16,970

LyondellBasell

Industries

NV

Class

A

18,404

969

Martin

Marietta

Materials,

Inc.

4,362

2,516

Masco

Corp.

14,545

1,184

Mosaic

Co.

(The)

23,890

506

Newmont

Corp.

75,530

7,055

Nucor

Corp.

16,349

3,642

Packaging

Corp.

of

America

6,544

1,559

PPG

Industries,

Inc.

16,432

1,993

Qnity

Electronics,

Inc.

14,963

2,444

Sherwin-Williams

Co.

(The)

16,469

5,671

Smurfit

WestRock

PLC

37,786

1,748

Steel

Dynamics,

Inc.

9,920

2,276

Trane

Technologies

PLC

15,811

7,766

Vulcan

Materials

Co.

9,181

2,708

136,946

Producer

Durables

-

7.3%

3M

Co.

36,899

5,974

AMETEK,

Inc.

16,445

3,979

Amphenol

Corp.

Class

A

87,016

15,343

AO

Smith

Corp.

8,555

537

Aptiv

PLC(Æ)

15,198

933

Automatic

Data

Processing,

Inc.

28,267

6,330

Avery

Dennison

Corp.

5,761

935

Boeing

Co.

(The)(Æ)

56,072

12,138

Caterpillar,

Inc.

32,576

34,690

CH

Robinson

Worldwide,

Inc.

8,676

1,634

Cintas

Corp.

24,277

4,129

Comfort

Systems

USA,

Inc.

2,514

4,983

Corpay,

Inc.(Æ)

4,625

1,541

CSX

Corp.

132,808

6,312

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

119

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Cummins,

Inc.

9,870

7,039

Deere

&

Co.

17,784

11,281

Delta

Air

Lines,

Inc.

46,405

4,346

Dover

Corp.

9,635

2,161

EMCOR

Group,

Inc.

3,198

2,654

Emerson

Electric

Co.

40,142

5,746

Equifax,

Inc.

8,816

1,399

Expeditors

International

of

Washington,

Inc.

9,694

1,580

FedEx

Corp.

15,458

4,840

FedEx

Freight

Holding

Co.,

Inc.(Æ)

7,823

1,181

Fortive

Corp.

22,395

1,368

Gartner,

Inc.(Æ)

5,035

653

GE

Vernova,

Inc.

19,003

22,326

Generac

Holdings,

Inc.(Æ)

4,245

1,243

General

Dynamics

Corp.

18,130

6,422

Honeywell

Aerospace,

Inc.(Æ)

22,400

4,952

Honeywell

International,

Inc.

22,401

5,015

Howmet

Aerospace,

Inc.

28,308

7,611

Huntington

Ingalls

Industries,

Inc.

2,925

819

IDEX

Corp.

5,414

1,229

Illinois

Tool

Works,

Inc.

18,734

5,067

Ingersoll

Rand,

Inc.

25,432

2,085

Jacobs

Solutions,

Inc.

8,390

1,057

JB

Hunt

Transport

Services,

Inc.

5,459

1,580

Keysight

Technologies,

Inc.(Æ)

12,251

4,289

L3Harris

Technologies,

Inc.

13,350

3,879

Lockheed

Martin

Corp.

14,464

7,369

Mettler-Toledo

International,

Inc.(Æ)

1,489

1,902

Nordson

Corp.

3,777

1,139

Norfolk

Southern

Corp.

16,043

5,047

Northrop

Grumman

Corp.

9,530

4,854

Old

Dominion

Freight

Line,

Inc.

13,290

2,879

Otis

Worldwide

Corp.

28,117

2,013

PACCAR,

Inc.

37,517

4,507

Parker-Hannifin

Corp.

8,921

8,726

Paychex,

Inc.

23,363

2,297

Pentair

PLC

12,332

945

Quanta

Services,

Inc.

10,651

7,669

Republic

Services,

Inc.

Class

A

14,374

3,063

Rockwell

Automation,

Inc.

8,027

3,974

Rollins,

Inc.

21,870

913

Snap-on,

Inc.

3,802

1,530

Southwest

Airlines

Co.

35,990

1,851

Stanley

Black

&

Decker,

Inc.

11,203

1,054

Teledyne

Technologies,

Inc.(Æ)

3,396

2,265

Textron,

Inc.

12,598

1,156

Trade

Desk,

Inc.

(The)

Class

A(Æ)

33,496

606

TransDigm

Group,

Inc.

3,958

5,272

Trimble,

Inc.(Æ)

16,984

869

Union

Pacific

Corp.

42,006

11,426

United

Airlines

Holdings,

Inc.(Æ)

23,388

3,181

United

Parcel

Service,

Inc.

Class

B

52,790

5,675

United

Rentals,

Inc.

4,501

5,099

Veralto

Corp.

17,960

1,593

Verisk

Analytics,

Inc.

Class

A

9,262

1,663

Vertiv

Holdings

Co.

Class

A

27,313

9,145

W.W.

Grainger,

Inc.

3,125

4,251

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Waste

Management,

Inc.

26,507

5,908

Westinghouse

Air

Brake

Technologies

Corp.

12,181

3,284

Xylem,

Inc.

16,808

1,987

Zebra

Technologies

Corp.

Class

A(Æ)

3,512

925

337,317

Technology

-

45.7%

Accenture

PLC

Class

A

43,954

5,470

Adobe,

Inc.(Æ)

28,574

5,858

Advanced

Micro

Devices,

Inc.(Æ)

115,840

67,293

Airbnb,

Inc.

Class

A(Æ)

29,534

4,226

Akamai

Technologies,

Inc.(Æ)

10,525

1,244

Allegion

PLC

6,146

863

Alphabet,

Inc.

Class

A

416,371

148,799

Alphabet,

Inc.

Class

C

335,535

118,555

Analog

Devices,

Inc.

34,519

13,710

Apple,

Inc.

1,043,800

302,034

Applied

Materials,

Inc.

56,123

40,577

AppLovin

Corp.

Class

A(Æ)

19,019

9,799

Arista

Networks,

Inc.(Æ)

73,044

12,409

Autodesk,

Inc.(Æ)

15,132

2,942

Block,

Inc.

Class

A(Æ)

37,866

2,878

Booking

Holdings,

Inc.

54,812

9,770

Broadcom,

Inc.

336,131

126,973

Broadridge

Financial

Solutions,

Inc.

8,549

1,171

Cadence

Design

Systems,

Inc.(Æ)

19,435

7,294

CDW

Corp.

9,279

1,305

Ciena

Corp.(Æ)

10,058

4,934

Cisco

Systems,

Inc.

279,444

32,823

Cognizant

Technology

Solutions

Corp.

Class

A

34,154

1,323

Coherent

Corp.(Æ)

13,394

5,284

Corning,

Inc.

55,721

14,233

Corteva,

Inc.

48,042

4,069

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

17,988

13,727

Datadog,

Inc.

Class

A(Æ)

23,431

6,100

Dell

Technologies,

Inc.

Class

C

20,467

8,831

DoorDash,

Inc.

Class

A(Æ)

26,689

4,925

EchoStar

Corp.

Class

A(Æ)

9,724

987

Electronic

Arts,

Inc.

16,088

3,299

F5,

Inc.(Æ)

4,024

1,674

Fair

Isaac

Corp.(Æ)

1,640

1,959

Fidelity

National

Information

Services,

Inc.

36,993

1,438

Fiserv,

Inc.(Æ)

38,910

1,909

Flex,

Ltd.(Æ)

25,987

4,212

Fortinet,

Inc.(Æ)

44,033

6,764

Gen

Digital,

Inc.

39,364

980

GoDaddy,

Inc.

Class

A(Æ)

10,184

864

Hewlett

Packard

Enterprise

Co.

94,855

4,279

HP,

Inc.

67,201

1,474

Intel

Corp.(Æ)

334,224

46,668

International

Business

Machines

Corp.

66,498

18,700

Intuit,

Inc.

19,876

5,188

Jabil,

Inc.

7,544

2,908

Jack

Henry

&

Associates,

Inc.

5,278

727

KLA

Corp.

92,409

27,881

Lam

Research

Corp.

88,399

38,306

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

120

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Leidos

Holdings,

Inc.

9,362

964

Lumentum

Holdings,

Inc.(Æ)

5,502

4,721

Marvell

Technology,

Inc.

61,946

18,453

Meta

Platforms,

Inc.

Class

A

155,896

87,815

Microchip

Technology,

Inc.

38,640

3,524

Micron

Technology,

Inc.

80,025

92,372

Microsoft

Corp.

527,911

196,921

Monolithic

Power

Systems,

Inc.

3,477

4,806

Motorola

Solutions,

Inc.

11,834

4,915

MSCI,

Inc.

Class

A

5,249

2,940

NetApp,

Inc.

14,131

2,187

NVIDIA

Corp.

1,721,467

344,448

NXP

Semiconductors

NV

17,978

5,052

ON

Semiconductor

Corp.(Æ)

27,700

2,619

Oracle

Corp.

120,057

17,594

Palantir

Technologies,

Inc.

Class

A(Æ)

162,435

18,951

Palo

Alto

Networks,

Inc.(Æ)

57,362

19,562

PayPal

Holdings,

Inc.

62,410

2,695

PTC,

Inc.(Æ)

8,705

989

QUALCOMM,

Inc.

74,520

13,771

Roper

Technologies,

Inc.

7,137

2,415

Salesforce,

Inc.

57,898

9,070

Sandisk

Corp.(Æ)

10,470

23,806

Seagate

Technology

Holdings

PLC

15,854

15,299

ServiceNow,

Inc.(Æ)

72,943

7,242

Skyworks

Solutions,

Inc.

11,320

767

Super

Micro

Computer,

Inc.(Æ)

36,802

1,079

Synopsys,

Inc.(Æ)

13,667

6,096

Take-Two

Interactive

Software,

Inc.(Æ)

12,582

3,145

TE

Connectivity

PLC

20,962

4,226

Teradyne,

Inc.

11,177

5,408

Texas

Instruments,

Inc.

64,341

19,178

Tyler

Technologies,

Inc.(Æ)

3,074

899

Uber

Technologies,

Inc.(Æ)

144,009

10,392

VeriSign,

Inc.

6,038

1,519

Western

Digital

Corp.

24,499

15,648

Workday,

Inc.

Class

A(Æ)

14,399

1,763

2,122,887

Utilities

-

3.0%

AES

Corp.

(The)

54,184

794

Alliant

Energy

Corp.

18,359

1,401

Ameren

Corp.

19,992

2,260

American

Electric

Power

Co.,

Inc.

38,629

5,285

American

Water

Works

Co.,

Inc.

14,292

1,881

APA

Corp.

25,326

825

AT&T,

Inc.

491,816

10,181

Atmos

Energy

Corp.

11,967

2,062

CenterPoint

Energy,

Inc.

47,805

2,105

CMS

Energy

Corp.

21,889

1,674

ConocoPhillips

86,195

8,961

Consolidated

Edison,

Inc.

26,107

2,888

Constellation

Energy

Corp.

22,540

5,598

Dominion

Energy,

Inc.

60,990

4,165

DTE

Energy

Co.

14,836

2,261

Duke

Energy

Corp.

55,552

7,032

Edison

International

28,175

2,098

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Entergy

Corp.

32,313

3,711

Evergy,

Inc.

16,442

1,421

Eversource

Energy

27,473

1,985

Exelon

Corp.

73,062

3,406

Expand

Energy

Corp.

17,222

1,570

FirstEnergy

Corp.

38,069

1,810

NextEra

Energy,

Inc.

147,555

12,951

NiSource,

Inc.

34,613

1,646

NRG

Energy,

Inc.

15,362

2,244

PG&E

Corp.

158,979

2,674

Pinnacle

West

Capital

Corp.

8,550

915

PPL

Corp.

53,506

1,945

Public

Service

Enterprise

Group,

Inc.

35,657

2,894

Sempra

46,624

4,322

Southern

Co.

(The)

78,657

7,528

T-Mobile

US,

Inc.

32,906

5,519

Verizon

Communications,

Inc.

295,421

12,508

Vistra

Corp.

22,752

3,609

WEC

Energy

Group,

Inc.

23,541

2,749

Xcel

Energy,

Inc.

42,251

3,393

140,271

Total

Common

Stocks

(cost

$3,392,743)

4,582,798

Warrants

and

Rights

-

0.0%

TPG,

Inc.(Æ)(Š)

Rights

17,277

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

1.3%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

58,666,187

58,666

Total

Short-Term

Investments

(cost

$58,666)

58,666

Total

Investments

-

100.0%

(cost

$3,451,409)

4,641,464

Other

Assets

net

of

Liabilities

-

(0.0)%

(596)

Net

Assets

-

100.0%

4,640,868

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

121

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

168

USD

63,405

09/18/2026

456

Total

Futures

Contracts

(å)

456

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Consumer

Discretionary

$

555,124

$

—

$

—

$

555,124

Consumer

Staples

137,207

—

—

137,207

Energy

138,567

—

—

138,567

Financial

Services

608,496

—

—

608,496

Health

Care

405,983

—

—

405,983

Materials

and

Processing

136,946

—

—

136,946

Producer

Durables

337,317

—

—

337,317

Technology

2,122,887

—

—

2,122,887

Utilities

140,271

—

—

140,271

Warrants

and

Rights

—

—

—

—

Short-Term

Investments

58,666

—

—

58,666

Total

Investments

4,641,464

—

—

4,641,464

Derivatives

Assets

Futures

Contracts

456

—

—

456

Total

Derivatives

*

$

456

$

—

$

—

$

456

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Ireland

................................................................................................

5,470

0

.1

Netherlands

........................................................................................

5,052

0

.1

Switzerland

........................................................................................

4,226

0

.1

United

States

......................................................................................

4,626,716

99

.7

Total

Investments

...............................................................................

4,641,464

100

.0

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

122

Venerable

Large

Cap

Index

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

3,451,409

Investments,

at

fair

value

.............................................................................................................................................................

4,641,464

Cash

..............................................................................................................................................................................................

20

Receivables:

Dividends

and

interest

......................................................................................................................................................

2,263

From

broker(a)

.................................................................................................................................................................

4,210

Variation

margin

on

futures

contracts

..............................................................................................................................

403

Total

assets

...............................................................................................................................................................

4,648,360

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

5,698

Accrued

fees

to

affiliates

..................................................................................................................................................

1,633

Other

accrued

expenses

....................................................................................................................................................

161

Total

liabilities

...........................................................................................................................................................

7,492

Net

Assets

...............................................................................................................................................................

$

4,640,868

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

1,228,042

Paid-in

capital

..............................................................................................................................................................................

3,412,826

Net

Assets

...............................................................................................................................................................

$

4,640,868

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

4,210

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

11.43

Class

I

—

Net

assets

............................................................................................................................................................

$

1,376,321,421

Class

I

—

Shares

outstanding

.............................................................................................................................................

120,402,604

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

13.72

Class

V

—

Net

assets

...........................................................................................................................................................

$

3,264,546,723

Class

V

—

Shares

outstanding

............................................................................................................................................

237,935,150

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

123

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

28,185

Interest

..............................................................................................................................................................................

69

Total

investment

income

.............................................................................................................................................................

28,254

Expenses

Advisory

fees

...................................................................................................................................................................

3,418

Administrative

fees

..........................................................................................................................................................

2,279

Distribution

fees

-

Class

V

...............................................................................................................................................

4,778

Professional

fees

..............................................................................................................................................................

146

Trustees’

fees

....................................................................................................................................................................

77

Printing

fees

.....................................................................................................................................................................

26

Miscellaneous

..................................................................................................................................................................

123

Expenses

before

reductions

..............................................................................................................................................

10,847

Expense

reductions

..........................................................................................................................................................

(896)

Net

expenses

................................................................................................................................................................................

9,951

Net

investment

income

(loss)

.......................................................................................................................................................

18,303

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

21,570

Futures

contracts

..............................................................................................................................................................

2,680

Net

realized

gain

(loss)

................................................................................................................................................................

24,250

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

393,899

Futures

contracts

..............................................................................................................................................................

413

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

394,312

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

418,562

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

436,865

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

124

Venerable

Large

Cap

Index

Fund

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

18,303

$

29,505

Net

realized

gain

(loss)

................................................................................................................

24,250

35,358

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

394,312

535,330

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

436,865

600,193

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(26,168)

—

Class

V

.....................................................................................................................................

(44,328)

(33,493)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(70,496)

(33,493)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(409,854)

756,342

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(43,485)

1,323,042

Net

Assets

Beginning

of

period

...........................................................................................................................

4,684,353

3,361,311

End

of

period

......................................................................................................................................

$

4,640,868

$

4,684,353

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

Shares

Dollars

Shares

Dollars

Class

I

(1)

Proceeds

from

shares

sold

179

$

1,964

144,170

$

1,441,723

Proceeds

from

reinvestment

of

distributions

2,312

26,168

—

—

Payments

for

shares

redeemed

(15,411)

(170,460)

(10,848)

(113,220)

Net

increase

(decrease)

(12,920)

(142,328)

133,322

1,328,503

Class

V

Proceeds

from

shares

sold

203

2,466

575

6,044

Proceeds

from

reinvestment

of

distributions

3,262

44,328

2,982

33,493

Payments

for

shares

redeemed

(24,120)

(314,320)

(53,312)

(611,698)

Net

increase

(decrease)

(20,655)

(267,526)

(49,755)

(572,161)

Total

increase

(decrease)

(33,575)

$

(409,854)

83,567

$

756,342

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

125

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.59‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(ƥ)

.05‌

.03‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.01‌

.56‌

$

Total

from

Investment

Operations

1.06‌

.59‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.10‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.12‌)

—‌

$

Total

Distributions

(.22‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.43‌

10.59‌

%

Total

Return

(

±)(

ǿ)

10.03‌

5.90‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

1,376,321‌

1,411,849‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.27‌

.28‌

%

Expenses,

Net

(ɯ)

.27‌

.28‌

%

Net

Investment

Income

(ɯ)

.97‌

.86‌

%

Portfolio

Turnover

Rate

(ǿ)

1‌

20‌

Class

V

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.66‌

10.90‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05‌

.09‌

.03‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.20‌

1.78‌

.87‌

$

Total

from

Investment

Operations

1.25‌

1.87‌

.90‌

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.07‌)

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.12‌)

(.08‌)

—‌

$

Total

Distributions

(.19‌)

(.11‌)

—‌

$

Net

Asset

Value,

End

of

Period

13.72‌

12.66‌

10.90‌

%

Total

Return

(

±)(

ǿ)

9.87‌

17.30‌

9.00‌

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

3,264,547‌

3,272,504‌

3,361,311‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.57‌

.57‌

.58‌

%

Expenses,

Net

(Ƃ)(ɯ)

.51‌

.51‌

.51‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.73‌

.79‌

.87‌

%

Portfolio

Turnover

Rate

(ǿ)

1‌

20‌

18‌

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

126

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Common

Stocks

-

98.2%

Consumer

Discretionary

-

12.9%

Advanced

Energy

Industries,

Inc.

2,984

1,113

Amer

Sports,

Inc.(Æ)

14,546

492

APi

Group

Corp.(Æ)

30,215

1,280

AutoNation,

Inc.(Æ)

2,047

380

Avis

Budget

Group,

Inc.(Æ)

1,349

199

Axon

Enterprise,

Inc.(Æ)

6,118

3,430

Bath

&

Body

Works,

Inc.

16,176

374

Best

Buy

Co.,

Inc.

15,595

1,183

Birkenstock

Holding

PLC(Æ)

3,441

148

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,164

887

BorgWarner,

Inc.

16,304

1,083

Boyd

Gaming

Corp.

4,325

382

Bright

Horizons

Family

Solutions,

Inc.(Æ)

4,406

312

Brunswick

Corp.

5,033

424

Burlington

Stores,

Inc.(Æ)

4,829

1,530

Caesars

Entertainment,

Inc.(Æ)

15,905

480

CarMax,

Inc.(Æ)

11,010

582

Carnival

Corp.,

Ltd.

101,086

2,888

Cava

Group,

Inc.(Æ)

7,669

602

Charter

Communications,

Inc.

Class

A(Æ)

6,359

904

Chewy,

Inc.

Class

A(Æ)

17,676

347

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

101,189

3,440

Choice

Hotels

International,

Inc.

2,082

230

Churchill

Downs,

Inc.

5,197

466

Columbia

Sportswear

Co.

2,034

126

Coupang,

Inc.(Æ)

100,527

1,746

Crocs,

Inc.(Æ)

3,865

466

Curtiss-Wright

Corp.

2,920

2,213

Darden

Restaurants,

Inc.

9,069

1,868

Deckers

Outdoor

Corp.(Æ)

11,150

1,107

Dick's

Sporting

Goods,

Inc.

4,863

1,103

Dillard's,

Inc.

Class

A

237

125

Dollar

General

Corp.

17,432

2,007

Dollar

Tree,

Inc.(Æ)

14,424

1,745

Domino's

Pizza,

Inc.

2,437

721

DR

Horton,

Inc.

19,883

3,239

DraftKings,

Inc.

Class

A(Æ)

36,907

932

Duolingo,

Inc.(Æ)

2,913

335

Dutch

Bros,

Inc.

Class

A(Æ)

9,385

674

eBay,

Inc.

35,188

3,932

Expedia

Group,

Inc.

8,908

2,279

FactSet

Research

Systems,

Inc.

2,878

662

Ferguson

Enterprises,

Inc.

15,163

3,599

Five

Below,

Inc.(Æ)

4,131

743

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

8,370

497

Flutter

Entertainment

PLC(Æ)

11,223

1,147

Ford

Motor

Co.

309,759

4,306

Fox

Corp.

Class

A

15,849

827

Fox

Corp.

Class

B

11,593

543

Freshpet,

Inc.(Æ)

3,837

227

GameStop

Corp.

Class

A(Æ)

31,542

696

Gap,

Inc.

(The)

17,621

329

Garmin,

Ltd.

13,021

3,093

Genuine

Parts

Co.

10,658

1,257

Grand

Canyon

Education,

Inc.(Æ)

2,157

309

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Hasbro,

Inc.

10,830

894

Hubbell,

Inc.

4,111

2,151

Hyatt

Hotels

Corp.

Class

A

3,086

598

Karman

Holdings,

Inc.(Æ)

5,420

271

Las

Vegas

Sands

Corp.

21,861

1,010

Lear

Corp.

3,962

531

Lennar

Corp.

Class

A

15,759

1,426

Lennar

Corp.

Class

B

829

74

Leonardo

DRS,

Inc.

5,805

248

Liberty

Broadband

Corp.

Class

A(Æ)

1,438

48

Liberty

Broadband

Corp.

Class

C(Æ)

8,913

296

Liberty

Global,

Ltd.

Class

A(Æ)

13,539

154

Liberty

Global,

Ltd.

Class

C(Æ)

10,840

119

Liberty

Live

Holdings,

Inc.

Class

A(Æ)

1,591

161

Liberty

Live

Holdings,

Inc.

Class

C(Æ)

3,744

396

Liberty

Media

Corp.

Class

A(Æ)

1,836

161

Liberty

Media

Corp.

Class

C(Æ)

17,201

1,636

Lithia

Motors,

Inc.

Class

A

1,832

532

Live

Nation

Entertainment,

Inc.(Æ)

12,670

2,320

Lululemon

Athletica,

Inc.(Æ)

7,974

910

Macy's,

Inc.

20,511

483

Madison

Square

Garden

Sports

Corp.

Class

A(Æ)

1,238

497

Mattel,

Inc.(Æ)

24,312

337

MGM

Resorts

International(Æ)

15,743

753

New

York

Times

Co.

(The)

Class

A

12,331

863

News

Corp.

Class

A

29,429

731

News

Corp.

Class

B

9,562

268

Nexstar

Media

Group,

Inc.

Class

A

2,206

394

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

34,871

736

nVent

Electric

PLC

12,733

2,160

NVR,

Inc.(Æ)

208

1,417

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

4,811

370

Omnicom

Group,

Inc.

22,436

1,634

On

Holding

AG

Class

A(Æ)

17,358

615

Penske

Automotive

Group,

Inc.

1,406

252

People,

Inc.(Æ)

5,089

235

Planet

Fitness,

Inc.

Class

A(Æ)

6,367

332

PulteGroup,

Inc.

14,925

2,048

PVH

Corp.

3,499

260

QXO,

Inc.(Æ)

75,653

1,307

Ralph

Lauren

Corp.

Class

A

2,915

1,170

RB

Global,

Inc.

14,735

1,716

Restaurant

Brands

International,

Inc.

27,176

1,971

Rivian

Automotive,

Inc.

Class

A(Æ)

66,624

1,156

Rocket

Lab

Corp.(Æ)

42,565

4,327

Royal

Caribbean

Cruises,

Ltd.

19,929

6,328

Sensata

Technologies

Holding

PLC

11,133

531

Service

Corp.

International

10,604

805

SharkNinja,

Inc.(Æ)

6,389

973

Sirius

Xm

Holdings,

Inc.

14,758

436

Somnigroup

International,

Inc.

15,527

1,217

Tapestry,

Inc.

15,709

2,299

Texas

Roadhouse,

Inc.

Class

A

5,144

994

Thor

Industries,

Inc.

3,960

298

TKO

Group

Holdings,

Inc.

5,100

1,027

Toll

Brothers,

Inc.

7,243

1,193

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

127

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Tractor

Supply

Co.

40,834

1,291

Travel

+

Leisure

Co.

4,829

369

Ulta

Beauty,

Inc.(Æ)

3,406

1,536

Vail

Resorts,

Inc.

2,710

369

Valvoline,

Inc.(Æ)

9,994

395

Versant

Media

Group,

Inc.

11,190

403

VF

Corp.

27,625

461

Vicor

Corp.(Æ)

1,943

738

Viking

Holdings,

Ltd.(Æ)

14,032

1,469

Warner

Bros.

Discovery,

Inc.(Æ)

190,629

5,082

Wayfair,

Inc.

Class

A(Æ)

8,246

762

Whirlpool

Corp.

4,404

174

Williams-Sonoma,

Inc.

9,260

2,159

Wingstop,

Inc.

2,175

377

Wyndham

Hotels

&

Resorts,

Inc.

5,820

490

Wynn

Resorts,

Ltd.

5,858

569

YETI

Holdings,

Inc.(Æ)

5,959

295

Yum!

Brands,

Inc.

21,902

3,501

Zillow

Group,

Inc.

Class

A(Æ)

3,949

124

Zillow

Group,

Inc.

Class

C(Æ)

12,972

409

143,051

Consumer

Staples

-

4.1%

Albertsons

Cos.,

Inc.

Class

A

27,445

371

Aramark

20,042

1,140

Archer-Daniels-Midland

Co.

38,010

2,904

Brown-Forman

Corp.

Class

A

3,429

94

Brown-Forman

Corp.

Class

B

11,014

294

Bunge

Global

SA

10,521

1,123

Campbell's

Co.

(The)

15,076

336

Casey's

General

Stores,

Inc.

2,920

2,321

Celsius

Holdings,

Inc.(Æ)

12,920

378

Church

&

Dwight

Co.,

Inc.

18,455

1,788

Clorox

Co.

(The)

9,361

893

Coca-Cola

Consolidated,

Inc.

4,348

830

Conagra

Brands,

Inc.

37,424

504

Constellation

Brands,

Inc.

Class

A

10,925

1,520

elf

Beauty,

Inc.(Æ)

4,497

333

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

19,554

1,544

General

Mills,

Inc.

40,987

1,426

Hershey

Co.

(The)

11,586

2,033

Hormel

Foods

Corp.

22,229

552

Ingredion,

Inc.

4,962

470

JBS

NV

Class

A

25,846

306

JM

Smucker

Co.

(The)

7,958

895

Kenvue,

Inc.

150,200

2,870

Keurig

Dr

Pepper,

Inc.

102,677

3,361

Kimberly-Clark

Corp.

26,167

2,872

Kraft

Heinz

Co.

(The)

67,755

1,600

Kroger

Co.

(The)

44,626

2,478

McCormick

&

Co.,

Inc.

19,447

981

Molson

Coors

Beverage

Co.

Class

B

12,707

495

Performance

Food

Group

Co.(Æ)

11,726

1,311

Pilgrim's

Pride

Corp.

3,250

91

Post

Holdings,

Inc.(Æ)

3,541

313

Primo

Brands

Corp.

Class

A

19,830

485

Reynolds

Consumer

Products,

Inc.

4,285

115

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Seaboard

Corp.

20

89

Smithfield

Foods,

Inc.

3,553

86

Sprouts

Farmers

Market,

Inc.(Æ)

7,521

636

Sysco

Corp.

37,903

3,168

Tyson

Foods,

Inc.

Class

A

21,262

1,217

US

Foods

Holding

Corp.(Æ)

17,236

1,762

45,985

Energy

-

4.9%

Almonty

Industries,

Inc.(Æ)

17,181

285

Antero

Resources

Corp.(Æ)

22,265

782

Baker

Hughes

Co.

78,653

4,365

Devon

Energy

Corp.

89,296

3,690

Diamondback

Energy,

Inc.

15,111

2,656

Enphase

Energy,

Inc.(Æ)

9,900

488

EQT

Corp.

47,797

2,541

First

Solar,

Inc.(Æ)

8,054

1,900

Halliburton

Co.

66,041

2,242

HF

Sinclair

Corp.

11,964

833

Kinder

Morgan,

Inc.

154,132

4,928

Marathon

Petroleum

Corp.

23,315

5,961

Matador

Resources

Co.

9,183

457

NOV,

Inc.

27,855

517

Occidental

Petroleum

Corp.

57,467

2,791

ONEOK,

Inc.

49,951

4,343

Phillips

66

31,772

5,371

Range

Resources

Corp.

18,362

683

Solv

Energy,

Inc.

Class

A(Æ)

3,063

104

Targa

Resources

Corp.

16,822

4,511

TechnipFMC

PLC

30,771

2,040

Texas

Pacific

Land

Corp.

4,664

2,041

Viper

Energy,

Inc.

Class

A

14,474

614

Weatherford

International

PLC

5,398

440

54,583

Financial

Services

-

18.6%

Affiliated

Managers

Group,

Inc.

2,099

710

Affirm

Holdings,

Inc.(Æ)

22,182

1,809

AGNC

Investment

Corp.(ö)

90,703

989

Agree

Realty

Corp.(ö)

9,368

710

Alexandria

Real

Estate

Equities,

Inc.(ö)

13,179

696

Allstate

Corp.

(The)

20,326

4,836

Ally

Financial,

Inc.

21,458

986

American

Financial

Group,

Inc.

5,142

720

American

Healthcare

REIT,

Inc.(ö)

15,125

789

American

Homes

4

Rent,

LP

Class

A(ö)

26,568

891

American

International

Group,

Inc.

42,225

3,147

Americold

Realty

Trust,

Inc.(ö)

22,169

348

Ameriprise

Financial,

Inc.

7,189

3,298

Annaly

Capital

Management,

Inc.(ö)

58,145

1,300

Applied

Digital

Corp.(Æ)

20,174

752

Arch

Capital

Group,

Ltd.(Æ)

27,059

2,626

Ares

Management

Corp.

Class

A

15,596

1,736

Assurant,

Inc.

3,834

1,030

Assured

Guaranty,

Ltd.

3,444

276

AvalonBay

Communities,

Inc.(ö)

10,928

2,062

Axis

Capital

Holdings,

Ltd.

5,709

613

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

128

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Bank

OZK

8,385

437

BitMine

Immersion

Technologies,

Inc.

44,664

594

Blue

Owl

Capital,

Inc.

50,904

445

BOK

Financial

Corp.

1,493

207

Brighthouse

Financial,

Inc.(Æ)

4,390

278

Brixmor

Property

Group,

Inc.(ö)

23,674

746

Brown

&

Brown,

Inc.

23,378

1,500

BXP,

Inc.(ö)

12,167

807

Camden

Property

Trust(ö)

8,208

940

Carlyle

Group,

Inc.

(The)

20,079

846

Cboe

Global

Markets,

Inc.

8,296

2,013

CBRE

Group,

Inc.

Class

A(Æ)

22,847

3,077

Central

Bancompany,

Inc.

1,569

48

Cincinnati

Financial

Corp.

11,820

2,188

Circle

Internet

Group,

Inc.(Æ)

14,162

887

Citizens

Financial

Group,

Inc.

32,961

2,310

CNA

Financial

Corp.

1,818

88

Coinbase

Global,

Inc.

Class

A(Æ)

17,109

2,501

Columbia

Banking

System,

Inc.

22,464

720

Commerce

Bancshares,

Inc.

10,467

604

Corebridge

Financial,

Inc.

21,080

604

CoStar

Group,

Inc.(Æ)

32,077

908

Cousins

Properties,

Inc.(ö)

13,126

394

Credit

Acceptance

Corp.(Æ)

303

193

Crown

Castle,

Inc.(ö)

34,582

2,619

CubeSmart(ö)

17,602

700

Cullen/Frost

Bankers,

Inc.

4,568

706

Digital

Realty

Trust,

Inc.(ö)

27,706

4,975

East

West

Bancorp,

Inc.

10,495

1,355

EastGroup

Properties,

Inc.(ö)

4,117

834

EPR

Properties(ö)

5,867

340

Equitable

Holdings,

Inc.

21,934

962

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

14,936

963

Equity

Residential(ö)

29,098

1,977

Essex

Property

Trust,

Inc.(ö)

5,068

1,478

Evercore,

Inc.

Class

A

2,829

966

Everest

Group,

Ltd.

3,188

1,139

Extra

Space

Storage,

Inc.(ö)

16,616

2,414

Federal

Realty

Investment

Trust(ö)

6,615

817

Fidelity

National

Financial,

Inc.

20,001

943

Fifth

Third

Bancorp

71,677

4,040

First

American

Financial

Corp.

7,650

525

First

Citizens

BancShares,

Inc.

Class

A

634

1,319

First

Hawaiian,

Inc.

9,690

284

First

Horizon

Corp.

36,938

947

First

Industrial

Realty

Trust,

Inc.(ö)

9,834

603

FNB

Corp.

27,307

521

Franklin

Resources,

Inc.

20,614

686

Freedom

Holding

Corp.(Æ)

1,417

185

Galaxy

Digital,

Inc.

Class

A(Æ)

14,797

405

Gaming

and

Leisure

Properties,

Inc.(ö)

21,107

940

Global

Payments,

Inc.

18,046

1,309

Globe

Life,

Inc.

6,116

1,093

Hamilton

Lane,

Inc.

Class

A

3,216

254

Hanover

Insurance

Group,

Inc.

(The)

2,750

589

Hartford

Insurance

Group,

Inc.

(The)

21,585

2,860

Healthcare

Realty

Trust,

Inc.(ö)

25,803

520

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Healthpeak

Properties,

Inc.(ö)

53,261

1,140

Host

Hotels

&

Resorts,

Inc.(ö)

52,679

1,249

Houlihan

Lokey,

Inc.

Class

A

4,206

564

Howard

Hughes

Holdings,

Inc.(Æ)

2,505

179

Huntington

Bancshares,

Inc.

159,631

2,830

Invesco,

Ltd.

28,300

747

Invitation

Homes,

Inc.(ö)

47,013

1,420

IREN,

Ltd.(Æ)

25,587

1,170

Iron

Mountain,

Inc.(ö)

23,446

2,961

Janus

Living,

Inc.

Class

A(ö)

3,670

105

Jefferies

Financial

Group,

Inc.

11,761

588

Jones

Lang

LaSalle,

Inc.(Æ)

3,625

1,124

KeyCorp

73,391

1,692

Kilroy

Realty

Corp.(ö)

9,121

342

Kimco

Realty

Corp.(ö)

51,333

1,301

Kinsale

Capital

Group,

Inc.

1,700

561

Lamar

Advertising

Co.

Class

A(ö)

6,708

1,046

Lazard,

Inc.

7,234

303

Lincoln

National

Corp.

13,391

473

Lineage,

Inc.(ö)

5,413

234

Loews

Corp.

12,947

1,466

LPL

Financial

Holdings,

Inc.

6,333

1,784

M&T

Bank

Corp.

11,661

2,775

Markel

Group,

Inc.(Æ)

958

1,871

Medical

Properties

Trust,

Inc.(ö)

40,378

187

MGIC

Investment

Corp.

17,286

487

Mid-America

Apartment

Communities,

Inc.

(ö)

8,941

1,242

Millrose

Properties,

Inc.

Class

A(ö)

12,036

362

Morningstar,

Inc.

1,639

256

Nasdaq,

Inc.

35,411

2,791

National

Storage

Affiliates

Trust(ö)

5,410

241

NIQ

Global

Intelligence

PLC(Æ)

4,240

40

NNN

REIT,

Inc.(ö)

14,686

683

Northern

Trust

Corp.

14,549

2,529

Old

Republic

International

Corp.

17,771

727

Omega

Healthcare

Investors,

Inc.(ö)

22,934

1,093

OneMain

Holdings,

Inc.

9,259

565

Pinnacle

Financial

Partners,

Inc.

11,446

1,155

Popular,

Inc.

4,941

811

Primerica,

Inc.

2,473

703

Principal

Financial

Group,

Inc.

16,705

1,800

Prosperity

Bancshares,

Inc.

9,070

662

Prudential

Financial,

Inc.

27,572

2,976

Raymond

James

Financial,

Inc.

13,702

2,083

Rayonier,

Inc.(ö)

23,062

491

Realty

Income

Corp.(ö)

73,968

4,583

Regency

Centers

Corp.(ö)

13,880

1,107

Regions

Financial

Corp.

66,614

2,012

Reinsurance

Group

of

America,

Inc.

Class

A

5,068

1,078

RenaissanceRe

Holdings,

Ltd.

3,309

1,049

Rexford

Industrial

Realty,

Inc.(ö)

17,922

600

Rithm

Capital

Corp.(ö)

43,475

408

RLI

Corp.

6,433

380

Robinhood

Markets,

Inc.

Class

A(Æ)

60,894

6,106

Rocket

Cos.,

Inc.

Class

A(Æ)

76,776

1,209

Ryan

Specialty

Holdings,

Inc.

Class

A

8,513

321

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

129

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

SBA

Communications

Corp.(ö)

8,128

1,434

SEI

Investments

Co.

7,850

689

Shift4

Payments,

Inc.

Class

A(Æ)

5,205

253

Simon

Property

Group,

Inc.(ö)

25,329

5,665

SLM

Corp.

15,907

413

SoFi

Technologies,

Inc.(Æ)

100,061

1,794

SouthState

Bank

Corp.

7,537

753

STAG

Industrial,

Inc.(ö)

14,345

546

Starwood

Property

Trust,

Inc.(ö)

26,885

440

State

Street

Corp.

21,413

3,632

Stifel

Financial

Corp.

11,530

804

Sun

Communities,

Inc.(ö)

9,410

1,128

Synchrony

Financial

26,678

2,029

T

Rowe

Price

Group,

Inc.

16,607

1,888

TeraWulf,

Inc.(Æ)

28,645

708

TFS

Financial

Corp.

4,553

81

TPG,

Inc.

10,843

440

Tradeweb

Markets,

Inc.

Class

A

9,059

903

UDR,

Inc.(ö)

25,689

1,025

UL

Solutions,

Inc.

Class

A

6,082

620

Unum

Group

12,758

1,141

UWM

Holdings

Corp.

13,633

31

Ventas,

Inc.(ö)

38,386

3,409

VICI

Properties,

Inc.(ö)

86,023

2,284

Virtu

Financial,

Inc.

Class

A

6,245

372

Vornado

Realty

Trust(ö)

13,579

534

Voya

Financial,

Inc.

7,306

661

W.R.

Berkley

Corp.

17,976

1,268

Webster

Financial

Corp.

12,315

941

Western

Alliance

Bancorp

8,206

675

Western

Union

Co.

(The)

25,670

198

WEX,

Inc.(Æ)

2,669

377

Weyerhaeuser

Co.(ö)

55,689

1,333

White

Mountains

Insurance

Group,

Ltd.

190

394

Willis

Towers

Watson

PLC

7,346

1,920

Wintrust

Financial

Corp.

5,067

814

WP

Carey,

Inc.(ö)

17,514

1,252

XP,

Inc.

Class

A

31,119

506

Zions

Bancorp

National

Association

11,273

780

206,724

Health

Care

-

10.4%

Agilent

Technologies,

Inc.

22,378

2,973

Align

Technology,

Inc.(Æ)

5,154

869

Alnylam

Pharmaceuticals,

Inc.(Æ)

10,555

3,177

Arrowhead

Pharmaceuticals,

Inc.(Æ)

10,690

871

Ascendis

Pharma

A/S(Æ)

3,942

1,051

Avantor,

Inc.(Æ)

51,948

514

Axsome

Therapeutics,

Inc.(Æ)

3,416

836

Baxter

International,

Inc.

39,371

839

Becton

Dickinson

&

Co.

22,527

3,409

Biogen,

Inc.(Æ)

11,665

2,520

BioMarin

Pharmaceutical,

Inc.(Æ)

14,604

836

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

1,423

418

Bio-Techne

Corp.

11,846

837

BridgeBio

Pharma,

Inc.(Æ)

13,392

997

Bruker

Corp.

8,032

483

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Cardinal

Health,

Inc.

18,557

4,408

Caris

Life

Sciences,

Inc.(Æ)

9,750

174

Cencora,

Inc.

Class

A

14,798

4,188

Centene

Corp.(Æ)

39,096

2,510

Charles

River

Laboratories

International,

Inc.(Æ)

3,749

850

Chemed

Corp.

1,081

503

Cooper

Cos,

Inc.

(The)(Æ)

15,001

1,076

Corcept

Therapeutics,

Inc.(Æ)

7,225

628

DaVita,

Inc.(Æ)

2,760

614

Dexcom,

Inc.(Æ)

30,032

2,023

Doximity,

Inc.

Class

A(Æ)

10,498

218

Edwards

Lifesciences

Corp.(Æ)

45,172

4,086

Elanco

Animal

Health,

Inc.(Æ)

37,781

930

Encompass

Health

Corp.

7,746

783

Ensign

Group,

Inc.

(The)

4,473

717

Envista

Holdings

Corp.(Æ)

12,800

337

Exelixis,

Inc.(Æ)

20,236

1,101

GE

HealthCare

Technologies,

Inc.

36,005

2,305

Globus

Medical,

Inc.

Class

A(Æ)

8,721

689

Guardant

Health,

Inc.(Æ)

10,082

1,513

Halozyme

Therapeutics,

Inc.(Æ)

9,007

705

Henry

Schein,

Inc.(Æ)

7,805

652

Humana,

Inc.

9,518

3,781

IDEXX

Laboratories,

Inc.(Æ)

6,258

3,294

Illumina,

Inc.(Æ)

11,793

2,074

Incyte

Corp.(Æ)

13,104

1,486

Insmed,

Inc.(Æ)

16,987

1,811

Insulet

Corp.(Æ)

5,383

820

Ionis

Pharmaceuticals,

Inc.(Æ)

13,017

1,032

IQVIA

Holdings,

Inc.(Æ)

12,980

2,508

Jazz

Pharmaceuticals

PLC(Æ)

4,525

1,090

Labcorp

Holdings,

Inc.

6,421

1,798

Madrigal

Pharmaceuticals,

Inc.(Æ)

1,418

761

Medline,

Inc.

Class

A(Æ)

35,536

1,402

Medpace

Holdings,

Inc.(Æ)

1,827

968

Moderna,

Inc.(Æ)

28,820

2,018

Molina

Healthcare,

Inc.(Æ)

3,908

894

Natera,

Inc.(Æ)

10,823

2,938

Neurocrine

Biosciences,

Inc.(Æ)

7,840

1,321

Organon

&

Co.

19,954

270

Penumbra,

Inc.(Æ)

2,947

931

QIAGEN

NV

15,557

608

Quest

Diagnostics,

Inc.

8,558

1,814

Repligen

Corp.(Æ)

4,051

553

ResMed,

Inc.

11,512

2,243

Revolution

Medicines,

Inc.(Æ)

15,146

2,837

Revvity,

Inc.

8,711

969

Roivant

Sciences,

Ltd.(Æ)

38,768

1,372

Royalty

Pharma

PLC

Class

A

32,789

1,839

Solventum

Corp.(Æ)

11,481

886

Sotera

Health

Co.(Æ)

21,644

384

STERIS

PLC

7,545

1,589

Summit

Therapeutics,

Inc.(Æ)

9,346

136

Teleflex,

Inc.

3,473

440

Tempus

AI,

Inc.

Class

A(Æ)

7,775

450

Tenet

Healthcare

Corp.(Æ)

6,693

1,252

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

130

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

United

Therapeutics

Corp.(Æ)

3,257

1,765

Universal

Health

Services,

Inc.

Class

B

4,034

600

Veeva

Systems,

Inc.

Class

A(Æ)

11,823

2,098

Viatris,

Inc.

92,071

1,462

Viking

Therapeutics,

Inc.(Æ)

8,456

330

Waters

Corp.(Æ)

7,789

2,921

West

Pharmaceutical

Services,

Inc.

5,501

1,975

Zimmer

Biomet

Holdings,

Inc.

15,217

1,310

Zoetis,

Inc.

Class

A

33,355

2,397

115,067

Materials

and

Processing

-

7.6%

AAON,

Inc.

5,153

654

Acuity,

Inc.

2,372

893

Advanced

Drainage

Systems,

Inc.

5,760

904

Albemarle

Corp.

9,029

1,219

Alcoa

Corp.

20,857

1,087

Amcor

PLC

36,621

1,588

Anglogold

Ashanti

PLC

40,034

3,238

AptarGroup,

Inc.

5,026

629

Armstrong

World

Industries,

Inc.

3,381

542

ATI,

Inc.(Æ)

10,725

2,114

Aura

Minerals,

Inc.

3,201

201

Axalta

Coating

Systems,

Ltd.(Æ)

16,563

567

Ball

Corp.

20,594

1,285

Builders

FirstSource,

Inc.(Æ)

8,337

746

Carpenter

Technology

Corp.

3,824

2,359

Celanese

Corp.

Class

A

8,598

395

CF

Industries

Holdings,

Inc.

11,926

1,291

Cleveland-Cliffs,

Inc.(Æ)

43,057

404

Coeur

Mining,

Inc.

81,386

1,328

Copart,

Inc.(Æ)

69,885

1,970

Core

&

Main,

Inc.

Class

A(Æ)

14,586

704

Crown

Holdings,

Inc.

9,000

1,006

Darling

Ingredients,

Inc.(Æ)

12,017

656

Dow,

Inc.

57,102

1,562

DuPont

de

Nemours,

Inc.

10,712

1,453

Eagle

Materials,

Inc.

2,392

538

Eastman

Chemical

Co.

8,823

591

Element

Solutions,

Inc.

17,504

836

Fabrinet(Æ)

2,837

1,595

Fastenal

Co.

91,025

4,372

Fermi,

Inc.(Æ)

16,276

149

Fortune

Brands

Innovations,

Inc.

9,512

522

Graphic

Packaging

Holding

Co.

22,474

238

Hayward

Holdings,

Inc.(Æ)

16,046

278

Hecla

Mining

Co.

50,106

773

International

Flavors

&

Fragrances,

Inc.

19,685

1,559

International

Paper

Co.

41,580

1,584

ITT,

Inc.

7,065

1,397

James

Hardie

Industries

PLC(Æ)

11,462

300

Lennox

International,

Inc.

2,441

1,399

LKQ

Corp.

20,189

532

Louisiana-Pacific

Corp.

4,955

390

LyondellBasell

Industries

NV

Class

A

19,683

1,036

Martin

Marietta

Materials,

Inc.

4,733

2,730

Masco

Corp.

15,963

1,299

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

MDU

Resources

Group,

Inc.

15,945

338

Modine

Manufacturing

Co.(Æ)

4,118

1,100

Mohawk

Industries,

Inc.(Æ)

3,989

484

Mosaic

Co.

(The)

24,795

525

MP

Materials

Corp.(Æ)

11,367

637

NewMarket

Corp.

467

370

Nucor

Corp.

17,375

3,870

Olin

Corp.

9,294

184

Owens

Corning

6,267

996

Packaging

Corp.

of

America

6,786

1,617

Pool

Corp.

2,532

544

PPG

Industries,

Inc.

17,678

2,144

Qnity

Electronics,

Inc.

16,616

2,714

Reliance,

Inc.

4,010

1,498

Royal

Gold,

Inc.

6,711

1,340

RPM

International,

Inc.

9,768

1,086

Silgan

Holdings,

Inc.

6,990

324

Simpson

Manufacturing

Co.,

Inc.

3,179

666

SiteOne

Landscape

Supply,

Inc.(Æ)

3,475

398

Smurfit

WestRock

PLC

41,394

1,915

Solstice

Advanced

Materials,

Inc.

12,595

1,116

Sonoco

Products

Co.

7,793

439

SPX

Technologies,

Inc.(Æ)

3,854

945

Steel

Dynamics,

Inc.

10,494

2,408

Timken

Co.

(The)

4,801

698

Trex

Co.,

Inc.(Æ)

8,391

420

Valmont

Industries,

Inc.

1,497

865

Vulcan

Materials

Co.

10,159

2,997

Watsco,

Inc.

2,673

1,114

Westlake

Corp.

2,573

188

84,853

Producer

Durables

-

14.9%

ADT,

Inc.

41,318

269

AECOM

9,895

691

AeroVironment,

Inc.(Æ)

3,017

498

AGCO

Corp.

4,767

571

Alaska

Air

Group,

Inc.(Æ)

9,032

471

Allison

Transmission

Holdings,

Inc.

Class

A

6,450

727

American

Airlines

Group,

Inc.(Æ)

50,072

905

AMETEK,

Inc.

18,128

4,386

AO

Smith

Corp.

8,746

549

Applied

Industrial

Technologies,

Inc.

2,846

962

Aptiv

PLC(Æ)

16,690

1,024

Aurora

Innovation,

Inc.(Æ)

88,244

602

Avery

Dennison

Corp.

5,910

959

Booz

Allen

Hamilton

Holding

Corp.

Class

A

9,195

558

BWX

Technologies,

Inc.

7,256

1,412

Carlisle

Cos.,

Inc.

3,183

1,155

CH

Robinson

Worldwide,

Inc.

9,310

1,753

Chart

Industries,

Inc.(Æ)

3,779

790

Clean

Harbors,

Inc.(Æ)

3,893

1,163

CNH

Industrial

NV

67,441

757

Comfort

Systems

USA,

Inc.

2,761

5,472

Corpay,

Inc.(Æ)

5,054

1,684

Crane

Co.

3,826

853

Delta

Air

Lines,

Inc.

51,894

4,860

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

131

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Donaldson

Co.,

Inc.

8,831

793

Dover

Corp.

10,419

2,337

Dycom

Industries,

Inc.(Æ)

2,353

1,190

EMCOR

Group,

Inc.

3,503

2,907

Equifax,

Inc.

9,382

1,489

Esab

Corp.

4,476

441

Euronet

Worldwide,

Inc.(Æ)

3,063

224

Everus

Construction

Group,

Inc.(Æ)

3,909

649

ExlService

Holdings,

Inc.(Æ)

12,209

316

Expeditors

International

of

Washington,

Inc.

10,237

1,668

FedEx

Freight

Holding

Co.,

Inc.(Æ)

8,666

1,309

Flowserve

Corp.

9,850

730

Forgent

Power

Solutions,

Inc.

Class

A(Æ)

10,124

566

Fortive

Corp.

24,377

1,489

FTAI

Aviation,

Ltd.

8,013

2,168

FTI

Consulting,

Inc.(Æ)

2,314

345

Gartner,

Inc.(Æ)

5,385

698

Gates

Industrial

Corp.

PLC(Æ)

19,504

546

Generac

Holdings,

Inc.(Æ)

4,441

1,300

Gentex

Corp.

16,840

426

GFL

Environmental,

Inc.

20,608

758

Graco,

Inc.

12,757

965

GXO

Logistics,

Inc.(Æ)

8,825

447

H&R

Block,

Inc.

9,740

371

HEICO

Corp.

3,264

1,163

HEICO

Corp.

Class

A

5,972

1,540

Hexcel

Corp.

5,797

580

Huntington

Ingalls

Industries,

Inc.

3,033

849

IDEX

Corp.

5,805

1,317

IES

Holdings,

Inc.(Æ)

687

505

Ingersoll

Rand,

Inc.

30,558

2,505

Jacobs

Solutions,

Inc.

8,989

1,133

JB

Hunt

Transport

Services,

Inc.

5,882

1,702

Keysight

Technologies,

Inc.(Æ)

13,541

4,740

Kirby

Corp.(Æ)

4,141

563

Knight-Swift

Transportation

Holdings,

Inc.

12,087

941

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

14,649

730

L3Harris

Technologies,

Inc.

14,743

4,284

Lamb

Weston

Holdings,

Inc.

10,575

457

Landstar

System,

Inc.

2,646

547

Lincoln

Electric

Holdings,

Inc.

4,115

1,093

Littelfuse,

Inc.

1,881

856

Loar

Holdings,

Inc.(Æ)

3,452

278

MarketAxess

Holdings,

Inc.

2,861

325

MasTec,

Inc.(Æ)

4,913

2,044

Mettler-Toledo

International,

Inc.(Æ)

1,580

2,018

Middleby

Corp.

(The)(Æ)

3,656

629

MSA

Safety,

Inc.

2,908

508

MSC

Industrial

Direct

Co.,

Inc.

Class

A

3,456

411

Mueller

Industries,

Inc.

8,332

1,024

Murphy

USA,

Inc.

1,324

713

Nextpower,

Inc.

Class

A(Æ)

11,723

1,397

Nordson

Corp.

4,084

1,232

Old

Dominion

Freight

Line,

Inc.

14,791

3,204

Oshkosh

Corp.

4,829

741

Otis

Worldwide

Corp.

29,983

2,147

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Paychex,

Inc.

25,502

2,508

Paylocity

Holding

Corp.(Æ)

3,445

360

Pentair

PLC

12,720

975

Powell

Industries,

Inc.

2,286

655

Primoris

Services

Corp.

4,257

422

QuantumScape

Corp.(Æ)

35,815

271

Ralliant

Corp.

8,681

639

RBC

Bearings,

Inc.(Æ)

2,470

1,591

Regal

Rexnord

Corp.

5,074

1,209

Robert

Half,

Inc.

7,621

234

Rockwell

Automation,

Inc.

8,905

4,409

Rollins,

Inc.

23,029

961

Ryder

System,

Inc.

3,019

796

Saia,

Inc.(Æ)

2,045

861

Schneider

National,

Inc.

Class

B

3,772

138

Scotts

Miracle-Gro

Co.

(The)

Class

A

3,534

241

Snap-on,

Inc.

3,938

1,585

Southwest

Airlines

Co.

36,492

1,876

StandardAero,

Inc.(Æ)

17,775

532

Stanley

Black

&

Decker,

Inc.

11,876

1,118

Sterling

Infrastructure,

Inc.(Æ)

2,376

1,994

Sunbelt

Rentals

Holdings,

Inc.

32,508

2,432

Teledyne

Technologies,

Inc.(Æ)

3,648

2,433

Tetra

Tech,

Inc.

19,963

577

Textron,

Inc.

13,497

1,238

Toast,

Inc.

Class

A(Æ)

37,773

1,051

Toro

Co.

(The)

7,575

738

Trade

Desk,

Inc.

(The)

Class

A(Æ)

33,672

609

TransUnion

15,158

1,093

Trimble,

Inc.(Æ)

18,296

936

U-Haul

Holding

Co.(Æ)

8,621

503

United

Airlines

Holdings,

Inc.(Æ)

25,622

3,484

United

Rentals,

Inc.

4,946

5,603

Veralto

Corp.

19,038

1,688

Verisk

Analytics,

Inc.

Class

A

10,376

1,863

Vontier

Corp.

11,381

330

W.W.

Grainger,

Inc.

3,443

4,684

Watts

Water

Technologies,

Inc.

Class

A

2,158

845

WESCO

International,

Inc.

3,682

1,272

Westinghouse

Air

Brake

Technologies

Corp.

13,370

3,605

Willscot

Holdings

Corp.

13,984

404

Woodward,

Inc.

4,584

1,950

XPO,

Inc.(Æ)

8,802

1,807

Xylem,

Inc.

18,698

2,210

Zebra

Technologies

Corp.

Class

A(Æ)

3,949

1,040

165,149

Technology

-

17.8%

Akamai

Technologies,

Inc.(Æ)

11,404

1,348

Allegion

PLC

6,612

929

Allegro

MicroSystems,

Inc.(Æ)

9,432

657

Amdocs,

Ltd.

8,346

422

Amentum

Holdings,

Inc.(Æ)

12,520

259

Amkor

Technology,

Inc.

9,616

829

Appfolio,

Inc.

Class

A(Æ)

1,721

276

Applied

Optoelectronics,

Inc.(Æ)

6,121

907

Arrow

Electronics,

Inc.(Æ)

4,014

857

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

132

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

AST

SpaceMobile,

Inc.(Æ)

20,277

1,802

Astera

Labs,

Inc.(Æ)

12,128

5,858

Atlassian

Corp.

Class

A(Æ)

13,367

1,040

Autodesk,

Inc.(Æ)

16,725

3,252

Avnet,

Inc.

6,193

550

Bentley

Systems,

Inc.

Class

B

12,367

370

BILL

Holdings,

Inc.(Æ)

6,515

236

Block,

Inc.

Class

A(Æ)

41,095

3,123

Broadridge

Financial

Solutions,

Inc.

8,954

1,226

Bullish(Æ)

2,523

59

CACI

International,

Inc.

Class

A(Æ)

1,669

773

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

45,649

236

CDW

Corp.

9,963

1,401

Chime

Financial,

Inc.

Class

A(Æ)

20,575

421

Cirrus

Logic,

Inc.(Æ)

3,920

582

Cloudflare,

Inc.

Class

A(Æ)

25,044

6,143

Cognex

Corp.

13,042

945

Cognizant

Technology

Solutions

Corp.

Class

A

37,159

1,439

Coherent

Corp.(Æ)

14,046

5,541

CoreWeave,

Inc.

Class

A(Æ)

27,547

2,742

Corteva,

Inc.

53,257

4,510

Credo

Technology

Group

Holding,

Ltd.(Æ)

13,037

3,545

Datadog,

Inc.

Class

A(Æ)

26,009

6,772

DigitalOcean

Holdings,

Inc.(Æ)

6,424

1,009

DocuSign,

Inc.(Æ)

15,445

686

Dolby

Laboratories,

Inc.

Class

A

4,755

250

Dropbox,

Inc.

Class

A(Æ)

13,284

365

Dynatrace,

Inc.(Æ)

22,570

991

EchoStar

Corp.

Class

A(Æ)

10,878

1,104

Elastic

NV(Æ)

7,091

404

Electronic

Arts,

Inc.

19,842

4,068

Entegris,

Inc.

12,040

2,166

EPAM

Systems,

Inc.(Æ)

4,236

336

Etsy,

Inc.(Æ)

7,228

544

Everpure,

Inc.

Class

A(Æ)

24,169

1,904

F5,

Inc.(Æ)

4,479

1,863

Fair

Isaac

Corp.(Æ)

1,780

2,127

Fidelity

National

Information

Services,

Inc.

39,893

1,551

Figma,

Inc.

Class

A(Æ)

16,890

306

Figure

Technology

Solutions,

Inc.

Class

A(Æ)

11,209

344

Fiserv,

Inc.(Æ)

42,017

2,061

Flex,

Ltd.(Æ)

28,997

4,700

FormFactor,

Inc.(Æ)

6,134

981

Gen

Digital,

Inc.

42,712

1,063

Genpact,

Ltd.

12,199

335

Gitlab,

Inc.

Class

A(Æ)

10,864

332

GLOBALFOUNDRIES,

Inc.

9,420

776

Globalstar,

Inc.(Æ)

4,077

331

GoDaddy,

Inc.

Class

A(Æ)

10,458

888

Guidewire

Software,

Inc.(Æ)

6,523

803

Hewlett

Packard

Enterprise

Co.

104,975

4,735

HP,

Inc.

70,601

1,549

HubSpot,

Inc.(Æ)

3,911

714

Ingram

Micro

Holding

Corp.

1,783

49

IonQ,

Inc.(Æ)

29,111

1,550

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

IPG

Photonics

Corp.(Æ)

1,992

234

Jabil,

Inc.

8,262

3,185

Jack

Henry

&

Associates,

Inc.

5,578

768

KBR,

Inc.

9,888

341

Klaviyo,

Inc.

Class

A(Æ)

11,015

166

Kyndryl

Holdings,

Inc.(Æ)

17,492

198

Lattice

Semiconductor

Corp.(Æ)

10,770

1,647

Leidos

Holdings,

Inc.

9,798

1,009

Lumentum

Holdings,

Inc.(Æ)

5,624

4,826

Lyft,

Inc.

Class

A(Æ)

29,577

432

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,291

2,013

Manhattan

Associates,

Inc.(Æ)

4,527

630

Maplebear,

Inc.(Æ)

13,240

627

Match

Group,

Inc.

18,083

688

Microchip

Technology,

Inc.

42,089

3,839

Millicom

International

Cellular

SA

7,650

694

MKS,

Inc.

5,297

2,356

MongoDB,

Inc.(Æ)

6,053

2,033

MSCI,

Inc.

Class

A

5,575

3,122

NetApp,

Inc.

15,586

2,412

Nutanix,

Inc.

Class

A(Æ)

19,880

1,013

Okta,

Inc.(Æ)

13,344

1,821

ON

Semiconductor

Corp.(Æ)

30,864

2,918

Onto

Innovation,

Inc.(Æ)

3,782

1,431

Parsons

Corp.(Æ)

2,933

154

Paycom

Software,

Inc.

3,246

408

PayPal

Holdings,

Inc.

70,978

3,065

Pegasystems,

Inc.

7,036

211

Pinterest,

Inc.

Class

A(Æ)

38,795

816

Planet

Labs

PBC(Æ)

22,108

732

Procore

Technologies,

Inc.(Æ)

9,271

377

PTC,

Inc.(Æ)

9,052

1,028

Qorvo,

Inc.(Æ)

6,449

602

Rambus,

Inc.(Æ)

8,516

1,130

Reddit,

Inc.

Class

A(Æ)

10,567

1,834

RingCentral,

Inc.

Class

A

6,010

234

ROBLOX

Corp.

Class

A(Æ)

50,330

2,737

Roku,

Inc.(Æ)

10,344

1,429

Roper

Technologies,

Inc.

8,099

2,741

Rubrik,

Inc.

Class

A(Æ)

12,282

986

SailPoint,

Inc.(Æ)

5,224

76

Samsara,

Inc.

Class

A(Æ)

27,235

883

Sanmina

Corp.(Æ)

4,011

1,015

Science

Applications

International

Corp.

3,534

390

Semtech

Corp.(Æ)

7,337

1,187

SentinelOne,

Inc.

Class

A(Æ)

23,627

401

SiTime

Corp.(Æ)

1,758

1,311

Skyworks

Solutions,

Inc.

11,633

789

Snowflake,

Inc.

Class

A(Æ)

26,542

6,755

SS&C

Technologies

Holdings,

Inc.

16,072

997

Super

Micro

Computer,

Inc.(Æ)

44,148

1,295

Take-Two

Interactive

Software,

Inc.(Æ)

14,507

3,626

TD

SYNNEX

Corp.

6,066

1,622

Teradyne,

Inc.

12,390

5,995

TTM

Technologies,

Inc.(Æ)

8,058

1,507

Twilio,

Inc.

Class

A(Æ)

11,718

2,418

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

133

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Tyler

Technologies,

Inc.(Æ)

3,347

979

Ubiquiti,

Inc.

332

177

UiPath,

Inc.

Class

A(Æ)

30,908

336

Unity

Software,

Inc.(Æ)

28,572

817

Universal

Display

Corp.

3,451

299

VeriSign,

Inc.

6,384

1,606

Viavi

Solutions,

Inc.(Æ)

18,266

872

Workday,

Inc.

Class

A(Æ)

16,275

1,992

Zoom

Communications,

Inc.

Class

A(Æ)

21,058

1,818

Zscaler,

Inc.(Æ)

8,276

1,168

197,153

Utilities

-

7.0%

AES

Corp.

(The)

54,568

800

Alliant

Energy

Corp.

20,479

1,562

Ameren

Corp.

21,904

2,476

American

Water

Works

Co.,

Inc.

15,441

2,032

Antero

Midstream

Corp.

25,697

585

APA

Corp.

26,949

878

Atmos

Energy

Corp.

13,069

2,251

Brookfield

Renewable

Corp.

10,620

394

CenterPoint

Energy,

Inc.

51,838

2,283

Cheniere

Energy,

Inc.

16,375

3,914

Chord

Energy

Corp.

4,335

496

Clearway

Energy,

Inc.

Class

C

9,512

325

CMS

Energy

Corp.

24,356

1,863

Consolidated

Edison,

Inc.

29,213

3,232

DT

Midstream,

Inc.

7,796

1,144

DTE

Energy

Co.

16,455

2,507

Edison

International

30,179

2,247

Entergy

Corp.

36,255

4,164

Essential

Utilities,

Inc.

21,808

835

Evergy,

Inc.

18,252

1,578

Eversource

Energy

29,801

2,154

Exelon

Corp.

81,204

3,786

Expand

Energy

Corp.

18,019

1,643

FirstEnergy

Corp.

43,597

2,073

IDACORP,

Inc.

4,143

627

Iridium

Communications,

Inc.

7,141

392

National

Fuel

Gas

Co.

7,180

554

NiSource,

Inc.

37,921

1,803

NRG

Energy,

Inc.

16,122

2,355

OGE

Energy

Corp.

16,260

791

Oklo,

Inc.(Æ)

11,147

583

Ovintiv,

Inc.

22,055

1,161

Permian

Resources

Corp.

Class

A

62,593

1,152

PG&E

Corp.

173,818

2,924

Pinnacle

West

Capital

Corp.

9,598

1,027

PPL

Corp.

59,643

2,168

Public

Service

Enterprise

Group,

Inc.

39,557

3,210

Talen

Energy

Corp.(Æ)

3,483

1,338

UGI

Corp.

16,517

571

Vistra

Corp.

26,658

4,229

WEC

Energy

Group,

Inc.

25,832

3,016

Xcel

Energy,

Inc.

49,477

3,973

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

X-Energy,

Inc.(Æ)

3,339

61

77,157

Total

Common

Stocks

(cost

$1,017,607)

1,089,722

Warrants

and

Rights

-

0.0%

Hologic,

Inc.(Æ)(Š)

Rights

17,656

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

1.8%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

19,529,125

19,529

Total

Short-Term

Investments

(cost

$19,529)

19,529

Total

Investments

-

100.0%

(cost

$1,037,136)

1,109,251

Other

Assets

net

of

Liabilities

-

(0.0)%

(16)

Net

Assets

-

100.0%

1,109,235

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

134

Venerable

Mid

Cap

Index

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

S&P

MidCap

400

E-Mini

Index

Futures

52

USD

20,202

09/18/2026

284

Total

Futures

Contracts

(å)

284

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Consumer

Discretionary

$

143,051

$

—

$

—

$

143,051

Consumer

Staples

45,985

—

—

45,985

Energy

54,583

—

—

54,583

Financial

Services

206,724

—

—

206,724

Health

Care

115,067

—

—

115,067

Materials

and

Processing

84,853

—

—

84,853

Producer

Durables

165,149

—

—

165,149

Technology

197,153

—

—

197,153

Utilities

77,157

—

—

77,157

Warrants

and

Rights

—

—

—

—

Short-Term

Investments

19,529

—

—

19,529

Total

Investments

1,109,251

—

—

1,109,251

Derivatives

Assets

Futures

Contracts

284

—

—

284

Total

Derivatives

*

$

284

$

—

$

—

$

284

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Australia

.............................................................................................

1,170

0.1

Belgium

..............................................................................................

273

—**

Bermuda

.............................................................................................

1,049

0.1

Brazil

..................................................................................................

506

—**

Canada

................................................................................................

4,365

0.4

Cayman

Islands

..................................................................................

59

—**

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

135

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Denmark

.............................................................................................

1,052

0.1

Finland

...............................................................................................

492

—**

Germany

.............................................................................................

148

—**

Guatemala

..........................................................................................

694

0.1

Ireland

................................................................................................

1,147

0.1

Japan

..................................................................................................

657

0.1

Kazakhstan

.........................................................................................

185

—**

Netherlands

........................................................................................

608

—

**

Puerto

Rico

.........................................................................................

811

0.1

South

Africa

.......................................................................................

3,238

0.3

South

Korea

.......................................................................................

1,746

0.2

Switzerland

........................................................................................

615

0.1

Thailand

.............................................................................................

1,595

0.1

United

Kingdom

.................................................................................

2,040

0.2

United

States

......................................................................................

1,086,801

98.0

Total

Investments

...............................................................................

1,109,251

100.0

**

Less

than

.05%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

136

Venerable

Mid

Cap

Index

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

1,037,136

Investments,

at

fair

value

.............................................................................................................................................................

1,109,251

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,021

Investments

sold

...............................................................................................................................................................

774

From

broker(a)

.................................................................................................................................................................

1,259

Variation

margin

on

futures

contracts

..............................................................................................................................

159

Prepaid

expenses

..........................................................................................................................................................................

30

Total

assets

...............................................................................................................................................................

1,112,494

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

590

Fund

shares

redeemed

......................................................................................................................................................

2,004

Accrued

fees

to

affiliates

..................................................................................................................................................

575

Other

accrued

expenses

....................................................................................................................................................

90

Total

liabilities

...........................................................................................................................................................

3,259

Net

Assets

...............................................................................................................................................................

$

1,109,235

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

147,683

Paid-in

capital

..............................................................................................................................................................................

961,552

Net

Assets

...............................................................................................................................................................

$

1,109,235

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

1,259

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.46

Class

V

—

Net

assets

...........................................................................................................................................................

$

1,109,234,813

Class

V

—

Shares

outstanding

............................................................................................................................................

96,778,779

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

137

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

8,618

Interest

..............................................................................................................................................................................

17

Total

investment

income

.............................................................................................................................................................

8,635

Expenses

Advisory

fees

...................................................................................................................................................................

1,389

Administrative

fees

..........................................................................................................................................................

534

Distribution

fees

-

Class

V

...............................................................................................................................................

1,603

Professional

fees

..............................................................................................................................................................

46

Trustees’

fees

....................................................................................................................................................................

17

Printing

fees

.....................................................................................................................................................................

6

Offering

fees

.....................................................................................................................................................................

28

Miscellaneous

..................................................................................................................................................................

26

Expenses

before

reductions

..............................................................................................................................................

3,649

Expense

reductions

..........................................................................................................................................................

(176)

Net

expenses

................................................................................................................................................................................

3,473

Net

investment

income

(loss)

.......................................................................................................................................................

5,162

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

72,759

Futures

contracts

..............................................................................................................................................................

1,555

Net

realized

gain

(loss)

................................................................................................................................................................

74,314

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

70,365

Futures

contracts

..............................................................................................................................................................

397

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

70,762

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

145,076

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

150,238

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

138

Venerable

Mid

Cap

Index

Fund

(2)

During

the

period

ended

December

31,

2025,

Venerable

Mid

Cap

Index

Fund

received

securities

in

the

amount

of

$1,076,514

to

satisfy

a

subscription-in-kind.

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

5,162

$

3,113

Net

realized

gain

(loss)

................................................................................................................

74,314

(4,083)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

70,762

1,637

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

150,238

667

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(3,875)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(3,875)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(102,670)

1,064,875

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

43,693

1,065,542

Net

Assets

Beginning

of

period

...........................................................................................................................

1,065,542

—

End

of

period

......................................................................................................................................

$

1,109,235

$

1,065,542

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

(2)

37

$

395

113,544

$

1,135,443

Proceeds

from

reinvestment

of

distributions

344

3,875

—

—

Payments

for

shares

redeemed

(10,062)

(106,940)

(7,084)

(70,568)

Total

increase

(decrease)

(9,681)

$

(102,670)

106,460

$

1,064,875

(1)

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

139

Venerable

Variable

Insurance

Trust

Venerable

Mid

Cap

Index

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(℈)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.01‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05‌

.03‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.44‌

(.02‌)

$

Total

from

Investment

Operations

1.49‌

.01‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.04‌)

—‌

$

Total

Distributions

(.04‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.46‌

10.01‌

%

Total

Return

(±)(ǿ)

14.89‌

.10‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

1,109,235‌

1,065,542‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.68‌

.70‌

%

Expenses,

Net

(Ƃ)(ɯ)

.65‌

.65‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.97‌

.96‌

%

Portfolio

Turnover

Rate

(ǿ)

12‌

57‌

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

140

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Common

Stocks

-

99.1%

Consumer

Discretionary

-

10.9%

1-800-Flowers.com,

Inc.

Class

A(Æ)

1,815

6

1stdibs.com,

Inc.(Æ)

1,911

9

Abercrombie

&

Fitch

Co.

Class

A(Æ)

3,572

321

Academy

Sports

&

Outdoors,

Inc.

5,222

246

Accel

Entertainment,

Inc.(Æ)

4,158

52

Acushnet

Holdings

Corp.

2,239

265

Advance

Auto

Parts,

Inc.

4,915

306

AerSale

Corp.(Æ)

2,664

17

Aevex

Corp.

Class

A(Æ)

1,446

30

AIRO

Group

Holdings,

Inc.(Æ)

1,772

13

Alliance

Laundry

Holdings,

Inc.(Æ)

3,514

93

AMC

Entertainment

Holdings,

Inc.

Class

A(Æ)

49,821

95

AMC

Global

Media,

Inc.

Class

A(Æ)

2,348

23

American

Eagle

Outfitters,

Inc.

12,719

219

American

Public

Education,

Inc.(Æ)

1,433

77

Archer

Aviation,

Inc.

Class

A(Æ)

53,917

255

Asbury

Automotive

Group,

Inc.(Æ)

1,570

316

Atkore,

Inc.

2,738

208

Atlanta

Braves

Holdings,

Inc.

Class

A(Æ)

514

29

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

3,978

206

Atmus

Filtration

Technologies,

Inc.

6,678

340

Bally's

Corp.(Æ)

607

8

Barnes

&

Noble

Education,

Inc.

1,240

16

Beazer

Homes

USA,

Inc.(Æ)

2,043

57

Bed

Bath

&

Beyond,

Inc.(Æ)

5,974

35

Bel

Fuse,

Inc.

Class

A

119

35

Bel

Fuse,

Inc.

Class

B

973

324

BETA

Technologies,

Inc.

Class

A(Æ)

2,510

42

Biglari

Holdings,

Inc.

Class

B(Æ)

56

24

BJ's

Restaurants,

Inc.(Æ)

1,540

94

Black

Rock

Coffee

Bar,

Inc.

Class

A(Æ)

1,297

11

Bloomin'

Brands,

Inc.

6,892

63

BlueLinx

Holdings,

Inc.(Æ)

595

37

Bob's

Discount

Furniture,

Inc.(Æ)

1,569

25

Boot

Barn

Holdings,

Inc.(Æ)

2,488

409

Boston

Omaha

Corp.

Class

A(Æ)

1,577

21

BRC

Group

Holdings,

Inc.(Æ)

1,849

15

Brightstar

Lottery

PLC

7,766

83

Brinker

International,

Inc.(Æ)

3,478

584

Buckle,

Inc.

(The)

2,603

110

Build-A-Bear

Workshop,

Inc.

887

27

Cable

One,

Inc.(Æ)

393

21

Cadre

Holdings,

Inc.

2,521

72

Caleres,

Inc.

2,517

31

Callaway

Golf

Co.(Æ)

11,293

212

Camping

World

Holdings,

Inc.

Class

A

4,675

36

Capri

Holdings,

Ltd.(Æ)

9,606

178

Carriage

Services,

Inc.

Class

A

1,144

44

Carter's,

Inc.

2,888

119

Cavco

Industries,

Inc.(Æ)

627

385

Central

Garden

&

Pet

Co.(Æ)

648

29

Central

Garden

&

Pet

Co.

Class

A(Æ)

4,033

156

Century

Communities,

Inc.

2,037

146

Cheesecake

Factory,

Inc.

(The)

3,781

301

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Cinemark

Holdings,

Inc.

8,519

270

Citi

Trends,

Inc.(Æ)

396

23

Clear

Channel

Outdoor

Holdings,

Inc.(Æ)

31,293

76

Comstock

Holding

Co.,

Inc.(Æ)

285

5

Cooper-Standard

Holdings,

Inc.(Æ)

1,289

35

Coursera,

Inc.(Æ)

17,614

99

Covista,

Inc.(Æ)

2,754

343

Cracker

Barrel

Old

Country

Store,

Inc.

1,814

97

CTS

Corp.

2,288

149

CuriosityStream,

Inc.

2,647

7

Dana,

Inc.

8,866

241

Dauch

Corp.(Æ)

18,983

103

Dave

&

Buster's

Entertainment,

Inc.(Æ)

2,069

24

Designer

Brands,

Inc.

Class

A

2,665

16

Dine

Brands

Global,

Inc.

1,043

37

Douglas

Dynamics,

Inc.

1,867

101

Dream

Finders

Homes,

Inc.

Class

A(Æ)

2,290

40

Driven

Brands

Holdings,

Inc.(Æ)

4,867

68

El

Pollo

Loco

Holdings,

Inc.(Æ)

2,193

37

Enerpac

Tool

Group

Corp.

4,172

150

Enovix

Corp.(Æ)

15,847

96

Entravision

Communications

Corp.

Class

A

5,121

67

Envela

Corp.(Æ)

551

16

Ermenegildo

Zegna

NV

4,571

59

Escalade,

Inc.

838

16

Ethan

Allen

Interiors,

Inc.

1,770

40

EVE

Holding,

Inc.(Æ)

7,597

19

EVgo,

Inc.(Æ)

10,618

20

EW

Scripps

Co.

(The)

Class

A(Æ)

5,206

14

Falcon's

Beyond

Global,

Inc.

Class

A(Æ)

2,216

40

FIGS,

Inc.

Class

A(Æ)

7,609

78

Firefly

Aerospace,

Inc.(Æ)

6,381

188

First

Watch

Restaurant

Group,

Inc.(Æ)

4,958

64

FirstCash

Holdings,

Inc.

3,294

713

Flexsteel

Industries,

Inc.

255

19

Forestar

Group,

Inc.(Æ)

1,469

46

Fossil

Group,

Inc.(Æ)

4,348

18

FuboTV,

Inc.

Class

A(Æ)

2,158

20

Funko,

Inc.

Class

A(Æ)

2,880

17

Genesco,

Inc.(Æ)

757

26

Genius

Sports,

Ltd.(Æ)

19,063

115

Gentherm,

Inc.(Æ)

2,464

84

G-III

Apparel

Group,

Ltd.

2,942

99

Global

Business

Travel

Group

I(Æ)

10,118

95

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

22,565

149

GoPro,

Inc.

Class

A(Æ)

10,734

8

Graham

Holdings

Co.

Class

B

255

291

Gray

Media,

Inc.

6,689

27

Green

Brick

Partners,

Inc.(Æ)

2,468

198

Group

1

Automotive,

Inc.

942

274

Hamilton

Beach

Brands

Holding

Co.

Class

A

596

14

Harley-Davidson,

Inc.

8,419

206

Haverty

Furniture

Cos.,

Inc.

998

25

HealthStream,

Inc.

1,758

48

Hilton

Grand

Vacations,

Inc.(Æ)

4,533

237

Hims

&

Hers

Health,

Inc.(Æ)

17,289

599

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

141

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Hovnanian

Enterprises,

Inc.

Class

A(Æ)

374

53

iHeartMedia,

Inc.

Class

A(Æ)

8,986

39

IMAX

Corp.(Æ)

3,689

147

Intuitive

Machines,

Inc.(Æ)

10,239

219

J

Jill,

Inc.

607

10

Jack

in

the

Box,

Inc.(Æ)

1,364

22

JAKKS

Pacific,

Inc.

738

17

Joby

Aviation,

Inc.(Æ)

54,217

484

Johnson

Outdoors,

Inc.

Class

A

441

20

KB

Home

4,908

307

KinderCare

Learning

Cos.,

Inc.(Æ)

2,612

11

Kohl's

Corp.

8,832

156

Kontoor

Brands,

Inc.

4,443

370

Kura

Sushi

USA,

Inc.

Class

A(Æ)

551

32

Lands'

End,

Inc.(Æ)

728

8

Laureate

Education,

Inc.

Class

A(Æ)

9,777

355

La-Z-Boy,

Inc.

3,255

131

Lee

Enterprises,

Inc.(Æ)

528

5

Leggett

&

Platt,

Inc.

10,937

128

LGI

Homes,

Inc.(Æ)

1,665

106

Liberty

Latin

America,

Ltd.

Class

A(Æ)

2,419

19

Liberty

Latin

America,

Ltd.

Class

C(Æ)

10,421

81

Life

Time

Group

Holdings,

Inc.(Æ)

11,720

479

LifeMD,

Inc.(Æ)

3,050

13

Lifetime

Brands,

Inc.

978

8

Lincoln

Educational

Services

Corp.(Æ)

2,406

120

Lindblad

Expeditions

Holdings,

Inc.(Æ)

3,997

113

Lionsgate

Studios

Corp.(Æ)

15,925

244

LiveWire

Group,

Inc.(Æ)

856

1

Lucid

Group,

Inc.(Æ)

10,203

68

M/I

Homes,

Inc.(Æ)

2,057

331

Madison

Square

Garden

Entertainment

Corp.(Æ)

3,190

258

Magnite,

Inc.(Æ)

11,546

219

Malibu

Boats,

Inc.

Class

A(Æ)

1,599

44

Marcus

Corp.

(The)

1,771

42

MarineMax,

Inc.(Æ)

1,603

59

Marriott

Vacations

Worldwide

Corp.

2,253

230

MasterCraft

Boat

Holdings,

Inc.(Æ)

1,372

35

Matthews

International

Corp.

Class

A

2,416

65

McGraw

Hill,

Inc.(Æ)

2,013

19

Meritage

Homes

Corp.

5,339

448

MNTN,

Inc.

Class

A(Æ)

3,755

35

Monarch

Casino

&

Resort,

Inc.

977

129

Monro,

Inc.

2,087

36

Motorcar

Parts

of

America,

Inc.(Æ)

1,082

17

Movado

Group,

Inc.

1,160

46

M-Tron

Industries,

Inc.(Æ)

334

33

National

Presto

Industries,

Inc.

435

54

Newell

Brands,

Inc.

34,415

211

Newsmax,

Inc.(Æ)

3,764

31

Nu

Skin

Enterprises,

Inc.

Class

A

3,725

20

OneSpaWorld

Holdings,

Ltd.

8,017

226

OneWater

Marine,

Inc.

Class

A(Æ)

926

10

Optimum

Communications,

Inc.

Class

A(Æ)

19,915

29

Outdoor

Holding

Co.(Æ)

7,283

17

Oxford

Industries,

Inc.

1,024

36

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Papa

John's

International,

Inc.

2,647

97

Patrick

Industries,

Inc.

2,595

233

Peloton

Interactive,

Inc.

Class

A(Æ)

32,716

193

Penn

Entertainment,

Inc.(Æ)

10,339

221

Perdoceo

Education

Corp.

5,086

163

Petco

Health

&

Wellness

Co.,

Inc.(Æ)

6,502

18

Phoenix

Education

Partners,

Inc.

392

13

Playboy,

Inc.(Æ)

4,636

6

Polaris,

Inc.

4,375

299

Portillo's,

Inc.

Class

A(Æ)

4,675

22

PriceSmart,

Inc.

2,106

411

QuinStreet,

Inc.(Æ)

4,422

65

RCI

Hospitality

Holdings,

Inc.

523

14

RealReal,

Inc.

(The)(Æ)

8,998

106

Red

Rock

Resorts,

Inc.

Class

A

3,842

250

Redwire

Corp.(Æ)

15,685

192

Rent

the

Runway,

Inc.

Class

A(Æ)

663

2

Reservoir

Media,

Inc.(Æ)

1,686

17

Revolve

Group,

Inc.(Æ)

3,371

77

RH(Æ)

1,258

207

Rocky

Brands,

Inc.

535

22

RUM

Group,

Inc.(Æ)

9,045

57

Rush

Street

Interactive,

Inc.(Æ)

8,120

241

Sally

Beauty

Holdings,

Inc.(Æ)

7,775

110

Savers

Value

Village,

Inc.(Æ)

2,980

30

Scholastic

Corp.

1,217

56

SEACOR

Marine

Holdings,

Inc.(Æ)

1,702

13

Shake

Shack,

Inc.

Class

A(Æ)

3,164

177

Shoe

Station

Group,

Inc.

1,380

20

Signet

Jewelers,

Ltd.

3,177

274

Sinclair,

Inc.

3,377

48

Six

Flags

Entertainment

Corp.(Æ)

7,758

165

Smith

&

Wesson

Brands,

Inc.

3,345

50

Sonic

Automotive,

Inc.

Class

A

1,108

94

Sphere

Entertainment

Co.(Æ)

2,218

384

Standard

Motor

Products,

Inc.

1,732

67

Starfighters

Space,

Inc.(Æ)

2,456

13

Starz

Entertainment

Corp.(Æ)

868

25

Steven

Madden,

Ltd.

5,867

247

Stitch

Fix,

Inc.

Class

A(Æ)

8,793

36

Strata

Critical

Medical,

Inc.(Æ)

5,311

28

Strategic

Education,

Inc.

1,767

135

Stride,

Inc.(Æ)

3,383

292

Sturm

Ruger

&

Co.,

Inc.

1,033

39

Super

Group

SGHC,

Ltd.

13,127

178

Superior

Group

of

Cos.,

Inc.

937

12

Sweetgreen

Inc.

Class

A(Æ)

8,473

75

Taylor

Morrison

Home

Corp.

Class

A(Æ)

7,622

547

TechTarget

Inc.(Æ)

2,199

8

Torrid

Holdings,

Inc.(Æ)

1,961

4

Transcat,

Inc.(Æ)

747

69

TripAdvisor,

Inc.(Æ)

9,135

125

Tron,

Inc.(Æ)

4,131

7

Turtle

Beach

Corp.(Æ)

1,239

15

Under

Armour,

Inc.

Class

A(Æ)

15,429

99

Under

Armour,

Inc.

Class

C(Æ)

14,980

93

United

Parks

&

Resorts,

Inc.(Æ)

1,582

75

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

142

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Universal

Technical

Institute,

Inc.(Æ)

3,836

164

Unusual

Machines,

Inc.(Æ)

3,654

81

Upbound

Group,

Inc.

Class

A

4,414

94

Urban

Outfitters,

Inc.(Æ)

4,727

335

USA

TODAY

Co.,

Inc.(Æ)

10,976

94

Venu

Holding

Corp.(Æ)

3,810

9

Victoria's

Secret

&

Co.(Æ)

5,647

471

Virgin

Galactic

Holdings,

Inc.(Æ)

7,713

22

Visteon

Corp.

2,148

213

Voyager

Technologies,

Inc.

Class

A(Æ)

4,155

134

Wabash

National

Corp.

3,065

41

Webtoon

Entertainment,

Inc.(Æ)

1,487

17

Wendy's

Co.

(The)

13,029

108

WeShop

Holdings,

Ltd.

Class

A(Æ)

111

1

Weyco

Group,

Inc.

438

17

Willis

Lease

Finance

Corp.

303

69

Winmark

Corp.

244

103

Winnebago

Industries,

Inc.

2,230

70

Wolverine

World

Wide,

Inc.

6,642

110

XPEL,

Inc.(Æ)(Þ)

2,040

101

Xponential

Fitness,

Inc.

Class

A(Æ)

2,853

20

York

Space

Systems,

Inc.(Æ)

1,528

38

Ziff

Davis,

Inc.(Æ)

2,829

148

Zumiez,

Inc.(Æ)

1,047

19

28,303

Consumer

Staples

-

1.8%

Acme

United

Corp.

275

13

Alico,

Inc.

443

18

Andersons,

Inc.

(The)

2,681

183

Arko

Corp.

5,932

48

B&G

Foods,

Inc.

Class

A

5,940

24

BellRing

Brands,

Inc.(Æ)

9,493

123

Boston

Beer

Co.,

Inc.

(The)

Class

A(Æ)

620

110

Cadiz,

Inc.(Æ)

4,554

19

Cal-Maine

Foods,

Inc.

3,502

282

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

2,973

286

Coty,

Inc.

Class

A(Æ)

28,945

63

Del

Monte

Corp.

2,660

74

Dole

PLC

6,288

86

Edgewell

Personal

Care

Co.

3,787

102

Energizer

Holdings,

Inc.

4,976

107

Flowers

Foods,

Inc.

15,277

121

Grocery

Outlet

Holding

Corp.(Æ)

7,563

75

Helen

of

Troy,

Ltd.(Æ)

1,744

51

Herbalife,

Ltd.(Æ)

8,208

108

Honest

Co.,

Inc.

(The)(Æ)

6,840

25

Ingles

Markets,

Inc.

Class

A

1,187

105

Interparfums,

Inc.

1,483

166

J&J

Snack

Foods

Corp.

1,216

89

John

B

Sanfilippo

&

Son,

Inc.

649

56

Krispy

Kreme,

Inc.(Æ)

5,578

20

Lifeway

Foods,

Inc.(Æ)

425

13

Limoneira

Co.

1,380

18

Marzetti

Co.

(The)

1,596

182

MGP

Ingredients,

Inc.

1,020

18

Mission

Produce,

Inc.(Æ)

4,496

53

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Nathan's

Famous,

Inc.

219

22

National

Beverage

Corp.(Æ)

1,948

61

National

Vision

Holdings,

Inc.(Æ)

6,361

121

Natural

Grocers

by

Vitamin

Cottage,

Inc.

973

30

Nature's

Sunshine

Products,

Inc.(Æ)

1,303

28

Olaplex

Holdings,

Inc.(Æ)

10,343

21

Quanex

Building

Products

Corp.

3,721

69

Seneca

Foods

Corp.

Class

A(Æ)

359

62

Simply

Good

Foods

Co.

(The)(Æ)

6,733

89

Spectrum

Brands

Holdings,

Inc.

1,821

156

Turning

Point

Brands,

Inc.

1,523

129

United

Natural

Foods,

Inc.(Æ)

4,890

223

Universal

Corp.

2,007

105

USANA

Health

Sciences,

Inc.(Æ)

782

17

Utz

Brands,

Inc.

5,616

43

Village

Super

Market,

Inc.

Class

A

692

29

Vita

Coco

Co.,

Inc.

(The)(Æ)

3,930

260

Vital

Farms,

Inc.(Æ)

2,559

30

Warby

Parker,

Inc.

Class

A(Æ)

8,287

251

WD-40

Co.

1,092

266

Weis

Markets,

Inc.

994

78

Westrock

Coffee

Co.(Æ)

2,668

22

Yesway,

Inc.

Class

A(Æ)

1,259

26

4,776

Energy

-

4.9%

Aemetis,

Inc.(Æ)

5,184

8

Alpha

Metallurgical

Resources,

Inc.(Æ)

836

138

Alto

Ingredients,

Inc.(Æ)

5,903

34

Ameresco,

Inc.

Class

A(Æ)

2,623

72

American

Resources

Corp.(Æ)

7,075

15

Amplify

Energy

Corp.(Æ)

2,855

11

Archrock,

Inc.

13,988

569

ARKO

Petroleum

Corp.

982

19

Array

Technologies,

Inc.(Æ)

12,340

91

ASP

Isotopes,

Inc.(Æ)

9,313

58

Atlas

Energy

Solutions,

Inc.

6,626

110

Borr

Drilling,

Ltd.(Æ)

20,277

84

Canadian

Solar,

Inc.(Æ)

3,907

63

Centrus

Energy

Corp.

Class

A(Æ)

1,491

250

ChargePoint

Holdings,

Inc.(Æ)

1,931

11

Civeo

Corp.(Æ)

832

29

Comstock,

Inc.(Æ)

5,900

25

Core

Laboratories,

Inc.

3,475

40

Core

Natural

Resources,

Inc.

4,068

326

CVR

Energy,

Inc.

2,290

63

Delek

US

Holdings,

Inc.

4,890

248

DNOW,

Inc.(Æ)

15,030

195

enCore

Energy

Corp.(Æ)

14,344

19

Energous

Corp.(Æ)

428

10

Energy

Fuels,

Inc.(Æ)

20,124

292

Energy

Vault

Holdings,

Inc.(Æ)

11,084

52

Eos

Energy

Enterprises

Inc.(Æ)

27,566

162

Espey

Mfg.

&

Electronics

Corp.

185

12

Expro

Group

Holdings

NV(Æ)

6,659

98

Flotek

Industries,

Inc.(Æ)

1,032

24

Flowco

Holdings,

Inc.

Class

A

2,886

62

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

143

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Fluence

Energy,

Inc.(Æ)

6,991

139

Forum

Energy

Technologies,

Inc.(Æ)

811

41

FuelCell

Energy,

Inc.(Æ)

4,341

156

Gevo,

Inc.(Æ)

17,626

26

GrafTech

International,

Ltd.(Æ)

1,354

8

Green

Plains,

Inc.(Æ)

5,553

85

Hallador

Energy

Co.(Æ)

2,820

49

Helix

Energy

Solutions

Group,

Inc.(Æ)

11,271

99

Helmerich

&

Payne,

Inc.

7,880

258

HMH

Holding,

Inc.

Class

A(Æ)

820

15

Innovex

International,

Inc.(Æ)

3,669

91

Kodiak

Gas

Services,

Inc.

8,089

608

Liberty

Energy,

Inc.

Class

A

12,921

338

Lifezone

Metals,

Ltd.(Æ)

2,299

9

Matrix

Service

Co.(Æ)

2,001

27

Montauk

Renewables,

Inc.(Æ)

5,573

9

Murphy

Oil

Corp.

11,096

361

Nabors

Industries,

Ltd.(Æ)

1,148

96

NACCO

Industries,

Inc.

Class

A

330

17

National

Energy

Services

Reunited

Corp.

(Æ)

4,921

147

Natural

Gas

Services

Group,

Inc.

947

41

Noble

Corp.

PLC

10,299

384

NPK

International,

Inc.(Æ)

6,630

105

Oceaneering

International,

Inc.(Æ)

8,069

327

Oil

States

International,

Inc.(Æ)

4,085

33

OPAL

Fuels,

Inc.

Class

A(Æ)

1,751

4

Ormat

Technologies,

Inc.

5,028

548

Par

Pacific

Holdings,

Inc.(Æ)

3,933

221

Patterson-UTI

Energy,

Inc.

28,116

258

PBF

Energy,

Inc.

Class

A

7,910

360

Peabody

Energy

Corp.

9,917

229

Plug

Power,

Inc.(Æ)

109,051

296

PrimeEnergy

Resources

Corp.(Æ)

31

5

ProFrac

Holding

Corp.

Class

A(Æ)

2,312

13

ProPetro

Holding

Corp.(Æ)

8,001

115

Ramaco

Resources,

Inc.

Class

A(Æ)

3,504

46

Ramaco

Resources,

Inc.

Class

B(Æ)

563

5

Ranger

Energy

Services,

Inc.

Class

A

1,531

25

REX

American

Resources

Corp.(Æ)

2,348

106

Ring

Energy,

Inc.(Æ)

15,326

17

RPC,

Inc.

8,175

48

Seadrill,

Ltd.(Æ)

5,092

193

Select

Water

Solutions,

Inc.

Class

A

9,117

182

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

13,628

135

SM

Energy

Co.

19,523

510

Smart

Sand,

Inc.

2,415

12

Solaris

Energy

Infrastructure,

Inc.

Class

A

4,270

344

SunCoke

Energy,

Inc.

6,899

56

Sunrun,

Inc.(Æ)

18,618

249

T1

Energy,

Inc.(Æ)

14,729

140

TETRA

Technologies,

Inc.(Æ)

10,431

118

Tigo

Energy,

Inc.(Æ)

3,099

7

Toyo

Co.,

Ltd.(Æ)

648

5

Transocean,

Ltd.(Æ)

79,042

387

United

States

Antimony

Corp.(Æ)

10,746

78

Uranium

Energy

Corp.(Æ)

39,578

422

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

VAALCO

Energy,

Inc.

7,896

40

Valaris,

Ltd.(Æ)

4,602

334

W&T

Offshore,

Inc.

7,562

24

Warrior

Met

Coal,

Inc.

4,254

345

World

Kinect

Corp.

4,011

132

12,668

Financial

Services

-

24.9%

1st

Source

Corp.

1,443

118

Abacus

Global

Management,

Inc.

3,075

33

Acadia

Realty

Trust(ö)

10,919

228

Acadian

Asset

Management,

Inc.

2,265

162

Accelerant

Holdings

Class

A(Æ)

4,889

57

ACNB

Corp.

778

46

ACRES

Commercial

Realty

Corp.(Æ)(ö)

510

9

Adamas

Trust,

Inc.(ö)

6,830

64

AGNT,

Inc.

7,544

41

AH

Realty

Trust,

Inc.(ö)

6,096

43

Alerus

Financial

Corp.

1,917

60

Alexander's,

Inc.(ö)

164

45

Alpine

Income

Property

Trust,

Inc.(ö)

1,243

26

AlTi

Global,

Inc.(Æ)

3,525

13

Amalgamated

Financial

Corp.

1,663

76

Amerant

Bancorp,

Inc.

2,648

68

American

Assets

Trust,

Inc.(ö)

3,981

98

American

Coastal

Insurance

Corp.

1,806

20

American

Integrity

Insurance

Group,

Inc.

970

18

American

Realty

Investors,

Inc.(Æ)

110

2

Ameris

Bancorp

5,292

478

AMERISAFE,

Inc.

1,510

51

Ames

National

Corp.

644

19

Angel

Oak

Mortgage

REIT,

Inc.(ö)

1,019

9

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

10,843

116

Apple

Hospitality

REIT,

Inc.(ö)

17,588

296

Arbor

Realty

Trust,

Inc.(ö)

15,354

83

Ares

Commercial

Real

Estate

Corp.(ö)

3,830

17

ARMOUR

Residential

REIT,

Inc.(ö)

10,173

178

Arrow

Financial

Corp.

1,311

54

Artisan

Partners

Asset

Management,

Inc.

Class

A

5,160

178

Associated

Banc-Corp.

12,057

371

Ategrity

Specialty

Holdings

LLC(Æ)

744

18

Atlantic

Union

Bankshares

Corp.

11,564

489

Atlanticus

Holdings

Corp.(Æ)

393

40

Avidbank

Holdings,

Inc.(Æ)

741

24

Avidia

Bancorp,

Inc.

1,465

31

Axos

Financial,

Inc.(Æ)

4,438

432

Bakkt,

Inc.(Æ)

2,360

18

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

7,825

208

Banc

of

California,

Inc.

12,337

252

BancFirst

Corp.

1,731

192

Bancorp,

Inc.

(The)(Æ)

3,208

201

Bank

First

Corp.

826

123

Bank

of

Hawaii

Corp.

3,191

260

Bank

of

Marin

Bancorp

1,119

31

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

144

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

3,235

192

Bank7

Corp.

352

17

BankUnited,

Inc.

5,972

289

Bankwell

Financial

Group,

Inc.

528

31

Banner

Corp.

2,707

180

Bar

Harbor

Bankshares

1,249

47

BayCom

Corp.

774

25

BCB

Bancorp,

Inc.

1,286

14

Beacon

Financial

Corp.

6,815

208

Better

Home

&

Finance

Holding

Co.(Æ)

636

17

BGC

Group,

Inc.

Class

A

30,187

323

Biglari

Holdings,

Inc.

Class

A(Æ)

4

8

Bit

Digital,

Inc.(Æ)

24,645

44

Bitdeer

Technologies

Group

Class

A(Æ)

10,391

165

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

12,919

219

Bladex,

Inc.

2,374

146

Blue

Ridge

Bankshares,

Inc.

5,321

19

Bowhead

Specialty

Holdings,

Inc.(Æ)

1,465

44

Braemar

Hotels

&

Resorts,

Inc.(ö)

4,883

11

Brandywine

Realty

Trust(ö)

13,123

42

BRC,

Inc.

Class

A(Æ)

8,132

9

Bread

Financial

Holdings,

Inc.

3,318

360

Bridgewater

Bancshares,

Inc.(Æ)

1,590

33

BrightSpire

Capital,

Inc.(ö)

9,545

52

Broadstone

Net

Lease,

Inc.(ö)

15,581

322

Brookfield

Business

Corp.

Class

A

5,599

167

BRT

Apartments

Corp.(ö)

898

14

Burford

Capital,

Ltd.

16,357

67

Burke

&

Herbert

Financial

Services

Corp.

1,187

85

Business

First

Bancshares,

Inc.

2,538

78

BV

Financial,

Inc.(Æ)

611

13

Byline

Bancorp,

Inc.

2,480

93

C&F

Financial

Corp.

253

20

California

BanCorp

2,092

44

Camden

National

Corp.

1,355

73

Cannae

Holdings,

Inc.

3,164

46

Capital

Bancorp,

Inc.

886

31

Capital

City

Bank

Group,

Inc.

1,120

55

Capitol

Federal

Financial,

Inc.

9,797

83

CareTrust

REIT,

Inc.(ö)

18,183

734

Carter

Bankshares,

Inc.

1,776

60

Cass

Information

Systems,

Inc.

855

44

Cathay

General

Bancorp

5,256

326

CB

Financial

Services,

Inc.

386

15

CBL

&

Associates

Properties,

Inc.(ö)

1,496

79

Centerspace(ö)

1,365

77

Central

Pacific

Financial

Corp.

2,089

80

CF

Bankshares

Inc.

318

10

Chain

Bridge

Bancorp,

Inc.

Class

A(Æ)

194

8

Chatham

Lodging

Trust(ö)

3,551

47

Chemung

Financial

Corp.

297

22

Chicago

Atlantic

Real

Estate

Finance,

Inc.

(ö)

1,437

15

Chimera

Investment

Corp.(ö)

6,742

90

Chiron

Real

Estate,

Inc.(ö)

974

37

ChoiceOne

Financial

Services,

Inc.

1,087

37

Cipher

Digital,

Inc.(Æ)

27,178

666

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Citizens

&

Northern

Corp.

1,240

29

Citizens

Community

Bancorp,

Inc.

670

16

Citizens

Financial

Services,

Inc.

338

24

Citizens,

Inc.(Æ)

3,745

22

City

Holding

Co.

1,128

150

Civista

Bancshares,

Inc.

1,670

47

Clarivate

PLC(Æ)

28,137

61

Claros

Mortgage

Trust,

Inc.(Æ)(ö)

7,646

18

Cleanspark,

Inc.(Æ)

20,250

295

CNB

Financial

Corp.

2,364

80

CNO

Financial

Group,

Inc.

7,510

383

Coastal

Financial

Corp.(Æ)

1,056

82

CoastalSouth

Bancshares,

Inc.

657

18

Cohen

&

Steers,

Inc.

2,276

173

Colony

Bankcorp,

Inc.

1,672

34

Columbia

Financial,

Inc.(Æ)

2,074

44

Commercial

Bancgroup,

Inc.

689

22

Community

Bancorp,

Inc.

402

16

Community

Financial

System,

Inc.

4,284

288

Community

Healthcare

Trust,

Inc.(ö)

2,086

38

Community

Trust

Bancorp,

Inc.

1,294

94

Community

West

Bancshares

1,965

53

Compass

Diversified

Holdings(Æ)

5,447

58

Compass,

Inc.

Class

A(Æ)

57,542

710

ConnectOne

Bancorp,

Inc.

3,912

131

Consumer

Portfolio

Services,

Inc.(Æ)

771

7

COPT

Defense

Properties(ö)

9,291

338

Core

Scientific,

Inc.(Æ)

25,133

643

Crawford

&

Co.

Class

A

1,352

15

CTO

Realty

Growth,

Inc.(ö)

2,389

51

Curbline

Properties

Corp.(ö)

7,921

241

Cushman

&

Wakefield,

Ltd.(Æ)

19,113

256

Customers

Bancorp,

Inc.(Æ)

2,497

198

CVB

Financial

Corp.

13,700

309

Dave,

Inc.(Æ)

819

305

DiamondRock

Hospitality

Co.(ö)

16,547

202

DigitalBridge

Group,

Inc.

14,318

226

Dime

Commercial

Bancshares,

Inc.

3,284

134

Distribution

Solutions

Group,

Inc.(Æ)

708

19

Diversified

Healthcare

Trust(ö)

17,845

166

Donegal

Group,

Inc.

Class

A

1,354

26

Douglas

Elliman,

Inc.(Æ)

6,074

11

Douglas

Emmett,

Inc.(ö)

13,262

157

Dynex

Capital,

Inc.(ö)

17,559

230

Eagle

Bancorp

Montana,

Inc.

613

15

Eagle

Bancorp,

Inc.

2,294

65

Eagle

Financial

Services,

Inc.

381

16

Easterly

Government

Properties,

Inc.(ö)

3,570

89

Eastern

Bankshares,

Inc.

17,620

392

ECB

Bancorp,

Inc.(Æ)

637

13

Ellington

Financial,

Inc.(ö)

9,969

136

Emerald

Holding,

Inc.

1,153

6

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

11,492

62

Employers

Holdings,

Inc.

1,621

82

Enact

Holdings,

Inc.

2,216

101

Encore

Capital

Group,

Inc.(Æ)

1,692

158

Enova

International,

Inc.(Æ)

1,948

469

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

145

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Enterprise

Financial

Services

Corp.

2,950

194

Equity

Bancshares,

Inc.

Class

A

1,401

69

Esquire

Financial

Holdings,

Inc.

585

70

Essent

Group,

Ltd.

7,305

470

Essential

Properties

Realty

Trust,

Inc.(ö)

17,652

527

Exzeo

Group,

Inc.(Æ)

580

10

F&G

Annuities

&

Life,

Inc.

2,847

76

Farmers

&

Merchants

Bancorp,

Inc.

1,082

33

Farmers

National

Banc

Corp.

4,750

69

Farmland

Partners,

Inc.(ö)

3,298

32

FB

Bancorp,

Inc.(Æ)

1,210

18

FB

Financial

Corp.

3,556

197

Federal

Agricultural

Mortgage

Corp.

Class

C

753

150

Fidelity

D

&

D

Bancorp,

Inc.

394

20

Finance

of

America

Cos.,

Inc.

Class

A(Æ)

368

10

Financial

Institutions,

Inc.

1,573

61

Finwise

Bancorp(Æ)

751

11

First

BanCorp

15,784

535

First

Bancorp,

Inc.

(The)

796

28

First

Bank

1,642

29

First

Busey

Corp.

6,565

194

First

Business

Financial

Services,

Inc.

601

38

First

Capital,

Inc.

270

17

First

Commonwealth

Financial

Corp.

8,236

167

First

Community

Bankshares,

Inc.

1,319

59

First

Community

Corp.

705

23

First

Financial

Bancorp

8,521

288

First

Financial

Bankshares,

Inc.

10,719

371

First

Financial

Corp.

927

72

First

Guaranty

Bancshares,

Inc.

482

5

First

Internet

Bancorp

643

18

First

Interstate

BancSystem,

Inc.

Class

A

7,341

283

First

Merchants

Corp.

5,095

223

First

Mid

Bancshares,

Inc.

1,967

95

First

National

Corp.

646

19

First

Northern

Community

Bancorp(Æ)

1,201

22

First

United

Corp.

499

22

First

Western

Financial,

Inc.(Æ)

600

19

Firstsun

Capital

Bancorp(Æ)

1,990

77

Five

Star

Bancorp

1,255

61

Flagstar

Bank

National

Association

24,828

371

Four

Corners

Property

Trust,

Inc.(ö)

8,904

219

Franklin

BSP

Realty

Trust,

Inc.(ö)

6,058

49

Franklin

Financial

Services

Corp.

347

22

FrontView

REIT,

Inc.(ö)

1,723

35

FRP

Holdings,

Inc.(Æ)

856

21

FS

Bancorp,

Inc.

491

21

FTAI

Infrastructure,

Inc.

8,501

39

Fulton

Financial

Corp.

15,671

379

FVCBankcorp,

Inc.

1,142

20

GBank

Financial

Holdings,

Inc.(Æ)

674

20

GCM

Grosvenor,

Inc.

Class

A

4,731

58

Genworth

Financial,

Inc.

Class

A(Æ)

30,876

292

German

American

Bancorp,

Inc.

2,988

142

Getty

Realty

Corp.(ö)

4,661

156

Glacier

Bancorp,

Inc.

10,614

547

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Gladstone

Commercial

Corp.(ö)

3,928

48

Gladstone

Land

Corp.(ö)

3,243

28

Global

Net

Lease,

Inc.(ö)

15,479

138

Goosehead

Insurance,

Inc.

Class

A(Æ)

1,854

90

Great

Southern

Bancorp,

Inc.

606

48

Greene

County

Bancorp,

Inc.

581

20

Greenlight

Capital

Re,

Ltd.

Class

A(Æ)

1,994

32

Grid

Dynamics

Holdings,

Inc.(Æ)

5,083

29

HA

Sustainable

Infrastructure

Capital,

Inc.

10,323

403

Hamilton

Insurance

Group,

Ltd.

Class

B

3,722

126

Hancock

Whitney

Corp.

6,631

495

Hanmi

Financial

Corp.

2,390

77

Hanover

Bancorp,

Inc.

392

9

Happen,

Inc.(Æ)

9,165

190

Hawthorn

Bancshares,

Inc.

481

19

HBT

Financial,

Inc.

1,300

42

HCI

Group,

Inc.

902

158

Heritage

Financial

Corp.

3,324

98

Heritage

Insurance

Holdings,

Inc.(Æ)

1,855

48

Highwoods

Properties,

Inc.(ö)

8,939

270

Hilltop

Holdings,

Inc.

3,217

125

Hingham

Institution

for

Savings,

The

127

39

Hippo

Holdings,

Inc.(Æ)

1,527

43

Home

Bancorp,

Inc.

512

35

Home

BancShares,

Inc.

15,117

432

HomeTrust

Bancshares,

Inc.

1,167

58

Hope

Bancorp,

Inc.

10,006

137

Horace

Mann

Educators

Corp.

3,259

168

Horizon

Bancorp,

Inc.

4,097

82

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

4,285

65

Hut

8

Corp.(Æ)

8,246

952

Hyperliquid

Strategies,

Inc.(Æ)

10,039

79

Independence

Realty

Trust,

Inc.(ö)

19,207

321

Independent

Bank

Corp.

5,525

386

Industrial

Logistics

Properties

Trust(ö)

4,538

40

Innovative

Industrial

Properties,

Inc.(ö)

2,305

143

Innventure,

Inc.(Æ)

4,464

23

International

Bancshares

Corp.

4,441

337

International

Money

Express,

Inc.(Æ)

2,130

31

InvenTrust

Properties

Corp.(ö)

6,345

225

Invesco

Mortgage

Capital,

Inc.(ö)

7,294

58

Investar

Holding

Corp.

1,021

31

Investors

Title

Co.

109

30

Isabella

Bank

Corp.

554

22

Jackson

Financial,

Inc.

Class

A

5,292

542

James

River

Group

Holdings,

Inc.

3,053

13

JBG

Smith

Properties(ö)

4,821

71

Jefferson

Capital,

Inc.

1,667

32

John

Marshall

Bancorp,

Inc.

904

20

John

Wiley

&

Sons,

Inc.

Class

A

3,157

153

Kearny

Financial

Corp.

4,359

41

Kemper

Corp.

4,776

129

Kingstone

Cos.,

Inc.

915

17

Kingsway

Corp.(Æ)

1,528

16

Kite

Realty

Group

Trust(ö)

16,550

470

KKR

Real

Estate

Finance

Trust,

Inc.(ö)

4,283

29

Ladder

Capital

Corp.

Class

A(ö)

9,171

91

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

146

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Lakeland

Financial

Corp.

1,984

122

Landmark

Bancorp,

Inc.

394

12

LCNB

Corp.

1,115

20

Legacy

Housing

Corp.(Æ)

715

19

Legalzoom.com,

Inc.(Æ)

9,034

55

Lemonade,

Inc.(Æ)

5,755

374

LendingTree,

Inc.(Æ)

866

38

Live

Oak

Bancshares,

Inc.

2,919

119

LiveRamp

Holdings,

Inc.(Æ)

5,002

188

loanDepot,

Inc.

Class

A(Æ)

6,762

8

LTC

Properties,

Inc.(ö)

3,978

153

LXP

Industrial

Trust(ö)

4,702

253

Macerich

Co.

(The)(ö)

22,879

576

MainStreet

Bancshares,

Inc.

583

14

MARA

Holdings,

Inc.(Æ)

30,978

430

Marcus

&

Millichap,

Inc.

1,740

54

Marex

Group

PLC

4,974

303

Maui

Land

&

Pineapple

Co.,

Inc.(Æ)

565

10

MBIA,

Inc.(Æ)

3,311

22

McGrath

RentCorp

1,983

240

Mechanics

Bancorp

Class

A

3,511

56

Medallion

Financial

Corp.

1,347

14

Mercantile

Bank

Corp.

1,372

79

Merchants

Bancorp

2,021

101

Mercury

General

Corp.

2,182

233

Meridian

Corp.

751

15

MetroCity

Bankshares,

Inc.

1,867

67

Metropolitan

Bank

Holding

Corp.

892

88

MFA

Financial,

Inc.(ö)

8,176

79

Miami

International

Holdings,

Inc.(Æ)

6,123

228

Mid

Penn

Bancorp,

Inc.

1,730

60

Midland

States

Bancorp,

Inc.

1,471

46

Modiv

Industrial,

Inc.(ö)

775

13

Moelis

&

Co.

Class

A

6,039

395

MVB

Financial

Corp.

847

25

National

Bank

Holdings

Corp.

Class

A

3,497

155

National

Bankshares,

Inc.

516

19

National

Health

Investors,

Inc.(ö)

3,879

296

National

Healthcare

Properties,

Inc.(ö)

3,636

53

Navient

Corp.

5,026

43

NB

Bancorp,

Inc.

3,252

69

NBT

Bancorp,

Inc.

4,144

205

Nelnet,

Inc.

Class

A

1,196

159

Neptune

Insurance

Holdings,

Inc.

Class

A(Æ)

3,049

96

NerdWallet,

Inc.

Class

A(Æ)

2,990

28

NET

Lease

Office

Properties(ö)

1,235

14

NETSTREIT

Corp.(ö)

7,931

168

New

Era

Energy

&

Digital,

Inc.(Æ)

6,424

41

Newmark

Group,

Inc.

Class

A

12,667

191

NewtekOne,

Inc.

2,038

30

NexPoint

Diversified

Real

Estate

Trust(ö)

2,998

16

Nexpoint

Real

Estate

Finance,

Inc.(ö)

633

10

NexPoint

Residential

Trust,

Inc.(ö)

1,838

51

NI

Holdings,

Inc.(Æ)

567

9

Nicolet

Bankshares,

Inc.

1,600

265

NMI

Holdings,

Inc.

Class

A(Æ)

6,146

253

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Northeast

Bank

607

80

Northeast

Community

Bancorp,

Inc.

913

25

Northfield

Bancorp,

Inc.

3,012

44

Northpointe

Bancshares,

Inc.

1,627

31

Northrim

BanCorp,

Inc.

1,768

49

Northwest

Bancshares,

Inc.

11,902

180

Norwood

Financial

Corp.

713

23

Oak

Valley

Bancorp

566

19

OceanFirst

Financial

Corp.

6,765

132

Octave

Specialty

Group,

Inc.(Æ)

2,821

18

OFG

Bancorp

3,447

169

Ohio

Valley

Banc

Corp.

315

14

Old

National

Bancorp

27,952

724

Old

Second

Bancorp,

Inc.

4,056

95

One

Liberty

Properties,

Inc.(ö)

1,398

34

Onity

Group,

Inc.(Æ)

550

22

OP

Bancorp

976

15

Open

Lending

Corp.

Class

A(Æ)

8,491

26

Oportun

Financial

Corp.(Æ)

3,289

19

OppFi,

Inc.(Æ)

2,009

20

Orange

County

Bancorp,

Inc.

1,007

37

Orchid

Island

Capital,

Inc.(ö)

16,449

115

Origin

Bancorp,

Inc.

2,413

123

Orion

Properties,

Inc.(ö)

4,297

12

Orrstown

Financial

Services,

Inc.

1,530

62

Outfront

Media,

Inc.(ö)

12,908

423

Pagseguro

Digital,

Ltd.

Class

A

13,273

120

Palomar

Holdings,

Inc.(Æ)

2,122

268

Park

Hotels

&

Resorts,

Inc.(ö)

15,104

215

Park

National

Corp.

1,357

248

Parke

Bancorp,

Inc.

718

24

Pathward

Financial,

Inc.

1,723

150

Patria

Investments,

Ltd.

Class

A

4,893

54

Paysign,

Inc.(Æ)

3,547

29

PCB

Bancorp

793

23

Peapack-Gladstone

Financial

Corp.

1,289

61

Pebblebrook

Hotel

Trust(ö)

9,080

176

Pelagos

Insurance

Capital,

Ltd.

3,518

86

PennyMac

Financial

Services,

Inc.

2,400

209

PennyMac

Mortgage

Investment

Trust(ö)

7,086

80

Peoples

Bancorp

of

North

Carolina,

Inc.

349

15

Peoples

Bancorp,

Inc.

2,849

109

Peoples

Financial

Services

Corp.

708

47

Perella

Weinberg

Partners

5,611

90

Phillips

Edison

&

Co.,

Inc.(ö)

10,297

429

Piedmont

Realty

Trust,

Inc.

Class

A(Æ)(ö)

10,150

93

Pioneer

Bancorp,

Inc.(Æ)

932

16

Piper

Sandler

Cos.

5,656

409

PJT

Partners,

Inc.

Class

A

1,970

297

Plumas

Bancorp

516

30

Ponce

Financial

Group,

Inc.(Æ)

1,498

30

Postal

Realty

Trust,

Inc.

Class

A(ö)

2,140

53

PRA

Group,

Inc.(Æ)

3,062

58

Preferred

Bank

910

97

Primis

Financial

Corp.

1,551

25

Princeton

Bancorp,

Inc.

439

17

Provident

Financial

Services,

Inc.

10,397

246

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

147

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

QCR

Holdings,

Inc.

1,330

129

Radian

Group,

Inc.

10,941

412

RBB

Bancorp

1,257

34

RE/MAX

Holdings,

Inc.

Class

A(Æ)

1,517

15

Ready

Capital

Corp.(ö)

11,763

21

Real

Brokerage,

Inc.

(The)(Æ)

12,439

23

Red

River

Bancshares,

Inc.

391

36

Redwood

Trust,

Inc.(ö)

9,654

46

Regional

Management

Corp.

691

28

Remitly

Global,

Inc.(Æ)

15,192

340

Renasant

Corp.

7,577

322

Republic

Bancorp,

Inc.

Class

A

683

62

Resolute

Holdings

Management,

Inc.(Æ)

315

46

Rhinebeck

Bancorp,

Inc.(Æ)

374

6

Richmond

Mutual

BanCorp,

Inc.

754

12

Ridgepost

Capital,

Inc.

Class

A

4,830

38

Riot

Platforms,

Inc.(Æ)

28,513

781

RLJ

Lodging

Trust(ö)

10,011

119

RMR

Group,

Inc.

(The)

Class

A

1,139

23

Roadzen,

Inc.(Æ)

3,682

5

Root,

Inc.

Class

A(Æ)

1,024

57

Ryman

Hospitality

Properties,

Inc.(ö)

5,024

646

S&T

Bancorp,

Inc.

2,961

145

Sabra

Health

Care

REIT,

Inc.(ö)

20,427

399

Safehold,

Inc.(ö)

4,549

71

Safety

Insurance

Group,

Inc.

1,176

88

Saul

Centers,

Inc.(ö)

1,065

40

Seacoast

Banking

Corp.

of

Florida

7,887

262

Seaport

Entertainment

Group,

Inc.(Æ)

618

16

Security

National

Financial

Corp.

Class

A(Æ)

1,280

12

Selective

Insurance

Group,

Inc.

4,876

473

Service

Properties

Trust(ö)

46,825

79

ServisFirst

Bancshares,

Inc.

4,198

364

Seven

Hills

Realty

Trust(ö)

1,785

15

Shore

Bancshares,

Inc.

2,507

58

Sierra

Bancorp

875

36

Silvercrest

Asset

Management

Group,

Inc.

Class

A

520

5

Simmons

First

National

Corp.

Class

A

11,759

266

SiriusPoint,

Ltd.(Æ)

8,496

204

SITE

Centers

Corp.(ö)

3,637

14

Sky

Harbour

Group

Corp.(Æ)

1,762

17

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

3,354

196

SL

Green

Realty

Corp.(ö)

5,829

302

Slide

Insurance

Holdings,

Inc.(Æ)

5,118

99

SmartFinancial,

Inc.

1,250

59

Smartstop

Self

Storage

REIT,

Inc.(ö)

4,517

147

South

Plains

Financial,

Inc.

1,254

54

Southern

First

Bancshares,

Inc.(Æ)

733

45

Southern

Missouri

Bancorp,

Inc.

773

59

Southside

Bancshares,

Inc.

2,330

82

Spire

Global,

Inc.(Æ)

2,431

45

SR

Bancorp,

Inc.

652

13

St.

Joe

Co.

(The)

3,113

195

StepStone

Group,

Inc.

Class

A

6,211

257

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Stewart

Information

Services

Corp.

2,451

162

Stock

Yards

Bancorp,

Inc.

2,130

163

StoneX

Group,

Inc.(Æ)

5,818

689

Strawberry

Fields

REIT,

Inc.(ö)

598

8

Strive,

Inc.

Class

A(Æ)

5,081

55

Summit

Hotel

Properties,

Inc.(ö)

8,355

59

Sunstone

Hotel

Investors,

Inc.(ö)

14,603

167

Tanger,

Inc.(ö)

9,177

362

Target

Hospitality

Corp.

Class

A(Æ)

3,249

66

Tejon

Ranch

Co.(Æ)

1,603

30

Terreno

Realty

Corp.(ö)

8,564

555

Texas

Capital

Bancshares,

Inc.

3,503

362

Third

Coast

Bancshares,

Inc.(Æ)

1,246

50

TIC

Solutions,

Inc.(Æ)

14,654

119

Timberland

Bancorp,

Inc.

551

25

Tiptree,

Inc.

Class

A

1,792

32

Tompkins

Financial

Corp.

1,103

104

Towne

Bank

7,080

257

TPG

Mortgage

Investment

Trust,

Inc.(ö)

2,311

18

TPG

RE

Finance

Trust,

Inc.(ö)

5,236

44

Transcontinental

Realty

Investors,

Inc.(Æ)

83

4

TriCo

Bancshares

2,397

129

Triumph

Financial,

Inc.(Æ)

1,849

141

Trupanion,

Inc.(Æ)

2,685

67

TrustCo

Bank

Corp.

1,388

76

Trustmark

Corp.

4,497

207

Two

Harbors

Investment

Corp.(ö)

8,523

106

UMB

Financial

Corp.

5,906

843

UMH

Properties,

Inc.(ö)

6,587

100

United

Bankshares,

Inc.

11,214

514

United

Community

Banks,

Inc.

9,789

344

United

Fire

Group,

Inc.

1,732

91

Unity

Bancorp,

Inc.

550

32

Universal

Health

Realty

Income

Trust(ö)

983

43

Universal

Insurance

Holdings,

Inc.

2,031

84

Univest

Financial

Corp.

2,250

98

Upstart

Holdings,

Inc.(Æ)

6,842

242

Urban

Edge

Properties(ö)

10,340

237

USCB

Financial

Holdings,

Inc.

883

18

Valley

National

Bancorp

39,128

573

Value

Line,

Inc.

65

3

Velocity

Financial,

Inc.(Æ)

928

17

Vestis

Corp.(Æ)

7,438

108

Victory

Capital

Holdings,

Inc.

Class

A

3,443

289

Virginia

National

Bankshares

Corp.

394

17

Virtus

Investment

Partners,

Inc.

513

74

WaFd,

Inc.

5,959

229

Walker

&

Dunlop,

Inc.

2,706

148

Washington

Trust

Bancorp,

Inc.

1,537

56

Waterstone

Financial,

Inc.

1,151

24

Wealthfront

Corp.(Æ)

2,646

24

Webull

Corp.(Æ)

26,867

175

WesBanco,

Inc.

7,718

301

West

BanCorp,

Inc.

1,151

31

Westamerica

BanCorp

1,914

112

Western

New

England

Bancorp,

Inc.

1,313

19

Westwood

Holdings

Group,

Inc.

617

12

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

148

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Whitestone

REIT(ö)

3,714

70

WisdomTree,

Inc.

10,901

185

World

Acceptance

Corp.(Æ)

179

40

WSFS

Financial

Corp.

4,242

325

Xenia

Hotels

&

Resorts,

Inc.(ö)

7,502

153

Z

Squared,

Inc.(Æ)

3,511

37

64,418

Health

Care

-

19.6%

10X

Genomics,

Inc.

Class

A(Æ)

9,524

365

4D

Molecular

Therapeutics,

Inc.(Æ)

3,651

49

Abeona

Therapeutics,

Inc.(Æ)

3,618

22

Absci

Corp.(Æ)

11,053

128

Acadia

Healthcare

Co.,

Inc.(Æ)

7,438

220

Acadia

Pharmaceuticals,

Inc.(Æ)

10,297

260

Accendra

Health,

Inc.(Æ)

6,246

21

Achieve

Life

Sciences,

Inc.(Æ)

6,224

41

Aclaris

Therapeutics,

Inc.(Æ)

9,467

50

Acumen

Pharmaceuticals,

Inc.(Æ)

3,779

10

AdaptHealth

Corp.(Æ)

8,228

86

Adaptive

Biotechnologies

Corp.(Æ)

12,319

264

ADC

Therapeutics

SA(Æ)

6,000

6

Addus

HomeCare

Corp.(Æ)

1,487

149

ADMA

Biologics,

Inc.(Æ)

18,450

154

Agenus,

Inc.(Æ)

3,181

10

agilon

health,

Inc.(Æ)

996

107

Agios

Pharmaceuticals,

Inc.(Æ)

4,725

175

AirSculpt

Technologies,

Inc.(Æ)

1,056

5

Akebia

Therapeutics,

Inc.(Æ)

18,666

21

Aktis

Oncology,

Inc.(Æ)

1,551

50

Alamar

Biosciences,

Inc.(Æ)

1,063

29

Alector,

Inc.(Æ)

6,602

13

Alignment

Healthcare,

Inc.(Æ)

16,331

389

Alkermes

PLC(Æ)

13,395

702

Allogene

Therapeutics,

Inc.(Æ)

21,225

44

Alpha

Teknova,

Inc.(Æ)

899

5

Alphatec

Holdings,

Inc.(Æ)

9,916

86

Altimmune,

Inc.(Æ)

15,867

48

Alto

Neuroscience,

Inc.(Æ)

2,094

55

Alumis,

Inc.(Æ)

6,293

177

ALX

Oncology

Holdings,

Inc.(Æ)

8,628

18

Amneal

Pharmaceuticals,

Inc.(Æ)

13,634

236

Amphastar

Pharmaceuticals,

Inc.(Æ)

2,600

52

Amylyx

Pharmaceuticals,

Inc.(Æ)

7,341

132

AN2

Therapeutics,

Inc.(Æ)

2,112

10

AnaptysBio,

Inc.(Æ)

1,572

106

Anavex

Life

Sciences

Corp.(Æ)

6,340

16

AngioDynamics,

Inc.(Æ)

2,769

36

ANI

Pharmaceuticals,

Inc.(Æ)

1,642

136

Anika

Therapeutics,

Inc.(Æ)

1,032

15

Annexon,

Inc.(Æ)

12,409

71

Anteris

Technologies

Global

Corp.(Æ)

6,528

64

Apogee

Therapeutics,

Inc.(Æ)

3,606

479

Aquestive

Therapeutics,

Inc.(Æ)

8,625

36

Arbutus

Biopharma

Corp.(Æ)

12,862

62

Arcturus

Therapeutics

Holdings,

Inc.(Æ)

2,096

14

Arcus

Biosciences,

Inc.(Æ)

7,148

220

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Arcutis

Biotherapeutics,

Inc.(Æ)

9,141

240

Ardelyx,

Inc.(Æ)

19,529

100

Ardent

Health,

Inc.(Æ)

1,920

19

Armata

Pharmaceuticals,

Inc.(Æ)

969

6

ArriVent

Biopharma,

Inc.(Æ)

3,024

105

ARS

Pharmaceuticals,

Inc.(Æ)

4,569

37

Artiva

Biotherapeutics,

Inc.(Æ)

370

4

Artivion,

Inc.(Æ)

3,656

82

Arvinas,

Inc.(Æ)

4,749

39

Assembly

Biosciences,

Inc.(Æ)

788

22

Astrana

Health,

Inc.(Æ)

3,647

169

AtaiBeckley,

Inc.(Æ)

25,622

135

Atea

Pharmaceuticals,

Inc.(Æ)

5,537

26

AtriCure,

Inc.(Æ)

3,990

112

Atrium

Therapeutics,

Inc.(Æ)

898

12

Aura

Biosciences,

Inc.(Æ)

3,252

23

Aurinia

Pharmaceuticals,

Inc.(Æ)

9,536

162

Avalo

Therapeutics,

Inc.(Æ)

3,341

62

Avalyn

Pharma,

Inc.(Æ)

1,369

45

Avanos

Medical,

Inc.(Æ)

3,652

91

Aveanna

Healthcare

Holdings,

Inc.(Æ)

6,253

54

Axogen,

Inc.(Æ)

4,199

194

Azenta,

Inc.(Æ)

3,359

86

Beam

Therapeutics,

Inc.(Æ)

7,920

272

Benitec

Biopharma,

Inc.(Æ)

1,698

23

Beta

Bionics,

Inc.(Æ)

3,039

48

Bicara

Therapeutics,

Inc.(Æ)

3,531

105

BioAge

Labs,

Inc.(Æ)

2,803

69

BioCryst

Pharmaceuticals,

Inc.(Æ)

18,611

186

Biohaven,

Ltd.(Æ)

10,679

159

BioLife

Solutions,

Inc.(Æ)

3,408

96

Bioventus,

Inc.

Class

A(Æ)

3,501

33

Black

Diamond

Therapeutics,

Inc.(Æ)

3,774

7

Bright

Minds

Biosciences,

Inc.(Æ)

588

41

BrightSpring

Health

Services,

Inc.(Æ)

13,065

911

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

19,196

309

Butterfly

Network,

Inc.(Æ)

16,817

142

C4

Therapeutics,

Inc.(Æ)

8,105

38

Cabaletta

Bio,

Inc.(Æ)

9,002

28

CAMP4

Therapeutics

Corp.(Æ)

2,529

11

Candel

Therapeutics,

Inc.(Æ)

5,062

52

Canton

Strategic

Holdings,

Inc.(Æ)

3,546

10

Capricor

Therapeutics,

Inc.(Æ)

4,295

103

CapsoVision,

Inc.(Æ)

2,771

21

CareDx,

Inc.(Æ)

4,095

117

Caribou

Biosciences,

Inc.(Æ)

7,299

13

Carlsmed,

Inc.(Æ)

582

6

Cartesian

Therapeutics,

Inc.(Æ)

767

8

Castle

Biosciences,

Inc.(Æ)

2,386

57

Catalyst

Pharmaceuticals,

Inc.(Æ)

9,414

296

Celcuity,

Inc.(Æ)

3,056

320

Celldex

Therapeutics,

Inc.(Æ)

6,230

232

Century

Therapeutics,

Inc.(Æ)

9,855

24

Ceribell,

Inc.(Æ)

2,064

40

Certara,

Inc.(Æ)

9,284

61

Cerus

Corp.(Æ)

15,881

46

CG

Oncology,

Inc.(Æ)

5,886

418

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

149

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Claritev

Corp.(Æ)

778

27

ClearPoint

Neuro,

Inc.(Æ)

2,158

38

Climb

Bio,

Inc.(Æ)

2,817

37

Clover

Health

Investments

Corp.(Æ)

33,578

176

Cogent

Biosciences,

Inc.(Æ)

13,326

516

Coherus

Oncology,

Inc.(Æ)

8,784

12

Collegium

Pharmaceutical,

Inc.(Æ)

2,631

95

Community

Health

Systems,

Inc.(Æ)

9,767

33

Compass

Therapeutics,

Inc.(Æ)

9,700

21

Concentra

Group

Holdings

Parent,

Inc.

9,442

281

CONMED

Corp.

2,464

81

Connect

Biopharma

Holdings,

Ltd.(Æ)

1,195

3

Context

Therapeutics,

Inc.(Æ)

7,450

4

Contineum

Therapeutics,

Inc.

Class

A(Æ)

2,140

35

Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)

1,314

12

CorMedix,

Inc.(Æ)

5,497

43

CorVel

Corp.(Æ)

2,356

147

Corvus

Pharmaceuticals,

Inc.(Æ)

5,406

81

Crescent

Biopharma,

Inc.(Æ)

1,726

31

Crinetics

Pharmaceuticals,

Inc.(Æ)

8,288

310

CRISPR

Therapeutics

AG(Æ)

7,450

406

Cullinan

Therapeutics,

Inc.(Æ)

4,826

88

CVRx,

Inc.(Æ)

1,331

7

Cytek

Biosciences,

Inc.(Æ)

9,117

40

Cytokinetics,

Inc.(Æ)

10,567

900

CytomX

Therapeutics,

Inc.(Æ)

14,234

53

Damora

Therapeutics,

Inc.(Æ)

4,262

111

Definium

Therapeutics,

Inc.(Æ)

10,400

489

Delcath

Systems,

Inc.(Æ)

2,231

28

Denali

Therapeutics,

Inc.(Æ)

11,759

302

Dentsply

Sirona,

Inc.

16,366

174

Design

Therapeutics,

Inc.(Æ)

2,457

36

DiaMedica

Therapeutics,

Inc.(Æ)

2,671

19

Dianthus

Therapeutics,

Inc.(Æ)

3,772

368

Disc

Medicine,

Inc.(Æ)

2,256

165

Dyne

Therapeutics,

Inc.(Æ)

10,909

242

Edgewise

Therapeutics,

Inc.(Æ)

5,720

232

Editas

Medicine,

Inc.(Æ)

6,990

23

Eikon

Therapeutics,

Inc.(Æ)

1,740

23

Electromed,

Inc.(Æ)

490

21

Eledon

Pharmaceuticals,

Inc.(Æ)

6,168

24

Elicio

Therapeutics,

Inc.(Æ)

1,033

4

Embecta

Corp.

4,537

15

Emergent

BioSolutions,

Inc.(Æ)

3,778

32

Enanta

Pharmaceuticals,

Inc.(Æ)

2,263

33

Enliven

Therapeutics,

Inc.(Æ)

3,416

173

Enovis

Corp.(Æ)

4,655

96

Entrada

Therapeutics,

Inc.(Æ)

2,155

16

Erasca,

Inc.(Æ)

15,988

293

Esperion

Therapeutics,

Inc.(Æ)

20,183

64

Establishment

Labs

Holdings,

Inc.(Æ)

2,166

186

ETON

Pharmaceuticals,

Inc.(Æ)

2,118

77

Evolus,

Inc.(Æ)

4,748

33

Evommune,

Inc.(Æ)

1,013

13

EyePoint,

Inc.(Æ)

6,174

88

Fennec

Pharmaceuticals,

Inc.(Æ)

1,942

21

First

Tracks

Biotherapeutics,

Inc.(Æ)

1,860

37

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Foghorn

Therapeutics

Inc.(Æ)

2,713

13

Forte

Biosciences,

Inc.(Æ)

1,535

33

Fortrea

Holdings,

Inc.(Æ)

7,718

134

Fulcrum

Therapeutics,

Inc.(Æ)

4,738

17

Fulgent

Genetics,

Inc.(Æ)

1,603

33

Galectin

Therapeutics,

Inc.(Æ)

3,832

18

GeneDx

Holdings

Corp.(Æ)

1,596

110

Generate

Biomedicines,

Inc.(Æ)

1,952

33

Geron

Corp.(Æ)

44,403

57

Ginkgo

Bioworks

Holdings,

Inc.(Æ)

3,803

38

Glaukos

Corp.(Æ)

4,613

645

GRAIL,

Inc.(Æ)

3,286

224

Greenwich

LifeSciences,

Inc.(Æ)

505

12

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

1,676

70

Gyre

Therapeutics,

Inc.(Æ)

1,124

7

Haemonetics

Corp.(Æ)

3,773

283

Harmony

Biosciences

Holdings,

Inc.(Æ)

3,609

131

Harrow,

Inc.(Æ)

2,586

110

HealthEquity,

Inc.(Æ)

6,779

612

HeartFlow,

Inc.(Æ)

6,422

188

Heron

Therapeutics,

Inc.(Æ)

12,671

5

Hinge

Health,

Inc.

Class

A(Æ)

3,340

277

Hyperfine,

Inc.(Æ)

6,260

8

ICU

Medical,

Inc.(Æ)

1,972

289

IDEAYA

Biosciences,

Inc.(Æ)

6,705

250

Immix

Biopharma,

Inc.(Æ)

3,284

34

Immuneering

Corp.

Class

A(Æ)

4,287

21

ImmunityBio,

Inc.(Æ)

30,933

271

Immunome,

Inc.(Æ)

8,429

179

Immunovant,

Inc.(Æ)

6,818

263

Indivior

Pharmaceuticals,

Inc.(Æ)

9,587

393

InfuSystem

Holdings,

Inc.(Æ)

1,541

15

Inhibikase

Therapeutics,

Inc.(Æ)

9,682

20

Inhibrx

Biosciences,

Inc.(Æ)

750

71

InnovAge

Holding

Corp.(Æ)

1,676

20

Innoviva,

Inc.(Æ)

6,043

137

Inogen,

Inc.(Æ)

1,970

13

Inspire

Medical

Systems,

Inc.(Æ)

2,321

104

Integer

Holdings

Corp.(Æ)

2,744

256

Integra

LifeSciences

Holdings

Corp.(Æ)

5,472

98

Intellia

Therapeutics,

Inc.(Æ)

10,808

183

Invivyd,

Inc.(Æ)

16,822

15

Iovance

Biotherapeutics,

Inc.(Æ)

31,751

132

iRadimed

Corp.

676

65

IRhythm

Holdings,

Inc.(Æ)

2,642

314

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

13,084

55

Jade

Biosciences,

Inc.(Æ)

2,599

58

Janux

Therapeutics,

Inc.(Æ)

3,261

50

Kailera

Therapeutics,

Inc.(Æ)

3,673

81

Karyopharm

Therapeutics,

Inc.(Æ)

1,592

16

Keros

Therapeutics,

Inc.(Æ)

2,313

25

Kestra

Medical

Technologies,

Ltd.(Æ)

2,107

54

Kiniksa

Pharmaceuticals

International

PLC(Æ)

3,384

216

Kodiak

Sciences,

Inc.(Æ)

3,141

122

Korro

Bio,

Inc.(Æ)

881

12

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

150

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

KORU

Medical

Systems,

Inc.(Æ)

3,518

15

Krystal

Biotech,

Inc.(Æ)

2,088

776

Kura

Oncology,

Inc.(Æ)

6,804

75

Kymera

Therapeutics,

Inc.(Æ)

4,993

573

Kyverna

Therapeutics,

Inc.(Æ)

3,355

30

Lantheus

Holdings,

Inc.(Æ)

5,215

579

Larimar

Therapeutics,

Inc.(Æ)

5,323

16

LB

Pharmaceuticals,

Inc.(Æ)

1,788

58

LeMaitre

Vascular,

Inc.

1,743

167

LENZ

Therapeutics,

Inc.(Æ)

1,331

8

Lexeo

Therapeutics,

Inc.(Æ)

4,991

23

Lexicon

Pharmaceuticals,

Inc.(Æ)

19,902

48

Lifecore

Biomedical,

Inc.(Æ)

2,286

12

LifeStance

Health

Group,

Inc.(Æ)

15,316

164

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

1,600

506

Lineage

Cell

Therapeutics,

Inc.(Æ)

14,737

19

Liquidia

Corp.(Æ)

5,637

449

LivaNova

PLC(Æ)

4,491

369

Lucid

Diagnostics,

Inc.(Æ)

11,891

13

Lumexa

Imaging

Holdings,

Inc.(Æ)

1,911

22

Lyell

Immunopharma,

Inc.(Æ)

752

11

MacroGenics,

Inc.(Æ)

5,017

23

MannKind

Corp.(Æ)

24,591

105

MapLight

Therapeutics,

Inc.(Æ)

834

30

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)

9,014

56

Maze

Therapeutics,

Inc.(Æ)

2,804

84

MBX

Biosciences,

Inc.(Æ)

2,473

136

MediWound,

Ltd.(Æ)

639

9

MeiraGTx

Holdings

PLC(Æ)

4,799

65

Merit

Medical

Systems,

Inc.(Æ)

4,779

331

MiMedx

Group,

Inc.(Æ)

9,177

35

Mineralys

Therapeutics,

Inc.(Æ)

4,582

124

Minerva

Neurosciences,

Inc.(Æ)

2,722

15

Minimed

Group,

Inc.(Æ)

2,294

34

Mirum

Pharmaceuticals,

Inc.(Æ)

3,796

444

Monopar

Therapeutics,

Inc.(Æ)

337

31

Monte

Rosa

Therapeutics,

Inc.(Æ)

5,914

143

Myriad

Genetics,

Inc.(Æ)

6,936

40

National

HealthCare

Corp.

1,039

220

Nautilus

Biotechnology,

Inc.(Æ)

3,976

7

Nektar

Therapeutics(Æ)

2,749

192

Neogen

Corp.(Æ)

17,715

159

NeoGenomics,

Inc.(Æ)

10,527

154

Neumora

Therapeutics,

Inc.(Æ)

8,206

14

Neurogene,

Inc.(Æ)

815

26

NeuroPace,

Inc.(Æ)

1,991

32

Niagen

Bioscience,

Inc.(Æ)

4,325

14

Nkarta,

Inc.(Æ)

3,234

9

Novavax,

Inc.(Æ)

12,173

115

Novocure,

Ltd.(Æ)

8,531

129

Nurix

Therapeutics,

Inc.(Æ)

7,654

186

Nuvalent,

Inc.

Class

A(Æ)

4,297

531

Nuvation

Bio,

Inc.(Æ)

20,175

115

Nuvectis

Pharma,

Inc.(Æ)

1,374

25

Ocugen,

Inc.(Æ)

27,329

42

Ocular

Therapeutix,

Inc.(Æ)

16,458

162

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Olema

Pharmaceuticals,

Inc.(Æ)

6,263

78

Omada

Health,

Inc.(Æ)

2,843

62

Omeros

Corp.(Æ)

5,765

55

OmniAb,

Inc.(Æ)

8,309

20

Omnicell,

Inc.(Æ)

3,636

151

Oncology

Institute,

Inc.

(The)(Æ)

6,117

33

OnKure

Therapeutics,

Inc.

Class

A(Æ)

2,096

10

OPKO

Health,

Inc.(Æ)

31,816

48

Option

Care

Health,

Inc.(Æ)

12,768

268

Opus

Genetics,

Inc.(Æ)

4,282

18

Oramed

Pharmaceuticals,

Inc.

2,721

13

OraSure

Technologies,

Inc.(Æ)

5,406

24

Orchestra

BioMed

Holdings,

Inc.(Æ)

3,187

14

Organogenesis

Holdings,

Inc.(Æ)

5,657

14

ORIC

Pharmaceuticals,

Inc.(Æ)

5,988

65

Orthofix

Medical,

Inc.(Æ)

2,938

27

OrthoPediatrics

Corp.(Æ)

1,249

24

Oruka

Therapeutics,

Inc.(Æ)

4,012

382

Oscar

Health,

Inc.

Class

A(Æ)

19,271

550

Ovid

Therapeutics,

Inc.(Æ)

12,220

33

Pacific

Biosciences

of

California,

Inc.(Æ)

21,340

36

Pacira

BioSciences,

Inc.(Æ)

3,166

80

PACS

Group,

Inc.(Æ)

3,723

159

Palisade

Bio,

Inc.(Æ)

11,770

25

Palvella

Therapeutics,

Inc.(Æ)

875

134

Pediatrix

Medical

Group,

Inc.(Æ)

6,662

169

Pennant

Group,

Inc.

(The)(Æ)

2,722

101

Perrigo

Co.

PLC

11,263

117

Personalis,

Inc.(Æ)

5,429

73

Perspective

Therapeutics,

Inc.(Æ)

8,258

28

Phathom

Pharmaceuticals,

Inc.(Æ)

3,927

43

Phibro

Animal

Health

Corp.

Class

A

1,671

52

Phreesia,

Inc.(Æ)

4,200

43

Praxis

Precision

Medicines,

Inc.(Æ)

2,005

671

Precigen,

Inc.(Æ)

15,427

88

Precision

BioSciences,

Inc.(Æ)

1,918

15

Prelude

Therapeutics,

Inc.(Æ)

2,220

12

Prestige

Consumer

Healthcare,

Inc.(Æ)

3,834

181

Prime

Medicine,

Inc.(Æ)

6,345

23

Privia

Health

Group,

Inc.(Æ)

9,664

249

PROCEPT

BioRobotics

Corp.(Æ)

4,478

101

Progyny,

Inc.(Æ)

5,434

157

ProKidney

Corp.(Æ)

6,050

12

Protagonist

Therapeutics,

Inc.(Æ)

4,921

603

Protalix

BioTherapeutics,

Inc.(Æ)

5,776

13

Protara

Therapeutics,

Inc.(Æ)

4,184

16

Prothena

Corp.

PLC(Æ)

3,211

31

PTC

Therapeutics,

Inc.(Æ)

6,627

541

Pulse

Biosciences,

Inc.(Æ)

1,482

41

Puma

Biotechnology,

Inc.(Æ)

3,114

25

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

1,682

94

Quanterix

Corp.(Æ)

3,375

15

QuidelOrtho

Corp.(Æ)

5,501

96

RadNet,

Inc.(Æ)

5,693

351

Rapport

Therapeutics,

Inc.(Æ)

2,448

102

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

40,867

150

REGENXBIO,

Inc.(Æ)

3,627

43

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

151

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Relay

Therapeutics,

Inc.(Æ)

12,911

242

Relmada

Therapeutics,

Inc.(Æ)

7,562

52

Replimune

Group,

Inc.(Æ)

6,328

70

Rezolute,

Inc.(Æ)

6,246

32

Rhythm

Pharmaceuticals,

Inc.(Æ)

4,399

488

Rigel

Pharmaceuticals,

Inc.(Æ)

1,365

53

Rocket

Pharmaceuticals,

Inc.(Æ)

6,252

21

RxSight,

Inc.(Æ)

2,761

13

SAB

Biotherapeutics,

Inc.(Æ)

3,472

14

Sagimet

Biosciences,

Inc.

Class

A(Æ)

4,699

36

Sana

Biotechnology,

Inc.(Æ)

14,665

51

Sanara

Medtech,

Inc.(Æ)

252

6

Sarepta

Therapeutics,

Inc.(Æ)

8,318

149

Savara,

Inc.(Æ)

12,234

75

SBC

Medical

Group

Holdings,

Inc.(Æ)

468

1

Scholar

Rock

Holding

Corp.(Æ)

8,941

492

Schrodinger,

Inc.(Æ)

4,624

75

SELLAS

Life

Sciences

Group,

Inc.(Æ)

15,118

223

Senseonics

Holdings,

Inc.(Æ)

3,146

18

Septerna,

Inc.(Æ)

1,768

59

Shattuck

Labs,

Inc.(Æ)

4,897

34

Shoulder

Innovations,

Inc.(Æ)

840

17

SI-BONE,

Inc.(Æ)

3,512

57

SIGA

Technologies,

Inc.

3,402

12

Sionna

Therapeutics,

Inc.(Æ)

1,468

65

Solid

Biosciences

Inc.(Æ)

6,286

63

Sonida

Senior

Living,

Inc.(Æ)

2,307

94

Spruce

Biosciences,

Inc.(Æ)

217

12

SpyGlass

Pharma,

Inc.(Æ)

886

20

Spyre

Therapeutics,

Inc.(Æ)

5,948

528

STAAR

Surgical

Co.(Æ)

2,711

78

Stereotaxis,

Inc.(Æ)

4,743

8

Stoke

Therapeutics,

Inc.(Æ)

4,400

144

Supernus

Pharmaceuticals,

Inc.(Æ)

4,484

209

Surgery

Partners,

Inc.(Æ)

6,388

107

Surrozen,

Inc.(Æ)

587

15

Sutro

Biopharma,

Inc.(Æ)

1,275

42

Syndax

Pharmaceuticals,

Inc.(Æ)

7,120

156

Tactile

Systems

Technology,

Inc.(Æ)

1,828

54

Talkspace,

Inc.(Æ)

11,485

60

Tandem

Diabetes

Care,

Inc.(Æ)

5,579

84

Tango

Therapeutics,

Inc.(Æ)

11,242

351

Tarsus

Pharmaceuticals,

Inc.(Æ)

3,343

210

Taysha

Gene

Therapies,

Inc.(Æ)

19,172

131

Tectonic

Therapeutic,

Inc.(Æ)

832

29

Teladoc

Health,

Inc.(Æ)

14,566

123

Tenax

Therapeutics,

Inc.(Æ)

2,009

29

TG

Therapeutics,

Inc.(Æ)

11,632

639

Theravance

Biopharma,

Inc.(Æ)

3,223

55

Tonix

Pharmaceuticals

Holding

Corp.(Æ)

1,163

15

TransMedics

Group,

Inc.(Æ)

2,743

182

Travere

Therapeutics,

Inc.(Æ)

7,147

406

Trevi

Therapeutics,

Inc.(Æ)

8,563

160

TriSalus

Life

Sciences,

Inc.(Æ)

3,824

17

TruBridge,

Inc.(Æ)

860

23

Twist

Bioscience

Corp.(Æ)

4,965

511

Tyra

Biosciences,

Inc.(Æ)

2,934

94

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

UFP

Technologies,

Inc.(Æ)

607

161

Ultragenyx

Pharmaceutical,

Inc.(Æ)

7,725

258

Unicycive

Therapeutics,

Inc.(Æ)

1,953

9

Upstream

Bio,

Inc.(Æ)

2,536

18

UroGen

Pharma,

Ltd.(Æ)

3,386

125

US

Physical

Therapy,

Inc.

1,211

83

Utah

Medical

Products,

Inc.

256

18

Vanda

Pharmaceuticals,

Inc.(Æ)

4,239

26

Varex

Imaging

Corp.(Æ)

3,181

33

Vaxcyte,

Inc.(Æ)

10,531

612

Vera

Therapeutics,

Inc.(Æ)

5,085

218

Veracyte,

Inc.(Æ)

6,472

380

VeraDermics,

Inc.(Æ)

1,741

214

Verastem,

Inc.(Æ)

6,378

24

Vericel

Corp.(Æ)

4,115

183

Viemed

Healthcare,

Inc.(Æ)

2,601

30

Vir

Biotechnology,

Inc.(Æ)

9,825

100

Viridian

Therapeutics,

Inc.(Æ)

7,215

133

Vor

BioPharma,

Inc.(Æ)

3,256

60

Voyager

Therapeutics,

Inc.(Æ)

3,858

13

WaVe

Life

Sciences,

Ltd.(Æ)

11,023

64

Waystar

Holding

Corp.(Æ)

8,949

184

Whitehawk

Therapeutics,

Inc.(Æ)

2,594

12

X4

Pharmaceuticals,

Inc.(Æ)

6,449

30

Xencor,

Inc.(Æ)

5,557

89

Xenon

Pharmaceuticals,

Inc.(Æ)

7,847

474

Xeris

Biopharma

Holdings,

Inc.(Æ)

13,704

108

XOMA

Royalty

Corp.(Æ)

704

30

Zenas

Biopharma,

Inc.(Æ)

2,273

58

Zentalis

Pharmaceuticals,

Inc.(Æ)

4,000

19

Zevra

Therapeutics,

Inc.(Æ)

4,706

67

Zura

Bio,

Ltd.(Æ)

4,714

28

Zymeworks,

Inc.(Æ)

3,682

96

50,686

Materials

and

Processing

-

6.1%

AdvanSix,

Inc.

2,002

40

Airjoule

Technologies

Corp.(Æ)

1,780

10

American

Battery

Technology

Co.(Æ)

10,333

29

Ampco-Pittsburgh

Corp.(Æ)

1,296

11

Apogee

Enterprises,

Inc.

1,697

78

Ardagh

Metal

Packaging

SA

11,329

54

Ashland,

Inc.

3,716

245

Aspen

Aerogels,

Inc.(Æ)

4,802

30

Avient

Corp.

7,471

276

Balchem

Corp.

2,612

441

Belden,

Inc.

3,151

378

Boise

Cascade

Co.

2,907

226

BrightView

Holdings,

Inc.

5,682

81

Cabot

Corp.

4,179

380

Caledonia

Mining

Corp.

PLC

1,257

24

Calumet,

Inc.(Æ)

5,522

199

Century

Aluminum

Co.(Æ)

5,609

258

Chemours

Co.

(The)

12,294

252

Clearwater

Paper

Corp.(Æ)

1,309

21

Codexis,

Inc.(Æ)

6,781

15

Commercial

Metals

Co.

9,028

567

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

152

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Compass

Minerals

International,

Inc.(Æ)

2,566

80

CompX

International,

Inc.

127

3

Constellium

SE(Æ)

10,837

345

Contango

Silver

&

Gold,

Inc.(Æ)

2,103

33

Core

Molding

Technologies,

Inc.(Æ)

588

14

Critical

Metals

Corp.(Æ)

5,423

56

Dakota

Gold

Corp.(Æ)

9,317

40

Ecovyst,

Inc.(Æ)

8,829

110

Elemental

Royalty

Corp.

2,856

50

EVI

Industries,

Inc.

419

6

Ferroglobe

PLC

9,269

29

FMC

Corp.

10,180

117

Friedman

Industries,

Inc.

551

18

FutureFuel

Corp.

2,086

9

Gibraltar

Industries,

Inc.(Æ)

2,412

109

Global

Industrial

Co.

1,094

37

Gold

Resource

Corp.(Æ)

13,189

17

Gold.com,

Inc.

1,597

66

Greif,

Inc.

Class

A

1,959

146

Greif,

Inc.

Class

B

354

33

Griffon

Corp.

3,105

303

H.B.

Fuller

Co.

4,463

260

Hawkins,

Inc.

1,571

223

Healthcare

Services

Group,

Inc.(Æ)

5,547

136

Hudson

Technologies,

Inc.(Æ)

3,224

18

Huntsman

Corp.

13,441

143

Hycroft

Mining

Holding

Corp.

Class

A(Æ)

4,365

102

Idaho

Strategic

Resources,

Inc.(Æ)

1,227

40

Ingevity

Corp.(Æ)

2,853

213

Innospec,

Inc.

2,017

164

Installed

Building

Products,

Inc.

1,909

439

Insteel

Industries,

Inc.

1,451

44

Interface,

Inc.

Class

A

4,675

168

Intrepid

Potash,

Inc.(Æ)

819

27

Ivanhoe

Electric,

Inc.(Æ)

9,707

93

Kaiser

Aluminum

Corp.

1,319

258

Karat

Packaging,

Inc.

635

21

Knife

River

Corp.(Æ)

4,644

388

Koppers

Holdings,

Inc.

1,399

63

Kronos

Worldwide,

Inc.

1,808

11

LB

Foster

Co.

Class

A(Æ)

766

35

Legence

Corp.

Class

A(Æ)

4,694

400

Lightwave

Logic,

Inc.(Æ)

12,841

121

LSB

Industries,

Inc.(Æ)

4,800

52

LSI

Industries,

Inc.

2,683

71

Magnera

Corp.(Æ)

2,481

29

Masterbrand,

Inc.(Æ)

16,270

167

Mativ

Holdings,

Inc.

4,195

32

McEwen,

Inc.(Æ)

4,181

76

Metallus,

Inc.(Æ)

2,938

55

Minerals

Technologies,

Inc.

2,516

186

Mueller

Water

Products,

Inc.

Class

A

12,582

325

Myers

Industries,

Inc.

3,033

107

NioCorp

Developments,

Ltd.(Æ)

11,445

55

NL

Industries,

Inc.

698

4

NovaGold

Resources,

Inc.(Æ)

27,930

167

NWPX

Infrastructure,

Inc.(Æ)

762

114

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

O-I

Glass,

Inc.(Æ)

12,449

120

Oil-Dri

Corp.

of

America

799

82

Omega

Flex,

Inc.

295

9

OPENLANE,

Inc.(Æ)

8,544

352

Orion

SA

4,105

27

Perimeter

Solutions,

Inc.(Æ)

12,166

434

Perpetua

Resources

Corp.(Æ)

6,868

143

Quaker

Chemical

Corp.

1,115

177

Ranpak

Holdings

Corp.(Æ)

3,401

25

Rayonier

Advanced

Materials,

Inc.(Æ)

4,910

39

Realloys,

Inc.(Æ)

4,544

66

Resideo

Technologies,

Inc.(Æ)

11,004

342

Rogers

Corp.(Æ)

1,450

237

Rush

Enterprises,

Inc.

Class

A

4,927

360

Rush

Enterprises,

Inc.

Class

B

750

57

ScanSource,

Inc.(Æ)

1,732

90

Sensient

Technologies

Corp.

3,449

425

Silver

Bow

Mining

Corp.(Æ)

426

3

SmartRent,

Inc.(Æ)

13,741

16

Smith-Midland

Corp.(Æ)

226

7

SSR

Mining,

Inc.(Æ)

17,615

498

Stepan

Co.

1,757

98

Sylvamo

Corp.

2,706

102

Tecnoglass,

Inc.

2,016

94

ThredUp,

Inc.

Class

A(Æ)

8,415

58

Titan

America

SA

1,852

35

Tredegar

Corp.(Æ)

2,212

18

TriMas

Corp.

2,358

106

Tronox

Holdings

PLC

Class

A

9,498

60

U.S.

GoldMining

Inc.(Æ)

135

1

UFP

Industries,

Inc.

4,576

415

United

States

Lime

&

Minerals,

Inc.

878

92

Ur-Energy

Inc.(Æ)

30,444

41

US

Gold

Corp.(Æ)

912

14

USA

Rare

Earth,

Inc.(Æ)

15,541

335

Valhi,

Inc.

201

3

Vista

Gold

Corp.(Æ)

11,558

22

Vox

Royalty

Corp.

4,993

24

VSE

Corp.

2,258

516

Worthington

Enterprises,

Inc.

2,504

135

Worthington

Steel,

Inc.

2,670

90

15,811

Producer

Durables

-

14.2%

908

Devices,

Inc.(Æ)

2,268

20

AAR

Corp.(Æ)

3,199

457

ABM

Industries,

Inc.

4,726

209

Acacia

Research

Corp.(Æ)

2,833

13

ACCO

Brands

Corp.

6,658

28

Adient

PLC(Æ)

6,346

117

Advantage

Solutions

Inc.(Æ)

312

14

Aebi

Schmidt

Holding

AG

2,884

36

Aeva

Technologies,

Inc.(Æ)

2,538

73

Alamo

Group,

Inc.

846

139

Alarm.com

Holdings,

Inc.(Æ)

3,830

179

Albany

International

Corp.

Class

A

2,314

172

Allegiant

Travel

Co.

Class

A(Æ)

1,949

229

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

153

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Allient,

Inc.

1,189

122

Alta

Equipment

Group,

Inc.(Æ)

1,683

11

American

Superconductor

Corp.(Æ)

3,765

156

AMN

Healthcare

Services,

Inc.(Æ)

3,147

102

Amprius

Technologies,

Inc.(Æ)

11,002

152

ArcBest

Corp.

1,787

257

Arcosa,

Inc.

3,963

576

Ardmore

Shipping

Corp.

2,863

40

Argan,

Inc.

1,099

878

Arhaus,

Inc.

3,898

33

Astec

Industries,

Inc.

1,856

114

Astronics

Corp.(Æ)

2,561

208

AZZ,

Inc.

2,410

374

Babcock

&

Wilcox

Enterprises,

Inc.(Æ)

10,719

151

Badger

Meter,

Inc.

2,382

353

Barrett

Business

Services,

Inc.

1,842

65

Blue

Bird

Corp.(Æ)

2,547

201

Bowman

Consulting

Group,

Ltd.(Æ)

1,066

31

Brink's

Co.

(The)

3,344

316

Bristow

Group,

Inc.

2,106

87

Cactus,

Inc.

Class

A

5,640

289

Cardinal

Infrastructure

Group,

Inc.

Class

A(Æ)

1,358

128

Casella

Waste

Systems,

Inc.

Class

A(Æ)

5,108

495

CBIZ,

Inc.(Æ)

3,935

126

CECO

Environmental

Corp.(Æ)

4,214

382

Centuri

Holdings,

Inc.(Æ)

7,082

214

Chaince

Digital

Holdings,

Inc.(Æ)

5,309

23

Champion

Homes,

Inc.(Æ)

4,459

393

Cimpress

PLC(Æ)

1,363

139

Clean

Energy

Fuels

Corp.(Æ)

13,217

27

Columbus

McKinnon

Corp.

2,194

33

Commercial

Vehicle

Group,

Inc.(Æ)

2,487

12

Concrete

Pumping

Holdings,

Inc.(Æ)

1,875

23

Construction

Partners,

Inc.

Class

A(Æ)

3,864

459

CoreCivic,

Inc.(Æ)

7,861

239

Costamare

Bulkers

Holdings,

Ltd.(Æ)

714

13

Costamare,

Inc.

3,601

50

Covenant

Logistics

Group,

Inc.

Class

A

1,240

55

CPI

Card

Group,

Inc.(Æ)

489

10

CRA

International,

Inc.

504

72

Cross

Country

Healthcare,

Inc.(Æ)

2,380

31

CryoPort,

Inc.(Æ)

3,716

58

CSW

Industrials,

Inc.

1,299

362

Custom

Truck

One

Source,

Inc.(Æ)

4,599

54

Deluxe

Corp.

3,591

86

DHT

Holdings,

Inc.

11,797

195

Dlocal,

Ltd.

7,284

95

Dorian

LPG,

Ltd.

3,008

105

Dorman

Products,

Inc.(Æ)

2,159

295

Ducommun,

Inc.(Æ)

1,132

210

DXP

Enterprises,

Inc.(Æ)

1,041

176

Eastman

Kodak

Co.(Æ)

5,172

48

Elmet

Group

Co.(The)(Æ)

796

16

Energy

Recovery,

Inc.(Æ)

3,828

35

Energy

Services

of

America

Corp.

979

19

EnerSys

2,978

696

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Ennis,

Inc.

1,997

42

Enpro,

Inc.

1,724

650

Enviri

Corp.(Æ)

2,101

46

ESCO

Technologies,

Inc.

2,121

742

Everforth,

Inc.(Æ)

3,084

55

EVERTEC,

Inc.

4,997

139

Exponent,

Inc.

3,943

232

Federal

Signal

Corp.

4,885

628

First

Advantage

Corp.(Æ)

6,421

116

FLEX

LNG,

Ltd.

2,543

71

Fluor

Corp.(Æ)

11,659

611

Flyexclusive,

Inc.(Æ)

445

1

Flywire

Corp.(Æ)

9,588

168

Forward

Air

Corp.(Æ)

1,699

23

Fox

Factory

Holding

Corp.(Æ)

3,413

58

Franklin

Covey

Co.(Æ)

729

18

Franklin

Electric

Co.,

Inc.

3,060

328

FreightCar

America,

Inc.(Æ)

1,182

12

Frontdoor,

Inc.(Æ)

5,723

444

Frontier

Group

Holdings,

Inc.(Æ)

4,328

34

Garrett

Motion,

Inc.

13,961

506

GATX

Corp.

2,872

509

Genco

Shipping

&

Trading,

Ltd.

2,609

65

Gencor

Industries,

Inc.(Æ)

857

13

GEO

Group,

Inc.

(The)(Æ)

10,246

303

Gorman-Rupp

Co.

(The)

1,710

157

GPGI,

Inc.

Class

A

14,481

230

Granite

Construction,

Inc.

3,569

564

Green

Dot

Corp.

Class

A(Æ)

4,393

59

Greenbrier

Cos.,

Inc.

(The)

2,473

121

Hackett

Group,

Inc.

(The)

1,912

21

Heartland

Express,

Inc.

3,337

51

Helios

Technologies,

Inc.

2,670

238

Herc

Holdings,

Inc.

2,682

384

Hertz

Global

Holdings,

Inc.(Æ)

10,264

23

Hillman

Solutions

Corp.(Æ)

15,960

135

Himalaya

Shipping,

Ltd.

2,130

28

HireQuest,

Inc.

458

6

HNI

Corp.

5,787

234

Holley,

Inc.(Æ)

4,933

13

Hub

Group,

Inc.

Class

A

4,830

212

Huron

Consulting

Group,

Inc.(Æ)

1,324

119

Hyliion

Holdings

Corp.(Æ)

9,443

49

Hyster-Yale,

Inc.

895

31

I3

Verticals,

Inc.

Class

A(Æ)

1,647

35

ICF

International,

Inc.

1,459

106

indie

Semiconductor,

Inc.

Class

A(Æ)

17,097

77

Information

Services

Group,

Inc.

2,919

12

INNOVATE

Corp.(Æ)

445

8

Innovative

Solutions

and

Support,

Inc.(Æ)

1,185

21

Insperity,

Inc.

2,951

122

International

Seaways,

Inc.

3,380

259

Itron,

Inc.(Æ)

3,565

308

Janus

International

Group,

Inc.(Æ)

10,035

56

JBT

Marel

Corp.

4,251

616

JetBlue

Airways

Corp.(Æ)

27,287

156

Kadant,

Inc.

961

302

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

154

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Kelly

Services,

Inc.

Class

A

2,218

27

Kennametal,

Inc.

6,205

217

Kforce,

Inc.

1,294

61

Korn

Ferry

4,222

281

LanzaTech

Global,

Inc.(Æ)

124

1

Latham

Group,

Inc.(Æ)

3,722

24

LCI

Industries

1,929

204

Lightbridge

Corp.(Æ)

2,734

24

Limbach

Holdings,

Inc.(Æ)

888

68

Lindsay

Corp.

833

103

Liquidity

Services,

Inc.(Æ)

1,908

75

Lovesac

Co.

(The)(Æ)

963

16

Luxfer

Holdings

PLC

2,038

37

Mama's

Creations,

Inc.(Æ)

3,001

54

Manitowoc

Co.,

Inc.

(The)(Æ)

2,631

37

ManpowerGroup,

Inc.

3,748

127

MarketWise,

Inc.

181

3

Marten

Transport,

Ltd.

4,743

82

Materion

Corp.

1,679

499

Matson,

Inc.

2,438

469

Maximus,

Inc.

4,415

237

Mayville

Engineering

Co.,

Inc.(Æ)

1,171

44

Mercury

Systems,

Inc.(Æ)

4,493

550

Mesa

Laboratories,

Inc.

401

40

Methode

Electronics,

Inc.

2,804

53

Microvast

Holdings,

Inc.(Æ)

15,394

18

Miller

Industries,

Inc.

846

43

MillerKnoll,

Inc.

5,506

113

Mirion

Technologies,

Inc.(Æ)

19,375

347

Mistras

Group,

Inc.(Æ)

1,415

25

Mitek

Systems,

Inc.(Æ)

3,614

73

Moog,

Inc.

Class

A

2,298

974

MYR

Group,

Inc.(Æ)

1,248

625

NANO

Nuclear

Energy,

Inc.(Æ)

3,478

74

National

CineMedia,

Inc.

5,310

20

Navigator

Holdings,

Ltd.

2,967

55

NET

Power,

Inc.(Æ)

2,812

5

Nexxen

International,

Ltd.(Æ)

2,290

21

Nordic

American

Tankers,

Ltd.

16,510

91

NRC

Health

Class

A

900

19

NuScale

Power

Corp.(Æ)

26,046

261

Once

Upon

a

Farm,

PBC(Æ)

1,039

21

Onterris,

Inc.(Æ)

2,740

55

Orion

Group

Holdings,

Inc.(Æ)

3,142

53

OSI

Systems,

Inc.(Æ)

1,282

280

PAMT

Corp.(Æ)

499

7

Pangaea

Logistics

Solutions,

Ltd.

2,859

19

Park

Aerospace

Corp.

1,391

53

Park-Ohio

Holdings

Corp.

717

28

Paymentus

Holdings,

Inc.

Class

A(Æ)

4,758

115

Payoneer

Global,

Inc.(Æ)

21,130

150

Paysafe,

Ltd.(Æ)

2,327

17

Perma-Fix

Environmental

Services,

Inc.(Æ)

1,433

20

Perma-Pipe

International

Holdings,

Inc.(Æ)

594

16

Phinia,

Inc.

2,972

245

Pitney

Bowes,

Inc.

11,692

205

Power

Solutions

International,

Inc.(Æ)

690

27

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Priority

Technology

Holdings,

Inc.(Æ)

2,743

18

Pro-Dex,

Inc.(Æ)

175

10

Proficient

Auto

Logistics,

Inc.(Æ)

1,955

13

PROG

Holdings,

Inc.

3,167

148

Proto

Labs,

Inc.(Æ)

1,930

157

Public

Policy

Holding

Co,

Inc.

317

2

PureCycle

Technologies,

Inc.(Æ)

11,655

95

Quad/Graphics,

Inc.

2,014

17

Radiant

Logistics,

Inc.(Æ)

2,747

26

RCM

Technologies,

Inc.(Æ)

407

12

Red

Cat

Holdings,

Inc.(Æ)

8,890

95

Repay

Holdings

Corp.(Æ)

5,343

22

Republic

Airways

Holdings,

Inc.(Æ)

1,138

24

RXO,

Inc.(Æ)

13,416

370

Ryerson

Holding

Corp.

3,625

89

Sabre

Corp.(Æ)

28,147

59

Safe

Bulkers,

Inc.

3,990

25

Scorpio

Tankers,

Inc.

3,729

258

SES

AI

Corp.(Æ)

20,156

19

Sezzle,

Inc.(Æ)

1,307

224

SFL

Corp.,

Ltd.

9,948

101

Shimmick

Corp.(Æ)

409

2

Sight

Sciences,

Inc.(Æ)

3,421

19

SkyWest,

Inc.(Æ)

3,204

318

Solid

Power,

Inc.(Æ)

16,194

42

Stagwell,

Inc.(Æ)

8,225

61

Standex

International

Corp.

973

348

StoneCo,

Ltd.

Class

A

18,574

201

Stoneridge,

Inc.(Æ)

2,243

16

Strattec

Security

Corp.(Æ)

321

26

Syntec

Optics

Holdings,

Inc.(Æ)

563

7

Taboola.com,

Ltd.(Æ)

10,195

51

TAT

Technologies,

Ltd.(Æ)

954

46

Taylor

Devices,

Inc.(Æ)

258

15

Teekay

Corp.,

Ltd.

4,499

45

Teekay

Tankers,

Ltd.

Class

A

1,967

128

Tennant

Co.

1,435

126

Terex

Corp.

9,217

667

Tidewater,

Inc.(Æ)

4,010

267

Titan

International,

Inc.(Æ)

4,251

33

Titan

Machinery,

Inc.(Æ)

1,597

34

TriNet

Group,

Inc.

2,215

110

Trinity

Industries,

Inc.

6,460

223

TrueBlue,

Inc.(Æ)

2,372

17

TSS,

Inc.(Æ)

1,951

24

Tutor

Perini

Corp.

3,668

304

Twin

Disc,

Inc.

922

21

UniFirst

Corp.

1,183

313

Uniti

Group,

Inc.(Æ)

13,663

157

Universal

Logistics

Holdings,

Inc.

560

8

V2X,

Inc.(Æ)

2,349

175

Versigent

PLC(Æ)

5,776

243

Vishay

Precision

Group,

Inc.(Æ)

976

146

Werner

Enterprises,

Inc.

4,855

212

Wheels

Up

Experience,

Inc.(Æ)

433

4

Willdan

Group,

Inc.(Æ)

1,168

92

Xerox

Holdings

Corp.

9,744

31

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

155

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Xmax,

Inc.(Æ)

4,905

45

Xometry,

Inc.

Class

A(Æ)

3,686

356

ZipRecruiter,

Inc.

Class

A(Æ)

4,670

18

Zurn

Elkay

Water

Solutions

Corp.

12,100

611

36,897

Technology

-

12.6%

3D

Systems

Corp.(Æ)

11,626

35

8x8,

Inc.(Æ)

10,801

18

A10

Networks,

Inc.

5,798

217

ACI

Worldwide,

Inc.(Æ)

8,217

413

ACM

Research,

Inc.

Class

A(Æ)

4,293

545

ACV

Auctions,

Inc.

Class

A(Æ)

13,675

98

Adeia,

Inc.

8,916

294

ADTRAN

Holdings,

Inc.(Æ)

6,150

85

Aehr

Test

Systems(Æ)

2,432

234

Aeluma,

Inc.(Æ)

1,028

23

Agilysys,

Inc.(Æ)

2,101

220

Alkami

Technology,

Inc.(Æ)

5,422

98

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

1,967

93

Ambarella,

Inc.(Æ)

3,406

292

Ambiq

Micro,

Inc.(Æ)

1,486

131

Amplitude,

Inc.

Class

A(Æ)

7,179

55

Amtech

Systems,

Inc.(Æ)

936

22

Angi,

Inc.(Æ)

2,857

17

Anterix

Inc.(Æ)

911

94

Appian

Corp.

Class

A(Æ)

3,190

73

Arlo

Technologies,

Inc.(Æ)

8,681

117

Arteris,

Inc.(Æ)

2,801

136

Asana,

Inc.

Class

A(Æ)

7,795

55

Asure

Software,

Inc.(Æ)

1,745

14

Atomera,

Inc.(Æ)

3,055

27

AvePoint,

Inc.(Æ)

13,562

152

Aviat

Networks,

Inc.(Æ)

876

19

Axcelis

Technologies,

Inc.(Æ)

2,509

475

AXT,

Inc.(Æ)

4,987

359

Backblaze,

Inc.

Class

A(Æ)

4,687

74

Bandwidth,

Inc.

Class

A(Æ)

2,371

150

Benchmark

Electronics,

Inc.

2,884

285

BigBear.ai

Holdings,

Inc.(Æ)

39,109

144

BK

Technologies

Corp.(Æ)

225

19

Blackbaud,

Inc.(Æ)

2,893

86

Blackline,

Inc.(Æ)

3,983

112

BlackSky

Technology,

Inc.(Æ)

2,678

75

Blaize

Holdings,

Inc.(Æ)

6,280

9

Blend

Labs,

Inc.

Class

A(Æ)

15,640

27

Box,

Inc.

Class

A(Æ)

10,981

291

Brand

Engagement

Network,

Inc.(Æ)

358

6

Braze,

Inc.

Class

A(Æ)

7,653

166

Bumble,

Inc.

Class

A(Æ)

8,105

26

C3.ai,

Inc.

Class

A(Æ)

11,003

100

Calix,

Inc.(Æ)

4,739

177

Cargurus,

Inc.(Æ)

6,024

205

Cars.com,

Inc.(Æ)

3,877

42

Cerence,

Inc.(Æ)

3,204

36

CEVA,

Inc.(Æ)

2,210

104

Clear

Secure,

Inc.

Class

A

7,639

426

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Clearfield,

Inc.(Æ)

873

35

Climb

Global

Solutions,

Inc.

1,176

27

Cohu,

Inc.(Æ)

3,734

276

Commerce.com,

Inc.(Æ)

5,446

16

CommVault

Systems,

Inc.(Æ)

3,581

508

Concentrix

Corp.

3,414

76

Conduent,

Inc.(Æ)

10,382

15

Consensus

Cloud

Solutions,

Inc.(Æ)

1,363

52

Corsair

Gaming,

Inc.(Æ)

3,381

33

Crane

NXT

Co.

4,023

206

Crexendo,

Inc.(Æ)

1,198

9

Cricut,

Inc.

Class

A

3,814

17

CS

Disco,

Inc.(Æ)

1,974

7

Daily

Journal

Corp.(Æ)

105

63

Daktronics,

Inc.(Æ)

3,179

62

Diebold

Nixdorf,

Inc.(Æ)

1,792

152

Digi

International,

Inc.(Æ)

3,004

225

Digimarc

Corp.(Æ)

1,294

11

Digital

Turbine,

Inc.(Æ)

9,047

117

Diodes,

Inc.(Æ)

3,674

402

Domo,

Inc.

Class

B(Æ)

2,857

9

Donnelley

Financial

Solutions,

Inc.(Æ)

1,891

79

DoubleVerify

Holdings,

Inc.(Æ)

11,289

122

Duos

Technologies

Group,

Inc.(Æ)

2,114

25

D-Wave

Quantum,

Inc.(Æ)

29,570

709

DXC

Technology

Co.(Æ)

13,771

122

eGain

Corp.(Æ)

1,215

8

ePlus,

Inc.

2,120

176

EverCommerce,

Inc.(Æ)

1,217

12

EverQuote,

Inc.

Class

A(Æ)

2,258

54

Everspin

Technologies,

Inc.(Æ)

1,558

38

Evolent

Health,

Inc.

Class

A(Æ)

9,163

50

Evolv

Technologies

Holdings,

Inc.(Æ)

13,200

77

Extreme

Networks,

Inc.(Æ)

10,388

336

Fastly,

Inc.

Class

A(Æ)

12,239

225

Five9,

Inc.(Æ)

6,123

131

Forafric

Global

PLC(Æ)

418

4

Forward

Industries,

Inc.(Æ)

4,961

21

Frequency

Electronics,

Inc.(Æ)

494

33

Freshworks,

Inc.

Class

A(Æ)

17,172

174

Gemini

Space

Station,

Inc.

Class

A(Æ)

3,278

14

GigaCloud

Technology,

Inc.

Class

A(Æ)

2,037

64

Globant

SA(Æ)

3,453

100

Graham

Corp.(Æ)

856

106

Grindr,

Inc.(Æ)

2,280

33

Groupon,

Inc.(Æ)

1,840

44

GSI

Technology,

Inc.(Æ)

2,531

20

Harmonic,

Inc.(Æ)

8,880

145

IBEX

Holdings,

Ltd.(Æ)

794

24

Ibotta,

Inc.

Class

A(Æ)

837

29

Ichor

Holdings,

Ltd.(Æ)

2,802

315

IDT

Corp.

Class

B

1,327

77

Immersion

Corp.

2,026

14

Impinj,

Inc.(Æ)

2,336

335

Infleqtion,

Inc.(Æ)

9,410

125

Innodata,

Inc.(Æ)

2,546

192

Inseego

Corp.(Æ)

1,028

11

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

156

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Insight

Enterprises,

Inc.(Æ)

2,298

280

Inspired

Entertainment,

Inc.(Æ)

2,069

17

Intapp,

Inc.(Æ)

4,487

113

Intellicheck,

Inc.(Æ)

1,475

6

InterDigital,

Inc.

2,086

591

inTEST

Corp.(Æ)

932

17

JFrog,

Ltd.(Æ)

8,722

793

Kaltura,

Inc.(Æ)

6,748

9

Keel

Infrastructure

Corp.(Æ)

47,225

271

Kimball

Electronics,

Inc.(Æ)

1,763

45

Knowles

Corp.(Æ)

6,882

285

Kopin

Corp.(Æ)

14,006

63

KORE

Group

Holdings,

Inc.(Æ)

462

4

Kulicke

&

Soffa

Industries,

Inc.

4,135

553

KVH

Industries,

Inc.(Æ)

996

10

Lantronix,

Inc.(Æ)

2,835

17

Liberty

Capital

Corp.

Class

A(Æ)

271

6

Liberty

Capital

Corp.

Class

C(Æ)

2,677

58

Life360,

Inc.(Æ)

1,562

86

LightPath

Technologies,

Inc.

Class

A(Æ)

4,424

72

Marqeta,

Inc.

Class

A(Æ)

28,005

114

MaxLinear,

Inc.

Class

A(Æ)

6,910

885

MediaAlpha,

Inc.

Class

A(Æ)

2,465

31

N-Able,

Inc.(Æ)

5,494

20

Napco

Security

Technologies,

Inc.

2,787

106

Navan,

Inc.

Class

A(Æ)

8,344

191

Navitas

Semiconductor

Corp.(Æ)

14,720

264

nCino,

Inc.(Æ)

8,595

141

NCR

Atleos

Corp.(Æ)

5,921

257

NCR

Voyix

Corp.(Æ)

11,237

92

NETGEAR,

Inc.(Æ)

1,979

46

NetScout

Systems,

Inc.(Æ)

5,709

249

Nextdoor

Holdings,

Inc.(Æ)

18,751

43

NextNav,

Inc.(Æ)

8,146

145

nLight,

Inc.(Æ)

4,447

310

Novanta,

Inc.(Æ)

2,897

470

Nutex

Health,

Inc.(Æ)

387

66

NVE

Corp.

363

38

Oddity

Tech,

Ltd.

Class

A(Æ)

3,212

49

Ondas,

Inc.(Æ)

39,021

322

One

Stop

Systems,

Inc.(Æ)

1,792

33

OneSpan,

Inc.

2,745

39

Ooma,

Inc.(Æ)

1,933

37

Opendoor

Technologies,

Inc.(Æ)

75,347

348

Ouster,

Inc.(Æ)

5,001

313

PagerDuty,

Inc.(Æ)

6,371

61

Palladyne

AI

Corp.(Æ)

2,892

18

PAR

Technology

Corp.(Æ)

3,356

58

Pattern

Group,

Inc.

Class

A(Æ)

2,587

65

PC

Connection,

Inc.

886

65

PDF

Solutions,

Inc.(Æ)

2,644

187

Penguin

Solutions,

Inc.(Æ)

4,014

305

Photronics,

Inc.(Æ)

4,648

151

Playtika

Holding

Corp.

4,659

17

Plexus

Corp.(Æ)

2,158

649

Porch

Group,

Inc.(Æ)

7,787

117

Power

Integrations,

Inc.

4,470

374

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Powerfleet,

Inc.(Æ)

9,640

37

Preformed

Line

Products

Co.

201

82

Progress

Software

Corp.(Æ)

3,374

113

PubMatic,

Inc.

Class

A(Æ)

2,979

39

Q2

Holdings,

Inc.(Æ)

5,084

245

Qualys,

Inc.(Æ)

2,905

399

Quantum

Computing,

Inc.(Æ)

16,489

160

QuickLogic

Corp.(Æ)

1,324

26

Rackspace

Technology,

Inc.(Æ)

7,350

48

Rapid7,

Inc.(Æ)

5,060

41

Red

Violet,

Inc.(Æ)

851

54

ReposiTrak,

Inc.

932

8

RF

Industries,

Ltd.(Æ)

671

14

Ribbon

Communications,

Inc.(Æ)

6,780

16

Richardson

Electronics,

Ltd.

1,002

19

Richtech

Robotics,

Inc.

Class

B(Æ)

14,924

31

RideNow

Group,

Inc.

Class

B(Æ)

1,256

8

Rigetti

Computing,

Inc.(Æ)

26,821

518

Rimini

Street,

Inc.(Æ)

4,042

17

Satellogic,

Inc.

Class

A(Æ)

7,617

44

Serve

Robotics,

Inc.(Æ)

5,737

38

ServiceTitan,

Inc.

Class

A(Æ)

4,905

347

SharonAI

Holdings,

Inc.(Æ)

342

29

SharpLink,

Inc.(Æ)

15,042

72

Shutterstock,

Inc.

1,857

26

Sidus

Space,

Inc.

Class

A(Æ)

6,590

18

Silicon

Laboratories,

Inc.(Æ)

2,652

580

Silvaco

Group,

Inc.(Æ)

637

9

Simulations

Plus,

Inc.(Æ)

1,383

25

SkyWater

Technology,

Inc.(Æ)

2,981

104

Soluna

Holdings,

Inc.(Æ)

8,385

11

Sonos,

Inc.(Æ)

9,719

131

SoundHound

AI,

Inc.

Class

A(Æ)

31,984

207

Sprinklr,

Inc.

Class

A(Æ)

8,574

44

Sprout

Social,

Inc.

Class

A(Æ)

3,841

29

SPS

Commerce,

Inc.(Æ)

2,985

171

Stubhub

Holdings,

Inc.

Class

A(Æ)

17,862

230

Swarmer,

Inc.(Æ)

283

13

Synaptics,

Inc.(Æ)

3,111

386

Telos

Corp.(Æ)

4,053

19

Tenable

Holdings,

Inc.(Æ)

9,191

339

Teradata

Corp.(Æ)

7,654

265

Thryv

Holdings,

Inc.(Æ)

2,343

9

Trump

Media

&

Technology

Group

Corp.

(Æ)

13,052

101

Tucows,

Inc.

Class

A(Æ)

558

7

Ultra

Clean

Holdings,

Inc.(Æ)

3,588

512

Unisys

Corp.(Æ)

5,527

20

Upwork,

Inc.(Æ)

9,635

81

Varonis

Systems,

Inc.(Æ)

9,133

383

Veeco

Instruments,

Inc.(Æ)

4,801

364

Velo3D,

Inc.(Æ)

1,318

23

Veritone,

Inc.(Æ)

6,691

9

Verra

Mobility

Corp.(Æ)

11,568

49

Vertex,

Inc.

Class

A(Æ)

5,823

67

Via

Transportation,

Inc.

Class

A(Æ)

4,226

77

Viant

Technology,

Inc.

Class

A(Æ)

1,298

16

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

157

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Viasat,

Inc.(Æ)

10,143

911

Vishay

Intertechnology,

Inc.

9,881

531

Vistance

Networks,

Inc.

17,781

227

Vuzix

Corp.(Æ)

5,320

15

Weave

Communications,

Inc.(Æ)

4,831

29

WhiteFiber,

Inc.(Æ)

865

34

Wolfspeed,

Inc.(Æ)

2,306

111

Workiva,

Inc.(Æ)

4,157

202

Xperi,

Inc.(Æ)

3,287

27

Yelp,

Inc.

Class

A(Æ)

4,277

105

Yext,

Inc.(Æ)

8,043

38

ZenaTech,

Inc.(Æ)

3,459

5

Zeta

Global

Holdings

Corp.

Class

A(Æ)

18,186

358

ZoomInfo

Technologies,

Inc.

Class

A(Æ)

19,658

58

32,686

Utilities

-

4.1%

American

States

Water

Co.

3,193

264

ATN

International,

Inc.

733

19

Avista

Corp.

6,715

275

BKV

Corp.(Æ)

2,596

71

Black

Hills

Corp.

6,222

463

Brookfield

Infrastructure

Corp.

Class

A

10,115

389

California

Resources

Corp.

5,879

311

California

Water

Service

Group

4,866

237

Chesapeake

Utilities

Corp.

1,944

238

CNX

Resources

Corp.(Æ)

11,057

375

Cogent

Communications

Holdings,

Inc.

3,938

55

Comstock

Resources,

Inc.(Æ)

5,488

82

Consolidated

Water

Co.,

Ltd.

1,151

34

Crescent

Energy

Co.

Class

A

20,808

204

Diversified

Energy

Co.

5,677

79

Epsilon

Energy,

Ltd.

1,595

9

Evolution

Petroleum

Corp.

2,582

10

Excelerate

Energy,

Inc.

Class

A

1,933

73

Genie

Energy,

Ltd.

Class

B

1,601

23

Global

Water

Resources,

Inc.

1,028

7

Gogo,

Inc.(Æ)

5,960

18

Golar

LNG,

Ltd.

7,858

392

Granite

Ridge

Resources,

Inc.

4,000

18

Gulfport

Energy

Corp.(Æ)

1,273

216

H2O

America

2,830

172

Hawaiian

Electric

Industries,

Inc.(Æ)

13,286

180

HighPeak

Energy,

Inc.

1,515

11

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

1,215

15

Kinetik

Holdings,

Inc.

4,133

200

Kolibri

Global

Energy,

Inc.(Æ)

2,260

11

Kosmos

Energy,

Ltd.(Æ)

47,585

100

Lumen

Technologies,

Inc.(Æ)

77,804

598

Magnolia

Oil

&

Gas

Corp.

Class

A

14,881

381

MGE

Energy,

Inc.

3,008

245

Middlesex

Water

Co.

1,488

84

New

Jersey

Resources

Corp.

8,241

462

NextDecade

Corp.(Æ)

13,475

102

Northern

Oil

&

Gas,

Inc.

8,435

153

Northwest

Natural

Holding

Co.

3,435

169

Northwestern

Energy

Group,

Inc.

5,016

359

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

ONE

Gas,

Inc.

5,104

393

Otter

Tail

Corp.

3,128

281

PEDEVCO

Corp.(Æ)

122

2

Portland

General

Electric

Co.

9,462

490

Pure

Cycle

Corp.(Æ)

1,640

18

RGC

Resources,

Inc.

686

16

Riley

Exploration

Permian,

Inc.

1,223

40

Sable

Offshore

Corp.(Æ)

10,711

33

SandRidge

Energy,

Inc.

2,381

33

Shenandoah

Telecommunications

Co.

4,030

61

Southwest

Gas

Holdings,

Inc.

5,910

524

Spire,

Inc.

4,741

370

Spok

Holdings,

Inc.

1,687

17

Summit

Midstream

Corp.(Æ)

627

18

Talos

Energy,

Inc.(Æ)

10,236

132

Telephone

and

Data

Systems,

Inc.

8,033

297

TXNM

Energy,

Inc.

8,339

473

Unitil

Corp.

1,443

76

Vitesse

Energy,

Inc.

2,582

41

York

Water

Co.

(The)

1,316

40

10,459

Total

Common

Stocks

(cost

$220,356)

256,704

Preferred

Stocks

-

0.0%

Consumer

Discretionary

-

0.0%

Liberty

Latin

America,

Ltd.

9.000%

due

05/21/31(¢)

1,225

27

Total

Preferred

Stocks

(cost

$28)

27

Warrants

and

Rights

-

0.0%

Akero

Therapeutics,

Inc.(Æ)(Š)

Rights

5,714

4

Metsera,

Inc.(Æ)(Š)

Rights

4,365

21

Total

Warrants

and

Rights

(cost

$25)

25

Short-Term

Investments

-

1.3%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

3,406,556

3,407

Total

Short-Term

Investments

(cost

$3,407)

3,407

Total

Investments

-

100.4%

(cost

$223,816)

260,163

Other

Assets

net

of

Liabilities

-

(0.4)%

(952)

Net

Assets

-

100.0%

259,211

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

158

Venerable

Small

Cap

Index

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

Russell

2000

E-Mini

Index

Futures

22

USD

3,350

09/18/2026

78

Total

Futures

Contracts

(å)

78

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Consumer

Discretionary

$

28,303

$

—

$

—

$

28,303

Consumer

Staples

4,776

—

—

4,776

Energy

12,668

—

—

12,668

Financial

Services

64,418

—

—

64,418

Health

Care

50,686

—

—

50,686

Materials

and

Processing

15,811

—

—

15,811

Producer

Durables

36,897

—

—

36,897

Technology

32,686

—

—

32,686

Utilities

10,459

—

—

10,459

Preferred

Stocks

27

—

—

27

Warrants

and

Rights

—

—

25

25

Short-Term

Investments

3,407

—

—

3,407

Total

Investments

260,138

—

25

260,163

Derivatives

Assets

Futures

Contracts

78

—

—

78

Total

Derivatives

*

$

78

$

—

$

—

$

78

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Australia

.............................................................................................

23

—

**

Austria

................................................................................................

56

—

**

Bahamas

.............................................................................................

226

0

.1

Belgium

..............................................................................................

35

—

**

Bermuda

.............................................................................................

392

0

.2

Brazil

..................................................................................................

321

0

.1

Cameroon

...........................................................................................

822

0

.3

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

159

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Canada

................................................................................................

3,513

1

.4

Cayman

Islands

..................................................................................

286

0

.1

China

..................................................................................................

103

—

**

Costa

Rica

..........................................................................................

186

0

.1

Germany

.............................................................................................

128

0

.1

Gibraltar

.............................................................................................

4

—

**

Guernsey

............................................................................................

178

0

.1

Ireland

................................................................................................

327

0

.1

Isle

of

Man

.........................................................................................

9

—

**

Israel

...................................................................................................

143

0

.1

Italy

....................................................................................................

59

—

**

Japan

..................................................................................................

4

—

**

Jersey

..................................................................................................

1

—

**

Mexico

...............................................................................................

84

—

**

Monaco

..............................................................................................

346

0

.1

Norway

...............................................................................................

505

0

.2

Panama

...............................................................................................

146

0

.1

Puerto

Rico

.........................................................................................

842

0

.3

Singapore

...........................................................................................

586

0

.2

South

Africa

.......................................................................................

24

—

**

South

Korea

.......................................................................................

21

—

**

Switzerland

........................................................................................

955

0

.4

Thailand

.............................................................................................

71

—

**

United

Kingdom

.................................................................................

785

0

.3

United

States

......................................................................................

248,728

96

.0

Uruguay

..............................................................................................

95

—

**

Virgin

Islands,

British

........................................................................

159

0

.1

Total

Investments

...............................................................................

260,163

100

.4

**

Less

than

.05%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

160

Venerable

Small

Cap

Index

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

223,816

Investments,

at

fair

value

.............................................................................................................................................................

260,163

Receivables:

Dividends

and

interest

......................................................................................................................................................

212

Investments

sold

...............................................................................................................................................................

184

From

broker(a)

.................................................................................................................................................................

243

Variation

margin

on

futures

contracts

..............................................................................................................................

17

Prepaid

expenses

..........................................................................................................................................................................

7

Total

assets

...............................................................................................................................................................

260,826

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

1,434

Accrued

fees

to

affiliates

..................................................................................................................................................

137

Other

accrued

expenses

....................................................................................................................................................

44

Total

liabilities

...........................................................................................................................................................

1,615

Net

Assets

...............................................................................................................................................................

$

259,211

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

56,527

Paid-in

capital

..............................................................................................................................................................................

202,684

Net

Assets

...............................................................................................................................................................

$

259,211

(a)    

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

243

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

12.58

Class

V

—

Net

assets

...........................................................................................................................................................

$

259,210,622

Class

V

—

Shares

outstanding

............................................................................................................................................

20,598,189

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

161

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

1,664

Interest

..............................................................................................................................................................................

6

Total

investment

income

.............................................................................................................................................................

1,670

Expenses

Advisory

fees

...................................................................................................................................................................

376

Administrative

fees

..........................................................................................................................................................

121

Distribution

fees

-

Class

V

...............................................................................................................................................

364

Professional

fees

..............................................................................................................................................................

24

Trustees’

fees

....................................................................................................................................................................

4

Printing

fees

.....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

6

Miscellaneous

..................................................................................................................................................................

10

Expenses

before

reductions

..............................................................................................................................................

906

Expense

reductions

..........................................................................................................................................................

(82)

Net

expenses

................................................................................................................................................................................

824

Net

investment

income

(loss)

.......................................................................................................................................................

846

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

18,419

Futures

contracts

..............................................................................................................................................................

870

Net

realized

gain

(loss)

................................................................................................................................................................

19,289

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

28,735

Futures

contracts

..............................................................................................................................................................

214

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

28,949

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

48,238

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

49,084

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

162

Venerable

Small

Cap

Index

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

846

$

467

Net

realized

gain

(loss)

................................................................................................................

19,289

1,048

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

28,949

7,476

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

49,084

8,991

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(1,662)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(1,662)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(23,877)

226,675

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

23,545

235,666

Net

Assets

Beginning

of

period

...........................................................................................................................

235,666

—

End

of

period

......................................................................................................................................

$

259,211

$

235,666

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

(2)

134

$

1,512

24,272

$

242,722

Proceeds

from

reinvestment

of

distributions

136

1,662

—

—

Payments

for

shares

redeemed

(2,387)

(27,051)

(1,557)

(16,047)

Total

increase

(decrease)

(2,117)

$

(23,877)

22,715

$

226,675

(1)    

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025.

(2)    

During

the

period

ended

December

31,

2025,

Venerable

Small

Cap

Index

Fund

received

securities

in

the

amount

of

$209,496

to

satisfy

a

subscription-in-kind.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

163

Venerable

Variable

Insurance

Trust

Venerable

Small

Cap

Index

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(℈)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.37‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.04‌

.02‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.25‌

.35‌

$

Total

from

Investment

Operations

2.29‌

.37‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.05‌)

—‌

$

Total

Distributions

(.08‌)

—‌

$

Net

Asset

Value,

End

of

Period

12.58‌

10.37‌

%

Total

Return

(±)(ǿ)

22.11‌

3.70‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

259,211‌

235,666‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.75‌

.81‌

%

Expenses,

Net

(Ƃ)(ɯ)

.68‌

.68‌

%

Net

Investment

Income

(Ƃ)(ɯ)

.70‌

.65‌

%

Portfolio

Turnover

Rate

(ǿ)

20‌

7‌

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

164

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

S

hares

H2

Fair

Value

$

Common

Stocks

-

97.9%

Australia

-

7.1%

ANZ

Group

Holdings,

Ltd.

137,320

3,365

APA

Group

59,969

421

Aristocrat

Leisure,

Ltd.

24,527

1,045

ASX,

Ltd.

8,860

327

BHP

Group,

Ltd.

231,497

9,662

Brambles,

Ltd.

60,194

813

CAR

Group,

Ltd.

17,307

310

Cochlear,

Ltd.

2,983

252

Coles

Group,

Ltd.

59,490

1,004

Commonwealth

Bank

of

Australia

76,239

8,714

Computershare,

Ltd.

23,736

630

CSL,

Ltd.

21,504

1,713

Evolution

Mining,

Ltd.

90,006

735

Fortescue,

Ltd.

75,061

1,000

Glencore

PLC(Æ)

427,222

2,914

Goodman

Group(ö)

90,635

1,965

Insurance

Australia

Group,

Ltd.

101,702

570

Lottery

Corp.,

Ltd.

(The)

101,490

405

Lynas

Rare

Earths,

Ltd.(Æ)

40,152

503

Macquarie

Group,

Ltd.

16,493

2,870

Medibank

Pvt,

Ltd.

122,070

420

National

Australia

Bank,

Ltd.

139,733

3,675

Northern

Star

Resources,

Ltd.

60,246

794

Origin

Energy,

Ltd.

76,360

581

PLS

Group,

Ltd.(Æ)

143,097

501

Pro

Medicus,

Ltd.

2,691

381

Qantas

Airways,

Ltd.

35,133

260

QBE

Insurance

Group,

Ltd.

66,733

1,165

REA

Group,

Ltd.

2,343

226

Rio

Tinto

PLC

48,542

4,591

Rio

Tinto,

Ltd.

16,936

2,017

Santos,

Ltd.

143,956

715

Scentre

Group(ö)

231,215

619

SGH,

Ltd.

9,280

301

Sigma

Healthcare,

Ltd.

236,864

451

Sonic

Healthcare,

Ltd.

21,410

307

South32,

Ltd.

Class

B

198,861

535

Stockland(ö)

110,454

313

Suncorp

Group,

Ltd.

47,998

641

Telstra

Group,

Ltd.

174,604

614

Transurban

Group(Æ)

138,061

1,378

Vicinity,

Ltd.(ö)

178,814

318

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

15,592

499

Wesfarmers,

Ltd.

51,713

3,246

Westpac

Banking

Corp.

155,799

3,809

WiseTech

Global,

Ltd.

8,937

207

Woodside

Energy

Group,

Ltd.

86,597

1,677

Woolworths

Group,

Ltd.

54,147

1,500

70,959

Austria

-

0.4%

BAWAG

Group

AG(Þ)

3,327

667

Erste

Group

Bank

AG

13,697

1,835

OMV

AG

6,705

421

Raiffeisen

Bank

International

AG

5,854

374

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Verbund

AG

Class

A

3,230

205

3,502

Belgium

-

0.9%

Ageas

SA

6,793

543

Anheuser-Busch

InBev

SA

40,869

3,369

D'Ieteren

Group

1,019

199

Elia

Group

SA

1,941

309

Financiere

de

Tubize

SA

938

248

Groupe

Bruxelles

Lambert

NV

3,639

332

KBC

Group

NV

10,219

1,394

Lotus

Bakeries

NV

19

252

Sofina

SA

735

187

Syensqo

SA

3,450

255

UCB

SA

5,625

1,684

8,772

Brazil

-

0.0%

Yara

International

ASA

7,552

332

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

9,707

480

Chile

-

0.1%

Antofagasta

PLC

15,702

797

China

-

0.4%

BOC

Hong

Kong

Holdings,

Ltd.

165,000

895

Prosus

NV

59,506

2,587

SITC

International

Holdings

Co.,

Ltd.

61,000

245

Wilmar

International,

Ltd.

72,900

204

Yangzijiang

Shipbuilding

Holdings,

Ltd.

117,600

312

4,243

Czech

Republic

-

0.0%

CSG

NV(Æ)

6,822

100

Denmark

-

1.6%

Carlsberg

AS

Class

B

4,280

562

Coloplast

A/S

Class

B

5,741

327

Danske

Bank

A/S

28,482

1,528

Demant

A/S(Æ)

4,423

181

DSV

A/S

8,749

2,077

Genmab

A/S(Æ)

2,715

744

Novo

Nordisk

A/S

Class

B

146,472

7,027

Novonesis

(Novozymes)

Class

B

15,676

991

Orsted

A/S

Class

A(Æ)(Þ)

21,031

473

Pandora

A/S

3,700

427

Rockwool

A/S

Class

B

4,402

141

Tryg

A/S

13,903

316

Vestas

Wind

Systems

A/S

43,632

1,233

16,027

Finland

-

1.2%

Elisa

Oyj

6,476

272

Fortum

Oyj

20,425

472

Kesko

Oyj

Class

B

12,472

279

Kone

Oyj

Class

B

15,120

860

Metso

Oyj

30,192

525

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

165

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Neste

Oyj

19,261

626

Nokia

Oyj

228,512

3,025

Nordea

Bank

Abp

137,478

2,611

Orion

Oyj

Class

B

4,974

409

Sampo

Oyj

Class

A

106,864

1,123

Stora

Enso

Oyj

Class

R

26,516

283

UPM-Kymmene

Oyj

23,467

623

Wartsila

Oyj

Abp

Class

B

22,375

854

11,962

France

-

8.1%

Abivax

SA(Æ)

2,434

323

Accor

SA

8,588

499

Aeroports

de

Paris

SA

1,643

214

Air

Liquide

SA

Class

A

28,980

5,739

Airbus

SE

27,024

6,015

Alstom

SA(Æ)

15,776

275

Amundi

SA(Þ)

2,923

281

AXA

SA

71,311

3,574

Ayvens

SA(Þ)

16,134

213

bioMerieux

1,965

154

BNP

Paribas

SA

44,707

5,225

Bollore

SE

28,113

130

Bouygues

SA

10,076

562

Bureau

Veritas

SA

14,450

443

Capgemini

SE

6,801

684

Carrefour

SA

26,818

498

Compagnie

de

Saint-Gobain

SA

19,811

1,794

Compagnie

Generale

des

Etablissements

Michelin

SCA

28,145

1,087

Covivio

SA(ö)

2,541

156

Credit

Agricole

SA

41,286

831

Danone

SA

28,796

2,362

Dassault

Aviation

SA

778

255

Dassault

Systemes

SE

30,627

624

Eiffage

SA

3,124

461

Engie

SA

81,250

2,562

EssilorLuxottica

SA

13,695

2,569

Gecina

SA(ö)

2,157

181

Getlink

SE

11,257

239

Hermes

International

SCA

1,177

2,154

Ipsen

SA

1,678

324

Kering

SA

3,312

942

Klepierre

SA(ö)

9,795

410

Legrand

SA

11,666

1,969

L'Oreal

SA

10,924

4,793

LVMH

Moet

Hennessy

Louis

Vuitton

SE

11,317

6,267

Orange

SA

82,833

1,562

Pernod

Ricard

SA

9,188

671

Publicis

Groupe

SA

10,176

1,006

Renault

SA

8,751

251

Rexel

SA

Class

H

10,211

446

Safran

SA

15,697

6,206

Sartorius

Stedim

Biotech

1,299

270

Societe

Generale

SA

29,060

2,573

Sodexo

SA

3,521

204

Thales

SA

4,123

1,059

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

TotalEnergies

SE

89,575

6,958

Unibail-Rodamco-Westfield(ö)

4,917

575

Veolia

Environnement

SA

26,987

1,124

Vinci

SA

21,185

3,098

80,812

Germany

-

8.3%

adidas

AG

7,368

1,511

Allianz

SE

17,301

8,188

BASF

SE

40,591

2,170

Bayer

AG

43,692

2,415

Bayerische

Motoren

Werke

AG

12,478

817

Beiersdorf

AG

4,418

380

Brenntag

SE

5,588

340

Commerzbank

AG

29,485

1,255

Continental

AG

4,896

404

CTS

Eventim

AG

&

Co.

KGaA

2,776

162

Daimler

Truck

Holding

AG

20,435

985

Deutsche

Bank

AG

82,548

2,795

Deutsche

Boerse

AG

8,262

2,254

Deutsche

Lufthansa

AG

26,675

305

Deutsche

Post

AG

41,841

2,539

Deutsche

Telekom

AG

156,161

4,256

E.ON

SE

99,847

2,060

Evonik

Industries

AG

12,002

218

Fresenius

Medical

Care

AG

8,674

392

Fresenius

SE

&

Co.

KGaA

18,792

858

GEA

Group

AG

6,671

458

Hannover

Rueck

SE

2,683

743

Heidelberg

Materials

AG

5,955

1,136

Henkel

AG

&

Co.

KGaA

4,136

327

Hensoldt

AG

2,826

219

Hochtief

AG

692

401

Infineon

Technologies

AG

59,392

5,545

Knorr-Bremse

AG

2,933

341

Mercedes-Benz

Group

AG

32,126

1,612

Merck

KGaA

5,750

965

MTU

Aero

Engines

AG

2,395

996

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

5,941

3,316

Nemetschek

SE

2,569

155

Rational

AG

240

176

Rheinmetall

AG

2,117

2,396

RWE

AG

29,229

1,894

SAP

SE

47,491

7,273

Scout24

SE(Þ)

3,424

283

Siemens

AG

33,787

10,857

Siemens

Energy

AG

35,246

6,680

Siemens

Healthineers

AG(Þ)

15,406

602

Symrise

AG

6,046

607

Talanx

AG

2,872

363

Vonovia

SE

32,799

809

Zalando

SE(Æ)(Þ)

9,985

289

82,747

Guatemala

-

0.0%

Millicom

International

Cellular

SA

4,217

383

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

166

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Hong

Kong

-

1.5%

AIA

Group,

Ltd.

477,400

4,379

CK

Asset

Holdings,

Ltd.

80,000

453

CK

Infrastructure

Holdings,

Ltd.

28,500

218

CLP

Holdings,

Ltd.

73,500

687

Futu

Holdings,

Ltd.

-

ADR

2,233

209

Henderson

Land

Development

Co.,

Ltd.

65,000

206

HKT

Trust

&

HKT,

Ltd.

169,000

251

Hong

Kong

&

China

Gas

Co.,

Ltd.

509,000

423

Hong

Kong

Exchanges

&

Clearing,

Ltd.

54,700

2,542

Hongkong

Land

Holdings,

Ltd.

44,000

315

Link

REIT(ö)

118,300

552

MTR

Corp.,

Ltd.

71,000

277

Power

Assets

Holdings,

Ltd.

63,000

460

Prudential

PLC

113,290

1,509

Sino

Land

Co.,

Ltd.

164,000

216

Sun

Hung

Kai

Properties,

Ltd.

59,500

858

Swire

Pacific,

Ltd.

Class

A

16,000

167

Techtronic

Industries

Co.,

Ltd.

62,500

1,043

WH

Group,

Ltd.(Þ)

350,000

371

Wharf

Real

Estate

Investment

Co.,

Ltd.

75,000

205

15,341

Indonesia

-

0.1%

Jardine

Matheson

Holdings,

Ltd.

7,400

457

Ireland

-

0.4%

AerCap

Holdings

NV

7,449

1,086

AIB

Group

PLC

95,054

1,117

Bank

of

Ireland

Group

PLC

42,379

845

Kerry

Group

PLC

Class

A

7,157

657

Kingspan

Group

PLC

6,995

640

4,345

Israel

-

1.1%

Azrieli

Group,

Ltd.

1,886

257

Bank

Hapoalim

BM

59,623

1,375

Bank

Leumi

Le-Israel

BM

65,836

1,473

Check

Point

Software

Technologies,

Ltd.

(Æ)

3,548

466

Elbit

Systems,

Ltd.

1,238

942

Enlight

Renewable

Energy,

Ltd.(Æ)

6,335

561

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

5,384

284

ICL

Group,

Ltd.

36,142

181

Israel

Discount

Bank,

Ltd.

Class

A

55,608

551

Mizrahi

Tefahot

Bank,

Ltd.

7,091

469

Nova,

Ltd.(Æ)

1,339

712

OPC

Energy,

Ltd.(Æ)

7,758

241

Phoenix

Financial,

Ltd.

10,400

576

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

52,918

1,793

Tower

Semiconductor,

Ltd.(Æ)

4,999

1,287

11,168

Italy

-

3.1%

Banca

Mediolanum

SpA

10,605

264

Banca

Monte

dei

Paschi

di

Siena

SpA

87,856

1,091

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Banco

BPM

SpA

50,552

873

BPER

Banca

SpA

69,893

1,097

Coca-Cola

HBC

AG(Æ)

9,122

595

Davide

Campari-Milano

NV

29,259

182

Enel

SpA

346,784

3,984

Eni

SpA

82,628

1,933

FinecoBank

Banca

Fineco

SpA

27,843

699

Generali

37,005

1,802

Intesa

Sanpaolo

SpA

633,565

4,340

Italgas

SpA

27,875

323

Leonardo

SpA

18,004

966

Moncler

SpA

10,368

602

Poste

Italiane

SpA

20,812

681

Prysmian

SpA

12,527

2,104

Recordati

Industria

Chimica

e

Farmaceutica

SpA

5,252

308

Ryanair

Holdings

PLC

18,991

595

Snam

SpA

89,648

645

Telecom

Italia

SpA(Æ)

79,913

728

Terna

-

Rete

Elettrica

Nazionale

62,577

732

UniCredit

SpA

61,724

5,522

Unipol

Assicurazioni

SpA

16,332

456

30,522

Japan

-

23.2%

Advantest

Corp.

33,300

6,769

Aeon

Co.,

Ltd.

99,100

818

AGC,

Inc.

9,000

389

Aisin

Corp.

22,000

297

Ajinomoto

Co.,

Inc.

38,900

1,415

ANA

Holdings,

Inc.

7,400

136

Asahi

Group

Holdings,

Ltd.

64,000

609

Asahi

Kasei

Corp.

55,900

617

Asics

Corp.

31,100

846

Astellas

Pharma,

Inc.

78,200

1,051

Bandai

Namco

Holdings,

Inc.

23,000

538

Bridgestone

Corp.

48,600

1,023

Canon,

Inc.

36,400

930

Capcom

Co.,

Ltd.

12,200

226

Central

Japan

Railway

Co.

34,400

738

Chiba

Bank,

Ltd.

(The)

25,800

392

Chubu

Electric

Power

Co.,

Inc.

31,200

587

Chugai

Pharmaceutical

Co.,

Ltd.

29,900

1,384

Dai

Nippon

Printing

Co.,

Ltd.

18,000

330

Daifuku

Co.,

Ltd.

14,400

641

Daiichi

Life

Group,

Inc.

156,400

1,714

Daiichi

Sankyo

Co.,

Ltd.

77,600

1,245

Daikin

Industries,

Ltd.

11,800

1,792

Daito

Trust

Construction

Co.,

Ltd.

13,100

250

Daiwa

House

Industry

Co.,

Ltd.

25,000

677

Daiwa

Securities

Group,

Inc.

59,400

584

Denso

Corp.

72,800

841

Disco

Corp.

4,000

2,033

East

Japan

Railway

Co.

42,900

899

Ebara

Corp.

20,600

808

Eisai

Co.,

Ltd.

12,000

303

ENEOS

Holdings,

Inc.

120,400

886

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

167

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Fanuc

Corp.

41,600

1,902

Fast

Retailing

Co.,

Ltd.

8,600

4,398

Fuji

Electric

Co.,

Ltd.

6,500

550

FUJIFILM

Holdings

Corp.

49,800

1,071

Fujikura,

Ltd.

68,400

2,655

Fujitsu,

Ltd.

78,300

1,563

Furukawa

Electric

Co.,

Ltd.

29,000

862

Hankyu

Hanshin

Holdings,

Inc.

10,700

281

Hikari

Tsushin,

Inc.

800

175

Hitachi,

Ltd.

201,100

5,589

Honda

Motor

Co.,

Ltd.

164,400

1,489

Hoya

Corp.

15,100

2,435

Hulic

Co.,

Ltd.

20,500

214

Ibiden

Co.,

Ltd.

10,600

1,591

Idemitsu

Kosan

Co.,

Ltd.

34,400

253

IHI

Corp.

45,800

774

Inpex

Corp.

39,200

790

Isuzu

Motors,

Ltd.

24,500

324

ITOCHU

Corp.

252,300

2,901

Japan

Exchange

Group,

Inc.

44,900

566

Japan

Post

Bank

Co.,

Ltd.

Class

A

79,600

1,516

Japan

Post

Holdings

Co.,

Ltd.

76,700

1,028

Japan

Post

Insurance

Co.,

Ltd.

Class

A

24,900

235

Japan

Tobacco,

Inc.

50,100

1,841

JFE

Holdings,

Inc.

26,300

253

JX

Advanced

Metals

Corp.

24,800

686

Kajima

Corp.

18,100

661

Kansai

Electric

Power

Co.,

Inc.

(The)

42,200

593

Kao

Corp.

40,400

801

Kawasaki

Heavy

Industries,

Ltd.

34,000

619

Kawasaki

Kisen

Kaisha,

Ltd.

15,700

241

KDDI

Corp.

130,400

2,200

Keyence

Corp.

8,600

4,333

Kikkoman

Corp.

30,200

310

Kioxia

Holdings

Corp.(Æ)

14,200

8,062

Kirin

Holdings

Co.,

Ltd.

34,600

593

Komatsu,

Ltd.

39,200

1,534

Konami

Group

Corp.

4,500

492

Kubota

Corp.

43,100

722

Kyocera

Corp.

53,300

1,182

Kyowa

Kirin

Co.,

Ltd.

10,900

174

Lasertec

Corp.

3,600

1,120

LY

Corp.

122,500

328

Makita

Corp.

10,300

369

Marubeni

Corp.

62,800

1,829

MINEBEA

MITSUMI,

Inc.

15,100

448

Mitsubishi

Chemical

Group

Corp.

54,500

379

Mitsubishi

Corp.

137,400

3,696

Mitsubishi

Electric

Corp.

86,400

3,168

Mitsubishi

Estate

Co.,

Ltd.

47,300

1,204

Mitsubishi

HC

Capital,

Inc.

40,300

326

Mitsubishi

Heavy

Industries,

Ltd.

145,700

3,318

Mitsubishi

UFJ

Financial

Group,

Inc.

485,700

9,635

Mitsui

&

Co.,

Ltd.

107,500

2,994

Mitsui

Fudosan

Co.,

Ltd.

112,800

1,039

Mitsui

Kinzoku

Co.,

Ltd.

2,400

643

Mitsui

OSK

Lines,

Ltd.

15,400

493

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Mizuho

Financial

Group,

Inc.

107,600

5,167

MS&AD

Insurance

Group

Holdings,

Inc.

54,300

1,418

Murata

Manufacturing

Co.,

Ltd.

73,700

5,312

NEC

Corp.

55,900

1,357

Nexon

Co.,

Ltd.

13,600

181

Nidec

Corp.

38,200

628

Nintendo

Co.,

Ltd.

49,100

2,062

Nippon

Building

Fund,

Inc.(ö)

356

275

Nippon

Paint

Holdings

Co.,

Ltd.

42,200

275

Nippon

Sanso

Holdings

Corp.

7,800

288

Nippon

Steel

Corp.

215,100

712

Nippon

Yusen

18,400

592

Nissan

Motor

Co.,

Ltd.(Æ)

105,600

196

Nitori

Holdings

Co.,

Ltd.

17,900

266

Nitto

Denko

Corp.

30,200

595

Nomura

Holdings,

Inc.

133,700

1,167

Nomura

Research

Institute,

Ltd.

16,900

479

NTT,

Inc.

1,329,000

1,185

Obayashi

Corp.

28,300

573

Obic

Co.,

Ltd.

14,400

338

Olympus

Corp.

49,600

521

Oriental

Land

Co.,

Ltd.

48,100

736

ORIX

Corp.

49,900

1,891

Osaka

Gas

Co.,

Ltd.

16,000

538

Otsuka

Corp.

10,900

187

Otsuka

Holdings

Co.,

Ltd.

19,400

1,285

Pan

Pacific

International

Holdings

Corp.

84,800

433

Panasonic

Holdings

Corp.

105,800

2,971

Rakuten

Group,

Inc.(Æ)

69,400

324

Recruit

Holdings

Co.,

Ltd.

60,300

4,197

Renesas

Electronics

Corp.

79,100

2,389

Resona

Holdings,

Inc.

92,400

1,205

Resonac

Holdings

Corp.

7,900

881

Ryohin

Keikaku

Co.,

Ltd.

23,100

505

Sanrio

Co.,

Ltd.

40,000

270

SBI

Holdings,

Inc.

24,100

392

SCREEN

Holdings

Co.,

Ltd.

7,000

783

Secom

Co.,

Ltd.

17,700

703

Seibu

Holdings,

Inc.

9,900

193

Sekisui

House,

Ltd.

26,600

553

Seven

&

i

Holdings

Co.,

Ltd.

85,900

1,036

Shimano,

Inc.

3,300

352

Shimizu

Corp.

22,900

363

Shin-Etsu

Chemical

Co.,

Ltd.

74,500

3,249

Shionogi

&

Co.,

Ltd.

33,700

577

Shiseido

Co.,

Ltd.

17,800

288

SMC

Corp.

2,500

1,112

SoftBank

Corp.

1,278,900

1,637

SoftBank

Group

Corp.

168,700

6,329

Sompo

Holdings,

Inc.

37,200

1,419

Sony

Group

Corp.

265,700

5,328

Subaru

Corp.

23,700

349

Sumitomo

Corp.

184,800

1,775

Sumitomo

Electric

Industries,

Ltd.

129,600

2,392

Sumitomo

Metal

Mining

Co.,

Ltd.

11,000

514

Sumitomo

Mitsui

Financial

Group,

Inc.

165,300

6,463

Sumitomo

Mitsui

Trust

Group,

Inc.

28,300

1,057

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

168

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Sumitomo

Realty

&

Development

Co.,

Ltd.

27,100

624

Suntory

Beverage

&

Food,

Ltd.

6,600

183

Suzuki

Motor

Corp.

69,900

841

T&D

Holdings,

Inc.

20,000

592

Taisei

Corp.

6,600

585

Takeda

Pharmaceutical

Co.,

Ltd.

70,800

2,235

TDK

Corp.

86,500

1,932

Terumo

Corp.

59,300

816

Toho

Co.,

Ltd.

23,500

188

Tokio

Marine

Holdings,

Inc.

81,800

3,622

Tokyo

Electron,

Ltd.

20,300

9,817

Tokyo

Gas

Co.,

Ltd.

14,100

530

TOPPAN

Holdings,

Inc.

10,800

343

Toray

Industries,

Inc.

58,200

404

Toyota

Motor

Corp.

430,800

7,225

Toyota

Tsusho

Corp.

29,000

1,082

Unicharm

Corp.

51,200

298

West

Japan

Railway

Co.

18,800

315

Yamaha

Motor

Co.,

Ltd.

40,800

309

Yokogawa

Electric

Corp.

10,500

369

Yokohama

Financial

Group,

Inc.

47,100

503

Zensho

Holdings

Co.,

Ltd.

4,300

213

232,505

Luxembourg

-

0.2%

ArcelorMittal

SA

18,962

1,140

CVC

Capital

Partners

PLC(Þ)

9,679

141

Eurofins

Scientific

SE

5,391

422

1,703

Macao

-

0.1%

Galaxy

Entertainment

Group,

Ltd.

90,000

339

Sands

China,

Ltd.

108,400

181

520

Mexico

-

0.0%

Fresnillo

PLC

8,384

305

Netherlands

-

6.2%

ABN

AMRO

Bank

NV

-

Dutch

Certificates(Þ)

28,079

1,194

Adyen

NV(Æ)(Þ)

1,219

1,138

Akzo

Nobel

NV

7,002

475

Argenx

SE(Æ)

2,814

2,610

ASM

International

NV

2,128

2,436

ASML

Holding

NV

17,652

35,008

ASR

Nederland

NV

7,141

539

BE

Semiconductor

Industries

NV

3,248

1,067

Euronext

NV(Þ)

3,468

555

EXOR

NV

4,257

326

Ferrari

NV

5,513

2,043

Heineken

Holding

NV

5,466

417

Heineken

NV

12,804

1,077

ING

Groep

NV

132,816

4,202

Koninklijke

Ahold

Delhaize

NV

39,645

1,596

Koninklijke

KPN

NV

170,264

845

Koninklijke

Philips

NV

35,541

966

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

21,789

379

Nebius

Group

NV

Class

A(Æ)

9,174

2,534

NN

Group

NV

11,700

1,025

QIAGEN

NV

9,366

363

Universal

Music

Group

NV

45,989

963

Wolters

Kluwer

NV

10,341

668

62,426

New

Zealand

-

0.2%

Auckland

International

Airport,

Ltd.

77,229

367

Contact

Energy,

Ltd.

39,539

210

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

26,758

592

Infratil,

Ltd.

42,085

369

Meridian

Energy,

Ltd.

61,770

204

Xero,

Ltd.(Æ)

7,545

379

2,121

Nigeria

-

0.0%

Airtel

Africa

PLC(Þ)

34,869

152

Norway

-

0.5%

Aker

BP

ASA

14,413

438

DNB

Bank

ASA

37,016

1,101

Equinor

ASA

Class

N

32,026

1,006

Gjensidige

Forsikring

ASA

9,487

257

Kongsberg

Gruppen

ASA

19,654

593

Mowi

ASA

19,814

366

Norsk

Hydro

ASA

58,574

528

Orkla

ASA

31,971

337

Salmar

ASA

Class

A

3,088

145

Telenor

ASA

28,084

404

Var

Energi

ASA

42,638

176

5,351

Poland

-

0.0%

InPost

SA(Æ)

11,707

206

Portugal

-

0.2%

Banco

Comercial

Portugues

SA

Class

R

329,289

390

EDP

SA

133,202

697

Galp

Energia

SGPS

SA

Class

B

18,996

404

Jeronimo

Martins

SGPS

SA

12,893

247

1,738

Singapore

-

1.8%

CapitaLand

Ascendas

REIT(ö)

178,300

344

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

277,000

509

Capitaland

Investment,

Ltd.

111,000

214

DBS

Group

Holdings,

Ltd.

93,800

4,739

Grab

Holdings,

Ltd.

Class

A(Æ)

107,701

406

Keppel,

Ltd.

66,300

565

Oversea-Chinese

Banking

Corp.,

Ltd.

150,500

2,895

Sea,

Ltd.

-

ADR(Æ)

17,088

1,638

Sembcorp

Industries,

Ltd.

41,900

206

Singapore

Airlines,

Ltd.

70,200

419

Singapore

Exchange,

Ltd.

36,600

685

Singapore

Technologies

Engineering,

Ltd.

71,100

574

Singapore

Telecommunications,

Ltd.

330,200

1,131

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

169

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

STMicroelectronics

NV

28,741

2,146

United

Overseas

Bank,

Ltd.

55,600

1,714

18,185

South

Africa

-

0.2%

Anglo

American

PLC

48,248

2,363

South

Korea

-

0.0%

Delivery

Hero

SE(Æ)(Þ)

7,599

313

Spain

-

3.7%

Acciona

SA

1,099

348

ACS

Actividades

de

Construccion

y

Servicios

SA

7,894

1,166

Aena

SME

SA(Þ)

33,364

1,017

Amadeus

IT

Group

SA

Class

A

20,041

1,151

Banco

Bilbao

Vizcaya

Argentaria

SA

254,970

6,396

Banco

de

Sabadell

SA

223,477

794

Banco

Santander

SA

651,365

9,011

Bankinter

SA

28,617

480

CaixaBank

SA

159,737

2,267

Cellnex

Telecom

SA(Þ)

21,250

636

EDP

Renewables

SA

15,086

244

Endesa

SA

14,461

659

Iberdrola

SA

276,611

6,904

Indra

Sistemas

SA

3,636

200

Industria

de

Diseno

Textil

SA

49,610

3,127

Mapfre

SA

42,060

208

Naturgy

Energy

Group

SA

18,741

588

Redeia

Corp.

SA

18,475

315

Repsol

SA

50,196

1,250

Telefonica

SA

163,953

659

37,420

Sweden

-

3.0%

AddTech

AB

Class

B

11,888

419

Alfa

Laval

AB

12,900

768

Assa

Abloy

AB

Class

B

44,689

1,579

Atlas

Copco

AB

Class

A

114,777

2,330

Atlas

Copco

AB

Class

B

67,587

1,198

Beijer

Ref

AB

Class

B

18,649

273

Boliden

AB

12,651

714

Epiroc

AB

Class

A

28,160

773

Epiroc

AB

Class

B

17,783

413

EQT

AB

19,704

557

Essity

AB

Class

B

26,891

761

Evolution

AB(Æ)(Þ)

5,592

385

Fastighets

AB

Balder

Class

B(Æ)

34,095

182

H

&

M

Hennes

&

Mauritz

AB

Class

B

19,281

332

Hexagon

AB

Class

B

92,569

766

Industrivarden

AB

Class

A

4,955

278

Industrivarden

AB

Class

C

7,119

391

Indutrade

AB

12,497

259

Investment

AB

Latour

Class

B

6,922

138

Investor

AB

Class

B

78,890

3,277

L

E

Lundbergforetagen

AB

Class

B

3,552

205

Lifco

AB

Class

B

9,659

317

Nibe

Industrier

AB

Class

B

67,533

251

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Saab

AB

Class

B

14,282

741

Sagax

AB

Class

B

10,437

166

Sandvik

AB

47,539

1,962

Securitas

AB

Class

B

22,427

368

Skandinaviska

Enskilda

Banken

AB

Class

A

67,499

1,343

Skanska

AB

Class

B

15,519

415

SKF

AB

Class

B

15,556

399

Svenska

Cellulosa

AB

SCA

Class

B

27,702

283

Svenska

Handelsbanken

AB

Class

A

62,049

913

Swedbank

AB

Class

A

37,854

1,414

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

8,146

388

Tele2

AB

Class

B

24,965

434

Telefonaktiebolaget

LM

Ericsson

Class

B

120,472

1,345

Telia

Co.

AB

107,581

524

Trelleborg

AB

Class

B

9,249

385

Volvo

AB

Class

B

70,854

2,409

30,055

Switzerland

-

6.2%

ABB,

Ltd.

71,333

7,740

Avolta

AG(Æ)

3,896

261

Banque

Cantonale

Vaudoise

1,411

207

Barry

Callebaut

AG

159

220

Belimo

Holding

AG

449

506

BKW

AG

989

167

Chocoladefabriken

Lindt

&

Spruengli

AG

47

1,083

Compagnie

Financiere

Richemont

SA

Class

A

24,467

5,678

DSM-Firmenich

AG

7,498

711

EMS-Chemie

Holding

AG

311

267

Galderma

Group

AG(Æ)

8,171

1,858

Geberit

AG

1,503

1,003

Givaudan

SA

410

1,737

Helvetia

Baloise

Holding

AG

3,525

910

Julius

Baer

Group,

Ltd.

9,124

789

Kuehne

+

Nagel

International

AG

2,201

534

Logitech

International

SA

6,770

635

Lonza

Group

AG

3,196

2,157

Nestle

SA

117,265

12,042

Partners

Group

Holding

AG

973

797

Sandoz

Group

AG

18,525

1,674

Schindler

Holding

AG

2,719

889

SGS

SA

7,338

850

Sika

AG

6,757

1,392

Sonova

Holding

AG

2,309

548

Straumann

Holding

AG

5,085

669

Swatch

Group

AG

(The)

Class

B

1,319

323

Swiss

Life

Holding

AG

1,265

1,392

Swiss

Prime

Site

AG

Class

A

3,556

580

Swisscom

AG

1,148

886

UBS

Group

AG

144,481

7,157

VAT

Group

AG(Þ)

1,197

1,047

Zurich

Insurance

Group

AG

6,809

5,029

61,738

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

170

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

United

Kingdom

-

10.8%

3i

Group

PLC

44,202

1,459

Admiral

Group

PLC

11,846

560

Associated

British

Foods

PLC

12,859

339

AstraZeneca

PLC

68,815

12,874

Aviva

PLC

136,064

1,174

BAE

Systems

PLC

133,528

3,267

Barclays

PLC

615,919

4,136

British

American

Tobacco

PLC

91,381

5,636

BT

Group

PLC

265,994

671

Bunzl

PLC

14,779

516

Centrica

PLC

204,905

464

CK

Hutchison

Holdings,

Ltd.

Class

B

119,500

1,016

Coca-Cola

Europacific

Partners

PLC

9,241

925

Compass

Group

PLC

77,279

2,497

Diageo

PLC

99,072

1,991

GSK

PLC

184,606

4,844

Halma

PLC

16,894

883

HSBC

Holdings

PLC

781,950

14,853

Imperial

Brands

PLC

33,526

1,240

Informa

PLC

57,290

687

International

Consolidated

Airlines

Group

SA

52,572

334

Intertek

Group

PLC

7,026

541

J

Sainsbury

PLC

78,206

332

Kingfisher

PLC

76,297

287

Land

Securities

Group

PLC(ö)

33,270

287

Legal

&

General

Group

PLC

238,344

905

Lloyds

Banking

Group

PLC

2,664,968

3,932

London

Stock

Exchange

Group

PLC

20,396

2,209

M&G

PLC

103,950

464

Marks

&

Spencer

Group

PLC

93,591

462

Melrose

Industries

PLC

57,412

362

National

Grid

PLC

226,319

3,747

NatWest

Group

PLC

363,167

3,201

Next

PLC

5,176

999

Pearson

PLC

21,498

341

Reckitt

Benckiser

Group

PLC

28,707

1,871

RELX

PLC

80,960

2,550

Rentokil

Initial

PLC

112,405

636

Rolls-Royce

Holdings

PLC

382,198

7,338

Sage

Group

PLC

(The)

43,833

475

Schroders

PLC

32,254

251

Segro

PLC(ö)

58,502

680

Severn

Trent

PLC

Class

H

12,328

482

Smith

&

Nephew

PLC

36,788

529

Smiths

Group

PLC

14,125

480

Spirax

Group

PLC

3,350

304

SSE

PLC

53,692

1,735

Standard

Chartered

PLC

80,999

2,195

Standard

Life

PLC

31,970

353

Tesco

PLC

284,190

1,735

Unilever

PLC

99,427

5,968

United

Utilities

Group

PLC

33,804

587

Verisure

PLC(Æ)

11,823

132

Vodafone

Group

PLC

834,461

1,103

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Wise

Group

PLC

Class

A(Æ)

30,313

364

108,203

United

States

-

7.2%

Aegon,

Ltd.

57,555

489

Alcon

AG

22,146

1,497

AP

Moller

-

Maersk

A/S

Class

A

111

256

AP

Moller

-

Maersk

A/S

Class

B

152

361

BP

PLC

714,481

4,397

Buzzi

SpA

3,609

185

Experian

PLC

40,830

1,373

Ferrovial

SE

21,541

1,478

Haleon

PLC

396,328

1,829

Holcim

AG(Æ)

23,220

2,102

InterContinental

Hotels

Group

PLC

6,409

1,105

Novartis

AG

83,351

13,052

Octave

Intelligence

PLC

-

SDR(Æ)

9,256

149

Roche

Holding

AG

33,311

13,723

Sanofi

SA

49,616

4,240

Schneider

Electric

SE

24,935

8,181

Shell

PLC

254,399

9,854

Spotify

Technology

SA(Æ)

6,666

3,061

Stellantis

NV(Æ)

89,697

510

Sunbelt

Rentals

Holdings,

Inc.

18,526

1,352

Swiss

Re

AG

13,597

2,163

Tenaris

SA

14,627

405

71,762

Total

Common

Stocks

(cost

$856,386)

980,015

Preferred

Stocks

-

0.2%

Germany

-

0.2%

Bayerische

Motoren

Werke

AG

7.623%

(Ÿ)

2,490

163

Dr

Ing

hc

F

Porsche

AG

2.248%

(Ÿ)(Þ)

5,066

252

Henkel

AG

&

Co.

KGaA

2.903%

(Ÿ)

6,888

579

Porsche

Automobil

Holding

SE

5.639%

(Ÿ)

6,992

215

Sartorius

AG

0.310%

(Ÿ)

1,227

322

Volkswagen

AG

6.666%

(Ÿ)

9,173

735

2,266

Total

Preferred

Stocks

(cost

$2,747)

2,266

Warrants

and

Rights

-

0.0%

Israel

-

0.0%

CyberArk(Æ)(Š)

Rights

2,338

105

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

171

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Spain

-

0.0%

ACS

Actividades

de

Construccion

y

Servicios

SA(Æ)

Rights

7,894

17

Total

Warrants

and

Rights

(cost

$122)

122

Short-Term

Investments

-

0.3%

United

States

-

0.3%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

2,923,887

2,924

Total

Short-Term

Investments

(cost

$2,924)

2,924

Total

Investments

-

98.4%

(cost

$862,179)

985,327

Other

Assets

net

of

Liabilities

-

1.6%

15,979

Net

Assets

-

100.0%

1,001,306

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

172

Venerable

International

Index

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Contracts

to

Buy

MSCI

EAFE

Index

Futures

106

USD

16,670

09/18/2026

(116)

Total

Futures

Contracts

(å)

(116)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Common

Stocks

Australia

$

—

$

70,959

$

—

$

70,959

Austria

—

3,502

—

3,502

Belgium

—

8,772

—

8,772

Brazil

—

332

—

332

Burkina

Faso

—

480

—

480

Chile

—

797

—

797

China

—

4,243

—

4,243

Czech

Republic

—

100

—

100

Denmark

—

16,027

—

16,027

Finland

—

11,962

—

11,962

France

—

80,812

—

80,812

Germany

—

82,747

—

82,747

Guatemala

383

—

—

383

Hong

Kong

209

15,132

—

15,341

Indonesia

—

457

—

457

Ireland

1,086

3,259

—

4,345

Israel

2,259

8,909

—

11,168

Italy

—

30,522

—

30,522

Japan

—

232,505

—

232,505

Luxembourg

—

1,703

—

1,703

Macao

—

520

—

520

Mexico

—

305

—

305

Netherlands

2,534

59,892

—

62,426

New

Zealand

—

2,121

—

2,121

Nigeria

—

152

—

152

Norway

—

5,351

—

5,351

Poland

—

206

—

206

Portugal

—

1,738

—

1,738

Singapore

2,044

16,141

—

18,185

South

Africa

—

2,363

—

2,363

South

Korea

—

313

—

313

Spain

—

37,420

—

37,420

Sweden

—

30,055

—

30,055

Switzerland

—

61,738

—

61,738

United

Kingdom

925

107,278

—

108,203

United

States

3,2

08

68,55

4

—

71,762

Preferred

Stocks

—

2,266

—

2,266

Warrants

and

Rights

17

—

105

122

Short-Term

Investments

2,924

—

—

2,924

Total

Investments

15,5

89

969,63

3

105

985,327

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

173

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Derivatives

Liabilities

Futures

Contracts

(116)

—

—

(116)

Total

Derivatives

*

$

(116)

$

—

$

—

$

(116)

*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

107,999

10.8

Consumer

Staples

...............................................................................

51,316

5.1

Energy

................................................................................................

39,804

4.0

Financial

Services

..............................................................................

272,866

27.3

Health

Care

........................................................................................

99,397

9.9

Materials

and

Processing

...................................................................

83,285

8.3

Producer

Durables

..............................................................................

138,008

13.8

Technology

.........................................................................................

128,526

12.8

Utilities

...............................................................................................

58,814

5.9

Preferred

Stocks

Consumer

Discretionary

....................................................................

1,365

0.1

Consumer

Staples

...............................................................................

579

0.1

Producer

Durables

..............................................................................

322

—**

Warrants

and

Rights

...................................................................

122

—**

Short-Term

Investments

.............................................................

2,924

0.3

Total

Investments

...............................................................................

985,327

98.4

**

Less

than

.05%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

174

Venerable

International

Index

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

862,179

Investments,

at

fair

value

.............................................................................................................................................................

985,327

Foreign

currency

holdings(^)

.......................................................................................................................................................

13,369

Receivables:

Dividends

and

interest

......................................................................................................................................................

996

Fund

shares

sold

...............................................................................................................................................................

689

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

1,071

From

broker(a)

.................................................................................................................................................................

598

Variation

margin

on

futures

contracts

..............................................................................................................................

57

Prepaid

expenses

..........................................................................................................................................................................

14

Total

assets

...............................................................................................................................................................

1,002,121

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

19

Fund

shares

redeemed

......................................................................................................................................................

221

Accrued

fees

to

affiliates

..................................................................................................................................................

431

Other

accrued

expenses

....................................................................................................................................................

144

Total

liabilities

...........................................................................................................................................................

815

Net

Assets

...............................................................................................................................................................

$

1,001,306

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

145,695

Paid-in

capital

..............................................................................................................................................................................

855,611

Net

Assets

...............................................................................................................................................................

$

1,001,306

(^)    

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

13,620

(a)

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

598

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

11.56

Class

I

—

Net

assets

............................................................................................................................................................

$

587,719,005

Class

I

—

Shares

outstanding

.............................................................................................................................................

50,826,944

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.55

Class

V

—

Net

assets

...........................................................................................................................................................

$

413,586,729

Class

V

—

Shares

outstanding

............................................................................................................................................

35,817,986

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

175

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

19,181

Interest

..............................................................................................................................................................................

16

Less

foreign

taxes

withheld

.............................................................................................................................................

(1,935)

Total

investment

income

.............................................................................................................................................................

17,262

Expenses

Advisory

fees

...................................................................................................................................................................

1,501

Administrative

fees

..........................................................................................................................................................

500

Distribution

fees

-

Class

V

...............................................................................................................................................

622

Professional

fees

..............................................................................................................................................................

47

Trustees’

fees

....................................................................................................................................................................

16

Printing

fees

.....................................................................................................................................................................

6

Offering

fees

.....................................................................................................................................................................

13

Miscellaneous

..................................................................................................................................................................

68

Expenses

before

reductions

..............................................................................................................................................

2,773

Expense

reductions

..........................................................................................................................................................

(62)

Net

expenses

................................................................................................................................................................................

2,711

Net

investment

income

(loss)

.......................................................................................................................................................

14,551

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

6,518

Futures

contracts

..............................................................................................................................................................

3,303

Foreign

currency-related

transactions

..............................................................................................................................

47

Net

realized

gain

(loss)

................................................................................................................................................................

9,868

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

71,397

Futures

contracts

..............................................................................................................................................................

(121)

Foreign

currency-related

transactions

..............................................................................................................................

(300)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

70,976

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

80,844

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

95,395

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

176

Venerable

International

Index

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

14,551

$

5,492

Net

realized

gain

(loss)

................................................................................................................

9,868

166

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

70,976

51,755

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

95,395

57,413

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(4,519)

—

Class

V

.....................................................................................................................................

(2,835)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(7,354)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(109,060)

964,912

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(21,019)

1,022,325

Net

Assets

Beginning

of

period

...........................................................................................................................

1,022,325

—

End

of

period

......................................................................................................................................

$

1,001,306

$

1,022,325

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

968

$

10,797

61,825

$

618,256

Proceeds

from

reinvestment

of

distributions

392

4,519

—

—

Payments

for

shares

redeemed

(7,798)

(88,058)

(4,560)

(47,285)

Net

increase

(decrease)

(6,438)

(72,742)

57,265

570,971

Class

V

Proceeds

from

shares

sold

62

713

41,876

422,965

Proceeds

from

reinvestment

of

distributions

246

2,835

—

—

Payments

for

shares

redeemed

(3,565)

(39,866)

(2,801)

(29,024)

Net

increase

(decrease)

(3,257)

(36,318)

39,075

393,941

Total

increase

(decrease)

(9,695)

$

(109,060)

96,340

$

964,912

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

177

Venerable

Variable

Insurance

Trust

Venerable

International

Index

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.62‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17‌

.06‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.86‌

.56‌

$

Total

from

Investment

Operations

1.03‌

.62‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.07‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.09‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.56‌

10.62‌

%

Total

Return

(±)(ǿ)

9.68‌

6.20‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

587,719‌

607,881‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.43‌

.46‌

%

Expenses,

Net

(Ƃ)(ɯ)

.43‌

.45‌

%

Net

Investment

Income

(Ƃ)(ɯ)

3.01‌

1.81‌

%

Portfolio

Turnover

Rate

(ǿ)

2‌

5‌

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.61‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.1

5‌

.05‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.8

7‌

.56‌

$

Total

from

Investment

Operations

1.02‌

.61‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.06‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.08‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.55‌

10.61‌

%

Total

Return

(±)(ǿ)

9.61‌

6.10‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

413,587‌

414,444‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.73‌

.76‌

%

Expenses,

Net

(Ƃ)(ɯ)

.70‌

.70‌

%

Net

Investment

Income

(Ƃ)(ɯ)

2.76‌

1.61‌

%

Portfolio

Turnover

Rate

(ǿ)

2‌

5‌

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

178

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

98.6%

Asset-Backed

Securities

-

0.4%

Carvana

Auto

Receivables

Trust

Series

2025-P2

Class

A3

4.550%

due

08/12/30

570

571

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2018-4

Class

A

4.060%

due

11/15/30

816

808

1,379

Corporate

Bonds

and

Notes

-

25.8%

Consumer

Discretionary

-

2.3%

Alibaba

Group

Holding,

Ltd.

Series

CN

4.000%

due

12/06/37

200

181

Amazon.com,

Inc.

4.700%

due

12/01/32

500

502

2.875%

due

05/12/41

405

300

3.100%

due

05/12/51

400

260

American

Honda

Finance

Corp.

Series

GMTN

4.900%

due

01/10/34

315

309

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

6.550%

due

06/01/34

300

306

3.900%

due

06/01/52

355

226

Comcast

Corp.

5.500%

due

11/15/32

350

360

3.450%

due

02/01/50

530

341

Corning,

Inc.

4.375%

due

11/15/57

100

80

Costco

Wholesale

Corp.

1.750%

due

04/20/32

100

87

Ford

Motor

Co.

3.250%

due

02/12/32

405

357

Fox

Corp.

4.709%

due

01/25/29

405

405

General

Motors

Co.

5.200%

due

04/01/45

160

142

General

Motors

Financial

Co.,

Inc.

5.800%

due

01/07/29

360

369

5.350%

due

01/07/30

160

162

Home

Depot,

Inc.

(The)

4.950%

due

06/25/34

300

301

5.300%

due

06/25/54

130

123

Lowe's

Cos.,

Inc.

4.850%

due

10/15/35

400

390

Marriott

International,

Inc.

4.900%

due

04/15/29

500

504

McDonald's

Corp.

Series

MTN

3.625%

due

09/01/49

250

182

Space

Exploration

Technologies

Corp.

5.650%

due

07/15/33

300

298

Starbucks

Corp.

2.250%

due

03/12/30

500

459

Target

Corp.

4.800%

due

01/15/53

200

178

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Toyota

Motor

Credit

Corp.

5.550%

due

11/20/30

405

419

Walmart,

Inc.

5.250%

due

09/01/35

125

129

4.500%

due

04/15/53

165

143

Walt

Disney

Co.

(The)

4.625%

due

03/23/40

500

466

7,979

Consumer

Staples

-

1.3%

Altria

Group,

Inc.

5.800%

due

02/14/39

250

253

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

315

287

Anheuser-Busch

InBev

Worldwide,

Inc.

5.000%

due

06/15/34

100

101

BAT

Capital

Corp.

4.540%

due

08/15/47

315

260

Bunge,

Ltd.

Finance

Corp.

4.200%

due

09/17/29

315

311

Campbell's

Co.

(The)

5.400%

due

03/21/34

315

311

Coca-Cola

Co.

(The)

5.400%

due

05/13/64

100

96

Conagra

Brands,

Inc.

4.850%

due

11/01/28

360

360

Constellation

Brands,

Inc.

3.150%

due

08/01/29

180

172

Haleon

US

Capital

LLC

3.375%

due

03/24/29

270

262

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

6.500%

due

12/01/52

165

167

Keurig

Dr

Pepper,

Inc.

4.500%

due

04/15/52

190

153

Kraft

Heinz

Foods

Co.

5.500%

due

06/01/50

100

91

Kroger

Co.

(The)

5.500%

due

09/15/54

100

94

Mondelez

International,

Inc.

2.750%

due

04/13/30

315

294

PepsiCo,

Inc.

2.750%

due

03/19/30

200

188

3.600%

due

08/13/42

200

161

Philip

Morris

International,

Inc.

5.125%

due

02/15/30

225

228

5.250%

due

02/13/34

400

407

Procter

&

Gamble

Co.

(The)

4.550%

due

01/29/34

310

309

Sysco

Corp.

4.500%

due

04/01/46

100

83

4,588

Energy

-

1.8%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor,

Inc.

5.000%

due

06/15/36

100

98

BP

Capital

Markets

America,

Inc.

5.227%

due

11/17/34

300

304

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

179

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Canadian

Natural

Resources,

Ltd.

Series

IL

3.850%

due

06/01/27

270

269

ConocoPhillips

Co.

5.300%

due

05/15/53

255

237

Devon

Energy

Corp.

5.200%

due

09/15/34

100

100

5.400%

due

02/15/35

(Þ)

270

272

Diamondback

Energy,

Inc.

5.550%

due

04/01/35

100

102

Enbridge,

Inc.

Series

IL

5.700%

due

03/08/33

530

547

Energy

Transfer,

LP

5.700%

due

04/01/35

270

277

5.000%

due

05/15/50

200

169

Enterprise

Products

Operating

LLC

4.850%

due

03/15/44

450

411

Exxon

Mobil

Corp.

4.114%

due

03/01/46

255

211

Halliburton

Co.

7.450%

due

09/15/39

100

117

Kinder

Morgan,

Inc.

3.600%

due

02/15/51

290

204

MPLX,

LP

4.700%

due

04/15/48

360

299

Occidental

Petroleum

Corp.

6.450%

due

09/15/36

150

161

ONEOK,

Inc.

6.850%

due

10/15/37

300

329

Phillips

66

Co.

5.300%

due

06/30/33

400

405

Sabine

Pass

Liquefaction

LLC

4.500%

due

05/15/30

270

267

Shell

Finance

US,

Inc.

4.375%

due

05/11/45

315

268

Targa

Resources

Corp.

6.500%

due

03/30/34

100

108

5.400%

due

07/30/36

100

100

TotalEnergies

Capital

SA

Series

IL

5.488%

due

04/05/54

265

256

Western

Midstream

Operating,

LP

6.350%

due

01/15/29

360

372

Williams

Cos.,

Inc.

(The)

6.300%

due

04/15/40

300

319

6,202

Financial

Services

-

9.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.375%

due

12/15/31

250

254

Alexandria

Real

Estate

Equities,

Inc.

5.500%

due

10/01/35

100

100

Allstate

Corp.

(The)

5.250%

due

03/30/33

310

315

American

Express

Co.

4.456%

due

02/10/32

(SOFR

+

0.867%)(Ê)

400

394

Ameriprise

Financial,

Inc.

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.700%

due

12/15/28

200

205

Aon

Corp.

Series

IL

6.250%

due

09/30/40

100

108

Arthur

J

Gallagher

&

Co.

5.150%

due

02/15/35

270

268

Asian

Development

Bank

Series

IL

2.500%

due

11/02/27

600

587

4.375%

due

03/06/29

500

502

Banco

Santander

SA

Series

IL

6.921%

due

08/08/33

355

386

Bank

of

America

Corp.

3.419%

due

12/20/28

(CME

Term

SOFR

3

Month

+

1.302%)(Ê)

270

265

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

355

360

Series

MTN

3.974%

due

02/07/30

(CME

Term

SOFR

3

Month

+

1.472%)(Ê)

270

265

1.898%

due

07/23/31

(SOFR

+

1.530%)(Ê)

360

321

4.083%

due

03/20/51

(CME

Term

SOFR

3

Month

+

3.412%)(Ê)

445

352

Bank

of

America

National

Association

Series

BKNT

6.000%

due

10/15/36

250

264

Bank

of

Montreal

Series

IL

5.717%

due

09/25/28

315

323

Bank

of

New

York

Mellon

Corp.

(The)

4.942%

due

02/11/31

(SOFR

+

0.887%)(Ê)

300

303

Barclays

PLC

7.437%

due

11/02/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.500%)(Ê)

400

446

Berkshire

Hathaway

Finance

Corp.

3.850%

due

03/15/52

150

114

Blackstone

Reg

Finance

Co.

LLC

5.000%

due

12/06/34

315

310

Brookfield

Finance,

Inc.

5.330%

due

01/15/36

200

197

Capital

One

Financial

Corp.

5.700%

due

02/01/30

(SOFR

+

1.905%)(Ê)

225

230

2.359%

due

07/29/32

(SOFR

+

1.337%)(Ê)

315

273

5.268%

due

05/10/33

(SOFR

+

2.370%)(Ê)

225

225

Citibank

National

Association

Series

BKNT

5.570%

due

04/30/34

250

259

Citigroup,

Inc.

4.910%

due

05/24/33

(SOFR

+

2.086%)(Ê)

600

597

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

180

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.174%

due

05/25/34

(SOFR

+

2.661%)(Ê)

310

324

CME

Group,

Inc.

4.400%

due

03/15/30

315

314

Corebridge

Financial,

Inc.

3.850%

due

04/05/29

360

352

Crown

Castle,

Inc.

5.600%

due

06/01/29

500

511

Deutsche

Bank

AG

4.999%

due

09/11/30

(SOFR

+

1.700%)(Ê)

405

406

ERP

Operating,

LP

4.650%

due

09/15/34

360

350

European

Investment

Bank

Series

IL

4.500%

due

03/14/30

800

808

4.250%

due

08/16/32

700

699

Fifth

Third

Bancorp

5.631%

due

01/29/32

(SOFR

+

1.840%)(Ê)

225

231

Global

Payments,

Inc.

2.900%

due

05/15/30

360

330

Goldman

Sachs

Group,

Inc.

(The)

2.615%

due

04/22/32

(SOFR

+

1.281%)(Ê)

570

512

6.561%

due

10/24/34

100

108

5.016%

due

10/23/35

(SOFR

+

1.420%)(Ê)

635

624

5.387%

due

02/02/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.180%)(Ê)

125

122

Host

Hotels

&

Resorts,

LP

Series

I

3.500%

due

09/15/30

350

331

HSBC

Holdings

PLC

6.500%

due

05/02/36

200

212

Series

IL

6.161%

due

03/09/29

(SOFR

+

1.970%)(Ê)

450

461

5.240%

due

05/13/31

(SOFR

+

1.570%)(Ê)

270

273

6.332%

due

03/09/44

(SOFR

+

2.650%)(Ê)

315

337

ING

Groep

NV

Series

IL

5.335%

due

03/19/30

(SOFR

+

1.440%)(Ê)

360

366

Inter-American

Development

Bank

3.750%

due

06/14/30

500

492

Series

GMTN

4.375%

due

07/16/35

400

398

Intercontinental

Exchange,

Inc.

2.650%

due

09/15/40

250

181

International

Bank

for

Reconstruction

&

Development

Series

GMTN

4.625%

due

01/15/32

900

916

JPMorgan

Chase

&

Co.

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

3.702%

due

05/06/30

(CME

Term

SOFR

3

Month

+

1.422%)(Ê)

205

199

2.956%

due

05/13/31

(CME

Term

SOFR

3

Month

+

2.515%)(Ê)

200

187

5.717%

due

09/14/33

(SOFR

+

2.580%)(Ê)

265

274

5.350%

due

06/01/34

(SOFR

+

1.845%)(Ê)

355

361

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

450

468

5.572%

due

04/22/36

(SOFR

+

1.680%)(Ê)

1,000

1,028

Kreditanstalt

Fuer

Wiederaufbau

Series

IL

3.500%

due

08/09/28

1,000

987

Lincoln

National

Corp.

3.800%

due

03/01/28

360

355

Lloyds

Banking

Group

PLC

6.068%

due

06/13/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.600%)(Ê)

270

279

LPL

Holdings,

Inc.

4.900%

due

04/03/28

300

300

Marsh

&

McLennan

Cos.,

Inc.

5.000%

due

03/15/35

360

357

Mastercard,

Inc.

3.850%

due

03/26/50

310

240

MetLife,

Inc.

4.550%

due

03/23/30

215

215

4.875%

due

11/13/43

200

184

10.750%

due

08/01/69

100

130

Mid-America

Apartments,

LP

3.950%

due

03/15/29

405

398

Mitsubishi

UFJ

Financial

Group,

Inc.

Series

IL

5.258%

due

04/17/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.820%)(Ê)

225

228

5.615%

due

04/24/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.270%)(Ê)

315

323

Mizuho

Financial

Group,

Inc.

Series

IL

5.323%

due

07/08/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.070%)(Ê)

315

316

Moody's

Corp.

5.000%

due

08/05/34

300

300

Morgan

Stanley

6.627%

due

11/01/34

(SOFR

+

2.050%)(Ê)

1,200

1,303

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

300

309

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

500

479

NatWest

Group

PLC

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

181

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

IL

4.964%

due

08/15/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.220%)(Ê)

315

316

ORIX

Corp.

Series

IL

4.650%

due

09/10/29

315

315

PayPal

Holdings,

Inc.

2.850%

due

10/01/29

315

297

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

+

1.902%)(Ê)

450

464

Progressive

Corp.

(The)

4.125%

due

04/15/47

100

81

Prologis,

LP

5.000%

due

01/31/35

200

199

Prudential

Financial,

Inc.

3.000%

due

03/10/40

100

76

6.000%

due

09/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.234%)(Ê)

100

102

Realty

Income

Corp.

4.850%

due

03/15/30

360

362

S&P

Global,

Inc.

4.750%

due

08/01/28

360

362

Simon

Property

Group,

LP

4.750%

due

09/26/34

200

195

Sumitomo

Mitsui

Financial

Group,

Inc.

Series

IL

3.040%

due

07/16/29

315

300

Toronto-Dominion

Bank

(The)

Series

IL

4.861%

due

01/31/28

500

502

Travelers

Cos.,

Inc.

(The)

5.450%

due

05/25/53

265

257

Truist

Financial

Corp.

Series

MTN

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

310

322

US

Bancorp

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

265

276

Ventas

Realty,

LP

3.000%

due

01/15/30

450

424

Visa,

Inc.

4.300%

due

12/14/45

270

232

Wells

Fargo

&

Co.

5.605%

due

04/23/36

(SOFR

+

1.740%)(Ê)

315

323

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

450

344

Series

MTN

2.879%

due

10/30/30

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)

360

339

4.400%

due

06/14/46

315

256

Westpac

Banking

Corp.

Series

IL

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.110%

due

07/24/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.000%)(Ê)

360

351

33,796

Health

Care

-

2.8%

Abbott

Laboratories

4.750%

due

03/15/38

400

386

AbbVie,

Inc.

4.250%

due

11/21/49

530

433

Amgen,

Inc.

4.400%

due

05/01/45

500

425

AstraZeneca

Finance

LLC

4.600%

due

03/02/36

200

194

Becton

Dickinson

&

Co.

4.693%

due

02/13/28

300

301

Boston

Scientific

Corp.

2.650%

due

06/01/30

315

293

Bristol-Myers

Squibb

Co.

4.125%

due

06/15/39

270

241

5.000%

due

08/15/45

100

92

Cigna

Group

(The)

5.250%

due

01/15/36

300

301

CommonSpirit

Health

5.318%

due

12/01/34

100

100

CVS

Health

Corp.

4.780%

due

03/25/38

315

295

5.050%

due

03/25/48

300

265

Elevance

Health,

Inc.

4.375%

due

12/01/47

350

287

Eli

Lilly

&

Co.

3.700%

due

03/01/45

320

254

Gilead

Sciences,

Inc.

5.650%

due

12/01/41

200

204

GlaxoSmithKline

Capital,

Inc.

4.875%

due

04/15/35

100

99

HCA,

Inc.

3.625%

due

03/15/32

405

377

5.750%

due

03/01/35

360

371

Humana,

Inc.

5.375%

due

04/15/31

360

365

Johnson

&

Johnson

5.000%

due

03/01/35

500

513

Medtronic,

Inc.

4.375%

due

03/15/35

100

96

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

575

353

Novartis

Capital

Corp.

4.900%

due

03/18/36

300

298

Pfizer,

Inc.

4.100%

due

09/15/38

545

492

Quest

Diagnostics,

Inc.

2.950%

due

06/30/30

315

295

Regeneron

Pharmaceuticals,

Inc.

1.750%

due

09/15/30

405

358

Royalty

Pharma

PLC

2.200%

due

09/02/30

400

361

Takeda

Pharmaceutical

Co.,

Ltd.

5.300%

due

07/05/34

200

202

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

182

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Thermo

Fisher

Scientific,

Inc.

5.086%

due

08/10/33

310

314

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

575

579

Universal

Health

Services,

Inc.

4.625%

due

10/15/29

360

356

Wyeth

LLC

5.950%

due

04/01/37

180

191

Zimmer

Biomet

Holdings,

Inc.

5.500%

due

02/19/35

315

320

10,011

Materials

and

Processing

-

0.6%

Air

Products

and

Chemicals,

Inc.

4.850%

due

02/08/34

355

354

ArcelorMittal

SA

6.000%

due

06/17/34

100

105

Dow

Chemical

Co.

(The)

4.375%

due

11/15/42

300

242

Ecolab,

Inc.

4.800%

due

03/24/30

270

272

LYB

International

Finance

III

LLC

4.200%

due

05/01/50

100

73

Nutrien,

Ltd.

5.400%

due

06/21/34

100

101

Rio

Tinto

Finance

(USA)

PLC

Series

IL

5.125%

due

03/09/53

170

157

Sherwin-Williams

Co.

(The)

5.150%

due

08/15/35

100

100

Smurfit

Kappa

Treasury

ULC

Series

IL

5.200%

due

01/15/30

270

274

Southern

Copper

Corp.

7.500%

due

07/27/35

100

115

Vale

Overseas,

Ltd.

6.875%

due

11/21/36

100

111

Westlake

Corp.

5.550%

due

11/15/35

100

99

2,003

Producer

Durables

-

1.6%

Boeing

Co.

(The)

5.805%

due

05/01/50

135

133

5.930%

due

05/01/60

210

207

Burlington

Northern

Santa

Fe

LLC

4.450%

due

03/15/43

300

266

Canadian

Pacific

Railway

Co.

2.450%

due

12/02/31

100

89

3.100%

due

12/02/51

100

65

CRH

America

Finance,

Inc.

5.500%

due

01/09/35

300

305

CSX

Corp.

4.300%

due

03/01/48

200

166

Eaton

Corp.

4.350%

due

05/18/28

225

225

FedEx

Corp.

5.250%

due

05/15/50

100

94

General

Dynamics

Corp.

4.950%

due

08/15/35

200

200

General

Electric

Co.

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.900%

due

01/29/36

315

315

Honeywell

Aerospace,

Inc.

4.950%

due

03/16/36

(Þ)

100

98

5.622%

due

03/16/46

(Þ)

100

100

Honeywell

International,

Inc.

1.950%

due

06/01/30

400

362

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

220

229

Jacobs

Engineering

Group,

Inc.

6.350%

due

08/18/28

315

325

John

Deere

Capital

Corp.

Series

MTN

4.350%

due

09/15/32

350

345

Lockheed

Martin

Corp.

5.200%

due

02/15/55

150

141

Norfolk

Southern

Corp.

4.650%

due

01/15/46

170

148

Northrop

Grumman

Corp.

4.750%

due

06/01/43

100

91

Otis

Worldwide

Corp.

2.565%

due

02/15/30

315

293

Parker-Hannifin

Corp.

4.500%

due

09/15/29

270

270

Republic

Services,

Inc.

5.000%

due

04/01/34

360

362

RTX

Corp.

4.450%

due

11/16/38

400

372

Union

Pacific

Corp.

3.839%

due

03/20/60

230

166

United

Parcel

Service,

Inc.

4.875%

due

11/15/40

250

237

5,604

Technology

-

2.3%

Alphabet,

Inc.

4.400%

due

02/15/33

100

98

1.900%

due

08/15/40

500

332

5.650%

due

02/15/56

100

99

Analog

Devices,

Inc.

2.100%

due

10/01/31

360

317

Apple,

Inc.

2.375%

due

02/08/41

700

495

Broadcom,

Inc.

3.500%

due

02/15/41

315

252

Cisco

Systems,

Inc.

4.550%

due

02/24/28

100

100

5.300%

due

02/26/54

100

95

Dell

International

LLC

/

EMC

Corp.

5.400%

due

04/15/34

250

254

Fiserv,

Inc.

5.450%

due

03/15/34

150

149

Hewlett

Packard

Enterprise

Co.

6.200%

due

10/15/35

100

107

HP,

Inc.

4.000%

due

04/15/29

360

353

IBM

International

Capital

Pte,

Ltd.

4.900%

due

02/05/34

300

296

Intel

Corp.

3.750%

due

08/05/27

315

313

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

183

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.750%

due

03/25/50

400

332

International

Business

Machines

Corp.

4.250%

due

05/15/49

100

78

Intuit,

Inc.

5.125%

due

09/15/28

300

303

Marvell

Technology,

Inc.

2.450%

due

04/15/28

405

390

Meta

Platforms,

Inc.

4.300%

due

08/15/29

200

200

5.250%

due

05/15/36

200

199

5.500%

due

11/15/45

200

186

5.600%

due

05/15/53

400

364

Microsoft

Corp.

3.700%

due

08/08/46

300

234

Motorola

Solutions,

Inc.

5.550%

due

08/15/35

250

254

NVIDIA

Corp.

5.550%

due

06/15/46

75

74

5.625%

due

06/15/56

75

74

Oracle

Corp.

5.250%

due

02/03/32

345

340

5.200%

due

09/26/35

135

126

3.800%

due

11/15/37

500

401

5.950%

due

09/26/55

355

302

QUALCOMM,

Inc.

2.150%

due

05/20/30

360

329

Salesforce,

Inc.

5.550%

due

03/15/36

400

399

Synopsys,

Inc.

5.150%

due

04/01/35

150

149

7,994

Utilities

-

3.5%

Alabama

Power

Co.

3.050%

due

03/15/32

270

247

American

Water

Capital

Corp.

4.300%

due

12/01/42

100

87

Appalachian

Power

Co.

7.000%

due

04/01/38

350

390

AT&T,

Inc.

4.300%

due

02/15/30

360

355

4.300%

due

12/15/42

250

206

3.500%

due

09/15/53

630

409

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

270

288

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

355

356

CenterPoint

Energy,

Inc.

5.400%

due

06/01/29

270

276

Connecticut

Light

and

Power

Co.

(The)

5.250%

due

01/15/53

100

94

Consolidated

Edison

Co.

of

New

York,

Inc.

5.500%

due

03/15/34

225

233

4.450%

due

03/15/44

360

310

Constellation

Energy

Generation

LLC

5.300%

due

06/01/36

100

99

Dominion

Energy,

Inc.

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Series

B

7.000%

due

06/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.511%)(Ê)

100

106

DTE

Energy

Co.

5.850%

due

06/01/34

215

225

Duke

Energy

Corp.

5.000%

due

08/15/52

100

87

Duke

Energy

Indiana

LLC

6.450%

due

04/01/39

450

493

Entergy

Corp.

1.900%

due

06/15/28

270

256

Entergy

Louisiana

LLC

5.700%

due

03/15/54

170

167

Exelon

Corp.

5.600%

due

03/15/53

200

191

Florida

Power

&

Light

Co.

5.100%

due

04/01/33

100

101

3.950%

due

03/01/48

200

157

Interstate

Power

and

Light

Co.

5.600%

due

06/29/35

270

277

NextEra

Energy

Capital

Holdings,

Inc.

5.250%

due

03/15/34

500

506

6.375%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.053%)(Ê)

100

102

NiSource,

Inc.

3.600%

due

05/01/30

360

346

Northern

States

Power

Co.

5.100%

due

05/15/53

300

273

Oncor

Electric

Delivery

Co.

LLC

4.950%

due

09/15/52

100

89

Pacific

Gas

and

Electric

Co.

6.400%

due

06/15/33

210

222

3.300%

due

08/01/40

300

225

PacifiCorp

5.800%

due

01/15/55

235

224

Potomac

Electric

Power

Co.

4.150%

due

03/15/43

250

209

PPL

Electric

Utilities

Corp.

5.250%

due

05/15/53

100

94

Progress

Energy,

Inc.

7.750%

due

03/01/31

200

223

Public

Service

Electric

and

Gas

Co.

4.850%

due

08/01/34

360

357

Rogers

Communications,

Inc.

Series

IL

4.500%

due

03/15/42

205

174

San

Diego

Gas

&

Electric

Co.

5.350%

due

04/01/53

235

219

Sempra

5.500%

due

08/01/33

310

318

Southern

California

Edison

Co.

5.450%

due

03/01/35

200

200

4.650%

due

10/01/43

100

85

Southern

Co.

(The)

4.850%

due

03/15/35

270

263

Telefonica

Emisiones

SA

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

184

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.665%

due

03/06/38

150

137

T-Mobile

USA,

Inc.

2.550%

due

02/15/31

315

286

5.050%

due

07/15/33

400

399

3.300%

due

02/15/51

300

196

Union

Electric

Co.

5.125%

due

03/15/55

160

146

Verizon

Communications,

Inc.

5.401%

due

07/02/37

315

314

2.650%

due

11/20/40

405

286

3.550%

due

03/22/51

355

247

6.200%

due

05/14/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.042%)(Ê)

100

101

Virginia

Electric

and

Power

Co.

5.000%

due

01/15/34

200

200

Series

C

4.000%

due

11/15/46

200

158

Vodafone

Group

PLC

4.375%

due

02/19/43

150

126

12,135

90,312

International

Debt

-

1.8%

Chile

Government

International

Bond

3.500%

due

01/31/34

400

363

Export-Import

Bank

of

Korea

4.500%

due

01/11/29

400

401

Indonesia

Government

International

Bond

4.750%

due

09/10/34

450

435

Israel

Government

International

Bond

Series

10Y

5.500%

due

03/12/34

300

304

Japan

Bank

for

International

Co-operation

3.875%

due

07/03/28

500

496

Mexico

Government

International

Bond

5.850%

due

07/02/32

350

354

6.625%

due

01/29/38

350

359

6.338%

due

05/04/53

350

328

Panama

Government

International

Bond

6.700%

due

01/26/36

350

377

Peruvian

Government

International

Bond

5.500%

due

03/30/36

350

354

Philippines

Government

International

Bond

5.250%

due

05/14/34

250

250

5.175%

due

09/05/49

250

230

Poland

Government

International

Bond

Series

10Y

5.375%

due

02/12/35

300

306

Province

of

British

Columbia

4.750%

due

06/12/34

500

504

Province

of

Ontario

3.900%

due

09/04/30

600

591

Province

of

Quebec

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

3.625%

due

04/13/28

500

495

Uruguay

Government

International

Bond

5.442%

due

02/14/37

250

257

6,404

Mortgage-Backed

Securities

-

24.4%

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2024-BNK47

Class

A5

5.716%

due

06/15/57

250

260

Barclays

Commercial

Mortgage

Trust

Series

2019-C3

Class

A4

3.583%

due

05/15/52

250

241

Series

2022-C18

Class

A5

5.710%

due

12/15/55

(~)(Ê)

390

402

Series

2024-C28

Class

A5

5.403%

due

09/15/57

250

255

Series

2025-5C33

Class

A4

5.839%

due

03/15/58

250

258

Credit

Suisse

Mortgage

Trust

Series

2016-NXSR

Class

A4

3.795%

due

12/15/49

(~)(Ê)

147

146

CSAIL

Commercial

Mortgage

Trust

Series

2018-CX12

Class

A4

4.224%

due

08/15/51

(~)(Ê)

400

394

Series

2019-C16

Class

A3

3.329%

due

06/15/52

250

239

Fannie

Mae

2.000%

due

2035

17

15

1.500%

due

2036

5

5

3.500%

due

2036

68

66

2.000%

due

2037

1,257

1,146

3.500%

due

2037

98

94

6.000%

due

2039

39

40

1.500%

due

2040

140

118

2.500%

due

2040

138

125

5.000%

due

2040

7

7

5.500%

due

2040

94

95

1.500%

due

2041

275

228

2.000%

due

2041

639

554

2.500%

due

2042

244

220

4.000%

due

2044

93

90

5.000%

due

2044

82

81

5.500%

due

2044

81

82

4.000%

due

2048

387

370

2.000%

due

2050

2,915

2,356

2.500%

due

2050

9,273

7,915

3.000%

due

2050

544

476

2.000%

due

2051

4,737

3,815

2.500%

due

2051

302

255

3.000%

due

2052

2,499

2,188

3.500%

due

2052

396

360

4.000%

due

2052

1,672

1,569

4.500%

due

2053

1,893

1,829

6.000%

due

2053

779

797

5.000%

due

2054

303

299

5.500%

due

2054

172

173

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

185

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.000%

due

2054

2,680

2,742

6.500%

due

2054

801

829

7.000%

due

2054

260

276

6.500%

due

2055

7

7

5.500%

due

2056

217

218

Freddie

Mac

3.000%

due

2032

227

220

2.000%

due

2035

919

841

2.500%

due

2035

878

824

1.500%

due

2036

1,507

1,346

3.000%

due

2036

262

248

3.000%

due

2037

197

187

6.000%

due

2038

33

34

3.500%

due

2039

8

8

4.500%

due

2039

71

70

5.500%

due

2039

65

66

3.500%

due

2040

65

62

4.000%

due

2040

94

91

4.500%

due

2040

102

101

5.000%

due

2040

216

217

2.000%

due

2041

462

401

5.000%

due

2046

19

19

3.000%

due

2047

1,540

1,378

3.500%

due

2049

1,215

1,123

1.500%

due

2050

1,387

1,064

2.000%

due

2050

4,946

4,002

1.500%

due

2051

552

423

2.000%

due

2051

2,004

1,612

2.500%

due

2051

283

238

3.500%

due

2051

2,163

1,985

3.000%

due

2052

817

715

4.000%

due

2052

1,170

1,098

5.500%

due

2053

2,162

2,179

6.000%

due

2053

1,289

1,319

6.500%

due

2053

144

149

5.000%

due

2054

2,300

2,268

5.500%

due

2054

3,249

3,267

6.500%

due

2054

894

930

4.500%

due

2055

865

831

5.000%

due

2055

2,035

2,006

7.000%

due

2055

123

130

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

Series

2018-K073

Class

A2

3.350%

due

01/25/28

350

345

Series

2018-K074

Class

A2

3.600%

due

01/25/28

346

341

Series

2020-K117

Class

A2

1.406%

due

08/25/30

350

311

Series

2022-K139

Class

A2

2.590%

due

01/25/32

(~)(Ê)

350

317

Series

2022-K145

Class

A2

2.580%

due

05/25/32

350

315

Series

2023-K509

Class

A2

4.850%

due

09/25/28

350

352

Ginnie

Mae

II

2.000%

due

2051

3,369

2,762

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

2.500%

due

2051

3,505

2,996

3.000%

due

2051

2,553

2,270

3.500%

due

2052

2,123

1,941

4.000%

due

2052

1,448

1,367

4.500%

due

2052

1,698

1,648

5.500%

due

2053

1,053

1,067

6.500%

due

2053

3

4

5.000%

due

2054

2,357

2,331

5.500%

due

2054

1,337

1,349

6.000%

due

2054

1,221

1,254

6.500%

due

2054

431

448

7.000%

due

2054

51

53

5.000%

due

2055

197

195

5.500%

due

2055

32

33

6.000%

due

2055

42

43

7.000%

due

2055

44

46

Morgan

Stanley

Capital

I

Trust

Series

2017-HR2

Class

A4

3.587%

due

12/15/50

300

295

Series

2018-L1

Class

A4

4.407%

due

10/15/51

(~)(Ê)

250

247

Wells

Fargo

Commercial

Mortgage

Trust

Series

2025-5C3

Class

A3

6.096%

due

01/15/58

250

259

85,676

United

States

Government

Agencies

-

0.5%

Federal

Home

Loan

Bank

4.375%

due

09/08/28

1,500

1,506

Tennessee

Valley

Authority

4.875%

due

05/15/35

300

307

1,813

United

States

Government

Treasuries

-

45.7%

United

States

Treasury

Notes

3.625%

due

08/31/27

937

932

0.500%

due

10/31/27

3,388

3,229

4.000%

due

12/15/27

16,500

16,461

4.250%

due

01/15/28

9,420

9,430

2.750%

due

02/15/28

6,000

5,867

3.500%

due

10/15/28

470

463

3.500%

due

02/15/29

320

315

3.875%

due

04/15/29

11,720

11,632

4.000%

due

02/28/30

6,460

6,421

3.625%

due

08/31/30

49,340

48,268

0.875%

due

11/15/30

5,450

4,732

5.375%

due

02/15/31

160

168

3.875%

due

03/31/31

310

306

4.125%

due

05/31/31

1,940

1,933

3.875%

due

09/30/32

880

861

3.750%

due

10/31/32

1,380

1,339

3.750%

due

11/30/32

150

145

3.875%

due

12/31/32

160

156

4.250%

due

08/15/35

10,970

10,831

2.500%

due

02/15/45

1,984

1,391

4.875%

due

08/15/45

17,480

17,352

3.000%

due

11/15/45

2,040

1,541

4.750%

due

08/15/55

6,300

6,115

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

186

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

4.625%

due

11/15/55

10,916

10,387

160,275

Total

Long-Term

Fixed

Income

Investments

(cost

$351,038)

345,859

Number

of

S

hares

Short-Term

Investments

-

0.7%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

2,467,033

2,467

Total

Short-Term

Investments

(cost

$2,467)

2,467

Total

Investments

-

99.3%

(cost

$353,505)

348,326

Other

Assets

net

of

Liabilities

-

0.7%

2,310

Net

Assets

-

100.0%

350,636

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

187

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

1,379

$

—

$

1,379

Corporate

Bonds

and

Notes

—

90,312

—

90,312

International

Debt

—

6,404

—

6,404

Mortgage-Backed

Securities

—

85,676

—

85,676

United

States

Government

Agencies

—

1,813

—

1,813

United

States

Government

Treasuries

—

160,275

—

160,275

Short-Term

Investments

2,467

—

—

2,467

Total

Investments

$

2,467

$

345,859

$

—

$

348,326

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Australia

.............................................................................................

508

0

.1

Belgium

..............................................................................................

388

0

.1

Brazil

..................................................................................................

111

—

*

Canada

................................................................................................

3,857

1

.1

Chile

...................................................................................................

363

0

.1

France

.................................................................................................

256

0

.1

Germany

.............................................................................................

1,393

0

.4

Indonesia

............................................................................................

435

0

.1

Ireland

................................................................................................

528

0

.2

Israel

...................................................................................................

305

0

.1

Japan

..................................................................................................

2,179

0

.6

Luxembourg

.......................................................................................

1,612

0

.5

Mexico

...............................................................................................

1,155

0

.3

Netherlands

........................................................................................

366

0

.1

Panama

...............................................................................................

377

0

.1

Peru

....................................................................................................

354

0

.1

Philippines

..........................................................................................

1,570

0

.4

Poland

................................................................................................

306

0

.1

South

Korea

.......................................................................................

401

0

.1

Spain

..................................................................................................

523

0

.1

United

Kingdom

.................................................................................

3,010

0

.9

United

States

......................................................................................

328,072

93

.6

Uruguay

..............................................................................................

257

0

.1

Total

Investments

...............................................................................

348,326

99

.3

*

Less

than

.05%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

188

Venerable

Bond

Index

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

353,505

Investments,

at

fair

value

.............................................................................................................................................................

348,326

Receivables:

Dividends

and

interest

......................................................................................................................................................

3,377

Investments

sold

...............................................................................................................................................................

3,067

Fund

shares

sold

...............................................................................................................................................................

453

Prepaid

expenses

..........................................................................................................................................................................

7

Total

assets

...............................................................................................................................................................

355,230

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

4,407

Fund

shares

redeemed

......................................................................................................................................................

4

Accrued

fees

to

affiliates

..................................................................................................................................................

120

Other

accrued

expenses

....................................................................................................................................................

63

Total

liabilities

...........................................................................................................................................................

4,594

Net

Assets

...............................................................................................................................................................

$

350,636

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(6,807)

Paid-in

capital

..............................................................................................................................................................................

357,443

Net

Assets

...............................................................................................................................................................

$

350,636

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

9.82

Class

I

—

Net

assets

............................................................................................................................................................

$

232,911,812

Class

I

—

Shares

outstanding

.............................................................................................................................................

23,718,881

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

9.81

Class

V

—

Net

assets

...........................................................................................................................................................

$

117,723,931

Class

V

—

Shares

outstanding

............................................................................................................................................

11,996,230

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

189

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Interest

..............................................................................................................................................................................

$

7,635

Dividends

.........................................................................................................................................................................

25

Total

investment

income

.............................................................................................................................................................

7,660

Expenses

Advisory

fees

...................................................................................................................................................................

407

Administrative

fees

..........................................................................................................................................................

177

Distribution

fees

-

Class

V

...............................................................................................................................................

178

Professional

fees

..............................................................................................................................................................

36

Trustees’

fees

....................................................................................................................................................................

6

Printing

fees

.....................................................................................................................................................................

2

Offering

fees

.....................................................................................................................................................................

7

Miscellaneous

..................................................................................................................................................................

13

Expenses

before

reductions

..............................................................................................................................................

826

Expense

reductions

..........................................................................................................................................................

(43)

Net

expenses

................................................................................................................................................................................

783

Net

investment

income

(loss)

.......................................................................................................................................................

6,877

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(1,206)

Net

realized

gain

(loss)

................................................................................................................................................................

(1,206)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(3,908)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(3,908)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(5,114)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

1,763

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

190

Venerable

Bond

Index

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

6,877

$

4,648

Net

realized

gain

(loss)

................................................................................................................

(1,206)

(249)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(3,908)

(1,271)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

1,763

3,128

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(5,702)

(2,138)

Class

V

.....................................................................................................................................

(2,819)

(1,113)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(8,521)

(3,251)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(9,958)

367,475

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(16,716)

367,352

Net

Assets

Beginning

of

period

...........................................................................................................................

367,352

—

End

of

period

......................................................................................................................................

$

350,636

$

367,352

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

563

$

5,574

25,355

$

253,555

Proceeds

from

reinvestment

of

distributions

576

5,702

214

2,138

Payments

for

shares

redeemed

(1,967)

(19,576)

(1,022)

(10,243)

Net

increase

(decrease)

(828)

(8,300)

24,547

245,450

Class

V

Proceeds

from

shares

sold

448

4,438

17,524

175,760

Proceeds

from

reinvestment

of

distributions

285

2,819

111

1,113

Payments

for

shares

redeemed

(900)

(8,915)

(5,472)

(54,848)

Net

increase

(decrease)

(167)

(1,658)

12,163

122,025

Total

increase

(decrease)

(995)

$

(9,958)

36,710

$

367,475

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

191

Venerable

Variable

Insurance

Trust

Venerable

Bond

Index

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.01‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.20‌

.13‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.15‌)

(.03‌)

$

Total

from

Investment

Operations

.05‌

.10‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.24‌)

(.09‌)

$

Total

Distributions

(.24‌)

(.09‌)

$

Net

Asset

Value,

End

of

Period

9.82‌

10.01‌

%

Total

Return

(±)(ǿ)

.50‌

.96‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

232,912‌

245,622‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.37‌

.41‌

%

Expenses,

Net

(Ƃ)(ɯ)

.36‌

.36‌

%

Net

Investment

Income

(Ƃ)(ɯ)

3.97‌

3.86‌

%

Portfolio

Turnover

Rate

(ǿ)

28‌

27‌

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.01‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.18‌

.12‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.15‌)

(.04‌)

$

Total

from

Investment

Operations

.03‌

.08‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.23‌)

(.07‌)

$

Total

Distributions

(.23‌)

(.07‌)

$

Net

Asset

Value,

End

of

Period

9.81‌

10.01‌

%

Total

Return

(±)(ǿ)

.35‌

.84‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

117,724‌

121,730‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.67‌

.70‌

%

Expenses,

Net

(Ƃ)(ɯ)

.61‌

.61‌

%

Net

Investment

Income

(Ƃ)(ɯ)

3.72‌

3.60‌

%

Portfolio

Turnover

Rate

(ǿ)

28‌

27‌

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

192

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

98.5%

Corporate

Bonds

and

Notes

-

98.5%

Consumer

Discretionary

-

8.0%

Amazon.com,

Inc.

4.700%

due

12/01/32

2,600

2,612

4.550%

due

03/13/33

810

797

4.650%

due

11/20/35

1,600

1,556

4.875%

due

03/13/36

3,200

3,149

American

Honda

Finance

Corp.

Series

GMTN

4.850%

due

10/23/31

2,000

1,986

AppLovin

Corp.

5.375%

due

12/01/31

2,700

2,736

AutoZone,

Inc.

4.750%

due

02/01/33

2,200

2,166

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.400%

due

04/01/33

2,400

2,208

6.384%

due

10/23/35

1,200

1,198

5.850%

due

12/01/35

500

484

Choice

Hotels

International,

Inc.

5.850%

due

08/01/34

500

508

Comcast

Corp.

4.650%

due

02/15/33

3,600

3,522

5.300%

due

05/15/35

700

701

6.500%

due

11/15/35

800

853

Cummins,

Inc.

5.300%

due

05/09/35

600

612

DR

Horton,

Inc.

5.000%

due

10/15/34

2,600

2,573

Ford

Motor

Co.

3.250%

due

02/12/32

5,200

4,581

Ford

Motor

Credit

Co.

LLC

6.500%

due

02/07/35

1,600

1,639

General

Motors

Co.

6.600%

due

04/01/36

1,100

1,180

General

Motors

Financial

Co.,

Inc.

6.100%

due

01/07/34

3,800

3,966

5.450%

due

01/08/36

1,000

996

Home

Depot,

Inc.

(The)

3.250%

due

04/15/32

5,100

4,746

Honda

Motor

Co.,

Ltd.

5.337%

due

07/08/35

1,200

1,200

Hyatt

Hotels

Corp.

5.400%

due

12/15/35

700

694

Lowe's

Cos.,

Inc.

3.750%

due

04/01/32

4,700

4,453

Marriott

International,

Inc.

4.500%

due

10/15/31

2,700

2,661

5.250%

due

10/15/35

600

600

McDonald's

Corp.

5.000%

due

02/13/36

600

597

Series

MTN

4.700%

due

12/09/35

800

783

Omnicom

Group,

Inc.

5.300%

due

06/02/36

900

877

O'Reilly

Automotive,

Inc.

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.100%

due

03/12/36

900

891

PulteGroup,

Inc.

4.900%

due

03/01/36

500

487

Royal

Caribbean

Cruises,

Ltd.

5.375%

due

01/15/36

1,000

993

Southwest

Airlines

Co.

5.250%

due

11/15/35

800

773

Space

Exploration

Technologies

Corp.

5.650%

due

07/15/33

2,300

2,287

Starbucks

Corp.

3.000%

due

02/14/32

2,000

1,826

Tapestry,

Inc.

5.500%

due

03/11/35

1,300

1,309

Target

Corp.

5.250%

due

02/15/36

800

813

Toyota

Motor

Credit

Corp.

Series

B

4.800%

due

01/11/36

1,100

1,078

Walmart,

Inc.

4.100%

due

04/15/33

4,300

4,182

4.750%

due

04/30/36

900

893

Walt

Disney

Co.

(The)

6.400%

due

12/15/35

500

551

4.625%

due

03/14/36

800

776

73,493

Consumer

Staples

-

4.8%

Altria

Group,

Inc.

6.875%

due

11/01/33

400

443

5.250%

due

08/06/35

400

400

Anheuser-Busch

InBev

Worldwide,

Inc.

5.000%

due

06/15/34

3,700

3,736

4.700%

due

02/01/36

1,400

1,363

Automatic

Data

Processing,

Inc.

5.000%

due

05/07/36

700

695

BAT

Capital

Corp.

6.000%

due

02/20/34

1,000

1,055

5.625%

due

08/15/35

1,300

1,340

Bunge,

Ltd.

Finance

Corp.

4.650%

due

09/17/34

2,500

2,415

Campbell's

Co.

(The)

4.750%

due

03/23/35

700

653

Constellation

Brands,

Inc.

4.950%

due

11/01/35

1,000

973

Diageo

Investment

Corp.

5.625%

due

04/15/35

600

620

General

Mills,

Inc.

4.950%

due

03/29/33

1,800

1,786

Hershey

Co.

(The)

5.100%

due

02/24/35

3,000

3,049

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

5.950%

due

04/20/35

1,600

1,648

5.500%

due

01/15/36

800

797

Keurig

Dr

Pepper,

Inc.

4.050%

due

04/15/32

3,100

2,941

Kraft

Heinz

Foods

Co.

5.200%

due

03/15/32

3,100

3,140

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

193

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Kroger

Co.

(The)

5.000%

due

09/15/34

800

789

Mondelez

International,

Inc.

3.000%

due

03/17/32

2,200

1,997

PepsiCo,

Inc.

3.900%

due

07/18/32

2,200

2,127

5.000%

due

07/23/35

800

805

Philip

Morris

International,

Inc.

4.750%

due

11/01/31

2,900

2,905

5.625%

due

09/07/33

4,100

4,263

Pilgrim's

Pride

Corp.

6.250%

due

07/01/33

703

733

Procter

&

Gamble

Co.

(The)

2.300%

due

02/01/32

200

180

4.350%

due

11/03/35

2,100

2,034

Quanta

Services,

Inc.

5.100%

due

08/09/35

600

596

Sysco

Corp.

4.950%

due

03/25/36

700

673

Tyson

Foods,

Inc.

4.950%

due

02/20/36

600

583

44,739

Energy

-

6.4%

Antero

Resources

Corp.

5.400%

due

02/01/36

800

786

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor,

Inc.

5.000%

due

06/15/36

1,400

1,370

BP

Capital

Markets

America,

Inc.

5.227%

due

11/17/34

3,500

3,546

Canadian

Natural

Resources,

Ltd.

5.400%

due

12/15/34

1,300

1,312

Cheniere

Energy

Partners,

LP

5.750%

due

08/15/34

2,500

2,578

Chevron

USA,

Inc.

4.850%

due

10/15/35

1,400

1,395

Devon

Energy

Corp.

5.400%

due

02/15/35

(Þ)

2,000

2,016

Diamondback

Energy,

Inc.

5.550%

due

04/01/35

1,100

1,122

Enbridge,

Inc.

7.200%

due

06/27/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.970%)(Ê)

1,300

1,381

Energy

Transfer,

LP

6.550%

due

12/01/33

700

757

5.600%

due

09/01/34

2,900

2,957

Enterprise

Products

Operating

LLC

5.200%

due

01/15/36

1,300

1,304

EOG

Resources,

Inc.

5.350%

due

01/15/36

1,200

1,213

Helmerich

&

Payne,

Inc.

5.500%

due

12/01/34

1,400

1,374

HF

Sinclair

Corp.

6.250%

due

01/15/35

500

519

Kinder

Morgan,

Inc.

4.800%

due

02/01/33

3,400

3,359

MPLX,

LP

5.000%

due

03/01/33

3,200

3,178

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.300%

due

04/01/36

1,000

986

Occidental

Petroleum

Corp.

5.375%

due

01/01/32

2,900

2,958

ONEOK,

Inc.

4.750%

due

10/15/31

1,900

1,878

5.050%

due

11/01/34

2,600

2,543

Phillips

66

Co.

Series

B

6.200%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.166%)(Ê)

500

502

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

5.700%

due

09/15/34

2,500

2,554

Shell

Finance

US,

Inc.

4.750%

due

01/06/36

1,300

1,272

South

Bow

USA

Infrastructure

Holdings

LLC

Series

CN

5.584%

due

10/01/34

700

697

Targa

Resources

Corp.

5.650%

due

02/15/36

800

813

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.000%

due

01/15/32

3,200

3,037

TotalEnergies

Capital

USA

LLC

4.857%

due

01/13/36

1,300

1,274

Valero

Energy

Corp.

5.150%

due

03/10/36

800

788

Viper

Energy

Partners

LLC

5.700%

due

08/01/35

1,000

1,013

Western

Midstream

Operating,

LP

5.500%

due

12/15/35

1,700

1,682

Williams

Cos.,

Inc.

(The)

4.650%

due

08/15/32

4,500

4,433

5.150%

due

03/15/36

900

885

Woodside

Finance,

Ltd.

6.000%

due

05/19/35

1,300

1,351

58,833

Financial

Services

-

37.8%

Aegon

Funding

Co.

LLC

5.625%

due

05/07/36

500

497

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

due

01/30/32

4,100

3,753

5.000%

due

11/15/35

800

778

Affiliated

Managers

Group,

Inc.

5.500%

due

02/15/36

700

693

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

4,100

3,452

Allstate

Corp.

(The)

5.250%

due

03/30/33

2,600

2,643

Ally

Financial,

Inc.

5.548%

due

07/31/33

(SOFR

+

1.780%)(Ê)

1,200

1,190

American

Express

Co.

5.043%

due

05/01/34

(SOFR

+

1.835%)(Ê)

4,200

4,209

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

194

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.667%

due

04/25/36

(SOFR

+

1.790%)(Ê)

800

829

4.804%

due

10/24/36

(SOFR

+

1.237%)(Ê)

1,300

1,261

American

Homes

4

Rent,

LP

3.625%

due

04/15/32

2,600

2,414

American

International

Group,

Inc.

5.125%

due

03/27/33

2,900

2,922

American

National

Group,

Inc.

6.000%

due

07/15/35

700

697

American

Tower

Corp.

5.550%

due

07/15/33

3,400

3,489

Aon

Corp.

/

Aon

Global

Holdings

PLC

5.350%

due

02/28/33

2,600

2,652

Ares

Capital

Corp.

5.800%

due

03/08/32

500

495

Ares

Strategic

Income

Fund

6.200%

due

03/21/32

300

296

Banco

Bilbao

Vizcaya

Argentaria

SA

5.127%

due

03/03/36

1,000

973

Banco

Santander

SA

6.938%

due

11/07/33

3,200

3,574

5.127%

due

11/06/35

1,000

980

5.437%

due

04/15/36

800

801

Bank

of

America

Corp.

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

3,900

3,953

5.872%

due

09/15/34

(SOFR

+

1.840%)(Ê)

4,200

4,389

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

4,300

4,386

5.744%

due

02/12/36

(SOFR

+

1.697%)(Ê)

4,200

4,293

5.045%

due

02/06/37

(SOFR

+

1.130%)(Ê)

1,400

1,379

3.846%

due

03/08/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.000%)(Ê)

5,500

5,112

5.489%

due

04/23/37

(SOFR

+

1.572%)(Ê)

1,000

997

Bank

of

Montreal

Series

J

5.298%

due

06/02/37

700

701

Bank

of

New

York

Mellon

Corp.

(The)

Series

MTN

5.834%

due

10/25/33

(SOFR

+

2.074%)(Ê)

2,700

2,837

5.188%

due

03/14/35

(SOFR

+

1.418%)(Ê)

3,800

3,838

Barclays

PLC

5.335%

due

09/10/35

(SOFR

+

1.910%)(Ê)

3,100

3,079

5.785%

due

02/25/36

(SOFR

+

1.590%)(Ê)

3,100

3,158

BlackRock,

Inc.

4.750%

due

05/25/33

2,000

2,005

Blackstone

Private

Credit

Fund

6.000%

due

11/22/34

700

674

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Blackstone

Reg

Finance

Co.

LLC

5.000%

due

12/06/34

1,500

1,477

Blue

Owl

Finance

LLC

6.250%

due

04/18/34

700

685

Boston

Properties,

LP

5.750%

due

01/15/35

1,500

1,516

Brixmor

Operating

Partnership,

LP

5.375%

due

06/15/36

500

499

Brookfield

Asset

Management,

Ltd.

5.298%

due

01/15/36

700

683

Brookfield

Finance,

Inc.

6.350%

due

01/05/34

2,200

2,331

Brown

&

Brown,

Inc.

5.550%

due

06/23/35

500

499

Capital

One

Financial

Corp.

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

3,400

3,598

6.183%

due

01/30/36

(SOFR

+

2.036%)(Ê)

2,500

2,562

5.399%

due

01/30/37

(SOFR

+

1.508%)(Ê)

500

494

Carlyle

Group,

Inc.

(The)

5.050%

due

09/19/35

600

574

CBRE

Services,

Inc.

5.500%

due

06/15/35

600

606

5.250%

due

06/01/36

900

887

Charles

Schwab

Corp.

(The)

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

3,500

3,656

Chubb

INA

Holdings

LLC

5.300%

due

05/20/36

1,000

1,011

Citigroup,

Inc.

4.910%

due

05/24/33

(SOFR

+

2.086%)(Ê)

5,000

4,975

6.174%

due

05/25/34

(SOFR

+

2.661%)(Ê)

2,900

3,031

5.827%

due

02/13/35

(SOFR

+

2.056%)(Ê)

3,300

3,368

5.333%

due

03/27/36

(SOFR

+

1.465%)(Ê)

1,900

1,914

5.174%

due

09/11/36

(SOFR

+

1.488%)(Ê)

1,500

1,492

CNA

Financial

Corp.

5.125%

due

02/15/34

2,800

2,768

Corebridge

Financial,

Inc.

3.900%

due

04/05/32

3,000

2,815

Cousins

Properties,

LP

5.375%

due

02/15/32

2,600

2,637

Crown

Castle,

Inc.

2.500%

due

07/15/31

2,700

2,399

Deutsche

Bank

AG

5.403%

due

09/11/35

(SOFR

+

2.050%)(Ê)

1,500

1,501

Equinix,

Inc.

3.900%

due

04/15/32

2,800

2,646

Essex

Portfolio,

LP

5.500%

due

04/01/34

2,200

2,243

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

195

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Extra

Space

Storage,

LP

4.950%

due

01/15/33

1,800

1,782

Fairfax

Financial

Holdings,

Ltd.

5.625%

due

08/16/32

2,900

2,972

Fifth

Third

Bancorp

5.141%

due

01/29/37

(SOFR

+

1.240%)(Ê)

700

688

First

Citizens

BancShares,

Inc.

6.254%

due

03/12/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.970%)(Ê)

500

492

Global

Payments,

Inc.

5.400%

due

08/15/32

2,200

2,188

5.550%

due

11/15/35

600

581

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

3.250%

due

01/15/32

2,200

1,967

5.625%

due

03/01/36

700

684

Goldman

Sachs

Group,

Inc.

(The)

2.650%

due

10/21/32

(SOFR

+

1.264%)(Ê)

1,600

1,424

3.102%

due

02/24/33

(SOFR

+

1.410%)(Ê)

5,600

5,072

5.851%

due

04/25/35

(SOFR

+

1.552%)(Ê)

1,300

1,348

5.330%

due

07/23/35

(SOFR

+

1.550%)(Ê)

1,800

1,806

5.016%

due

10/23/35

(SOFR

+

1.420%)(Ê)

800

786

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

900

914

4.939%

due

10/21/36

(SOFR

+

1.330%)(Ê)

2,600

2,524

5.065%

due

01/21/37

(SOFR

+

1.190%)(Ê)

2,200

2,150

5.387%

due

02/02/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.180%)(Ê)

1,700

1,660

HA

Sustainable

Infrastructure

Capital,

Inc.

6.375%

due

07/01/34

900

919

6.000%

due

03/15/36

500

494

Host

Hotels

&

Resorts,

LP

5.500%

due

04/15/35

800

803

HSBC

Holdings

PLC

2.871%

due

11/22/32

(SOFR

+

1.410%)(Ê)

4,500

4,039

4.762%

due

03/29/33

(SOFR

+

2.530%)(Ê)

2,700

2,633

5.719%

due

03/04/35

(SOFR

+

1.780%)(Ê)

2,000

2,055

5.874%

due

11/18/35

(SOFR

+

1.900%)(Ê)

3,800

3,891

5.741%

due

09/10/36

(SOFR

+

1.960%)(Ê)

800

807

5.133%

due

11/06/36

(SOFR

+

1.430%)(Ê)

600

590

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.279%

due

03/10/37

(SOFR

+

1.550%)(Ê)

1,500

1,483

Huntington

Bancshares,

Inc.

5.709%

due

02/02/35

(SOFR

+

1.870%)(Ê)

2,700

2,763

ING

Groep

NV

5.525%

due

03/25/36

(SOFR

+

1.610%)(Ê)

700

711

5.420%

due

03/23/37

(SOFR

+

1.610%)(Ê)

1,400

1,404

Invitation

Homes

Operating

Partnership,

LP

4.875%

due

02/01/35

700

677

Jefferies

Financial

Group,

Inc.

6.200%

due

04/14/34

800

819

5.500%

due

02/15/36

1,300

1,254

JPMorgan

Chase

&

Co.

4.912%

due

07/25/33

(SOFR

+

2.080%)(Ê)

2,500

2,498

5.717%

due

09/14/33

(SOFR

+

2.580%)(Ê)

4,100

4,237

5.350%

due

06/01/34

(SOFR

+

1.845%)(Ê)

4,900

4,983

5.336%

due

01/23/35

(SOFR

+

1.620%)(Ê)

4,400

4,466

5.572%

due

04/22/36

(SOFR

+

1.680%)(Ê)

1,300

1,337

5.576%

due

07/23/36

(SOFR

+

1.635%)(Ê)

3,900

3,963

4.810%

due

10/22/36

(SOFR

+

1.190%)(Ê)

600

583

4.898%

due

01/22/37

(SOFR

+

1.070%)(Ê)

1,200

1,169

5.193%

due

02/05/37

(SOFR

+

1.300%)(Ê)

1,400

1,380

5.148%

due

04/23/37

(SOFR

+

1.260%)(Ê)

1,900

1,886

Kilroy

Realty,

LP

6.250%

due

01/15/36

700

710

Kimco

Realty

OP

LLC

3.200%

due

04/01/32

2,200

2,022

KKR

&

Co.,

Inc.

5.100%

due

08/07/35

500

484

Lincoln

National

Corp.

5.350%

due

11/15/35

200

195

Lloyds

Banking

Group

PLC

6.068%

due

06/13/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.600%)(Ê)

2,000

2,063

LPL

Holdings,

Inc.

6.000%

due

05/20/34

1,900

1,943

M&T

Bank

Corp.

Series

MTN

5.385%

due

01/16/36

(SOFR

+

1.610%)(Ê)

800

800

Manulife

Financial

Corp.

4.986%

due

12/11/35

700

689

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

196

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Marsh

&

McLennan

Cos.,

Inc.

5.000%

due

03/15/35

3,000

2,971

Mercury

General

Corp.

6.250%

due

06/15/36

500

509

MetLife,

Inc.

Series

G

6.350%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.078%)(Ê)

2,000

2,049

Mitsubishi

UFJ

Financial

Group,

Inc.

5.426%

due

04/17/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)

3,900

3,957

5.188%

due

09/12/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.930%)(Ê)

1,100

1,092

5.057%

due

01/14/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

1,000

981

Mizuho

Financial

Group,

Inc.

5.748%

due

07/06/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.900%)(Ê)

4,200

4,354

Moody's

Corp.

2.000%

due

08/19/31

1,900

1,671

Morgan

Stanley

2.943%

due

01/21/33

(SOFR

+

1.290%)(Ê)

4,200

3,778

4.889%

due

07/20/33

(SOFR

+

2.076%)(Ê)

2,300

2,282

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

5,100

5,293

5.664%

due

04/17/36

(SOFR

+

1.757%)(Ê)

600

616

5.073%

due

01/30/37

(SOFR

+

1.184%)(Ê)

2,100

2,054

5.296%

due

04/10/37

(SOFR

+

1.410%)(Ê)

2,100

2,089

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

2,200

2,267

5.314%

due

01/18/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.170%)(Ê)

1,100

1,074

Series

I

4.892%

due

10/22/36

(SOFR

+

1.314%)(Ê)

1,800

1,743

Series

MTN

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

3,900

3,960

NatWest

Group

PLC

5.778%

due

03/01/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.500%)(Ê)

2,000

2,072

Nomura

Holdings,

Inc.

5.491%

due

06/29/35

1,500

1,523

PayPal

Holdings,

Inc.

5.100%

due

04/01/35

600

591

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

PNC

Financial

Services

Group,

Inc.

(The)

5.401%

due

07/23/35

(SOFR

+

1.599%)(Ê)

4,900

4,964

5.423%

due

01/25/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.170%)(Ê)

1,000

983

Progressive

Corp.

(The)

5.150%

due

03/26/36

500

500

Prologis,

LP

4.625%

due

01/15/33

2,700

2,669

Prudential

Financial,

Inc.

5.125%

due

03/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.162%)(Ê)

3,200

3,132

Realty

Income

Corp.

2.850%

due

12/15/32

2,700

2,398

Regency

Centers,

LP

5.000%

due

07/15/32

1,900

1,911

Reinsurance

Group

of

America,

Inc.

5.750%

due

09/15/34

300

307

Royal

Bank

of

Canada

Series

GMTN

5.000%

due

02/01/33

3,100

3,123

S&P

Global,

Inc.

2.900%

due

03/01/32

3,200

2,899

Santander

UK

Group

Holdings

PLC

5.136%

due

09/22/36

(SOFR

+

1.578%)(Ê)

600

583

Simon

Property

Group,

LP

4.750%

due

09/26/34

2,700

2,638

State

Street

Corp.

4.784%

due

10/23/36

(SOFR

+

1.215%)(Ê)

900

874

5.094%

due

04/24/37

(SOFR

+

1.201%)(Ê)

700

694

Sumisho

Air

Lease

Corp.

5.500%

due

03/24/36

(Þ)

800

797

Sumitomo

Mitsui

Financial

Group,

Inc.

5.558%

due

07/09/34

3,700

3,794

5.334%

due

03/03/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.300%)(Ê)

800

780

Synchrony

Financial

6.000%

due

07/29/36

(SOFR

+

2.070%)(Ê)

600

602

Toronto-Dominion

Bank

(The)

4.456%

due

06/08/32

4,300

4,226

TPG

Operating

Group

II,

LP

5.375%

due

01/15/36

600

584

Truist

Financial

Corp.

Series

I

5.281%

due

04/23/37

(SOFR

+

1.414%)(Ê)

900

891

Series

MTN

6.123%

due

10/28/33

(SOFR

+

2.300%)(Ê)

4,300

4,536

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

197

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

US

Bancorp

5.850%

due

10/21/33

(SOFR

+

2.090%)(Ê)

1,900

1,981

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

3,200

3,304

5.723%

due

05/20/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.250%)(Ê)

800

805

Ventas

Realty,

LP

5.100%

due

07/15/32

3,200

3,221

Verisk

Analytics,

Inc.

5.250%

due

06/05/34

2,300

2,295

VICI

Properties,

LP

5.625%

due

04/01/35

1,600

1,601

Visa,

Inc.

4.150%

due

12/14/35

800

763

Wells

Fargo

&

Co.

5.605%

due

04/23/36

(SOFR

+

1.740%)(Ê)

1,000

1,025

4.892%

due

09/15/36

(SOFR

+

1.340%)(Ê)

2,000

1,952

4.960%

due

01/23/37

(SOFR

+

1.100%)(Ê)

1,200

1,171

Series

MTN

3.350%

due

03/02/33

(SOFR

+

1.500%)(Ê)

5,100

4,688

4.897%

due

07/25/33

(SOFR

+

2.100%)(Ê)

2,700

2,680

5.557%

due

07/25/34

(SOFR

+

1.990%)(Ê)

4,700

4,815

Welltower

OP

LLC

5.125%

due

07/01/35

2,400

2,409

Westpac

Banking

Corp.

Series

GMTN

5.618%

due

11/20/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)

1,800

1,814

347,389

Health

Care

-

9.2%

Abbott

Laboratories

4.650%

due

03/15/36

2,000

1,942

AbbVie,

Inc.

5.050%

due

03/15/34

4,400

4,447

4.750%

due

03/15/36

1,100

1,076

Amgen,

Inc.

5.250%

due

03/02/33

4,000

4,071

4.850%

due

02/19/36

600

588

Ascension

Health

Series

2025

4.923%

due

11/15/35

1,000

988

AstraZeneca

Finance

LLC

5.000%

due

02/26/34

3,300

3,332

Augusta

SpinCo

Corp.

5.245%

due

03/23/36

700

700

Baxter

International,

Inc.

5.650%

due

12/15/35

1,000

991

Becton

Dickinson

&

Co.

4.298%

due

08/22/32

2,100

2,035

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Cardinal

Health,

Inc.

5.350%

due

11/15/34

2,500

2,530

Cigna

Group

(The)

5.250%

due

01/15/36

1,200

1,203

CommonSpirit

Health

5.205%

due

12/01/31

2,500

2,530

CVS

Health

Corp.

5.000%

due

09/15/32

3,000

3,005

5.700%

due

06/01/34

2,100

2,168

Elevance

Health,

Inc.

4.100%

due

05/15/32

4,000

3,834

5.850%

due

01/15/36

500

521

Eli

Lilly

&

Co.

4.900%

due

02/12/32

3,100

3,143

4.900%

due

10/15/35

1,700

1,697

GE

HealthCare

Technologies,

Inc.

5.905%

due

11/22/32

2,900

3,050

GlaxoSmithKline

Capital,

Inc.

4.875%

due

04/15/35

600

595

HCA,

Inc.

5.500%

due

03/01/32

2,300

2,349

3.625%

due

03/15/32

3,500

3,258

5.750%

due

03/01/35

600

618

5.300%

due

05/15/36

800

795

Humana,

Inc.

5.550%

due

05/01/35

1,500

1,501

Johnson

&

Johnson

4.375%

due

12/05/33

2,000

1,984

3.550%

due

03/01/36

500

454

Laboratory

Corp.

of

America

Holdings

4.550%

due

04/01/32

1,100

1,082

McKesson

Corp.

5.250%

due

05/30/35

700

711

Medtronic

Global

Holdings

SCA

4.500%

due

03/30/33

2,500

2,452

Merck

&

Co.,

Inc.

4.500%

due

05/17/33

3,700

3,658

4.950%

due

09/15/35

1,500

1,497

5.200%

due

05/22/36

900

911

Novartis

Capital

Corp.

4.600%

due

11/05/35

500

488

4.900%

due

03/18/36

1,600

1,590

Pfizer

Investment

Enterprises

Pte.,

Ltd.

4.750%

due

05/19/33

4,300

4,259

Quest

Diagnostics,

Inc.

5.000%

due

06/30/36

600

590

Royalty

Pharma

PLC

5.200%

due

09/25/35

700

694

Solventum

Corp.

5.600%

due

03/23/34

800

819

Stryker

Corp.

5.200%

due

02/10/35

1,900

1,920

Takeda

US

Financing,

Inc.

5.200%

due

07/07/35

800

799

Thermo

Fisher

Scientific,

Inc.

4.902%

due

02/12/36

1,900

1,877

UnitedHealth

Group,

Inc.

4.500%

due

04/15/33

2,600

2,543

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

198

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.150%

due

07/15/34

3,500

3,532

84,827

Materials

and

Processing

-

2.7%

Amcor

Flexibles

North

America,

Inc.

5.500%

due

03/17/35

900

915

ArcelorMittal

SA

5.375%

due

05/19/36

900

892

BHP

Billiton

Finance

USA,

Ltd.

5.250%

due

09/08/33

2,500

2,552

CF

Industries,

Inc.

5.150%

due

03/15/34

1,900

1,882

Dow

Chemical

Co.

(The)

5.650%

due

03/15/36

500

497

Ecolab,

Inc.

5.350%

due

06/15/36

1,200

1,220

Eidp,

Inc.

4.800%

due

05/15/33

1,700

1,678

LYB

International

Finance

III

LLC

6.150%

due

05/15/35

1,300

1,331

Newmont

Corp.

5.875%

due

04/01/35

600

634

Nutrien,

Ltd.

5.400%

due

06/21/34

1,700

1,722

Packaging

Corp.

of

America

5.200%

due

08/15/35

500

500

Rio

Tinto

Finance

(USA)

PLC

5.000%

due

03/14/32

3,100

3,133

Smurfit

Kappa

Treasury

ULC

5.438%

due

04/03/34

2,300

2,331

Southern

Copper

Corp.

7.500%

due

07/27/35

1,000

1,148

Suzano

Netherlands

BV

5.500%

due

01/15/36

1,000

973

Vale

Overseas,

Ltd.

6.125%

due

06/12/33

3,100

3,253

24,661

Producer

Durables

-

6.2%

Amphenol

Corp.

5.000%

due

01/15/35

2,200

2,195

Boeing

Co.

(The)

3.600%

due

05/01/34

2,900

2,608

Canadian

National

Railway

Co.

4.950%

due

05/12/36

1,100

1,093

Canadian

Pacific

Railway

Co.

2.450%

due

12/02/31

3,100

2,757

Caterpillar,

Inc.

5.200%

due

05/15/35

800

816

CRH

America

Finance,

Inc.

5.400%

due

05/21/34

2,200

2,232

Eagle

Materials,

Inc.

5.000%

due

03/15/36

600

580

Eaton

Corp.

4.800%

due

03/06/36

1,400

1,373

FedEx

Freight

Holding

Co.,

Inc.

5.250%

due

03/15/36

(Þ)

1,100

1,071

Flowserve

Corp.

5.700%

due

05/15/36

500

503

Fortive

Corp.

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.250%

due

05/15/36

600

598

GATX

Corp.

5.500%

due

06/15/35

2,000

2,022

GE

Capital

International

Funding

Co.,

ULC

4.418%

due

11/15/35

500

477

GE

Vernova,

Inc.

4.875%

due

02/04/36

600

590

General

Electric

Co.

4.900%

due

01/29/36

700

699

GXO

Logistics,

Inc.

6.500%

due

05/06/34

500

524

Honeywell

Aerospace,

Inc.

4.950%

due

03/16/36

(Þ)

1,800

1,773

Honeywell

International,

Inc.

1.750%

due

09/01/31

3,500

3,039

Howmet

Aerospace,

Inc.

4.850%

due

10/15/31

1,900

1,906

Jacobs

Solutions,

Inc.

5.375%

due

03/03/36

500

492

John

Deere

Capital

Corp.

Series

I

5.150%

due

09/08/33

3,200

3,273

Series

MTN

4.350%

due

09/15/32

2,700

2,663

L3Harris

Technologies,

Inc.

5.400%

due

07/31/33

2,800

2,864

Lockheed

Martin

Corp.

5.250%

due

01/15/33

3,400

3,514

Northrop

Grumman

Corp.

4.700%

due

03/15/33

2,900

2,876

Regal

Rexnord

Corp.

6.400%

due

04/15/33

1,000

1,061

RTX

Corp.

5.150%

due

02/27/33

2,800

2,852

TD

SYNNEX

Corp.

5.300%

due

10/10/35

700

689

Union

Pacific

Corp.

3.375%

due

02/01/35

1,000

890

United

Parcel

Service,

Inc.

4.875%

due

03/03/33

2,300

2,327

Waste

Connections,

Inc.

2.200%

due

01/15/32

3,600

3,151

Waste

Management,

Inc.

4.875%

due

02/15/34

2,800

2,813

Westinghouse

Air

Brake

Technologies

Corp.

5.500%

due

05/29/35

600

612

56,933

Technology

-

10.2%

Accenture

Capital,

Inc.

4.500%

due

10/04/34

2,100

2,014

Airbnb,

Inc.

5.250%

due

03/16/36

700

697

Alphabet,

Inc.

4.700%

due

11/15/35

1,900

1,861

4.800%

due

02/15/36

2,400

2,358

Applied

Materials,

Inc.

4.600%

due

01/15/36

700

678

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

199

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Booking

Holdings,

Inc.

5.375%

due

05/07/36

500

500

Booz

Allen

Hamilton,

Inc.

5.950%

due

04/15/35

600

597

Broadcom,

Inc.

4.900%

due

07/15/32

3,700

3,710

4.300%

due

11/15/32

2,600

2,518

2.600%

due

02/15/33

4,100

3,560

3.137%

due

11/15/35

(Þ)

2,100

1,781

4.950%

due

01/15/36

1,000

983

4.800%

due

02/15/36

1,000

970

Cadence

Design

Systems,

Inc.

4.700%

due

09/10/34

500

489

Cisco

Systems,

Inc.

4.950%

due

02/24/32

3,200

3,239

Dell

International

LLC

/

EMC

Corp.

5.400%

due

04/15/34

3,200

3,246

Expedia

Group,

Inc.

5.500%

due

04/15/36

700

693

Fiserv,

Inc.

5.600%

due

03/02/33

2,500

2,527

5.250%

due

08/11/35

500

487

Flex,

Ltd.

5.375%

due

11/13/35

500

493

Hewlett

Packard

Enterprise

Co.

4.850%

due

10/15/31

3,200

3,186

5.000%

due

10/15/34

800

784

Intel

Corp.

5.200%

due

02/10/33

3,200

3,235

5.300%

due

05/15/36

1,000

994

International

Business

Machines

Corp.

5.200%

due

02/10/35

600

602

4.950%

due

02/03/36

1,100

1,073

Intuit,

Inc.

5.200%

due

09/15/33

2,500

2,510

Leidos,

Inc.

5.000%

due

03/15/36

1,100

1,059

Marvell

Technology,

Inc.

5.300%

due

04/15/36

750

746

Meta

Platforms,

Inc.

4.950%

due

05/15/33

2,900

2,899

4.875%

due

11/15/35

3,500

3,406

5.250%

due

05/15/36

2,900

2,879

Motorola

Solutions,

Inc.

5.600%

due

06/01/32

2,600

2,676

MSCI,

Inc.

5.250%

due

09/01/35

1,100

1,077

NVIDIA

Corp.

4.750%

due

06/15/33

2,000

1,994

4.950%

due

06/15/36

2,200

2,181

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

2.650%

due

02/15/32

3,000

2,656

Oracle

Corp.

4.900%

due

02/06/33

3,800

3,607

5.500%

due

08/03/35

2,200

2,105

5.200%

due

09/26/35

2,100

1,965

5.700%

due

02/04/36

2,700

2,618

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

Paychex,

Inc.

5.350%

due

04/15/32

3,000

3,036

QUALCOMM,

Inc.

1.650%

due

05/20/32

3,400

2,880

Roper

Technologies,

Inc.

5.100%

due

09/15/35

700

680

Salesforce,

Inc.

5.550%

due

03/15/36

3,000

2,991

ServiceNow,

Inc.

5.400%

due

05/15/36

900

899

Synopsys,

Inc.

5.150%

due

04/01/35

1,300

1,294

Uber

Technologies,

Inc.

4.800%

due

09/15/35

2,000

1,942

Workday,

Inc.

3.800%

due

04/01/32

2,300

2,142

93,517

Utilities

-

13.2%

AEP

Texas,

Inc.

Series

Q

5.200%

due

04/15/36

900

887

AES

Corp.

(The)

5.800%

due

03/15/32

1,700

1,723

Ameren

Illinois

Co.

4.950%

due

06/01/33

2,600

2,603

American

Electric

Power

Co.,

Inc.

5.625%

due

03/01/33

3,700

3,834

6.950%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.675%)(Ê)

600

640

Series

D

6.050%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.940%)(Ê)

600

596

American

Water

Capital

Corp.

5.200%

due

04/01/36

700

699

AT&T,

Inc.

2.550%

due

12/01/33

3,500

2,941

5.375%

due

08/15/35

3,000

3,013

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

800

853

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

2,800

2,805

CMS

Energy

Corp.

6.500%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.961%)(Ê)

1,300

1,328

Consolidated

Edison

Co.

of

New

York,

Inc.

5.500%

due

03/15/34

2,500

2,587

Constellation

Energy

Generation

LLC

5.300%

due

06/01/36

1,000

995

Dominion

Energy,

Inc.

6.625%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.207%)(Ê)

1,200

1,235

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

200

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

6.200%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.006%)(Ê)

600

602

Series

B

7.000%

due

06/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.511%)(Ê)

400

424

Series

C

2.250%

due

08/15/31

3,300

2,917

DTE

Energy

Co.

5.850%

due

06/01/34

3,000

3,133

Duke

Energy

Carolinas

LLC

4.850%

due

01/15/34

4,400

4,369

Duke

Energy

Corp.

4.950%

due

09/15/35

600

587

6.450%

due

09/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.588%)(Ê)

700

725

Duke

Energy

Florida

LLC

4.850%

due

12/01/35

600

587

Duke

Energy

Indiana

LLC

Series

DDDD

4.950%

due

03/15/36

500

491

Entergy

Louisiana

LLC

4.000%

due

03/15/33

3,700

3,495

4.900%

due

04/15/36

600

585

Eversource

Energy

5.950%

due

07/15/34

1,100

1,149

Exelon

Corp.

5.450%

due

03/15/34

3,000

3,060

4.950%

due

03/15/36

700

680

Florida

Power

&

Light

Co.

5.300%

due

06/15/34

2,200

2,244

Georgia

Power

Co.

4.950%

due

05/17/33

4,000

4,024

Interstate

Power

and

Light

Co.

5.600%

due

06/29/35

1,000

1,026

National

Fuel

Gas

Co.

5.500%

due

05/15/36

500

497

NextEra

Energy

Capital

Holdings,

Inc.

2.440%

due

01/15/32

3,500

3,087

5.050%

due

02/28/33

700

703

6.500%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.979%)(Ê)

1,400

1,437

NiSource,

Inc.

5.350%

due

04/01/34

3,700

3,771

NSTAR

Electric

Co.

5.200%

due

05/15/36

700

703

Pacific

Gas

and

Electric

Co.

6.400%

due

06/15/33

3,100

3,281

5.700%

due

03/01/35

900

909

PacifiCorp

5.250%

due

06/15/35

700

692

5.800%

due

04/15/36

500

513

PPL

Capital

Funding,

Inc.

5.250%

due

09/01/34

500

502

Public

Service

Co.

of

Colorado

Amounts

in

thousands

(except

share

amounts)

H2

Principal

Amount

$

H2

Fair

Value

$

5.350%

due

05/15/34

3,500

3,552

Public

Service

Co.

of

Oklahoma

5.450%

due

01/15/36

500

505

Public

Service

Electric

and

Gas

Co.

4.850%

due

08/01/34

2,300

2,279

Public

Service

Enterprise

Group,

Inc.

2.450%

due

11/15/31

1,400

1,241

Rogers

Communications,

Inc.

3.800%

due

03/15/32

2,800

2,608

Sempra

5.500%

due

08/01/33

4,000

4,107

5.250%

due

03/15/36

1,500

1,479

Southern

California

Edison

Co.

5.200%

due

06/01/34

2,700

2,675

Southern

Co.

(The)

4.850%

due

03/15/35

1,500

1,463

Series

2025

6.375%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.069%)(Ê)

1,400

1,436

Telefonica

Emisiones

SA

7.045%

due

06/20/36

1,200

1,329

T-Mobile

USA,

Inc.

2.700%

due

03/15/32

3,300

2,933

5.200%

due

01/15/33

3,200

3,238

5.000%

due

02/15/36

900

880

Verizon

Communications,

Inc.

2.355%

due

03/15/32

5,200

4,545

5.050%

due

05/09/33

2,000

2,015

5.250%

due

04/02/35

1,800

1,800

4.272%

due

01/15/36

800

737

5.000%

due

01/15/36

900

878

6.200%

due

05/14/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.042%)(Ê)

1,100

1,112

6.050%

due

05/14/58

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.813%)(Ê)

700

706

Virginia

Electric

and

Power

Co.

2.400%

due

03/30/32

3,500

3,082

4.950%

due

03/15/36

1,500

1,468

Vistra

Operations

Co.

LLC

5.550%

due

04/30/36

(Þ)

1,000

995

Vodafone

Group

PLC

6.250%

due

11/30/32

1,400

1,481

121,476

905,868

Total

Long-Term

Fixed

Income

Investments

(cost

$921,727)

905,868

Number

of

S

hares

Short-Term

Investments

-

0.2%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,794,309

1,794

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

201

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Total

Short-Term

Investments

(cost

$1,794)

1,794

Total

Investments

-

98.7%

(cost

$923,521)

907,662

Other

Assets

net

of

Liabilities

-

1.3%

12,345

Net

Assets

-

100.0%

920,007

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Schedule

of

Investments,

continued

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

202

Venerable

Intermediate

Corporate

Bond

Index

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

$

—

$

905,868

$

—

$

905,868

Short-Term

Investments

1,794

—

—

1,794

Total

Investments

$

1,794

$

905,868

$

—

$

907,662

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

%

of

Net

Assets

Australia

.............................................................................................

8,850

1.0

Belgium

..............................................................................................

5,099

0.6

Brazil

..................................................................................................

4,226

0.5

Canada

................................................................................................

25,598

2.8

France

.................................................................................................

1,274

0.1

Germany

.............................................................................................

1,501

0.2

Ireland

................................................................................................

6,861

0.

8

Japan

..................................................................................................

17,680

1.9

Luxembourg

.......................................................................................

892

0.1

Mexico

...............................................................................................

1,148

0.1

Netherlands

........................................................................................

4,771

0.5

Spain

..................................................................................................

7,659

0.8

United

Kingdom

.................................................................................

34,280

3.7

United

States

......................................................................................

787,823

85.

6

Total

Investments

...............................................................................

907,662

98.7

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

203

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

923,521

Investments,

at

fair

value

.............................................................................................................................................................

907,662

Receivables:

Dividends

and

interest

......................................................................................................................................................

12,548

Investments

sold

...............................................................................................................................................................

27,437

Fund

shares

sold

...............................................................................................................................................................

147

Prepaid

expenses

..........................................................................................................................................................................

27

Total

assets

...............................................................................................................................................................

947,821

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

27,442

Fund

shares

redeemed

......................................................................................................................................................

24

Accrued

fees

to

affiliates

..................................................................................................................................................

255

Other

accrued

expenses

....................................................................................................................................................

93

Total

liabilities

...........................................................................................................................................................

27,814

Net

Assets

...............................................................................................................................................................

$

920,007

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(18,59

8

)

Paid-in

capital

..............................................................................................................................................................................

938,60

5

Net

Assets

...............................................................................................................................................................

$

920,007

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

9.80

Class

I

—

Net

assets

............................................................................................................................................................

$

920,007,078

Class

I

—

Shares

outstanding

.............................................................................................................................................

93,861,756

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

204

Venerable

Intermediate

Corporate

Bond

Index

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Interest

..............................................................................................................................................................................

$

22,207

Dividends

.........................................................................................................................................................................

70

Total

investment

income

.............................................................................................................................................................

22,277

Expenses

Advisory

fees

...................................................................................................................................................................

1,063

Administrative

fees

..........................................................................................................................................................

462

Professional

fees

..............................................................................................................................................................

51

Trustees’

fees

....................................................................................................................................................................

16

Printing

fees

.....................................................................................................................................................................

5

Offering

fees

.....................................................................................................................................................................

26

Miscellaneous

..................................................................................................................................................................

25

Expenses

before

reductions

..............................................................................................................................................

1,648

Expense

reductions

..........................................................................................................................................................

(3)

Net

expenses

................................................................................................................................................................................

1,645

Net

investment

income

(loss)

.......................................................................................................................................................

20,632

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(2,142)

Net

realized

gain

(loss)

................................................................................................................................................................

(2,142)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

(14,091)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(14,091)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(16,233)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

4,399

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

205

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

20,632

$

13,166

Net

realized

gain

(loss)

................................................................................................................

(2,142)

(196)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(14,091)

(1,768)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

4,399

11,202

Distributions

To

shareholders

Class

I

.......................................................................................................................................

(25,150)

(9,049)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(25,150)

(9,049)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(18,335)

956,940

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(39,086)

959,093

Net

Assets

Beginning

of

period

...........................................................................................................................

959,093

—

End

of

period

......................................................................................................................................

$

920,007

$

959,093

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

I

Proceeds

from

shares

sold

2,391

$

23,628

98,474

$

984,746

Proceeds

from

reinvestment

of

distributions

2,544

25,150

905

9,049

Payments

for

shares

redeemed

(6,768)

(67,113)

(3,684)

(36,855)

Total

increase

(decrease)

(1,833)

$

(18,335)

95,695

$

956,940

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

206

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

Variable

Insurance

Trust

Venerable

Intermediate

Corporate

Bond

Index

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

I

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.02‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.22‌

.14‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.17‌)

(.03‌)

$

Total

from

Investment

Operations

.05‌

.11‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.27‌)

(.09‌)

$

Total

Distributions

(.27‌)

(.09‌)

$

Net

Asset

Value,

End

of

Period

9.80‌

10.02‌

%

Total

Return

(±)(ǿ)

.48‌

1.14‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

920,007‌

959,093‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.36‌

.38‌

%

Expenses,

Net

(Ƃ)(ɯ)

.36‌

.36‌

%

Net

Investment

Income

(Ƃ)(ɯ)

4.46‌

4.29‌

%

Portfolio

Turnover

Rate

(ǿ)

22‌

11‌

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

207

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Domestic

Equities

-

17.7%

Venerable

Large

Cap

Index

Fund

Class

I

2,286,190

26,131

Fixed

Income

-

74.9%

Venerable

Bond

Index

Fund

Class

I

4,517,434

44,361

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

6,789,953

66,542

110,903

International

Equities

-

7.5%

Venerable

International

Index

Fund

Class

I

963,650

11,140

Total

Investments

in

Affiliated

Funds

(cost

$145,642)

148,174

Total

Investments

-

100.1%

(cost

$145,642)

148,174

Other

Assets

net

of

Liabilities

-

(0.1)%

(94)

Net

Assets

-

100.0%

148,080

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

148,174

$

—

$

—

$

148,174

Total

Investments

$

148,174

$

—

$

—

$

148,174

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

208

Venerable

Conservative

Allocation

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

145,642

Investments,

at

fair

value

(

>)

........................................................................................................................................................

148,174

Receivables:

Fund

shares

sold

...............................................................................................................................................................

245

Prepaid

expenses

..........................................................................................................................................................................

5

Total

assets

...............................................................................................................................................................

148,424

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

246

Accrued

fees

to

affiliates

..................................................................................................................................................

58

Other

accrued

expenses

....................................................................................................................................................

40

Total

liabilities

...........................................................................................................................................................

344

Net

Assets

...............................................................................................................................................................

$

148,080

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

6,286

Paid-in

capital

..............................................................................................................................................................................

141,794

Net

Assets

...............................................................................................................................................................

$

148,080

(

>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

148,174

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.40

Class

V

—

Net

assets

...........................................................................................................................................................

$

148,080,034

Class

V

—

Shares

outstanding

............................................................................................................................................

14,239,453

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

209

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

3,239

Expenses

Advisory

fees

...................................................................................................................................................................

38

Administrative

fees

..........................................................................................................................................................

90

Distribution

fees

-

Class

V

...............................................................................................................................................

226

Professional

fees

..............................................................................................................................................................

21

Trustees’

fees

....................................................................................................................................................................

3

Printing

fees

.....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

5

Miscellaneous

..................................................................................................................................................................

5

Total

expenses

..............................................................................................................................................................................

389

Net

investment

income

(loss)

.......................................................................................................................................................

2,850

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

646

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

269

Net

realized

gain

(loss)

................................................................................................................................................................

915

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

98

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

98

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

1,013

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

3,863

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

210

Venerable

Conservative

Allocation

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

2,850

$

843

Net

realized

gain

(loss)

................................................................................................................

915

157

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

98

2,434

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

3,863

3,434

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(1,097)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(1,097)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(14,138)

156,018

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(11,372)

159,452

Net

Assets

Beginning

of

period

...........................................................................................................................

159,452

—

End

of

period

......................................................................................................................................

$

148,080

$

159,452

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

334

$

3,461

16,695

$

166,982

Proceeds

from

reinvestment

of

distributions

106

1,097

—

—

Payments

for

shares

redeemed

(1,813)

(18,696)

(1,083)

(10,964)

Total

increase

(decrease)

(1,373)

$

(14,138)

15,612

$

156,018

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

211

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.21‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.19‌

.05‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.08‌

.16‌

$

Total

from

Investment

Operations

.27‌

.21‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.07‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.01‌)

—‌

$

Total

Distributions

(.08‌)

—‌

$

Net

Asset

Value,

End

of

Period

10.40‌

10.21‌

%

Total

Return

(±)(ǿ)

2.63‌

2.10‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

148,080‌

159,452‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.52‌

.58‌

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.52‌

.52‌

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

1.88‌

.52‌

%

Portfolio

Turnover

Rate

(ǿ)

5‌

7‌

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Appreciation

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

212

Venerable

Conservative

Appreciation

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Domestic

Equities

-

28.0%

Venerable

Large

Cap

Index

Fund

Class

I

11,214,696

128,184

Fixed

Income

-

60.0%

Venerable

Bond

Index

Fund

Class

I

9,320,989

91,532

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

18,684,448

183,108

274,640

International

Equities

-

12.0%

Venerable

International

Index

Fund

Class

I

4,738,358

54,775

Total

Investments

in

Affiliated

Funds

(cost

$439,712)

457,599

Total

Investments

-

100.0%

(cost

$439,712)

457,599

Other

Assets

net

of

Liabilities

-

(0.0)%

(219)

Net

Assets

-

100.0%

457,380

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

457,599

$

—

$

—

$

457,599

Total

Investments

$

457,599

$

—

$

—

$

457,599

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Appreciation

Allocation

Fund

213

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

439,712

Investments,

at

fair

value(>)

........................................................................................................................................................

457,599

Receivables:

Investments

sold

...............................................................................................................................................................

48

Prepaid

expenses

..........................................................................................................................................................................

14

Total

assets

...............................................................................................................................................................

457,661

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

47

Accrued

fees

to

affiliates

..................................................................................................................................................

181

Other

accrued

expenses

....................................................................................................................................................

53

Total

liabilities

...........................................................................................................................................................

281

Net

Assets

...............................................................................................................................................................

$

457,380

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

29,600

Paid-in

capital

..............................................................................................................................................................................

427,780

Net

Assets

...............................................................................................................................................................

$

457,380

(>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

457,599

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.63

Class

V

—

Net

assets

...........................................................................................................................................................

$

457,379,862

Class

V

—

Shares

outstanding

............................................................................................................................................

43,034,131

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

214

Venerable

Conservative

Appreciation

Allocation

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

8,807

Expenses

Advisory

fees

...................................................................................................................................................................

116

Administrative

fees

..........................................................................................................................................................

278

Distribution

fees

-

Class

V

...............................................................................................................................................

696

Professional

fees

..............................................................................................................................................................

29

Trustees’

fees

....................................................................................................................................................................

8

Printing

fees

.....................................................................................................................................................................

3

Offering

fees

.....................................................................................................................................................................

14

Miscellaneous

..................................................................................................................................................................

7

Total

expenses

..............................................................................................................................................................................

1,151

Net

investment

income

(loss)

.......................................................................................................................................................

7,656

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

2,728

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

1,341

Net

realized

gain

(loss)

................................................................................................................................................................

4,069

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

6,502

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

6,502

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

10,571

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

18,227

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Appreciation

Allocation

Fund

215

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

7,656

$

1,901

Net

realized

gain

(loss)

................................................................................................................

4,069

862

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

6,502

11,385

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

18,227

14,148

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(3,117)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(3,117)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(41,380)

469,502

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(26,270)

483,650

Net

Assets

Beginning

of

period

...........................................................................................................................

483,650

—

End

of

period

......................................................................................................................................

$

457,380

$

483,650

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

282

$

2,949

50,225

$

502,254

Proceeds

from

reinvestment

of

distributions

294

3,117

—

—

Payments

for

shares

redeemed

(4,552)

(47,446)

(3,215)

(32,752)

Total

increase

(decrease)

(3,976)

$

(41,380)

47,010

$

469,502

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

216

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

Variable

Insurance

Trust

Venerable

Conservative

Appreciation

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.29‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.17‌

.04‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.24‌

.25‌

$

Total

from

Investment

Operations

.41‌

.29‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.05‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.07‌)

—‌

$

Net

Asset

Value,

End

of

Period

10.63‌

10.29‌

%

Total

Return

(±)(ǿ)

4.01‌

2.90‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

457,380‌

483,650‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.50‌

.52‌

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.50‌

.52‌

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

1.64‌

.38‌

%

Portfolio

Turnover

Rate

(ǿ)

4‌

7‌

Venerable

Variable

Insurance

Trust

Venerable

World

Conservative

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

217

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Fixed

Income

-

59.9%

Venerable

High

Yield

Fund

Class

I

5,024,661

49,945

Venerable

Strategic

Bond

Fund

Class

I

3,436,774

33,165

83,110

International

Equities

-

40.1%

Venerable

World

Equity

Fund

Class

I

4,836,726

55,622

Total

Investments

in

Affiliated

Funds

(cost

$132,684)

138,732

Total

Investments

-

100.0%

(cost

$132,684)

138,732

Other

Assets

net

of

Liabilities

-

(0.0)%

(18)

Net

Assets

-

100.0%

138,714

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

138,732

$

—

$

—

$

138,732

Total

Investments

$

138,732

$

—

$

—

$

138,732

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

World

Conservative

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

218

Venerable

World

Conservative

Allocation

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

132,684

Investments,

at

fair

value(>)

........................................................................................................................................................

138,732

Cash

..............................................................................................................................................................................................

21

Receivables:

Investments

sold

...............................................................................................................................................................

200

Prepaid

expenses

..........................................................................................................................................................................

5

Total

assets

...............................................................................................................................................................

138,958

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

199

Accrued

fees

to

affiliates

..................................................................................................................................................

5

Other

accrued

expenses

....................................................................................................................................................

40

Total

liabilities

...........................................................................................................................................................

244

Net

Assets

...............................................................................................................................................................

$

138,714

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

9,951

Paid-in

capital

..............................................................................................................................................................................

128,763

Net

Assets

...............................................................................................................................................................

$

138,714

(>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

138,732

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.70

Class

V

—

Net

assets

...........................................................................................................................................................

$

138,713,704

Class

V

—

Shares

outstanding

............................................................................................................................................

12,966,961

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

World

Conservative

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

219

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

2,879

Expenses

Advisory

fees

...................................................................................................................................................................

35

Administrative

fees

..........................................................................................................................................................

85

Distribution

fees

-

Class

V

...............................................................................................................................................

213

Professional

fees

..............................................................................................................................................................

21

Trustees’

fees

....................................................................................................................................................................

2

Printing

fees

.....................................................................................................................................................................

1

Offering

fees

.....................................................................................................................................................................

4

Miscellaneous

..................................................................................................................................................................

6

Expenses

before

reductions

..............................................................................................................................................

367

Expense

reductions

..........................................................................................................................................................

(312)

Net

expenses

................................................................................................................................................................................

55

Net

investment

income

(loss)

.......................................................................................................................................................

2,824

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

824

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

261

Net

realized

gain

(loss)

................................................................................................................................................................

1,085

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

2,187

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

2,187

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

3,272

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

6,096

Venerable

Variable

Insurance

Trust

Venerable

World

Conservative

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

220

Venerable

World

Conservative

Allocation

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

2,824

$

1,124

Net

realized

gain

(loss)

................................................................................................................

1,085

248

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

2,187

3,861

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

6,096

5,233

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(1,378)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(1,378)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(15,308)

144,071

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(10,590)

149,304

Net

Assets

Beginning

of

period

...........................................................................................................................

149,304

—

End

of

period

......................................................................................................................................

$

138,714

$

149,304

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

18

$

192

15,650

$

156,527

Proceeds

from

reinvestment

of

distributions

130

1,378

—

—

Payments

for

shares

redeemed

(1,606)

(16,878)

(1,225)

(12,456)

Total

increase

(decrease)

(1,458)

$

(15,308)

14,425

$

144,071

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

221

Venerable

Variable

Insurance

Trust

Venerable

World

Conservative

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.35‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.21‌

.08‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.25‌

.27‌

$

Total

from

Investment

Operations

.46‌

.35‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.09‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.11‌)

—‌

$

Net

Asset

Value,

End

of

Period

10.70‌

10.35‌

%

Total

Return

(±)(ǿ)

4.41‌

3.50‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

138,714‌

149,304‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.52‌

.59‌

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.08‌

.07‌

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

1.97‌

.74‌

%

Portfolio

Turnover

Rate

(ǿ)

3‌

8‌

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

222

Venerable

Moderate

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Domestic

Equities

-

60.2%

Venerable

US

Large

Cap

Core

Equity

Fund

Class

I

55,352,760

630,468

Venerable

US

Large

Cap

Strategic

Equity

Fund

Class

I

50,860,376

630,160

1,260,628

Fixed

Income

-

39.8%

Venerable

High

Yield

Fund

Class

I

41,945,614

416,939

Venerable

Strategic

Bond

Fund

Class

I

43,079,242

415,715

832,654

Total

Investments

in

Affiliated

Funds

(cost

$1,923,330)

2,093,282

Total

Investments

-

100.0%

(cost

$1,923,330)

2,093,282

Other

Assets

net

of

Liabilities

-

(0.0)%

(390)

Net

Assets

-

100.0%

2,092,892

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

2,093,282

$

—

$

—

$

2,093,282

Total

Investments

$

2,093,282

$

—

$

—

$

2,093,282

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements

.

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Allocation

Fund

223

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

1,923,330

Investments,

at

fair

value(>)

........................................................................................................................................................

2,093,282

Receivables:

Investments

sold

...............................................................................................................................................................

1,565

Total

assets

...............................................................................................................................................................

2,094,847

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

1,565

Accrued

fees

to

affiliates

..................................................................................................................................................

291

Other

accrued

expenses

....................................................................................................................................................

99

Total

liabilities

...........................................................................................................................................................

1,955

Net

Assets

...............................................................................................................................................................

$

2,092,892

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

258,808

Paid-in

capital

..............................................................................................................................................................................

1,834,084

Net

Assets

...............................................................................................................................................................

$

2,092,892

(>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

2,093,282

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.11

Class

V

—

Net

assets

...........................................................................................................................................................

$

2,092,891,923

Class

V

—

Shares

outstanding

............................................................................................................................................

188,374,634

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

224

Venerable

Moderate

Allocation

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

31,433

Expenses

Advisory

fees

...................................................................................................................................................................

524

Administrative

fees

..........................................................................................................................................................

1,258

Distribution

fees

-

Class

V

...............................................................................................................................................

3,145

Professional

fees

..............................................................................................................................................................

75

Trustees’

fees

....................................................................................................................................................................

35

Printing

fees

.....................................................................................................................................................................

12

Miscellaneous

..................................................................................................................................................................

14

Expenses

before

reductions

..............................................................................................................................................

5,063

Expense

reductions

..........................................................................................................................................................

(3,265)

Net

expenses

................................................................................................................................................................................

1,798

Net

investment

income

(loss)

.......................................................................................................................................................

29,635

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

18,935

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

43,299

Net

realized

gain

(loss)

................................................................................................................................................................

62,234

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

17,952

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

17,952

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

80,186

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

109,821

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Allocation

Fund

225

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Peried

Ended

December

31,

2025

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

29,635

$

45,181

Net

realized

gain

(loss)

................................................................................................................

62,234

142,433

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

17,952

76,431

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

109,821

264,045

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(190,382)

(20,980)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(190,382)

(20,980)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(11,959)

(427,393)

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(92,520)

(184,328)

Net

Assets

Beginning

of

period

...........................................................................................................................

2,185,412

2,369,740

End

of

period

......................................................................................................................................

$

2,092,892

$

2,185,412

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

—

$

—

381

$

4,340

Proceeds

from

reinvestment

of

distributions

17,245

190,382

1,975

20,980

Payments

for

shares

redeemed

(17,292)

(202,341)

(42,014)

(452,713

)

Total

increase

(decrease)

(47)

$

(11,959)

(39,658)

$

(427,393)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

226

Venerable

Moderate

Allocation

Fund

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

12/31/24

(ſ)

Per-Share

Data

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.60‌

10.39‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.16‌

.22‌

.04‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.45‌

1.09‌

.35‌

$

Total

from

Investment

Operations

.61‌

1.31‌

.39‌

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.34‌)

(.05‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.76‌)

(.05‌)

—‌

$

Total

Distributions

(1.10‌)

(.10‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.11‌

11.60‌

10.39‌

%

Total

Return

(±)(ǿ)

5.35‌

12.64‌

3.90‌

–

–

–

Ratios/Supplemental

Data

–

–

–

$

Net

Assets,

End

of

Period

(000)

2,092,892‌

2,185,412‌

2,369,740‌

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.48‌

.49‌

.50‌

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.17‌

.17‌

.16‌

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

1.40‌

2.02‌

.38‌

%

Portfolio

Turnover

Rate

(ǿ)

5‌

36‌

10‌

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Appreciation

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

227

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Domestic

Equities

-

42.2%

Venerable

Large

Cap

Index

Fund

Class

I

36,051,997

412,074

Fixed

Income

-

39.8%

Venerable

Bond

Index

Fund

Class

I

9,880,458

97,026

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

29,712,860

291,186

388,212

International

Equities

-

18.0%

Venerable

International

Index

Fund

Class

I

15,212,113

175,852

Total

Investments

in

Affiliated

Funds

(cost

$909,008)

976,138

Total

Investments

-

100.0%

(cost

$909,008)

976,138

Other

Assets

net

of

Liabilities

-

(0.0)%

(435)

Net

Assets

-

100.0%

975,703

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

976,138

$

—

$

—

$

976,138

Total

Investments

$

976,138

$

—

$

—

$

976,138

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

228

Venerable

Moderate

Appreciation

Allocation

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

909,008

Investments,

at

fair

value(>)

........................................................................................................................................................

976,138

Receivables:

Investments

sold

...............................................................................................................................................................

533

Prepaid

expenses

..........................................................................................................................................................................

28

Total

assets

...............................................................................................................................................................

976,699

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

532

Accrued

fees

to

affiliates

..................................................................................................................................................

386

Other

accrued

expenses

....................................................................................................................................................

78

Total

liabilities

...........................................................................................................................................................

996

Net

Assets

...............................................................................................................................................................

$

975,703

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

91,332

Paid-in

capital

..............................................................................................................................................................................

884,371

Net

Assets

...............................................................................................................................................................

$

975,703

(>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

976,138

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.95

Class

V

—

Net

assets

...........................................................................................................................................................

$

975,702,983

Class

V

—

Shares

outstanding

............................................................................................................................................

89,118,259

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

229

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

15,161

Expenses

Advisory

fees

...................................................................................................................................................................

244

Administrative

fees

..........................................................................................................................................................

585

Distribution

fees

-

Class

V

...............................................................................................................................................

1,463

Professional

fees

..............................................................................................................................................................

43

Trustees’

fees

....................................................................................................................................................................

16

Printing

fees

.....................................................................................................................................................................

6

Offering

fees

.....................................................................................................................................................................

27

Miscellaneous

..................................................................................................................................................................

9

Total

expenses

..............................................................................................................................................................................

2,393

Net

investment

income

(loss)

.......................................................................................................................................................

12,768

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

7,118

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

4,330

Net

realized

gain

(loss)

................................................................................................................................................................

11,448

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

32,181

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

32,181

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

43,629

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

56,397

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

230

Venerable

Moderate

Appreciation

Allocation

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

12,768

$

2,100

Net

realized

gain

(loss)

................................................................................................................

11,448

1,929

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

32,181

34,949

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

56,397

38,978

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(4,775)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(4,775)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(84,309)

969,412

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(32,687)

1,008,390

Net

Assets

Beginning

of

period

...........................................................................................................................

1,008,390

—

End

of

period

......................................................................................................................................

$

975,703

$

1,008,390

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

56

$

601

103,122

$

1,031,233

Proceeds

from

reinvestment

of

distributions

438

4,775

—

—

Payments

for

shares

redeemed

(8,45

4

)

(89,68

5

)

(6,043)

(61,821)

Total

increase

(decrease)

(7,960)

$

(84,309)

97,079

$

969,412

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

231

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Appreciation

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.39‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.14‌

.02‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.47‌

.37‌

$

Total

from

Investment

Operations

.61‌

.39‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.05‌)

—‌

$

Net

Asset

Value,

End

of

Period

10.95‌

10.39‌

%

Total

Return

(±)(ǿ)

5.91‌

3.90‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

975,703‌

1,008,390‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.49‌

.51‌

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.49‌

.51‌

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

1.30‌

.20‌

%

Portfolio

Turnover

Rate

(ǿ)

3‌

6‌

Venerable

Variable

Insurance

Trust

Venerable

World

Moderate

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

232

Venerable

World

Moderate

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Fixed

Income

-

39.8%

Venerable

High

Yield

Fund

Class

I

5,916,095

58,806

Venerable

Strategic

Bond

Fund

Class

I

9,105,504

87,868

146,674

International

Equities

-

60.2%

Venerable

World

Equity

Fund

Class

I

19,280,051

221,721

Total

Investments

in

Affiliated

Funds

(cost

$341,606)

368,395

Total

Investments

-

100.0%

(cost

$341,606)

368,395

Other

Assets

net

of

Liabilities

-

(0.0)%

(92)

Net

Assets

-

100.0%

368,303

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

368,395

$

—

$

—

$

368,395

Total

Investments

$

368,395

$

—

$

—

$

368,395

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

World

Moderate

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Moderate

Allocation

Fund

233

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

341,606

Investments,

at

fair

value(>)

........................................................................................................................................................

368,395

Receivables:

Fund

shares

sold

...............................................................................................................................................................

30

Prepaid

expenses

..........................................................................................................................................................................

11

Total

assets

...............................................................................................................................................................

368,436

Liabilities

Payables:

Investments

purchased

.....................................................................................................................................................

31

Accrued

fees

to

affiliates

..................................................................................................................................................

54

Other

accrued

expenses

....................................................................................................................................................

48

Total

liabilities

...........................................................................................................................................................

133

Net

Assets

...............................................................................................................................................................

$

368,303

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

34,768

Paid-in

capital

..............................................................................................................................................................................

333,535

Net

Assets

...............................................................................................................................................................

$

368,303

(>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

368,395

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.96

Class

V

—

Net

assets

...........................................................................................................................................................

$

368,303,275

Class

V

—

Shares

outstanding

............................................................................................................................................

33,588,992

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

World

Moderate

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

234

Venerable

World

Moderate

Allocation

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

4,882

Expenses

Advisory

fees

...................................................................................................................................................................

92

Administrative

fees

..........................................................................................................................................................

221

Distribution

fees

-

Class

V

...............................................................................................................................................

553

Professional

fees

..............................................................................................................................................................

27

Trustees’

fees

....................................................................................................................................................................

6

Printing

fees

.....................................................................................................................................................................

2

Offering

fees

.....................................................................................................................................................................

11

Miscellaneous

..................................................................................................................................................................

6

Expenses

before

reductions

..............................................................................................................................................

918

Expense

reductions

..........................................................................................................................................................

(553)

Net

expenses

................................................................................................................................................................................

365

Net

investment

income

(loss)

.......................................................................................................................................................

4,517

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

2,424

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

1,044

Net

realized

gain

(loss)

................................................................................................................................................................

3,468

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

12,756

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

12,756

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

16,224

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

20,741

Venerable

Variable

Insurance

Trust

Venerable

World

Moderate

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Moderate

Allocation

Fund

235

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

4,517

$

1,532

Net

realized

gain

(loss)

................................................................................................................

3,468

651

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

12,756

14,033

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

20,741

16,216

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(2,189)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(2,189)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(30,224)

363,759

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(11,672)

379,975

Net

Assets

Beginning

of

period

...........................................................................................................................

379,975

—

End

of

period

......................................................................................................................................

$

368,303

$

379,975

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

42

$

449

38,637

$

386,372

Proceeds

from

reinvestment

of

distributions

201

2,189

—

—

Payments

for

shares

redeemed

(3,081)

(32,862)

(2,210)

(22,613)

Total

increase

(decrease)

(2,838)

$

(30,224)

36,427

$

363,759

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

236

Venerable

World

Moderate

Allocation

Fund

Venerable

Variable

Insurance

Trust

Venerable

World

Moderate

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.43‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.13‌

.04‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.47‌

.39‌

$

Total

from

Investment

Operations

.60‌

.43‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.05‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.07‌)

—‌

$

Net

Asset

Value,

End

of

Period

10.96‌

10.43‌

%

Total

Return

(±)(ǿ)

5.71‌

4.30‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

368,303‌

379,975‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.50‌

.54‌

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.20‌

.19‌

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

1.22‌

.40‌

%

Portfolio

Turnover

Rate

(ǿ)

3‌

6‌

Venerable

Variable

Insurance

Trust

Venerable

Appreciation

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

237

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Domestic

Equities

-

52.8%

Venerable

Large

Cap

Index

Fund

Class

I

70,849,721

809,813

Fixed

Income

-

24.7%

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

38,674,495

379,010

International

Equities

-

22.5%

Venerable

International

Index

Fund

Class

I

29,912,823

345,792

Total

Investments

in

Affiliated

Funds

(cost

$1,395,274)

1,534,615

Total

Investments

-

100.0%

(cost

$1,395,274)

1,534,615

Other

Assets

net

of

Liabilities

-

(0.0)%

(662)

Net

Assets

-

100.0%

1,533,953

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

1,534,615

$

—

$

—

$

1,534,615

Total

Investments

$

1,534,615

$

—

$

—

$

1,534,615

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

238

Venerable

Appreciation

Allocation

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

1,395,274

Investments,

at

fair

value

(>)

........................................................................................................................................................

1,534,615

Receivables:

Investments

sold

...............................................................................................................................................................

1,715

Prepaid

expenses

..........................................................................................................................................................................

43

Total

assets

...............................................................................................................................................................

1,536,373

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

1,715

Accrued

fees

to

affiliates

..................................................................................................................................................

606

Other

accrued

expenses

....................................................................................................................................................

99

Total

liabilities

...........................................................................................................................................................

2,420

Net

Assets

...............................................................................................................................................................

$

1,533,953

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

176,549

Paid-in

capital

..............................................................................................................................................................................

1,357,404

Net

Assets

...............................................................................................................................................................

$

1,533,953

(>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

1,534,615

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.19

Class

V

—

Net

assets

...........................................................................................................................................................

$

1,533,952,566

Class

V

—

Shares

outstanding

............................................................................................................................................

137,089,357

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

239

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

19,883

Expenses

Advisory

fees

...................................................................................................................................................................

382

Administrative

fees

..........................................................................................................................................................

916

Distribution

fees

-

Class

V

...............................................................................................................................................

2,291

Professional

fees

..............................................................................................................................................................

57

Trustees’

fees

....................................................................................................................................................................

25

Printing

fees

.....................................................................................................................................................................

9

Offering

fees

.....................................................................................................................................................................

41

Miscellaneous

..................................................................................................................................................................

11

Total

expenses

..............................................................................................................................................................................

3,732

Net

investment

income

(loss)

.......................................................................................................................................................

16,151

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

12,564

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

8,512

Net

realized

gain

(loss)

................................................................................................................................................................

21,076

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

71,775

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

71,775

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

92,851

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

109,002

Venerable

Variable

Insurance

Trust

Venerable

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

240

Venerable

Appreciation

Allocation

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

16,151

$

1,155

Net

realized

gain

(loss)

................................................................................................................

21,076

3,473

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

71,775

67,566

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

109,002

72,194

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(5,803)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(5,803)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(141,036)

1,499,596

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(37,837)

1,571,790

Net

Assets

Beginning

of

period

...........................................................................................................................

1,571,790

—

End

of

period

......................................................................................................................................

$

1,533,953

$

1,571,790

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

—

$

—

159,787

$

1,597,867

Proceeds

from

reinvestment

of

distributions

522

5,803

—

—

Payments

for

shares

redeemed

(13,662)

(146,839)

(9,558)

(98,271)

Total

increase

(decrease)

(13,140)

$

(141,036)

150,229

$

1,499,596

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

241

Venerable

Variable

Insurance

Trust

Venerable

Appreciation

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.46‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(ƥ)

.11‌

.01‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.66‌

.45‌

$

Total

from

Investment

Operations

.77‌

.46‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.01‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.03‌)

—‌

$

Total

Distributions

(.04‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.19‌

10.46‌

%

Total

Return

(±)(ǿ)

7.38‌

4.60‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

1,533,953‌

1,571,790‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.49‌

.50‌

%

Expenses,

Net

(ɯ)(Π)

.49‌

.50‌

%

Net

Investment

Income

(‡)(ǿ)

1.05‌

.07‌

%

Portfolio

Turnover

Rate

(ǿ)

3‌

6‌

Venerable

Variable

Insurance

Trust

Venerable

World

Appreciation

Allocation

Fund

Schedule

of

Investments

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

242

Venerable

World

Appreciation

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

Number

of

Shares

H2

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Fixed

Income

-

24.8%

Venerable

High

Yield

Fund

Class

I

3,740,316

37,179

Venerable

Strategic

Bond

Fund

Class

I

5,759,846

55,583

92,762

International

Equities

-

75.2%

Venerable

World

Equity

Fund

Class

I

24,434,638

280,998

Total

Investments

in

Affiliated

Funds

(cost

$338,447)

373,760

Total

Investments

-

100.0%

(cost

$338,447)

373,760

Other

Assets

net

of

Liabilities

-

(0.0)%

(82)

Net

Assets

-

100.0%

373,678

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Total

Investments

in

Affiliated

Funds

$

373,760

$

—

$

—

$

373,760

Total

Investments

$

373,760

$

—

$

—

$

373,760

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Financial

Statements

.

Venerable

Variable

Insurance

Trust

Venerable

World

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Appreciation

Allocation

Fund

243

Statement

of

Assets

and

Liabilities

—

June

30,

2026

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

338,447

Investments,

at

fair

value(>)

........................................................................................................................................................

373,760

Receivables:

Investments

sold

...............................................................................................................................................................

340

Prepaid

expenses

..........................................................................................................................................................................

11

Total

assets

...............................................................................................................................................................

374,111

Liabilities

Payables:

Fund

shares

redeemed

......................................................................................................................................................

340

Accrued

fees

to

affiliates

..................................................................................................................................................

45

Other

accrued

expenses

....................................................................................................................................................

48

Total

liabilities

...........................................................................................................................................................

433

Net

Assets

...............................................................................................................................................................

$

373,678

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

42,347

Paid-in

capital

..............................................................................................................................................................................

331,331

Net

Assets

...............................................................................................................................................................

$

373,678

(>)  

Investments

in

affiliated

funds

............................................................................................................................................

$

373,760

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.19

Class

V

—

Net

assets

...........................................................................................................................................................

$

373,677,786

Class

V

—

Shares

outstanding

............................................................................................................................................

33,400,789

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

Venerable

Variable

Insurance

Trust

Venerable

World

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

244

Venerable

World

Appreciation

Allocation

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2026

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

3,412

Expenses

Advisory

fees

...................................................................................................................................................................

93

Administrative

fees

..........................................................................................................................................................

223

Distribution

fees

-

Class

V

...............................................................................................................................................

556

Professional

fees

..............................................................................................................................................................

27

Trustees’

fees

....................................................................................................................................................................

6

Printing

fees

.....................................................................................................................................................................

2

Offering

fees

.....................................................................................................................................................................

10

Miscellaneous

..................................................................................................................................................................

6

Expenses

before

reductions

..............................................................................................................................................

923

Expense

reductions

..........................................................................................................................................................

(619)

Net

expenses

................................................................................................................................................................................

304

Net

investment

income

(loss)

.......................................................................................................................................................

3,108

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

2,608

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

1,325

Net

realized

gain

(loss)

................................................................................................................................................................

3,933

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

18,070

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

18,070

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

22,003

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

25,111

Venerable

Variable

Insurance

Trust

Venerable

World

Appreciation

Allocation

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Appreciation

Allocation

Fund

245

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2026

(Unaudited)

Period

Ended

December

31,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

3,108

$

907

Net

realized

gain

(loss)

................................................................................................................

3,933

662

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

18,070

17,243

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

25,111

18,812

Distributions

To

shareholders

Class

V

.....................................................................................................................................

(1,576)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(1,576)

—

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(30,069)

361,400

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

(6,534)

380,212

Net

Assets

Beginning

of

period

...........................................................................................................................

380,212

—

End

of

period

......................................................................................................................................

$

373,678

$

380,212

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2026

and

December

31,

2025

were

as

follows:

2026

(Unaudited)

2025

(1)

Shares

Dollars

Shares

Dollars

Class

V

Proceeds

from

shares

sold

50

$

523

38,081

$

380,809

Proceeds

from

reinvestment

of

distributions

142

1,576

—

—

Payments

for

shares

redeemed

(2,986)

(32,168)

(1,886)

(19,409)

Total

increase

(decrease)

(2,794)

$

(30,069)

36,195

$

361,400

(1)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

246

Venerable

World

Appreciation

Allocation

Fund

Venerable

Variable

Insurance

Trust

Venerable

World

Appreciation

Allocation

Fund

Financial

Highlights

—

For

the

Periods

Ended

For

a

Share

Outstanding

Throughout

Each

Period.

Class

V

06/30/26

(ƣ)

12/31/25

(£)

Per-Share

Data

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.50‌

10.00‌

Income

(loss)

from

investment

operations:

—‌

—‌

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.

09‌

.03‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

.6

5‌

.47‌

$

Total

from

Investment

Operations

.74‌

.50‌

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03‌)

—‌

$

Distributions

from

Net

Realized

Gain

(.02‌)

—‌

$

Total

Distributions

(.05‌)

—‌

$

Net

Asset

Value,

End

of

Period

11.19‌

10.50‌

%

Total

Return

(±)(ǿ)

7.02‌

5.00‌

–

–

Ratios/Supplemental

Data

–

–

$

Net

Assets,

End

of

Period

(000)

373,678‌

380,212‌

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.50‌

.54‌

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.16‌

.16‌

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

.

83‌

.24‌

%

Portfolio

Turnover

Rate

(ǿ)

2‌

5‌

Venerable

Variable

Insurance

Trust

Notes

to

Schedules

of

Investments

—

June

30,

2026

(Unaudited)

Notes

to

Schedules

of

Investments

247

Footnotes:

Abbreviations:

Foreign

Currency

Abbreviations:

(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust.

(ç)

At

amortized

cost,

which

approximates

fair

value

–

due

within

60

days.

(ž)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(Þ)

Restricted

security.

Rule

144A

security

not

registered

under

the

Securities

Act

of

1933.

(Ÿ)

Rate

noted

is

dividend

yield

at

period

end.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

entered

into

by

the

Fund.

(Š)

Value

was

determined

using

significant

unobservable

inputs.

Security

is

classified

as

Level

3

in

the

Fund’s

fair

vale

hierarchy.

(~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

or

other

contractual

arrangements.

(β)

Payment-in-kind

income

security.

(¢)

Date

shown

reflects

next

contractual

call

date.

(0)

Weekly

payment

frequency.

(1)

Monthly

payment

frequency.

(2)

Quarterly

payment

frequency.

(3)

Semi-annual

payment

frequency.

(4)

Annual

payment

frequency.

(5)

Payment

at

termination.

ADR

–

American

Depositary

Receipt

CME

–

Chicago

Mercantile

Exchange

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

–

European

Economic

and

Monetary

Union

GDR

–

Global

Depositary

Receipt

NVDR

–

Non-Voting

Depository

Receipt

REMIC

–

Real

Estate

Mortgage

Investment

Conduit

SDR

–

Swedish

Depositary

Receipt

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STRIPS

–

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

TBA

–

To

Be

Announced

Security

UK

–

United

Kingdom

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

EUR

-

Euro

GBP

-

British

pound

sterling

HKD

-

Hong

Kong

dollar

INR

-

Indian

rupee

JPY

-

Japanese

yen

SEK

-

Swedish

krona

SGD

-Singapore

dollar

TWD

-

Taiwanese

dollar

USD

-

United

States

dollar

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Highlights

—

June

30,

2026

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

248

Notes

to

Financial

Highlights

(ƣ)

For

the

period

ended

June

30,

2026

(Unaudited).

(ſ)

For

the

period

September

4,

2024

(commencement

of

operations)

to

December

31,

2024.

(℔)

For

the

period

August

8,

2025

(commencement

of

operations)

to

December

31,

2025.

(£)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025.

(℈)

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025.

(δ)

For

the

period

March

20,

2026

(commencement

of

operations)

to

June

30,

2026

(Unaudited).

(‡)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(Ƃ)

Reflects

amounts

waived

and/or

reimbursed

by

Venerable

Investment

Advisers,

LLC

(“VIA”)

and

Russell

Investments

Financial

Services,

LLC.

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(±)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges

for

which

the

Funds

serve

as

an

underlying

investment

vehicle.

If

total

return

had

taken

these

into

account,

performance

would

have

been

lower.

(ǿ)

The

amounts

for

periods

less

than

one

year

are

not

annualized.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

Historical

ratios

are

reflective

of

current

practice.

(Π)

The

calculation

includes

only

those

expenses

charged

directly

to

the

Fund

and

does

not

include

expenses

charged

to

the

Underlying

Funds

in

which

the

Fund

invests.

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

249

1.

Organization

Venerable

Variable

Insurance

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

October

2,

2023

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

As

of

June

30,

2026,

the

Trust

offered

twenty-four

different

investment

portfolios

(each

a

“Fund”

and

collectively,

the

“Funds”).

Each

Fund’s

shares

are

offered

at

net

asset

value

(“NAV”)

to

qualified

insurance

company

separate

accounts

serving

as

investment

options

under

variable

insurance

products.

Venerable

Investment

Advisers,

LLC

(“VIA”

or

the

“Adviser”),

a

wholly-owned

subsidiary

of

Venerable

Holdings,

Inc.,

serves

as

the

investment

adviser

to

the

Funds.

VIA

oversees

all

investment

advisory

and

portfolio

management

services.

The

Adviser

acts

as

a

manager

of

managers

and

makes

recommendations

with

respect

to

the

selection

and

continued

employment

of

the

sub-advisers

to

manage

the

Funds’

assets.

The

Adviser

performs

diligence

on

and

monitors

the

sub-advisers

and

reviews

investment

performance

and

adherence

to

compliance

procedures.

The

Funds

are

authorized

to

issue

shares

of

beneficial

interest

in

one

or

more

classes.

Certain

of

the

Funds

currently

offer

two

classes

of

shares:

Class

V

and

Class

I.

Class

V

is

subject

to

a

Rule

12b-1

distribution

fee

while

Class

I

is

not

subject

to

a

Rule

12b-1

fee.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

to

the

fiscal

period

ended

June

30,

2026.

2.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies

under

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services

–

Investment

Companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

Topic

280

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

(“CODM”)

to

assess

performance

and

make

resource

allocation

decisions.

VIA

serves

as

the

CODM.

Since

VIA

evaluates

the

performance

of

each

Fund

holistically

as

outlined

in

the

Fund’s

prospectus,

each

Fund

is

a

single

reporting

segment.

VIA

uses

the

holdings

composition

data,

total

returns,

Fund

expense

information,

and

share

transactions

presented

in

the

Funds’

financial

statements

to

assess

the

single

segment

performance

and

make

resource

allocation

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

Segment

assets

and

significant

segment

expenses

are

reflected

in

each

Funds’

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Recent

Accounting

Pronouncements

In

November

2024,

the

FASB

issued

an

Accounting

Standards

Update

(“ASU”)

2024-03,

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

of

Income

Statement

Expenses.

The

amendments

require

additional

disclosures

regarding

the

nature

and

composition

of

certain

income

statement

expense

captions,

including

disclosures

related

to

selling

expenses.

The

ASU

is

effective

for

annual

reporting

periods

beginning

after

December

15,

2026,

and

interim

reporting

periods

beginning

after

December

15,

2027.

Early

adoption

is

permitted.

At

this

time,

management

is

evaluating

the

implications

of

these

changes

on

the

financial

statements.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Board

of

Trustees

(“the

Board”)

has

designated

VIA

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

250

Notes

to

Financial

Statements

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

under

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Funds

have

the

ability

to

access.

Level

2

—

Observable

inputs

other

than

quoted

prices

included

in

Level

1

that

are

observable,

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

in

an

inactive

market,

prices

for

similar

instruments

in

markets

that

are

active,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Level

3

—

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

Exchange

Traded

Funds

(“ETFs”),

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

Equity

securities

and

ETFs

traded

on

the

NASDAQ

are

valued

in

accordance

with

the

NASDAQ

Official

Closing

Price,

which

may

not

be

the

last

sale

price.

If

on

a

particular

day

an

equity

security

or

ETF

does

not

trade,

then

the

mean

between

the

bid

and

ask

prices

is

used,

which

approximates

fair

value.

Securities

listed

on

a

foreign

exchange

are

valued

at

the

official

close

price

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

if

applicable.

Foreign

equity

securities

for

which

an

official

close

price

is

not

available

are

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

closing

NAV.

Investments

in

government

money

market

funds

have

a

stable

NAV.

U.S.

government

and

agency

securities

are

valued

at

the

evaluated

bid

price,

which

approximates

fair

value.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

251

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

NAV

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Investments

in

mutual

funds

as

described

above

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

(“OIS”)

rate

and

Secured

Overnight

Financing

Rate

(“SOFR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

Fund

securities

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

in

U.S.

markets

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

VIA

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

252

Notes

to

Financial

Statements

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

VIA

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

VIA

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

VIA

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

VIA

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

VIA

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

VIA

may

also

utilize

the

Funds’

sub-administrator

to

assist

with

the

determination

of

the

hierarchy

level

for

fair

values

securities

and

in

completing

the

required

financial

reporting

disclosure

for

Level

3

fair

value

securities.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

1%

or

more

of

net

assets,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

For

the

period

ended

June

30,

2026,

the

Funds

had

no

transfers

into

or

out

of

Level

3

of

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred

within

a

particular

Fund.

Investment

Income

Dividend

income

is

recorded

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management’s

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Funds

classify

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

Losses

realized

on

principal

paydowns

may

result

in

negative

interest

income

on

the

Fund’s

Statement

of

Operations

if

there

is

insufficient

interest

income

to

offset

such

losses.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Payment-in-kind

(PIK)

interest

is

accrued

and

recorded

as

income

when

earned.

For

PIK

securities,

interest

is

added

to

the

principal

balance

of

the

security

and

is

recognized

as

non-cash

income.

For

the

period

ended

June

30,

2026,

the

Venerable

High

Yield

Bond

Fund

earned

$397,657

in

PIK

interest

income.

Federal

Income

Taxes

The

Trust

consists

of

multiple

Funds

each

of

which

for

federal

income

tax

purposes

is

treated

separately

from

any

other.

Each

Fund

intends

to

elect

and

expects

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

If

a

Fund

so

qualifies,

it

will

not

be

subject

to

federal

income

tax

on

the

portion

of

its

income

and

gains

that

it

distributes

to

shareholders.

Each

Fund

intends

to

comply

with

the

diversification

requirements

of

Section

817(h)

of

the

Code

and

the

Treasury

regulations

promulgated

thereunder

such

that

the

owners

of

Variable

Contracts

should

not

currently

be

subject

to

federal

income

tax

on

distributions

by

a

Fund

of

its

net

investment

income

and

net

realized

capital

gains

that

are

left

to

accumulate

in

the

contracts

or

under

a

qualified

pension

or

retirement

plan.

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

253

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

The

Funds

have

analyzed

the

tax

positions

taken

or

expected

to

be

taken

on

the

Funds’

federal

income

tax

return

from

the

period

from

January

1,

2026

through

the

period

ended

June

30,

2026,

and

have

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Funds’

financial

statements.

If

applicable,

the

Funds

recognize

interest

accrued

on

unrecognized

tax

benefits

in

interest

expense

and

penalties

in

other

expenses

on

the

Statement

of

Operations.

During

the

period

from

January

1,

2026

through

June

30,

2026,

the

Funds

did

not

incur

any

interest

or

tax

penalties.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

Each

Fund

intends

to

pay

dividends

at

least

annually

from

its

net

investment

income.

Capital

gains,

if

any,

may

be

paid

at

least

annually.

A

Fund

may

distribute

dividends

and

capital

gains

more

frequently,

if

necessary,

in

order

to

reduce

or

eliminate

federal

excise

or

income

taxes

on

the

Fund.

The

amount

of

any

distribution

will

vary,

and

there

is

no

guarantee

a

Fund

will

pay

either

dividends

or

capital

gain

distributions.

Dividends

and

distributions

from

a

Fund

will

be

automatically

reinvested

in

shares

of

that

Fund

unless

the

shareholder

elects

to

receive

distributions

in

cash.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

amortization

of

premium

for

certain

debt

instruments,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Expenses

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

VIA,

the

Funds’

adviser

and

administrator.

Most

expenses

can

be

directly

attributed

to

the

individual

Funds.

Expenses

which

cannot

be

directly

attributed

to

a

specific

Fund

are

allocated

among

all

Funds

principally

based

on

their

relative

net

assets.

Cash

Cash

consists

of

U.S.

dollar

and

foreign

currency

deposits

held

at

the

Funds'

custodian

or

sub-custodians.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

254

Notes

to

Financial

Statements

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

among

others,

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds’

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

purposes

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

operational

risk,

legal

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

insolvency

risk

of

the

broker

with

respect

to

any

margin

held

in

the

broker’s

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-

traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

receivables

for

variation

margin

on

futures

contracts

and

payables

for

variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

investments

at

fair

value

(securities)

or

receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities

as

due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

The

following

table

lists

the

fair

values

of

the

Funds'

derivative

holdings

in

the

Statement

of

Assets

and

Liabilities

as

of

June

30,

2026

and

the

net

realized

and

unrealized

gain

(loss)

included

in

the

Statement

of

Operations

during

the

current

period,

categorized

by

contract

type

and

risk

exposure.

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

255

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Venerable

US

Large

Cap

Core

Equity

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

88

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,451

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

64

$

—

$

—

Venerable

US

Large

Cap

Strategic

Equity

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

435

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

5,846

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

270

$

—

$

—

Venerable

US

Small

Cap

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

114

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

725

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

215

$

—

$

—

Venerable

Real

Estate

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

—

—

Variation

margin

on

futures

contracts*

$

33

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

238

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(33)

$

—

$

—

Venerable

International

Equity

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

20

$

—

$

—

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

256

Notes

to

Financial

Statements

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(587)

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

20

$

—

$

—

Venerable

Emerging

Markets

Equity

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

—

$

18

$

—

Variation

margin

on

futures

contracts*

39

—

—

Total

$

39

$

18

$

—

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

—

—

Variation

margin

on

futures

contracts*

$

29

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(461)

$

—

$

—

Forward

foreign

currency

exchange

contracts

—

(58)

—

Total

$

(461)

$

(58)

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

45

$

—

$

—

Forward

foreign

currency

exchange

contracts

—

16

—

Total

$

45

$

16

$

—

Venerable

World

Equity

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

—

$

954

$

—

Variation

margin

on

futures

contracts*

1,579

—

—

Total

$

1,579

$

954

$

—

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

—

—

Variation

margin

on

futures

contracts*

$

686

$

—

$

—

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

—

441

—

Total

$

686

$

441

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(6,044)

$

—

$

—

Forward

foreign

currency

exchange

contracts

—

87

—

Total

$

(6,044)

$

87

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

3,129

$

—

$

—

Forward

foreign

currency

exchange

contracts

—

1,392

—

Total

$

3,129

$

1,392

$

—

Venerable

Inflation

Focused

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Total

return

swap

contracts,

at

fair

value

$

—

$

—

$

39

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

—

—

Interest

rate

swap

contracts,

at

fair

value

$

—

$

—

$

57

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Total

return

swap

contracts

$

—

$

—

$

(45)

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

257

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Interest

rate

swap

contracts

—

—

194

Total

$

—

$

—

$

149

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Total

return

swap

contracts

$

—

$

—

$

39

Interest

rate

swap

contracts

—

—

56

Total

$

—

$

—

$

95

Venerable

Large

Cap

Index

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

456

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,680

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

413

$

—

$

—

Venerable

Mid

Cap

Index

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

284

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,555

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

397

$

—

$

—

Venerable

Small

Cap

Index

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

78

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

870

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

214

$

—

$

—

Venerable

International

Index

Fund

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

—

—

Variation

margin

on

futures

contracts*

$

116

$

—

$

—

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

3,303

$

—

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(121)

$

—

$

—

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

258

Notes

to

Financial

Statements

Funds

Strategies

Venerable

US

Large

Cap

Core

Equity

Fund

Exposing

cash

to

markets

Venerable

US

Large

Cap

Strategic

Equity

Fund

Exposing

cash

to

markets

Venerable

US

Small

Cap

Fund

Exposing

cash

to

markets

Venerable

Real

Estate

Fund

Exposing

cash

to

markets

Venerable

International

Equity

Fund

Exposing

cash

to

markets

Venerable

Emerging

Markets

Equity

Fund

Return

enhancement,

hedging

purposes,

and

exposing

cash

to

markets

Venerable

World

Equity

Fund

Return

enhancement,

hedging

purposes,

and

exposing

cash

to

markets

Venerable

Large

Cap

Index

Fund

Exposing

cash

to

markets

and

trade

settlement

Venerable

Mid

Cap

Index

Fund

Exposing

cash

to

markets

Venerable

Small

Cap

Index

Fund

Exposing

cash

to

markets

Venerable

International

Index

Fund

Exposing

cash

to

markets

Financial

derivative

instruments

outstanding

as

of

period

end

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

table,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

facilitate

settlement

of

securities

transactions

and

may

enter

into

these

contracts

in

order

to

“lock

in”

the

U.S.

dollar

price

of

a

security

that

they

plan

to

buy

or

sell.

Certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

Certain

Funds

may

also

purchase

or

sell

foreign

currencies,

mainly

through

the

use

of

forward

currency

contracts

or

currency

futures

contracts,

for

speculative

purposes

based

on

judgments

regarding

the

direction

of

the

market

for

a

particular

foreign

currency

or

currencies.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

June

30,

2026,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

June

30,

2026,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Funds

Strategies

Venerable

International

Equity

Fund

Trade

Settlement

Venerable

Emerging

Markets

Equity

Fund

Return

enhancement,

hedging

purposes,

exposing

cash

to

markets,

and

trade

settlement

Venerable

World

Equity

Fund

Return

enhancement,

hedging

purposes,

exposing

cash

to

markets,

and

trade

settlement

Venerable

International

Index

Fund

Trade

Settlement

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

259

Swap

Agreements

Certain

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Certain

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

total

return

(equity

and/or

index)

and/or

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third-party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third-party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party’s

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

SOFR

plus

or

minus

a

pre-defined

spread.

Total

return

swap

agreements

are

a

counterparty

agreement

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

those

Funds’

investment

objectives

and

strategies.

Currency

swaps

are

a

counterparty

agreement

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties’

obligations

are

determined

on

a

“net

basis”.

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

VIA

or

sub-advisors

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

June

30,

2026,

the

following

Fund

entered

into

interest

rate

swaps

primarily

for

the

strategies

listed

below:

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

June

30,

2026,

the

following

Fund

entered

into

total

return

swaps

primarily

for

the

strategies

listed

below:

Funds

Strategies

Venerable

Inflation

Focused

Fund

Hedging

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

260

Notes

to

Financial

Statements

Mortgage-Related

and

Other

Asset-Backed

Securities

Certain

Funds

may

invest

in

mortgage

or

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

(“agency

mortgages”)

or

those

issued

by

private

entities

(“non-

agency

mortgages”).

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

Forward

Commitments

Certain

Funds

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated.

A

Fund

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

Certain

Funds

may

also

invest

in

to-be-announced

(“TBA”)

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-

backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

A

Fund

may

enter

into

TBA

commitments

to

purchase

securities

and/or

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

securities

it

owns

under

delayed

delivery

arrangements,

or

take

a

short

position

in

mortgage-backed

securities.

Due

to

timing

differences,

TBAs

may

be

reflected

as

Securities

Sold

Short

in

the

Schedule

of

Investments.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

“good

delivery”

standards.

These

transactions

involve

a

commitment

by

a

Fund

to

purchase

securities

for

a

predetermined

price

or

yield

with

payment

and

delivery

taking

place

more

than

three

days

in

the

future,

or

after

a

period

longer

than

the

customary

settlement

period

for

that

type

of

security.

No

interest

will

be

earned

by

a

Fund

on

such

purchases

until

the

securities

are

delivered;

however,

the

market

value

may

change

prior

to

delivery.

Inflation-Indexed

Bonds

Certain

Funds

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments,

in

the

form

of

investment

income,

rise

with

inflation

and

fall

with

deflation.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

below

table.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

Funds

Strategies

Venerable

Inflation

Focused

Fund

Return

Enhancement

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

261

Venerable

Emerging

Markets

Equity

Fund

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

18

$

—

$

18

Total

Financial

and

Derivative

Assets

18

—

18

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(18)

—

(18)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

—

$

—

$

—

Venerable

World

Equity

Fund

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

954

$

—

$

954

Total

Financial

and

Derivative

Assets

954

—

954

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(940)

—

(940)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

14

$

—

$

14

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

America

$

14

$

—

$

—

$

14

Total

$

14

$

—

$

—

$

14

Venerable

World

Equity

Fund

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

$

441

$

—

$

441

Total

Financial

and

Derivative

Liabilities

441

—

441

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(441)

—

(441)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

—

$

—

$

—

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

262

Notes

to

Financial

Statements

Venerable

Strategic

Bond

Fund

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

at

fair

value

$

1,019

$

—

$

1,019

Total

Financial

and

Derivative

Liabilities

1,019

—

1,019

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,019

$

—

$

1,019

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

State

Street

$

1,019

$

—

$

1,019

$

—

Total

$

1,019

$

—

$

1,019

$

—

Venerable

Inflation

Focused

Fund

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Total

Return

Swap

Contracts

Total

return

swap

contracts,

at

fair

value

$

39

$

—

$

39

Total

Financial

and

Derivative

Assets

39

—

39

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

39

$

—

$

39

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Deutsche

Bank

$

39

$

—

$

—

$

39

Total

$

39

$

—

$

—

$

39

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

263

3.

Investment

Transactions

Securities

During

the

period

ended

June

30,

2026,

the

Funds’

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

and

short-term

investments)

were

as

follows:

Venerable

Inflation

Focused

Fund

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

$

57

$

—

$

57

Total

Financial

and

Derivative

Liabilities

57

—

57

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

57

$

—

$

57

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

JPMorgan

Chase

$

57

$

—

$

57

$

—

Total

$

57

$

—

$

57

$

—

^

Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

Funds

Purchases

Sales

Venerable

US

Large

Cap

Core

Equity

Fund

$

49,889,749

$

122,182,754

Venerable

US

Large

Cap

Strategic

Equity

Fund

750,849,110

988,551,238

Venerable

US

Small

Cap

Fund

57,993,119

72,199,883

Venerable

Real

Estate

Fund

82,394,804

4,625,409

Venerable

International

Equity

Fund

206,961,113

39,496,952

Venerable

Emerging

Markets

Equity

Fund

44,149,882

58,290,119

Venerable

World

Equity

Fund

132,372,987

242,414,378

Venerable

High

Yield

Fund

125,436,691

155,660,075

Venerable

Strategic

Bond

Fund

219,070,960

174,505,909

Venerable

Inflation

Focused

Fund

38,711,829

601,712

Venerable

Large

Cap

Index

Fund

55,792,174

530,286,364

Venerable

Mid

Cap

Index

Fund

131,634,786

238,046,004

Venerable

Small

Cap

Index

Fund

47,201,352

68,433,966

Venerable

International

Index

Fund

23,837,560

134,502,313

Venerable

Bond

Index

Fund

25,091,791

27,996,296

Venerable

Intermediate

Corporate

Bond

Index

Fund

195,167,094

213,463,917

Venerable

Conservative

Allocation

Fund

8,010,955

20,113,858

Venerable

Conservative

Appreciation

Allocation

Fund

16,732,331

52,220,541

Venerable

World

Conservative

Allocation

Fund

4,372,201

17,962,574

Venerable

Moderate

Allocation

Fund

98,207,496

227,584,462

Venerable

Moderate

Appreciation

Allocation

Fund

32,334,970

104,297,980

Venerable

World

Moderate

Allocation

Fund

10,125,119

36,945,303

Venerable

Appreciation

Allocation

Fund

46,424,976

168,574,165

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

264

Notes

to

Financial

Statements

During

the

period

ended

June

30,

2026,

the

Funds’

purchases

and

sales

of

U.S.

government

and

agency

obligations

(excluding

short-

term

investments)

were

as

follows:

4.

Related

Party

Transactions,

Fees

and

Expenses

Adviser

and

Administrator

The

Adviser

oversees

all

investment

advisory

and

portfolio

management

services.

In

addition,

the

Adviser

makes

recommendations

with

respect

to

the

selection

and

continued

employment

of

the

sub-advisers

to

manage

the

Funds’

assets,

performs

diligence

on

and

monitors

the

sub-advisers

and

reviews

investment

performance

and

adherence

to

compliance

procedures.

The

Adviser

pays

each

sub-adviser’s

fees

out

of

the

advisory

fee

paid

by

the

respective

Fund

to

the

Adviser.

The

remainder

of

the

advisory

fee

is

retained

by

the

Adviser

as

compensation.

From

its

sub-advisory

fees

received

from

the

Adviser,

Franklin

Advisers,

Inc.,

a

sub-adviser

to

certain

Funds,

pays

all

fees

to

the

non-discretionary

sub-advisers

for

their

investment

advisory

services.

The

Adviser

also

serves

as

the

administrator

of

the

Trust.

The

Adviser

provides

the

Funds

with

office

space,

equipment,

and

the

personnel

necessary

to

operate

and

administer

the

Funds’

business.

The

Adviser

furnishes,

or

arranges

for

others

to

furnish,

custodial,

fund

accounting,

transfer

agency

and

certain

fund

administration

services.

Each

Fund

is

responsible

for

bearing

all

other

operating

expenses.

Each

of

the

Funds

pays

the

following

annual

advisory

fee

directly

to

VIA,

billed

monthly

on

a

pro

rata

basis

and

calculated

as

a

specified

percentage

of

the

average

daily

net

assets

of

each

of

the

Funds.

The

annual

administrative

fee

specified

in

the

table

below

is

based

on

the

average

daily

net

assets

of

the

Funds

and

is

payable

monthly

to

VIA.

Funds

Purchases

Sales

Venerable

World

Appreciation

Allocation

Fund

9,221,685

36,398,303

Funds

Purchases

Sales

Venerable

Strategic

Bond

Fund

$

1,072,030,691

$

1,068,220,732

Venerable

Inflation

Focused

Fund

34,318,337

3,550,643

Venerable

Bond

Index

Fund

75,143,242

76,983,010

Venerable

Intermediate

Corporate

Bond

Index

Fund

9,427,297

9,439,480

Funds

Annual

Rate

Advisory

(%)

Administration

(%)

Venerable

US

Large

Cap

Core

Equity

Fund

0.60

0.12

Venerable

US

Large

Cap

Strategic

Equity

Fund

0.60

0.12

Venerable

US

Small

Cap

Fund

0.85

0.12

Venerable

Real

Estate

Fund

0.80

0.12

Venerable

International

Equity

Fund

0.80

0.12

Venerable

Emerging

Markets

Equity

Fund

1.01

0.12

Venerable

World

Equity

Fund

0.75

0.12

Venerable

High

Yield

Fund

0.65

0.12

Venerable

Strategic

Bond

Fund

0.45

0.12

Venerable

Inflation

Focused

Fund

0.43

0.12

Venerable

Large

Cap

Index

Fund

0.15

0.10

Venerable

Mid

Cap

Index

Fund

0.26

0.10

Venerable

Small

Cap

Index

Fund

0.31

0.10

Venerable

International

Index

Fund

0.30

0.10

Venerable

Bond

Index

Fund

0.23

0.10

Venerable

Intermediate

Corporate

Bond

Index

Fund

0.23

0.10

Venerable

Conservative

Allocation

Fund

0.05

0.12

Venerable

Conservative

Appreciation

Allocation

Fund

0.05

0.12

Venerable

World

Conservative

Allocation

Fund

0.05

0.12

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

265

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

June

30,

2026:

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

(the

“Transfer

Agent”)

serves

as

the

transfer

and

dividend

disbursing

agent

for

the

Trust.

The

Transfer

Agent

does

not

earn

a

fee

for

this

service.

Distributor

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”)

serves

as

the

Trust’s

distributor.

The

Distributor

is

a

wholly-owned

subsidiary

of

Russell

Investment

Management,

LLC.

While

the

Distributor

is

entitled

to

the

Rule

12b-1

distribution

fee

from

each

Fund’s

Class

V

shares,

the

Distributor

has

agreed

to

waive

receipt

of

all

or

a

portion

of

the

fee

for

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

Venerable

Large

Cap

Index

Fund,

Venerable

High

Yield

Fund,

Venerable

Strategic

Bond

Fund,

and

Venerable

Moderate

Allocation

Fund

until

September

6,

2026,

and

for

the

Venerable

US

Large

Cap

Core

Equity

Fund,

Venerable

Intermediate

Corporate

Bond

Index

Fund,

Venerable

Conservative

Allocation

Fund,

Venerable

Conservative

Appreciation

Allocation

Fund,

Venerable

World

Conservative

Allocation

Fund,

Venerable

Moderate

Appreciation

Allocation

Fund,

Venerable

World

Moderate

Allocation

Fund,

Venerable

Appreciation

Allocation

Fund,

and

Venerable

World

Appreciation

Allocation

Fund

until

September

5,

2027,

and

for

the

Venerable

US

Small

Cap

Fund,

Venerable

Emerging

Markets

Equity

Fund,

Venerable

World

Equity

Fund,

Venerable

Mid

Cap

Index

Fund,

Venerable

Small

Cap

Index

Fund,

Venerable

International

Index

Fund,

and

Venerable

Bond

Index

Fund

until

September

12,

2027,

and

for

the

Venerable

Real

Estate

Fund,

Venerable

International

Equity

Fund,

and

Venerable

Inflation

Funds

Annual

Rate

Advisory

(%)

Administration

(%)

Venerable

Moderate

Allocation

Fund

0.05

0.12

Venerable

Moderate

Appreciation

Allocation

Fund

0.05

0.12

Venerable

World

Moderate

Allocation

Fund

0.05

0.12

Venerable

Appreciation

Allocation

Fund

0.05

0.12

Venerable

World

Appreciation

Allocation

Fund

0.05

0.12

Funds

Advisory

Administrative

Venerable

US

Large

Cap

Core

Equity

Fund

$

1,891,756

$

378,351

Venerable

US

Large

Cap

Strategic

Equity

Fund

8,226,284

1,645,257

Venerable

US

Small

Cap

Fund

626,932

88,508

Venerable

Real

Estate

Fund

192,751

28,913

Venerable

International

Equity

Fund

412,196

61,829

Venerable

Emerging

Markets

Equity

Fund

769,064

91,374

Venerable

World

Equity

Fund

4,089,669

654,347

Venerable

High

Yield

Fund

2,178,606

402,204

Venerable

Strategic

Bond

Fund

3,919,400

1,045,173

Venerable

Inflation

Focused

Fund

103,607

28,913

Venerable

Large

Cap

Index

Fund

3,418,435

2,278,956

Venerable

Mid

Cap

Index

Fund

1,389,344

534,363

Venerable

Small

Cap

Index

Fund

375,693

121,191

Venerable

International

Index

Fund

1,500,508

500,169

Venerable

Bond

Index

Fund

406,592

176,779

Venerable

Intermediate

Corporate

Bond

Index

Fund

1,062,862

462,114

Venerable

Conservative

Allocation

Fund

37,644

90,347

Venerable

Conservative

Appreciation

Allocation

Fund

115,994

278,386

Venerable

World

Conservative

Allocation

Fund

35,460

85,103

Venerable

Moderate

Allocation

Fund

524,129

1,257,909

Venerable

Moderate

Appreciation

Allocation

Fund

243,819

585,165

Venerable

World

Moderate

Allocation

Fund

92,107

221,057

Venerable

Appreciation

Allocation

Fund

381,827

916,384

Venerable

World

Appreciation

Allocation

Fund

92,733

222,559

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

266

Notes

to

Financial

Statements

Focused

Fund

until

March

20,

2028

to

the

extent

necessary

to

limit

total

annual

operating

expenses

of

Class

V

shares

to

the

amount

of

the

expense

limitation

for

each

Fund’s

Class

V.

Expenses

Until

September

6,

2026,

the

Adviser,

Distributor,

and

certain

financial

intermediaries

have

contractually

agreed

to

waive

all

or

a

portion

of

fees

(including

management

fee,

administrative

services

fee,

and

distribution

and

services

fee

(12b-1

fee),

as

applicable)

and/or

reimburse

other

operating

expenses

to

the

extent

necessary

to

limit

the

below

Funds'

total

annual

operating

expenses

(excluding

interest

expenses,

short

sale

expenses,

taxes,

brokerage

commissions,

and

extraordinary

expenses

such

as

litigation

expenses)

to

the

following

annual

rate

based

on

average

daily

net

assets:

Until

September

5,

2027,

the

Adviser,

Distributor,

and

certain

financial

intermediaries

have

contractually

agreed

to

waive

all

or

a

portion

of

fees

(including

management

fee,

administrative

services

fee,

and

distribution

and

services

fee

(12b-1

fee),

as

applicable)

and/or

reimburse

other

operating

expenses

to

the

extent

necessary

to

limit

the

below

Funds'

total

annual

operating

expenses

(excluding

interest

expenses,

short

sale

expenses,

taxes,

brokerage

commissions,

and

extraordinary

expenses

such

as

litigation

expenses)

to

the

following

annual

rate

based

on

average

daily

net

assets.

Until

September

12,

2027,

the

Adviser,

Distributor,

and

certain

financial

intermediaries

have

contractually

agreed

to

waive

all

or

a

portion

of

fees

(including

management

fee,

administrative

services

fee,

and

distribution

and

services

fee

(12b-1

fee),

as

applicable)

and/or

reimburse

other

operating

expenses

to

the

extent

necessary

to

limit

the

below

Funds'

total

annual

operating

expenses

(excluding

interest

expenses,

short

sale

expenses,

taxes,

brokerage

commissions,

and

extraordinary

expenses

such

as

litigation

expenses)

to

the

following

annual

rate

based

on

average

daily

net

assets:

Funds

Class

V

(%)

Class

I

(%)

Venerable

US

Large

Cap

Strategic

Equity

Fund

0.86

0.75

Venerable

High

Yield

Fund

0.72

0.80

Venerable

Strategic

Bond

Fund

0.80

0.60

Venerable

Large

Cap

Index

Fund

0.51

0.28

Venerable

Moderate

Allocation

Fund

0.89

N/A

Funds

Class

V

(%)

Class

I

(%)

Venerable

US

Large

Cap

Core

Equity

Fund

N/A

0.75

Venerable

Intermediate

Corporate

Bond

Index

Fund

N/A

0.36

Venerable

Conservative

Allocation

Fund

0.87

N/A

Venerable

Conservative

Appreciation

Allocation

Fund

0.91

N/A

Venerable

World

Conservative

Allocation

Fund

0.86

N/A

Venerable

Moderate

Appreciation

Allocation

Fund

0.99

N/A

Venerable

World

Moderate

Allocation

Fund

1.00

N/A

Venerable

Appreciation

Allocation

Fund

1.01

N/A

Venerable

World

Appreciation

Allocation

Fund

1.00

N/A

Funds

Class

V

(%)

Class

I

(%)

Venerable

US

Small

Cap

Fund

0.85

N/A

Venerable

Emerging

Markets

Equity

Fund

1.44

N/A

Venerable

World

Equity

Fund

0.85

0.90

Venerable

Mid

Cap

Index

Fund

0.65

N/A

Venerable

Small

Cap

Index

Fund

0.68

N/A

Venerable

International

Index

Fund

0.70

0.46

Venerable

Bond

Index

Fund

0.61

0.36

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

267

Until

March

20,

2028,

the

Adviser,

Distributor,

and

certain

financial

intermediaries

have

contractually

agreed

to

waive

all

or

a

portion

of

fees

(including

management

fee,

administrative

services

fee,

and

distribution

and

services

fee

(12b-1

fee),

as

applicable)

and/

or

reimburse

other

operating

expenses

to

the

extent

necessary

to

limit

the

below

Funds'

total

annual

operating

expenses

(excluding

interest

expenses,

short

sale

expenses,

taxes,

brokerage

commissions,

and

extraordinary

expenses

such

as

litigation

expenses)

to

the

following

annual

rate

based

on

average

daily

net

assets:

In

limiting

a

Fund's

expenses,

the

Distributor's

contractual

waiver

of

the

Fund's

Class

V

Rule

12b-1

fee

will

be

applied

first,

as

applicable.

After

taking

into

account

the

effect

of

any

waiver

by

the

Distributor,

the

Adviser

first

will

waive

its

administrative

services

fee,

then,

if

necessary,

its

advisory

fee,

and,

finally,

reimburse

other

operating

expenses.

Termination

or

modification

of

these

obligations

prior

to

the

termination

date

as

noted

above

requires

approval

by

the

Board.

To

the

extent

these

obligations

terminate

or

are

modified,

a

Fund's

total

annual

operating

expenses

may

increase.

For

the

period

ended

June

30,

2026,

the

total

fee

waivers

were

as

follows:

VIA

and

the

Distributor

do

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

There

were

no

reimbursements

for

the

period

ended

June

30,

2026.

Accrued

Fees

Payable

to

Affiliates

Accrued

fees

payable

to

affiliates

as

of

June

30,

2026,

were

as

follows:

Funds

Class

V

(%)

Class

I

(%)

Venerable

Real

Estate

Fund

1.00

N/A

Venerable

International

Equity

Fund

0.99

N/A

Venerable

Inflation

Focused

Fund

0.84

N/A

Funds

12b-1

Administrative

Advisory

Venerable

US

Large

Cap

Strategic

Equity

Fund

$

1,827,216

$

—

$

—

Venerable

US

Small

Cap

Fund

221,270

88,508

38,379

Venerable

Real

Estate

Fund

72,281

10,369

—

Venerable

International

Equity

Fund

154,574

10,027

—

Venerable

Emerging

Markets

Equity

Fund

34,318

—

—

Venerable

World

Equity

Fund

799,391

107,684

—

Venerable

High

Yield

Fund

157,833

37,078

—

Venerable

Strategic

Bond

Fund

489,950

—

—

Venerable

Inflation

Focused

Fund

39,207

—

—

Venerable

Large

Cap

Index

Fund

896,455

—

—

Venerable

Mid

Cap

Index

Fund

176,043

—

—

Venerable

Small

Cap

Index

Fund

81,859

—

—

Venerable

International

Index

Fund

61,708

—

—

Venerable

Bond

Index

Fund

33,515

7,921

1,252

Venerable

Intermediate

Corporate

Bond

Index

Fund

—

—

3,290

Venerable

World

Conservative

Allocation

Fund

212,757

85,103

14,012

Venerable

Moderate

Allocation

Fund

3,144,772

119,770

—

Venerable

World

Moderate

Allocation

Fund

552,642

675

—

Venerable

World

Appreciation

Allocation

Fund

556,397

62,848

—

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

268

Notes

to

Financial

Statements

Board

of

Trustees

The

Board

is

currently

comprised

of

four

(4)

Trustees

—

one

Trustee

who

is

an

“interested

person”

of

the

Trust

as

defined

under

the

1940

Act

(“Interested

Trustees”)

and

three

Trustees

who

are

not

“interested

persons”

of

the

Trust

(“Independent

Trustees”).

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets.

Interested

Trustees

and

the

Trust’s

officers

are

not

paid

by

the

Trust.

For

the

period

ended

June

30,

2026,

the

regular

compensation

paid

to

the

Trustees

by

the

Funds

was

$243,750.

Transactions

with

Affiliated

Companies

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2026,

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Venerable

US

Large

Cap

Core

Equity

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

US

Small

Cap

Fund

Venerable

Real

Estate

Fund

Venerable

International

Equity

Fund

Venerable

Emerging

Markets

Equity

Fund

Advisory

fees

$

310,996

$

1,369,188

$

103,256

$

58,158

$

123,611

$

136,365

Administrative

fees

62,199

273,838

—

5,770

15,813

16,202

Distribution

fees

—

225,466

—

—

—

32,938

Trustees'

fees

4,546

27,808

1,147

359

791

1,165

$

377,741

$

1,896,300

$

104,403

$

64,287

$

140,215

$

186,670

Venerable

World

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Inflation

Focused

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Mid

Cap

Index

Fund

Advisory

fees

$

676,211

$

356,786

$

640,533

$

30,688

$

572,310

$

234,226

Administrative

fees

90,992

59,938

170,80

8

8,564

381,540

90,087

Distribution

fees

—

—

200,538

9,713

650,401

241,877

Trustees'

fees

9,357

4,825

14,243

285

28,853

8,341

$

776,560

$

421,549

$

1,026,12

2

$

49,250

$

1,633,104

$

574,531

Venerable

Small

Cap

Index

Fund

Venerable

International

Index

Fund

Venerable

Bond

Index

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

Conservative

Allocation

Fund

Venerable

Conservative

Appreciation

Allocation

Fund

Advisory

fees

$

64,954

$

247,475

$

65,102

$

171,273

$

6,051

$

18,851

Administrative

fees

20,953

82,492

27,935

75,897

14,523

45,242

Distribution

fees

49,031

92,037

23,706

—

36,307

113,105

Trustees'

fees

1,860

8,505

3,639

7,684

1,460

4,121

$

136,798

$

430,509

$

120,382

$

254,854

$

58,341

$

181,319

Venerable

World

Conservative

Allocation

Fund

Venerable

Moderate

Allocation

Fund

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

World

Moderate

Allocation

Fund

Venerable

Appreciation

Allocation

Fund

Venerable

World

Appreciation

Allocation

Fund

Advisory

fees

$

3,326

$

85,964

$

40,174

$

15,161

$

63,211

$

15,378

Administrative

fees

—

186,827

96,419

36,170

151,704

26,456

Distribution

fees

—

—

241,047

—

379,260

—

Trustees'

fees

1,439

18,503

8,007

3,123

12,115

3,122

$

4,765

$

291,294

$

385,647

$

54,454

$

606,290

$

44,956

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

Conservative

Allocation

Fund

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

269

Venerable

Large

Cap

Index

Fund

$

27,705

$

1,475

$

5,136

$

481

$

1,606

$

26,131

$

233

$

254

Venerable

Bond

Index

Fund

47,974

2,283

5,036

(24)

(836)

44,361

1,094

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

71,902

3,446

7,297

(50)

(1,459)

66,542

1,842

—

Venerable

International

Index

Fund

11,952

807

2,645

239

787

11,140

70

15

$

159,533

$

8,011

$

20,114

$

646

$

98

$

148,174

$

3,239

$

269

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

Large

Cap

Index

Fund

$

134,723

$

2,923

$

19,657

$

1,925

$

8,270

$

128,184

$

1,159

$

1,268

Venerable

Bond

Index

Fund

97,032

4,169

7,893

(41)

(1,735)

91,532

2,250

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

193,988

8,572

15,298

(122)

(4,032)

183,108

5,048

—

Venerable

International

Index

Fund

58,115

1,068

9,373

966

3,999

54,775

350

73

$

483,858

$

16,732

$

52,221

$

2,728

$

6,502

$

457,599

$

8,807

$

1,341

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

World

Conservative

Allocation

Fund

Venerable

High

Yield

Fund

$

53,998

$

2,443

$

5,513

$

(30)

$

(953)

$

49,945

$

1,926

$

—

Venerable

Strategic

Bond

Fund

35,909

1,444

3,599

(12)

(577)

33,165

815

—

Venerable

World

Equity

Fund

59,405

485

8,851

866

3,717

55,622

138

261

$

149,312

$

4,372

$

17,963

$

824

$

2,187

$

138,732

$

2,879

$

261

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

Moderate

Allocation

Fund

Venerable

US

Large

Cap

Core

Equity

Fund

$

655,179

$

2,537

$

74,695

$

3,923

$

43,524

$

630,468

$

1,163

$

1,374

Venerable

US

Large

Cap

Strategic

Equity

Fund

655,060

46,391

76,036

15,787

(11,042)

630,160

4,425

41,925

Venerable

High

Yield

Fund

438,904

25,652

39,555

59

(8,121)

416,939

15,816

—

Venerable

Strategic

Bond

Fund

436,629

23,627

37,298

(834)

(6,409)

415,715

10,029

—

$

2,185,772

$

98,207

$

227,584

$

18,935

$

17,952

$

2,093,282

$

31,433

$

43,299

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

Large

Cap

Index

Fund

$

423,554

$

8,322

$

51,860

$

4,763

$

27,295

$

412,074

$

3,744

$

4,097

Venerable

Bond

Index

Fund

100,709

4,822

6,647

(27)

(1,831)

97,026

2,358

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

302,210

14,887

19,400

(142)

(6,369)

291,186

7,939

—

Venerable

International

Index

Fund

182,329

4,304

26,391

2,524

13,086

175,852

1,120

233

$

1,008,802

$

32,335

$

104,298

$

7,118

$

32,181

$

976,138

$

15,161

$

4,330

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

World

Moderate

Allocation

Fund

Venerable

High

Yield

Fund

$

60,875

$

3,503

$

4,438

$

(27)

$

(1,107)

$

58,806

$

2,221

$

—

Venerable

Strategic

Bond

Fund

90,611

4,846

6,061

(15)

(1,513)

87,868

2,109

—

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

270

Notes

to

Financial

Statements

5.

Federal

Income

Taxes

As

of

June

30,

2026,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

As

of

June

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Venerable

World

Equity

Fund

228,549

1,776

26,446

2,466

15,376

221,721

552

1,044

$

380,035

$

10,125

$

36,945

$

2,424

$

12,756

$

368,395

$

4,882

$

1,044

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

Appreciation

Allocation

Fund

Venerable

Large

Cap

Index

Fund

$

825,900

$

15,414

$

93,808

$

8,174

$

54,133

$

809,813

$

7,360

$

8,053

Venerable

Intermediate

Corporate

Bond

Index

Fund

390,764

21,873

25,117

(257)

(8,253)

379,010

10,322

—

Venerable

International

Index

Fund

355,761

9,138

49,649

4,647

25,895

345,792

2,201

459

$

1,572,425

$

46,425

$

168,574

$

12,564

$

71,775

$

1,534,615

$

19,883

$

8,512

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Dividend

Distributions

Capital

Gains

Distributions

Venerable

World

Appreciation

Allocation

Fund

Venerable

High

Yield

Fund

$

38,032

$

2,717

$

2,850

$

(24)

$

(696)

$

37,179

$

1,392

$

—

Venerable

Strategic

Bond

Fund

56,423

3,982

3,858

(17)

(947)

55,583

1,320

—

Venerable

World

Equity

Fund

285,803

2,523

29,690

2,649

19,713

280,998

700

1,325

$

380,258

$

9,222

$

36,398

$

2,608

$

18,070

$

373,760

$

3,412

$

1,325

No

Expiration

Funds

Short

Term

Long

Term

Total

Venerable

US

Small

Cap

Fund

$

480,387

$

—

$

480,387

Venerable

Emerging

Markets

Equity

Fund

14,351

—

14,531

Venerable

High

Yield

Fund

2,424,371

1,979,859

4,404,230

Venerable

Strategic

Bond

Fund

30,286,721

9,269,294

39,556,015

Venerable

Mid

Cap

Index

Fund

510,952

78,936

589,888

Venerable

Bond

Index

Fund

228,977

—

228,977

Venerable

Intermediate

Corporate

Bond

Index

Fund

202,144

—

202,144

Funds

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Venerable

US

Large

Cap

Core

Equity

Fund

$

559,703,978

$

111,682,136

$

(40,950,208)

$

70,731,928

Venerable

US

Large

Cap

Strategic

Equity

Fund

2,128,040,863

706,438,849

(48,937,442)

657,501,407

Venerable

US

Small

Cap

Fund

139,065,565

34,455,172

(6,858,557)

27,596,615

Venerable

Emerging

Markets

Equity

Fund

125,780,978

45,551,592

(10,570,338)

34,981,254

Venerable

World

Equity

Fund

953,280,723

189,334,181

(66,727,276)

122,606,905

Venerable

High

Yield

Fund

645,775,355

11,107,959

(12,309,437)

(1,201,478)

Venerable

Strategic

Bond

Fund

2,049,571,743

3,569,723

(22,658,467)

(19,088,744)

Venerable

Large

Cap

Index

Fund

3,456,381,613

1,381,718,024

(196,179,593)

1,185,538,431

Venerable

Mid

Cap

Index

Fund

1,040,851,948

153,471,111

(84,787,709)

68,683,402

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

Notes

to

Financial

Statements

271

6.

Record

Ownership

As

of

June

30,

2026,

the

following

table

includes

shareholders

of

record

with

greater

than

5%

of

the

total

outstanding

shares

of

each

respective

Fund:

7.

Restricted

Securities

Restricted

Securities

are

subject

to

contractual

restrictions

on

resale,

are

often

issued

in

private

placement

transactions,

and

are

not

registered

under

the

Securities

Act

of

1933,

as

amended

(“the

Act”).

As

of

June

30,

2026,

the

restricted

securities

held

in

the

Funds

were

acquired

under

Rule

144A

of

the

Act

and

may

be

sold

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

As

of

June

30,

2026,

the

Funds’

exposure

to

restricted

securities

(as

a

percentage

of

net

assets)

was

as

follows:

Funds

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Venerable

Small

Cap

Index

Fund

223,991,866

51,813,932

(15,565,191)

36,248,741

Venerable

International

Index

Fund

863,618,609

180,532,974

(58,940,428)

121,592,546

Venerable

Bond

Index

Fund

353,533,582

125,465

(5,333,486)

(5,208,021)

Venerable

Intermediate

Corporate

Bond

Index

Fund

923,582,502

310,559

(16,230,823)

(15,920,264)

Venerable

Conservative

Allocation

Fund

145,651,945

4,615,950

(2,094,204)

2,521,746

Venerable

Conservative

Appreciation

Allocation

Fund

439,720,532

23,156,694

(5,278,125)

17,878,569

Venerable

World

Conservative

Allocation

Fund

132,687,746

7,231,128

(1,186,536)

6,044,592

Venerable

Moderate

Allocation

Fund

1,926,327,606

180,889,419

(13,934,939)

166,954,480

Venerable

Moderate

Appreciation

Allocation

Fund

909,018,040

74,612,221

(7,491,785)

67,120,436

Venerable

World

Moderate

Allocation

Fund

341,610,333

28,915,881

(2,131,524)

26,784,357

Venerable

Appreciation

Allocation

Fund

1,395,282,303

146,801,407

(7,469,110)

139,332,297

Venerable

World

Appreciation

Allocation

Fund

338,449,815

36,649,175

(1,339,402)

35,309,773

Venerable

Inflation

Focused

Fund

88,588,518

147,085

(642,563)

(495,478)

Venerable

International

Equity

Fund

173,852,270

18,355,714

(5,605,445)

12,750,269

Venerable

Real

Estate

Fund

79,760,677

8,867,631

(916,056)

7,951,575

Funds

#

of

Shareholders

%

Venerable

US

Large

Cap

Core

Equity

Fund

1

100.0

Venerable

US

Large

Cap

Strategic

Equity

Fund

2

100.0

Venerable

US

Small

Cap

Fund

1

100.0

Venerable

Real

Estate

Fund

1

100.0

Venerable

International

Equity

Fund

1

100.0

Venerable

Emerging

Markets

Equity

Fund

1

100.0

Venerable

World

Equity

Fund

3

94.9

Venerable

High

Yield

Fund

2

78.1

Venerable

Strategic

Bond

Fund

2

89.8

Venerable

Inflation

Focused

Fund

1

100.0

Venerable

Large

Cap

Index

Fund

3

96.2

Venerable

Mid

Cap

Index

Fund

1

100.0

Venerable

Small

Cap

Index

Fund

1

100.0

Venerable

International

Index

Fund

3

93.4

Venerable

Bond

Index

Fund

4

100.0

Venerable

Intermediate

Corporate

Bond

Index

Fund

3

92.8

Venerable

Conservative

Allocation

Fund

1

100.0

Venerable

Conservative

Appreciation

Allocation

Fund

1

100.0

Venerable

World

Conservative

Allocation

Fund

1

100.0

Venerable

Moderate

Allocation

Fund

1

100.0

Venerable

Moderate

Appreciation

Allocation

Fund

1

100.0

Venerable

World

Moderate

Allocation

Fund

1

100.0

Venerable

Appreciation

Allocation

Fund

1

100.0

Venerable

World

Appreciation

Allocation

Fund

1

100.0

Venerable

Variable

Insurance

Trust

Notes

to

Financial

Statements,

continued

—

June

30,

2026

(Unaudited)

272

Notes

to

Financial

Statements

8.

Contractual

Obligations

In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

9.

Risk

Factors

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds’

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

10.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure

except

the

following:

At

a

meeting

held

on

June

17-18,

2026,

the

Board

of

Trustees

of

the

Trust

approved

Directed

Services,

LLC

(“DSL”)

to

serve

as

the

Trust’s

distributor

effective

July

1,

2026.

DSL

is

a

limited

liability

company

in

the

State

of

Delaware

and

a

wholly

owned

subsidiary

of

Venerable

Holdings,

Inc.

DSL

is

located

at

1475

Dunwoody

Drive,

Suite

200,

West

Chester,

PA

19380.

Funds

%

Venerable

International

Equity

Fund

2.0

Venerable

Emerging

Markets

Equity

Fund

3.5

Venerable

World

Equity

Fund

0.6

Venerable

High

Yield

Fund

92.0

Venerable

Strategic

Bond

Fund

23.1

Venerable

Inflation

Focused

Fund

27.5

Venerable

International

Index

Fund

1.0

Venerable

Bond

Index

Fund

0.1

Venerable

Intermediate

Corporate

Bond

Index

Fund

1.2

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

273

At

an

in-person

meeting

held

on

June

17

-

18,

2026,

the

Board

of

Trustees

(the

“Board”)

of

the

Venerable

Variable

Insurance

Trust

(the

“Trust”),

including

those

Trustees

who

are

not

parties

to

any

Agreement

(as

defined

below)

or

“interested

persons”

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”))

of

such

parties

or

the

Trust

(the

“Independent

Trustees”),

considered

and

unanimously

approved

the

renewal

of

the

following

investment

advisory

agreements:

•

an

Investment

Advisory

Agreement

(the

“Advisory

Agreement”)

between

the

Trust

and

Venerable

Investment

Advisers,

LLC

(the

“Adviser”),

with

respect

to

the

Venerable

Moderate

Allocation

Fund,

Venerable

US

Large

Cap

Strategic

Equity

Fund,

Venerable

High

Yield

Fund,

Venerable

Strategic

Bond

Fund,

and

Venerable

Large

Cap

Index

Fund,

each

a

series

of

the

Trust

(each

a

“Fund”,

and

collectively,

the

“Funds”);

•

a

Discretionary

Sub-Management

and

Sub-Administrative

Services

Agreement

(the

“RIM

Agreement”)

between

the

Trust,

the

Adviser,

and

Russell

Investment

Management,

LLC

(“RIM”),

with

respect

to

the

Venerable

Large

Cap

Index

Fund

(the

“RIM

Fund”);

•

a

Discretionary

Sub-Management

Agreement

(the

“Franklin

Agreement”)

between

the

Trust,

the

Adviser,

and

Franklin

Advisers,

Inc.

(“Franklin”),

with

respect

to

the

Venerable

High

Yield

Fund,

Venerable

US

Large

Cap

Strategic

Equity

Fund,

and

Venerable

Strategic

Bond

Fund

(collectively,

the

“FT

Funds”);

and

•

Non-Discretionary

Sub-Management

Agreements

(collectively,

the

“Franklin

Sub-Management

Agreements”)

between

Franklin

and

each

of

ClearBridge

Investments,

LLC

(“Clearbridge”)

and

Brandywine

Global

Investment

Management,

LLC

(“Brandywine”,

and

together

with

Clearbridge,

the

“Franklin

Large

Cap

Strategic

Non-

Discretionary

Sub-Advisers”),

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund.

At

an

in-person

meeting

held

on

March

10,

2026,

the

Board,

including

the

Independent

Trustees,

considered

and

unanimously

approved

the

following

investment

advisory

agreement:

•

Non-Discretionary

Sub-Management

Agreement

(the

“RIM

Sub-Management

Agreement”)

between

the

Adviser,

RIM

and

Oaktree

Fund

Advisors,

LLC

(“Oaktree”

or

a

“RIM

Non-Discretionary

Sub-Adviser”)

for

the

Venerable

Emerging

Markets

Equity

Fund

(the

“Emerging

Markets

Equity

Fund”).

1

Each

of

the

Venerable

Moderate

Allocation

Fund,

Venerable

US

Large

Cap

Strategic

Equity

Fund,

Venerable

High

Yield

Fund,

Venerable

Strategic

Bond

Fund,

Venerable

Large

Cap

Index

Fund,

and

Emerging

Markets

Equity

Fund

is

referred

to

herein

as

a

Fund,

and

collectively,

the

Funds.

RIM,

Franklin,

Oaktree,

and

the

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Advisers

are

collectively

referred

to

herein

as

Sub-Advisers.

The

Sub-Advisers

provide

investment

sub-advisory

services

to

the

applicable

Funds.

The

Advisory

Agreement,

RIM

Agreement,

Franklin

Agreement,

Franklin

Sub-Management

Agreements,

and

RIM

Sub-

Management

Agreement

are

collectively

referred

to

herein

as

Agreements.

In

connection

with

its

deliberations,

the

Board

considered

information

requested

on

behalf

of

the

Independent

Trustees

and

prepared

by

the

Adviser

and

the

Sub-Advisers

including

memoranda

and

other

materials

provided

to

the

Trustees

prior

to

and

during

the

meetings.

The

information

provided

to

the

Trustees

described,

among

other

things,

the

services

provided

by

and

fees

paid

to

the

Adviser

and

the

Sub-Advisers;

related

performance

information;

and

other

matters.

The

Board

considered

that

the

Adviser

had

conducted

extensive

due

diligence

on

the

Sub-Advisers

from

an

investment

management,

operational

and

compliance

perspective.

The

Independent

Trustees

also

met

in

executive

session

with

counsel

to

the

Independent

Trustees

on

multiple

occasions

to

discuss

the

Agreements

and

review

the

information

provided.

The

Independent

Trustees

were

assisted

by

independent

legal

counsel

prior

to

and

during

the

meetings

and

during

their

deliberations

regarding

the

Agreements,

and

also

received

from

legal

counsel

materials

addressing,

among

other

things,

the

legal

standards

applicable

to

their

consideration

of

the

Agreements.

With

respect

to

Oaktree,

the

Board

also

considered

the

foregoing

and

other

information

provided

at

the

Board’s

March

27

–

28,

2025

meeting.

In

approving

the

Agreements

with

respect

to

each

Fund,

each

Trustee,

after

considering

all

factors

they

deemed

relevant,

reached

a

determination

through

the

exercise

of

their

own

business

judgment,

that

the

fees

payable

to

the

Adviser

and

the

Sub-Advisers,

as

applicable,

were

fair

and

reasonable

and

that

the

approval

of

the

Agreements

was

in

the

best

interests

of

each

Fund

and

its

investors.

The

Board

considered

each

Fund

and

each

Agreement

separately.

In

considering

the

Agreements,

the

Trustees

did

not

identify

any

particular

factor

or

information

that

was

all-important

or

controlling,

and

each

Trustee

may

have

given

different

weights

to

different

factors

and,

thus,

each

Trustee

may

have

had

a

different

basis

for

his

or

her

decision.

Although

the

Board

gave

attention

to

all

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

274

Basis

for

Approval

of

Investment

Advisory

Contracts

information

provided,

some

of

the

primary

factors

the

Board

deemed

relevant

to

its

decision

to

approve

the

Agreements

with

respect

to

each

Fund

are

discussed

below.

Appointment

of

Venerable

Investment

Advisers,

LLC

as

Investment

Adviser

and

Approval

of

the

Advisory

Agreement

(All

Funds

other

than

the

Venerable

Emerging

Markets

Equity

Fund)

•

Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

and

the

Adviser’s

responsibilities

with

respect

to

each

of

the

Funds.

The

Board

considered

that

the

Adviser

was

responsible

for,

among

other

things,

developing

the

investment

strategy

for

the

Funds;

researching,

selecting

and

hiring

any

sub-adviser(s),

and

conducting

on-

going

due

diligence

on

and

monitoring

of

any

sub-adviser(s);

overseeing

the

selection

of

investments

for

the

Funds;

monitoring

and

evaluating

the

performance

of

the

Funds;

monitoring

the

investment

operations

and

composition

of

the

Funds

and,

in

connection

therewith,

monitoring

compliance

with

each

Fund’s

investment

objective,

policies

and

restrictions,

as

well

as

each

Fund’s

compliance

with

applicable

law;

monitoring

brokerage

selection,

commission

and

other

trading

costs,

quality

of

execution,

and

other

brokerage

matters;

coordinating

and

managing

the

flow

of

information

and

communications

relating

to

the

Funds

among

any

sub-adviser

and

other

applicable

parties;

coordinating

responses

to

regulatory

agency

inquiries

relating

to

the

operations

of

the

Trust

and

coordinating

litigation

matters

involving

the

Adviser

and

the

Trust;

and

implementing

Board

directives

related

to

the

Funds.

The

Board

also

considered

information

regarding

the

Adviser’s

process

for

selecting

and

monitoring

any

sub-advisers

to

the

Funds

and

the

other

service

providers

to

each

Fund,

as

well

as

its

process

for

evaluating,

monitoring

and

overseeing

any

sub-adviser’s

investment

strategy.

In

addition,

the

Board

considered

information

regarding

the

qualifications

and

experience

of,

and

resources

available

to,

the

Adviser

personnel

who

performed

those

functions

with

respect

to

the

Funds.

The

Board

further

considered

that

the

Adviser

also

provided

the

Trust

with

personnel,

including

Trust

officers,

in

connection

with

carrying

out

its

responsibilities

and

was

responsible

for

coordinating

the

development

of

new

initiatives

and

evaluating

the

impact

of

proposed

products

and

services

on

the

Trust

and

its

assets.

The

Board

also

considered

that

the

Adviser

had

assumed

significant

entrepreneurial

risk

in

sponsoring

the

Funds

and

that

the

Adviser

would

continue

to

bear

and

assume

significant

ongoing

risks,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks,

with

respect

to

each

Fund.

The

Board

considered

that

the

Adviser’s

responsibilities

with

respect

to

the

Funds

also

included

monitoring

of

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks

related

to

the

Funds.

The

Board

also

considered

the

benefits

that

shareholders

would

experience

from

participation

in

a

mutual

fund

sponsored

by

the

Adviser,

including

the

benefits

of

investing

in

a

fund

that

was

part

of

a

large

fund

complex

offering

access

to

a

wide

range

of

portfolios,

sub-advisers

and

investment

styles.

In

addition,

the

Board

considered

the

nature,

quality

and

extent

of

the

administrative,

investor

servicing

and

distribution

services

that

the

Adviser

and

its

affiliates

provided

to

the

Funds

and

their

shareholders.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

each

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

the

Adviser

were

appropriate

for

the

Funds,

in

light

of

its

investment

objectives,

and,

thus,

supported

a

decision

to

renew

the

Advisory

Agreement.

•

Advisory

Fees

and

Expenses

The

Board

considered

each

Fund’s

advisory

fee

in

light

of

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser.

In

addition,

the

Board

considered

the

relative

level

of

the

sub-advisory

fee

paid

to

each

Fund’s

Sub-Adviser

and

the

advisory

fee

retained

by

the

Adviser

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained,

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

a

Sub-Adviser.

With

respect

to

the

Advisory

Agreement,

the

Board

also

considered

information

provided

by

the

Adviser

comparing

the

advisory

fee

rate

and

expense

ratios

for

each

Fund

to

the

advisory

fee

rates

and

expense

ratios

of

comparable

mutual

funds,

including

information

compiled

with

data

from

Broadridge,

an

independent

provider

of

mutual

fund

industry

data.

In

particular,

the

Board

noted

the

following

information

included

in

the

Broadridge

data:

•

With

respect

to

the

Venerable

High

Yield

Fund,

the

Board

noted

that

although

the

Fund’s

advisory

fee

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

275

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund’s

actual

total

expenses

were

not

significantly

higher

than

the

median

of

both

its

expense

group

and

expense

universe.

•

With

respect

to

the

Venerable

Large

Cap

Index

Fund,

the

Board

noted

that

although

the

Fund’s

advisory

fee

rate

was

the

highest

among

its

expense

group

and

above

the

median

of

both

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund’s

actual

total

expenses

were

slightly

above

the

median

of

both

its

expense

group

and

expense

universe.

•

With

respect

to

the

Venerable

Moderate

Allocation

Fund,

the

Board

noted

the

Fund’s

advisory

fee

rate

was

slightly

above

the

median

of

both

its

expense

group

and

its

expense

universe.

In

addition,

the

Board

noted

the

Fund’s

actual

total

expenses

were

among

the

highest

in

its

expense

group

and

expense

universe,

but

were

not

significantly

higher

than

the

median

of

both

its

expense

group

and

expense

universe.

•

With

respect

to

the

Venerable

Strategic

Bond

Fund,

the

Board

noted

that

although

the

Fund’s

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund’s

actual

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

the

expense

group

and

below

the

highest

total

expenses

in

the

expense

universe.

•

With

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

the

Board

noted

that

although

the

Fund’s

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund’s

actual

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe,

although

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

considered

that

the

Adviser

had

contractually

agreed

to

make

payments

or

waive

all

or

a

portion

of

its

fees

through

August

2027

such

that

each

Fund’s

net

expense

ratios

would

not

exceed

the

levels

set

forth

in

its

current

prospectus.

The

Board

noted

that,

to

the

extent

that

the

Adviser

waived

fees

pursuant

to

the

expense

limitation

arrangement,

the

actual

advisory

fee

paid

by

the

Fund

could

be

lower

than

its

contractual

advisory

fee

rate.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined

that

the

advisory

fee

for

each

Fund

was

fair

and

reasonable.

•

Performance

The

Board

considered

each

Fund’s

performance

for

the

various

periods,

as

compared

to

the

Fund’s

index,

and

comparable

mutual

funds,

including

performance

information

compiled

with

data

from

Broadridge.

The

Board

noted

that

the

Adviser

did

not

have

any

other

clients

with

investment

mandates

similar

to

those

of

the

Funds.

In

particular,

the

Board

noted

the

following

information

included

in

the

Broadridge

data:

•

With

respect

to

the

net

total

returns

of

Venerable

High

Yield

Fund,

the

Board

noted

that

the

Fund

had

underperformed

its

benchmark

for

the

one-year

and

since-inception

periods

ended

December

31,

2025.

The

Board

also

noted

that

while

the

Fund’s

performance

was

equal

to

the

median

of

the

performance

universe

for

the

one-year

period

ended

December

31,

2025,

the

Fund

had

slightly

underperformed

the

performance

universe

median

for

the

since-inception

period

ended

December

31,

2025.

•

With

respect

to

the

net

total

returns

of

Venerable

Large

Cap

Index

Fund,

the

Board

noted

that

the

Fund

had

underperformed

its

benchmark

for

the

one-year

and

since-inception

periods

ended

December

31,

2025.

The

Board

also

noted

that

the

Fund

had

outperformed

the

performance

universe

median

for

the

one-year

and

since-inception

periods

ended

December

31,

2025.

•

With

respect

to

the

net

total

returns

of

Venerable

Moderate

Allocation

Fund,

the

Board

noted

that

the

Fund

had

slightly

underperformed

its

benchmark

for

the

one-year

and

since-inception

periods

ended

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

276

Basis

for

Approval

of

Investment

Advisory

Contracts

December

31,

2025.

The

Board

also

noted

that

the

Fund

had

outperformed

the

performance

universe

median

for

the

since-inception

period

ended

December

31,

2025,

while

modestly

trailing

the

median

for

the

one-year

period

ended

December

31,

2025.

•

With

respect

to

the

net

total

returns

of

Venerable

Strategic

Bond

Fund,

the

Board

noted

that

the

Fund

had

underperformed

its

benchmark

for

the

one-year

and

since-inception

periods

ended

December

31,

2025.

The

Board

also

noted

that

the

Fund

had

underperformed

the

performance

universe

median

for

the

since-inception

period

ended

December

31,

2025,

but

was

in

line

with

the

median

for

the

one-year

period

ended

December

31,

2025.

•

With

respect

to

the

net

total

returns

of

Venerable

US

Large

Cap

Strategic

Equity

Fund,

the

Board

noted

that

the

Fund

had

underperformed

its

benchmark

for

the

one-year

and

since-inception

periods

ended

December

31,

2025.

The

Board

also

noted

that

the

Fund

had

underperformed

the

performance

universe

median

for

the

since-inception

and

one-year

periods

ended

December

31,

2025,

although

it

was

not

significantly

lower

than

the

median

for

either

period.

Based

on

its

review

of

the

information

provided,

the

Board,

including

the

Independent

Trustees,

determined

that

the

performance

of

each

Fund

was

acceptable

and

noted

that

it

would

continue

to

monitor

and

review

each

Fund’s

performance

on

an

ongoing

basis.

•

Profitability

and

Costs

The

Board

considered

the

level

of

profits

realized

by

the

Adviser

in

connection

with

the

operation

of

each

Fund.

The

Board

referred

to

a

report

included

in

the

meeting

materials

that

included

the

Adviser’s

profitability

by

Fund

for

the

year

ended

December

31,

2025.

The

Board

noted

the

report

took

into

account

the

revenue

the

Adviser

received

under

both

the

Advisory

Agreement

and

the

administrative

services

agreement

between

the

Trust

and

the

Adviser

with

respect

to

each

Fund.

Based

on

its

review,

the

Board

did

not

consider

the

Adviser’s

estimated

profitability

to

be

excessive

but

noted

that

it

would

continue

to

evaluate

profitability

on

at

least

an

annual

basis.

•

Economies

of

Scale

The

Board

considered

whether

as

the

Funds

grew

larger

economies

of

scale

or

efficiencies

would

be

realized

by

the

Adviser

and

reflected

in

the

advisory

and

administrative

fees

charged

to

the

Funds.

The

Board

noted

that

any

precise

determination

was

inherently

subject

to

assumptions

and

subjective

assessments,

and

considered

that

any

economies

of

scale

or

efficiencies

could

be

shared

with

Funds

and

their

shareholders

in

a

variety

of

ways

including

the

Adviser

(i)

subsidizing

a

Fund’s

expenses

by

making

payments

or

waiving

all

or

a

portion

of

the

advisory

fee

or

other

fees

so

that

the

Fund’s

total

expense

ratio

does

not

exceed

certain

levels,

(ii)

setting

the

advisory

and/or

other

fees

or

other

fees

so

that

a

Fund

is

priced

to

scale,

which

assumes

that

the

Fund

has

sufficient

assets

from

inception

to

operate

at

a

competitive

fee

rate

without

any

fee

waiver

or

expense

reimbursement

from

the

Adviser,

and

(iii)

reinvestment

in,

and

enhancements

to,

the

services

that

the

Adviser

and

its

affiliates

provide

to

a

Fund

and

its

shareholders.

The

Board

took

into

account

that

the

Adviser

had

agreed

to

assume

certain

expenses

of

each

Fund

by

making

payments

or

waiving

all

or

a

portion

of

its

and

its

affiliates’

advisory,

administrative

and

other

fees

so

that

each

Fund’s

net

expense

ratios

did

not

exceed

the

contractual

levels

disclosed

in

the

Fund’s

current

prospectus.

The

Board

also

considered

that

the

Adviser

could

potentially

share

economies

of

scale

or

efficiencies

with

the

Funds

through

reinvestment

in,

and

enhancements

to,

the

services

that

the

Adviser

provided

to

the

Funds

and

their

shareholders

over

time,

such

as

hiring

additional

personnel,

providing

additional

resources

in

areas

relating

to

management

and

administration

of

the

Funds,

and

the

ongoing

development

of

the

Adviser’s

infrastructure.

The

Board

considered

these

factors,

and

the

relationship

they

bore

to

the

fees

charged

to

each

Fund

by

the

Adviser

and

concluded

that

there

was

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

or

efficiencies

with

each

Fund

at

current

asset

levels.

The

Board

noted,

however,

that

it

would

monitor

future

growth

in

each

Fund’s

assets

to

determine

whether

economies

of

scale

or

efficiencies

should

be

reflected

to

a

greater

extent

in

the

Funds’

fee

arrangements.

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

277

•

Fall-Out

and

Other

Benefits

The

Board

considered

the

extent

to

which

fall-out

benefits

could

accrue

to

the

Adviser

and

its

affiliates

as

a

result

of

the

Adviser’s

relationship

with

the

Trust.

In

particular,

the

Board

noted

that

the

Adviser

also

served

as

the

administrator

for

the

Funds

and

received

compensation

for

acting

in

that

capacity

and

that

it

was

proposed

that

Directed

Services

LLC,

an

affiliate

of

the

Adviser,

serve

as

the

distributor

for

the

Funds

(the

“Distributor”).

The

Board

also

took

into

account

that

the

Distributor

could

receive

payments

through

the

Fund’s

Rule

12b-1

plan

for

providing

distribution

and

shareholder

services

to

owners

of

variable

annuity

contracts

and

variable

life

insurance

policies

invested

in

the

Funds.

The

Board

noted

that

the

Adviser’s

affiliated

insurance

company,

as

depositor

of

the

insurance

company

separate

accounts

investing

in

each

of

the

Funds,

received

certain

significant

tax

benefits

associated

with

such

investments

as

well

as

other

potential

benefits.

The

Board

considered

that

the

Funds

were

offered

as

investment

options

through

variable

insurance

contracts

offered

and

sold

by

the

Adviser’s

insurance

company

affiliate

and

that

the

performance

of

a

Fund

could

impact,

positively

or

negatively,

the

insurance

company’s

ability

to

hedge

the

risks

associated

with

its

guarantees

provided

as

the

issuer

of

such

contracts.

The

Board

also

noted

that

the

Adviser’s

insurance

company

affiliate

and

the

Distributor

each

could

receive

compensation,

which

could

include

sales

charges,

separate

account

fees

and

charges,

and

other

variable

contract

fees

and

charges,

from

the

sale

and

administration

of

these

variable

insurance

contracts.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

“fall-out”

and

other

benefits

on

an

ongoing

basis.

Appointment

of

Russell

Investment

Management,

LLC

as

Sub-Adviser

and

Approval

of

Discretionary

Sub-Management

and

Sub-Administrative

Services

Agreement

(Venerable

Large

Cap

Index

Fund)

•

Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

provided

to

the

RIM

Fund

by

RIM.

The

Board

considered

RIM’s

responsibilities

with

respect

to

the

RIM

Fund

pursuant

to

the

RIM

Agreement,

and

RIM’s

relevant

experience.

The

Board

noted

that,

subject

to

the

oversight

of

the

Adviser,

RIM

was

responsible

for

making

investment

decisions

with

respect

to

the

RIM

Fund;

placing

with

brokers

or

dealers

orders

for

the

purchase

and

sale

of

investments

for

the

RIM

Fund;

assisting

the

Adviser

in

overseeing

any

RIM

Non-Discretionary

Sub-Advisers

(as

applicable)

to

the

RIM

Fund;

and

performing

certain

related

administrative

and

compliance

functions.

The

Board

also

considered

information

regarding

RIM’s

process

for

selecting

investments

for

the

RIM

Fund,

as

well

as

information

regarding

the

qualifications

and

experience

of

RIM’s

portfolio

managers

who

provided

services

to

the

RIM

Fund.

In

addition,

the

Board

considered

the

Adviser’s

familiarity

with,

and

confidence

in,

RIM,

and

the

results

of

the

Adviser’s

due

diligence.

The

Board

also

considered

information

regarding

RIM’s

procedures

for

executing

portfolio

transactions

for

the

RIM

Fund

and

RIM’s

policies

and

procedures

for

selecting

brokers

and

dealers.

In

addition,

the

Board

considered

information

regarding

RIM’s

trading

experience

and

how

RIM

sought

to

achieve

“best

execution”

on

behalf

of

the

RIM

Fund.

The

Board

then

considered

that

RIM

confirmed

it

did

not

manage

any

other

accounts

with

a

similar

investment

strategy

to

the

strategy

for

the

RIM

Fund.

The

Board

also

considered

RIM’s

expertise,

resources,

investment

strategy,

and

personnel

for

advising

the

RIM

Fund.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

RIM

Fund,

that

the

nature,

quality,

and

extent

of

the

services

provided

by

RIM

were

appropriate,

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

renew

the

RIM

Agreement.

•

Fee

With

respect

to

the

RIM

Agreement

relating

to

the

RIM

Fund,

the

Board

considered

the

sub-advisory

fee

for

RIM

in

light

of

the

nature,

quality

and

extent

of

the

services

provided

by

RIM.

The

Board

considered

the

relative

level

of

the

sub-advisory

fee

paid

to

RIM

with

respect

to

the

RIM

Fund

and

the

advisory

fee

retained

by

the

Adviser

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained,

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

RIM.

The

Board

further

noted

that

the

Adviser,

and

not

the

RIM

Fund,

paid

RIM

and

that

the

sub-advisory

fees

were

negotiated

between

RIM

and

the

Adviser.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fees

agreed

upon

with

RIM

were

reasonable

in

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

278

Basis

for

Approval

of

Investment

Advisory

Contracts

light

of

the

nature,

quality,

and

extent

of

the

investment

sub-advisory

services

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

RIM

Fund,

that

the

sub-advisory

fee

for

RIM

was

fair

and

reasonable.

•

Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

RIM

and

its

affiliates

as

a

result

of

its

relationship

with

the

Trust.

In

particular,

the

Board

noted

that

(i)

RIM’s

affiliated

broker,

Russell

Investments

Implementation

Services,

LLC,

could

receive

commissions

for

effecting

portfolio

transactions

for

the

RIM

Fund;

(ii)

RIM,

its

affiliates

and

their

fund

complexes

could

obtain

lower

commission

rates

and

more

effective

trade

execution

from

aggregation

of

trades

of

the

RIM

Fund

and

other

clients;

(iii)

RIM,

its

affiliates

and

their

fund

complexes

could

benefit

from

fee

schedules

negotiated

with

certain

service

providers

which

are

based

on

global

assets

under

management

(e.g.,

non-discretionary

sub-advisers

and

custodians);

(iv)

it

was

possible

that

certain

service

providers

could

charge

RIM

and

its

affiliates

lower

fees

based

on

the

totality

of

the

business

relationships

between

the

parties;

and

(v)

certain

RIM

affiliates

could

provide

services

to

the

Trust

and

receive

fees

for

such

services.

In

addition,

the

Board

noted

that

RIM

could

benefit

indirectly

from

its

relationships

with

the

RIM

Fund,

including

through

the

reputation

of

being

employed

by

the

Adviser

and

that

RIM’s

potential

inclusion

of

the

RIM

Fund’s

assets

and

performance

record

in

composites

it

used

could

contribute

to

RIM’s

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board

also

noted

that

RIM

benefitted

from

greater

exposure

in

the

marketplace

with

respect

to

its

investment

processes

and

from

expanding

its

level

of

assets

under

management,

and

that

RIM

could

derive

benefits

from

its

association

with

the

Adviser

and

other

sub-advisers

(as

applicable)

to

a

Fund.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

“fall-out”

and

other

benefits

on

an

ongoing

basis.

The

Board

noted

the

performance

information

for

the

RIM

Fund,

as

previously

considered

in

its

consideration

of

the

renewal

of

the

Advisory

Agreement.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

most

relevant

in

the

context

of

the

Board’s

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

paid

by

each

Fund.

Appointment

of

Franklin

Advisers,

LLC

as

Sub-Adviser

and

Approval

of

Discretionary

Sub-Management

Agreement

(FT

Funds)

•

Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

provided

to

each

FT

Fund

by

Franklin.

The

Board

considered

Franklin’s

responsibilities

with

respect

to

each

FT

Fund

pursuant

to

the

Franklin

Agreement,

and

Franklin’s

relevant

experience.

The

Board

noted

that,

subject

to

the

oversight

of

the

Adviser,

Franklin

was

responsible

for

making

investment

decisions

with

respect

to

each

FT

Fund;

placing

with

brokers

or

dealers

orders

for

the

purchase

and

sale

of

investments

for

each

FT

Fund;

and

assisting

the

Adviser

in

overseeing

any

Franklin

Non-Discretionary

Sub-Advisers

(as

applicable)

to

an

FT

Fund.

The

Board

also

considered

information

regarding

Franklin’s

process

for

selecting

investments

for

each

FT

Fund,

as

well

as

information

regarding

the

qualifications

and

experience

of

Franklin’s

portfolio

managers

who

provided

services

to

each

FT

Fund.

The

Board

also

considered

the

Adviser’s

familiarity

with,

and

confidence

in,

Franklin,

and

the

results

of

the

Adviser’s

due

diligence.

The

Board

also

considered

information

regarding

Franklin’s

procedures

for

executing

portfolio

transactions

for

each

FT

Fund

and

Franklin’s

policies

and

procedures

for

selecting

brokers

and

dealers.

In

addition,

the

Board

considered

information

regarding

Franklin’s

trading

experience

and

how

Franklin

sought

to

achieve

“best

execution”

on

behalf

of

each

FT

Fund.

The

Board

also

considered

Franklin’s

expertise,

resources,

investment

strategy,

and

personnel

for

advising

each

FT

Fund.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

each

FT

Fund,

that

the

nature,

quality

and

extent

of

the

services

provided

by

Franklin

were

appropriate

for

the

FT

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

Franklin

Agreement.

•

Fee

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

279

With

respect

to

the

Franklin

Agreement

relating

to

each

FT

Fund,

the

Board

considered

the

sub-advisory

fee

for

Franklin

in

light

of

the

nature,

quality

and

extent

of

the

services

provided

by

Franklin.

The

Board

considered

the

relative

levels

of

the

sub-advisory

fee

paid

to

Franklin

with

respect

to

each

FT

Fund

and

the

advisory

fee

retained

by

the

Adviser

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

Franklin.

The

Board

noted

that

the

Adviser,

and

not

the

FT

Funds,

paid

Franklin

and

that

the

sub-advisory

fees

were

negotiated

between

Franklin

and

the

Adviser.

Moreover,

the

Board

noted

that

the

Adviser

believed

the

fees

agreed

upon

with

Franklin

were

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

investment

sub-advisory

services

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

each

FT

Fund,

that

the

sub-advisory

fee

for

Franklin

was

fair

and

reasonable.

•

Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

Franklin

as

a

result

of

its

relationship

with

the

Trust.

In

particular,

the

Board

noted

Franklin

could

benefit

indirectly

from

its

relationships

with

the

FT

Funds,

including

through

the

reputation

of

being

employed

by

the

Adviser

and

Franklin’s

potential

inclusion

of

the

FT

Funds’

assets

and

performance

record

in

composites

it

used

could

contribute

to

Franklin’s

ability

to

obtain

other

clients

for

its

investment

management

services.

In

addition,

the

Board

took

into

account

that

Franklin

could

receive

research

and

services

obtained

with

client

commissions

generated

by

the

FT

Funds

and

that

research/services

obtained

with

client

commissions

generated

by

Franklin’s

clients

could

be

shared

with

Franklin’s

advisory

affiliates.

The

Board

also

noted

that

Franklin

could

benefit

from

greater

exposure

in

the

marketplace

with

respect

to

its

investment

process

and

from

expanding

its

level

of

assets

under

management,

and

that

Franklin

could

derive

benefits

from

its

association

with

the

Adviser

and

other

sub-advisers

(as

applicable)

to

a

Fund.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

“fall-out”

and

other

benefits

on

an

ongoing

basis.

The

Board

noted

the

performance

information

for

each

FT

Fund,

as

previously

considered

in

its

consideration

of

the

renewal

of

the

Advisory

Agreement.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

most

relevant

in

the

context

of

the

Board’s

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

paid

by

each

Fund.

Appointment

of

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

US

Large

Cap

Strategic

Equity

Fund)

•

Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

provided

by

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

Franklin,

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

was

responsible

for

providing

Franklin

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

and

Franklin

utilized

each

model

portfolio

when

purchasing

and

selling

securities

for

a

specific

portion

of

the

Fund.

The

Board

also

considered

the

Adviser’s

and

Franklin’s

familiarity

with,

and

confidence

in,

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser’s

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

that

the

nature,

quality

and

extent

of

the

services

provided

by

each

Franklin

Large

Cap

Strategic

Non-

Discretionary

Sub-Adviser

were

appropriate

for

the

Venerable

US

Large

Cap

Strategic

Equity

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

renew

the

Franklin

Sub-Management

Agreements.

•

Fee

With

respect

to

the

Franklin

Sub-Management

Agreements

relating

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

the

Board

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

280

Basis

for

Approval

of

Investment

Advisory

Contracts

considered

the

sub-management

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

provided

by

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-management

fee

paid

to

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

the

sub-

advisory

fee

retained

by

Franklin,

and

the

advisory

fee

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

Franklin

and

not

delegated

to

or

assumed

by

a

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser.

The

Board

noted

that,

with

respect

to

sub-management

compensation,

Franklin

and

its

affiliated

sub-advisers

utilized

internal

transfer

pricing

arrangements.

The

Board

further

noted

that

Franklin,

and

not

the

Fund,

paid

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

and

that

each

sub-management

fee

was

negotiated

between

Franklin

and

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

that

the

sub-management

fee

to

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-

Adviser

was

fair

and

reasonable.

•

Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

could

benefit

indirectly

from

its

relationship

with

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

Franklin,

and

a

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser’s

potential

inclusion

of

the

Venerable

US

Large

Cap

Strategic

Equity

Fund’s

assets

and

performance

record

in

composites

it

used

could

contribute

to

a

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser’s

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

“fall-out”

and

other

benefits

on

an

ongoing

basis.

The

Board

noted

the

performance

information

for

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

as

previously

considered

in

its

consideration

of

the

renewal

of

the

Advisory

Agreement.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that,

at

that

time,

they

were

most

relevant

in

the

context

of

the

Board’s

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

paid

by

each

Fund.

Appointment

of

Oaktree

as

a

RIM

Non-Discretionary

Sub-Adviser

and

Approval

of

Non-Discretionary

Sub-Management

Agreement

(Venerable

Emerging

Markets

Equity

Fund)

•

Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

Oaktree

to

the

Venerable

Emerging

Markets

Equity

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

RIM,

Oaktree

would

be

responsible

for

providing

RIM

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

Venerable

Emerging

Markets

Equity

Fund

and

RIM

would

utilize

each

model

portfolio

when

purchasing

and

selling

securities

for

a

specific

portion

of

the

Venerable

Emerging

Markets

Equity

Fund.

The

Board

also

considered

the

Adviser’s

and

RIM’s

familiarity

with,

and

confidence

in,

Oaktree,

and

the

results

of

the

Adviser’s

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

Emerging

Markets

Equity

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

Oaktree

were

appropriate

for

the

Venerable

Emerging

Markets

Equity

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

RIM

Sub-

Management

Agreement.

•

Fee

With

respect

to

the

RIM

Sub-Management

Agreement

relating

to

the

Venerable

Emerging

Markets

Equity

Fund,

the

Board

Venerable

Variable

Insurance

Trust

Basis

for

Approval

of

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

281

considered

the

proposed

sub-management

fee

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

Oaktree.

The

Board

considered

the

relative

levels

of

the

sub-management

fee

to

be

paid

to

Oaktree

with

respect

to

the

Venerable

Emerging

Markets

Equity

Fund,

the

sub-advisory

fee

to

be

retained

by

RIM,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

RIM

and

not

delegated

to

or

assumed

by

Oaktree.

The

Board

further

noted

that

RIM,

and

not

the

Fund,

would

pay

Oaktree

and

that

the

proposed

sub-management

fee

was

negotiated

between

RIM

and

Oaktree,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

Oaktree

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

Emerging

Markets

Equity

Fund,

that

the

proposed

sub-management

fee

for

Oaktree

was

fair

and

reasonable.

•

Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

Oaktree

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

Oaktree

could

benefit

indirectly

from

its

relationship

with

the

Venerable

Emerging

Markets

Equity

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

RIM,

and

RIM’s

and/or

Oaktree’s

potential

inclusion

of

the

Venerable

Emerging

Markets

Equity

Fund’s

assets

and

performance

record

in

composites

it

used

could

contribute

to

Oaktree’s

ability

to

obtain

other

clients

for

their

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

“fall-out”

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that,

at

that

time,

they

were

most

relevant

in

the

context

of

the

Board’s

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

Fund.

1

In

connection

with

the

approval

of

the

RIM

Sub-Management

Agreement,

the

Trustees

also

took

into

account

their

prior

findings

and

conclusions

made

at

the

Board’s

March

27

–

28,

2025

meeting

in

connection

with

the

most

recent

approval

of

the

RIM

Sub-Management

Agreement.

Venerable

Variable

Insurance

Trust

Adviser,

Sub-Advisers

and

Service

Providers

—

June

30,

2026

(Unaudited)

282

Adviser,

Sub-Advisers

and

Service

Providers

Interested

Trustees

Michal

Levy

Independent

Trustees

Sherilyn

Anderson

John

Guy

Julian

Sluyters

Officers

Michal

Levy,

President

and

Chief

Executive

Officer

John

Bruggeman,

Treasurer

Christopher

Joe,

Chief

Compliance

Officer

Kristina

Magolis,

Secretary

and

Chief

Legal

Officer

Julie

Vossler,

Assistant

Secretary

Adviser

and

Administrator

Venerable

Investment

Advisers,

LLC

1475

Dunwoody

Drive,

Suite

200

West

Chester, PA

19380

Discretionary

Sub-Advisers

Russell

Investment

Management,

LLC

401

Union

Street

18th

floor

Seattle,

WA

98101

Franklin

Advisers,

Inc.

1

Franklin

Parkway

San

Mateo,

CA

94403

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

401

Union

Street

18th

floor

Seattle, WA

98101

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

1475

Dunwoody

Drive,

Suite

200

West

Chester,

PA

19380

(800)

366-0066

Legal

Counsel

Morgan,

Lewis

&

Bockius

LLP

101

Park

Avenue

New

York,

NY

10178

Distributor*

Russell

Investments

Financial

Services,

LLC

401

Union

Street

18th

floor

Seattle, WA

98101

Independent

Registered

Public

Accounting

Firm

Ernst

&

Young

LLP

2005

Market

Street,

Suite

700

Philadelphia,

PA

19103

Non-Discretionary

Sub-Advisers

Venerable

US

Large

Cap

Core

Equity

Fund

Allspring

Global

Investments,

LLC,

Charlotte,

NC

J.P.

Morgan

Investment

Management

Inc.,

New

York,

NY

Jacobs

Levy

Equity

Management,

Inc.,

Florham,

NJ

Mar

Vista

Investment

Partners,

LLC,

Los

Angeles,

CA

Venerable

US

Large

Cap

Strategic

Equity

Fund

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

ClearBridge

Investments,

LLC,

New

York,

NY

Putnam

Investment

Management,

LLC,

Boston,

MA

Venerable

US

Small

Cap

Fund

Putnam

Investment

Management,

LLC,

Boston,

MA

Royce

Investment

Partners,

New

York,

NY

Venerable

Real

Estate

Fund

Duff

&

Phelps

Investment

Management

Co.,

Chicago,

IL

Wellington

Management

Company

LLP,

Boston,

MA

Venerable

International

Equity

Fund

ClearBridge

Investments,

LLC,

New

York,

NY

Putnam

Investment

Management,

LLC,

Boston,

MA

Venerable

Emerging

Markets

Equity

Fund

Axiom

Investors

LLC,

Greenwich,

CT

Barrow,

Hanley,

Mewhinney

&

Strauss

LLC,

Dallas,

TX

Numeric

Investors

LLC,

Boston,

MA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

Pzena

Investment

Management,

LLC,

New

York,

NY

Sands

Capital

Management,

LLC,

Arlington,

VA

Venerable

World

Equity

Fund

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

and

Intermede

Investment

Partners

Limited,

London,

UK

Numeric

Investors

LLC,

Boston,

MA

Sanders

Capital,

LLC,

West

Palm

Beach,

FL

Wellington

Management

Company

LLP,

Boston,

MA

Note:

Venerable

High

Yield

Fund,

Venerable

Strategic

Bond

Fund,

Venerable

Inflation

Focused

Fund,

Venerable

Bond

Index

Fund

and

Venerable

Interme-

diate

Corporate

Bond

Index

Fund

are

sub-advised

by

Franklin

Advisers,

Inc.

Venerable

Large

Cap

Index

Fund,

Venerable

Mid

Cap

Index

Fund,

Venerable

Small

Cap

Index

Fund,

Venerable

International

Index

Fund,

Venerable

Con-

servative

Allocation

Fund,

Venerable

Conservative

Appreciation

Allocation

Fund,

Venerable

World

Conservative

Allocation

Fund,

Venerable

Moderate

Allocation

Fund,

Venerable

Moderate

Appreciation

Allocation

Fund,

Ven-

erable

World

Moderate

Allocation

Fund,

Venerable

Appreciation

Allocation

Fund

and

Venerable

World

Appreciation

Allocation

Fund

are

sub-advised

by

Russell

Investment

Management,

LLC.

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

*

Effective

July

1,

2026,

Directed

Services,

LLC

(“DSL”)

serves

as

the

Trust's

distributor.

DSL

is

located

at

1475

Dunwoody

Drive,

Suite

200,

West

Chester,

PA

19380.

Venerable

Variable

Insurance

Trust

1475

Dunwoody

Dr

Suite

200

West

Chester,

Pennsylvania

19380

800-366-0066

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. 

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies. 

Not Applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is included in Note 4 in the Notes to Financial Statements in the Financial Statements filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The information is included as part of the Financial Statements filed under Item 7 of this form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not Applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not Applicable.

Item 15.  Submission of Matters to a Vote of Security Holders

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that would require disclosure herein.

Item 16. Controls and Procedures

(a) Registrant's principal executive officer and principal financial officer have concluded that registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.

(b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19.  Exhibit List

(a)    Certification for principal executive officer of registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of registrant as required by Rule 30a-2(a) under the Act. ex99_cert

(b)     Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. ex99.906_cert

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Venerable Variable Insurance Trust

By:      /s/ Michal Levy                                                                                              

            Michal Levy   

President and Chief Executive Officer (Principal Executive Officer), Venerable Variable Insurance Trust

Date:  August 27, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:      /s/ Michal Levy                                                                                              

            Michal Levy   

President and Chief Executive Officer (Principal Executive Officer), Venerable Variable Insurance Trust

Date:  August 27, 2026

By:      /s/ John Bruggeman                                                                           

            John Bruggeman   

Treasurer (Principal Financial Officer), Venerable Variable Insurance Trust

Date:  August 27, 2026