# EDGAR Filing Document

**Accession Number:** 0000792359
**File Stem:** 0001193125-26-093503
**Filing Date:** 2026-3
**Character Count:** 434786
**Document Hash:** 9f22df5f16e2e34fbb6ba1e52adb948a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093503.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093503

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000792359

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04642
- **FILM NUMBER:** 26725518

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103
- **BUSINESS PHONE:** 8002487971

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIG EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920304

## Series and Classes Contracts Data

### Virtus KAR Small-Cap Growth Series (Series ID: S000001949)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005133 | Class A      |  |
| C000126193 | Class I      |  |

### Virtus Newfleet Multi-Sector Intermediate Bond Series (Series ID: S000001950)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005134 | Class A      |  |
| C000126194 | Class I      |  |

### Virtus KAR Small-Cap Value Series (Series ID: S000001958)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005142 | Class A      |  |

### Virtus Duff & Phelps Real Estate Securities Series (Series ID: S000001962)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005146 | Class A      |  |
| C000126195 | Class I      |  |

### Virtus KAR Capital Growth Series (Series ID: S000001963)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005147 | Class A      |  |

### Virtus KAR Equity Income Series (Series ID: S000001964)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005148 | Class A      |  |

### VIRTUS TACTICAL ALLOCATION SERIES (Series ID: S000001966)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005150 | Class A      |  |

### Virtus SGA International Growth Series (Series ID: S000002231)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005730 | Class A      |  |
| C000126196 | Class I      |  |

?xml version='1.0' encoding='ASCII'? Virtus Variable Insurance Trust

#### 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

#### 811-04642

#### Virtus Variable Insurance Trust
(Exact name of registrant as specified in charter)

------

One Financial Plaza

Hartford, CT 06103-2608

------

Jennifer Fromm, Esq.

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-367-5877

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

------

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus Duff & Phelps Real Estate Securities Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Series<br>Class A | $110 | 1.10% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned 0.72%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the FTSE Nareit Equity REITs Index, which serves as the style-specific index, returned 2.88%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The FTSE Nareit Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified real estate investment trusts, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
The Series utilizes an actively managed, bottom-up fundamental research approach to identify a diversified group of high-quality real estate companies believed by the Series' portfolio managers to have strong management, a competitively positioned portfolio, a well-structured balance sheet, stronger cash flow and dividend growth, and shares that are trading at a reasonable valuation. As such, the performance of the Series is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Over the course of the 12-month period, negative property sector allocation contributed to underperformance relative to the FTSE NAREIT Equity REITs Index (the Index), the Series' style-specific benchmark. The Series' stock selection within the health care property sector was the largest contributor to performance, followed by stock selection within the office sector. Stock selection within specialty and an overweight to data centers detracted the most from performance. The largest contributors to performance for the 12-month period were Ventas, Sabra Health Care, First Industrial, Healthpeak, and Public Storage. The largest detractors from performance during the period were American Homes 4 Rent, AvalonBay Communities, Realty Income, CubeSmart, and Rexford Industrial. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ventas<br>| Positive<br>| Ventas' shares significantly outperformed the Index and contributed to performance within the health care property sector. Appreciation in the shares was driven by strong operating performance in the company's senior housing operating properties segment, which benefited from increases in occupancy and rate growth.<br>|
| Sabra Health Care<br>| Positive<br>| Sabra Health Care's shares significantly outperformed the Index and contributed to performance within the health care property sector. Appreciation in the shares was driven by strong same-store net operating income growth, and earnings that consistently met or exceeded expectations. The company's senior housing operating properties segment benefited from demographic tailwinds.<br>|
| American Homes 4 Rent<br>| Negative<br>| Shares of American Homes 4 Rent meaningfully underperformed the Index. The company's single family home portfolio suffered from lower occupancy, which limited the company's pricing power and led to slowing rent growth.<br>|
| AvalonBay Communities | Negative | AvalonBay Communities, an apartment real estate investment trust (REIT), detracted from performance. The company's apartment portfolio suffered from an earlier-than-anticipated slowdown in rent growth due to a lower peak during the spring leasing season. Operating expenses also faced upward pressure during the year, causing an increase in the REIT's expected growth in same-store expenses. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227937.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Estate Securities Series (Class A) at NAV<sup>(1)</sup>** | 0.72% | 6.06% | 5.95% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **FTSE Nareit Equity REITs Index** | 2.88% | 6.63% | 5.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$102112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Health Care REITS | 20% |
| Industrial/Office REITS | 18 |
| Residential REITS | 16 |
| Retail REITS | 16 |
| Data Centers REITS | 12 |
| Self Storage REITS | 6 |
| Specialty REITS | 4 |
| Other REITS | 8 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8150 Virtus Duff & Phelps Real Estate Securities Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus Duff & Phelps Real Estate Securities Series
Class I

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Series<br>Class I | $85 | 0.85% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended December 31, 2025, the Series' Class I shares at NAV returned 1.00%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the FTSE Nareit Equity REITs Index, which serves as the style-specific index, returned 2.88%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The FTSE Nareit Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified real estate investment trusts, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
The Series utilizes an actively managed, bottom-up fundamental research approach to identify a diversified group of high-quality real estate companies believed by the Series' portfolio managers to have strong management, a competitively positioned portfolio, a well-structured balance sheet, stronger cash flow and dividend growth, and shares that are trading at a reasonable valuation. As such, the performance of the Series is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Over the course of the 12-month period, negative property sector allocation contributed to underperformance relative to the FTSE NAREIT Equity REITs Index (the Index), the Series' style-specific benchmark. The Series' stock selection within the health care property sector was the largest contributor to performance, followed by stock selection within the office sector. Stock selection within specialty and an overweight to data centers detracted the most from performance. The largest contributors to performance for the 12-month period were Ventas, Sabra Health Care, First Industrial, Healthpeak, and Public Storage. The largest detractors from performance during the period were American Homes 4 Rent, AvalonBay Communities, Realty Income, CubeSmart, and Rexford Industrial. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ventas<br>| Positive<br>| Ventas' shares significantly outperformed the Index and contributed to performance within the health care property sector. Appreciation in the shares was driven by strong operating performance in the company's senior housing operating properties segment, which benefited from increases in occupancy and rate growth.<br>|
| Sabra Health Care<br>| Positive<br>| Sabra Health Care's shares significantly outperformed the Index and contributed to performance within the health care property sector. Appreciation in the shares was driven by strong same-store net operating income growth, and earnings that consistently met or exceeded expectations. The company's senior housing operating properties segment benefited from demographic tailwinds.<br>|
| American Homes 4 Rent<br>| Negative<br>| Shares of American Homes 4 Rent meaningfully underperformed the Index. The company's single family home portfolio suffered from lower occupancy, which limited the company's pricing power and led to slowing rent growth.<br>|
| AvalonBay Communities | Negative | AvalonBay Communities, an apartment real estate investment trust (REIT), detracted from performance. The company's apartment portfolio suffered from an earlier-than-anticipated slowdown in rent growth due to a lower peak during the spring leasing season. Operating expenses also faced upward pressure during the year, causing an increase in the REIT's expected growth in same-store expenses. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227980.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Estate Securities Series (Class I) at NAV<sup>(1)</sup>** | 1.00% | 6.34% | 6.21% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **FTSE Nareit Equity REITs Index** | 2.88% | 6.63% | 5.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$102112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Health Care REITS | 20% |
| Industrial/Office REITS | 18 |
| Residential REITS | 16 |
| Retail REITS | 16 |
| Data Centers REITS | 12 |
| Self Storage REITS | 6 |
| Specialty REITS | 4 |
| Other REITS | 8 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8151 Virtus Duff & Phelps Real Estate Securities Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus KAR Capital Growth Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus KAR Capital Growth Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Capital Growth Series<br>Class A | $107 | 1.03% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned 6.96%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 18.56%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
The Series utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Series' portfolio managers to possess sustainable competitive advantages. As such, the performance of the Series is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. For the fiscal year, stock selection in communication services, as well as stock selection and an underweight in information technology, detracted from performance relative to the Russell 1000<sup>®</sup> Growth Index. Underweight positions in consumer staples and energy contributed to performance. The biggest contributors to performance for the 12-month period were Amphenol, NVIDIA, Alphabet, Shopify, and Snowflake. The biggest detractors from performance during the period were The Trade Desk, ServiceNow, Gartner, Zoetis, and Fair Isaac. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>| Positive<br>| Amphenol is a global leader in designing and manufacturing high-technology interconnect, sensor, and antenna solutions. The company posted gains during the period that were driven by broad-based strength. Amphenol had especially strong results in its datacom segment, where demand from hyperscalers to deploy artificial intelligence (AI) has rapidly expanded the company's potential market.<br>|
| NVIDIA<br>| Positive<br>| NVIDIA continued to outperform as the lynchpin of AI proliferation through its market-leading accelerated computing portfolio. The company continued to demonstrate a rapid pace of innovation at the hardware, software, and networking levels, driving differentiation that appeared to be difficult for competitors to overcome.<br>|
| The Trade Desk<br>| Negative<br>| The Trade Desk is a leading independent technology company that provides a self-service, cloud-based platform for advertisers to buy and manage digital ad campaigns across various channels. The company faced challenges on several fronts during the reporting period. Competitive ad platforms improved due to the use of AI, certain large e-commerce players tried to take market share by cutting pricing, and the company's increasingly direct relationship with advertisers posed a risk to its relationship with agency customers.<br>|
| ServiceNow | Negative | ServiceNow, a cloud-based platform for creating and managing automated digital workflows across enterprises, underperformed during the period as enterprise software spending softened and deal cycles lengthened. There was growing concern that the company's efforts in AI might not be enough to remain differentiated and offset the risks in its licensing model. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227679.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Capital Growth Series (Class A) at NAV<sup>(1)</sup>** | 6.96% | 5.43% | 13.10% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$237581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 33% |
| Consumer Discretionary | 19 |
| Communication Services | 14 |
| Financials | 12 |
| Health Care | 11 |
| Industrials | 8 |
| Materials | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8178 Virtus KAR Capital Growth Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus KAR Equity Income Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus KAR Equity Income Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Equity Income Series<br>Class A | $105 | 0.98% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned 13.92%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13%. The Russell 1000<sup>®</sup> Value Index and the MSCI USA High Dividend Yield Index (net), each a style specific index, returned 15.91% and 10.98%, respectively. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid-cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The index is calculated on a total return basis with net dividends reinvested; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
The Series utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Series' portfolio managers to possess sustainable competitive advantages. As such, the performance of the Series is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. For the fiscal year, stock selection in industrials, as well as stock selection and an underweight in communication services, detracted from performance relative to the Russell 1000<sup>®</sup> Value Index. Stock selection and an overweight in information technology, as well as stock selection and an underweight in health care, contributed to performance. The biggest contributors to performance for the 12-month period were Broadcom, BAE Systems, Zurich Insurance Group, Amphenol, and Fortis. The biggest detractors from performance during the period were Watsco, Kimberly-Clark, Merck, Paychex, and Eastman Chemical Company. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Broadcom<br>| Positive<br>| Broadcom, a global technology leader that designs and supplies essential semiconductor and infrastructure software, outperformed due to the general bullishness around artificial intelligence (AI) stocks. The company sought to be positioned for AI application-specific integrated circuit (ASIC) demand by partnering with large hyperscalers to develop their in-house AI chips. Over the reporting period, Broadcom increased customer commitments and brought on large customers, such as OpenAI.<br>|
| BAE Systems<br>| Positive<br>| BAE Systems, a global defense, aerospace, and security company, benefited from an increase in global defense spending. The combination of a growing multi-decade order backlog and BAE's consistent execution further reinforced investor confidence in the long-term positioning of the business.<br>|
| Watsco<br>| Negative<br>| Watsco is the largest distributor of air conditioning, heating, and refrigeration equipment and related parts and supplies (HVAC/R) in the HVAC/R distribution industry. The company's stock underperformed due to slowing growth stemming from headwinds in the residential HVAC market related to the regulatory transition to new refrigerants, in addition to macroeconomic pressures.<br>|
| Kimberly-Clark | Negative | Kimberly-Clark is an American multinational consumer goods and personal care corporation. While the business showed meaningful improvement, with management driving stronger innovation and higher volume growth, the announced acquisition of Kenvue—an underperforming business facing execution issues and significant regulatory risk tied to Tylenol—meaningfully shifted our view. Given the questionable capital allocation and the distraction this deal would create, the Series sold its position. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

Effective April 28, 2025, the style-specific benchmark changed from the MSCI USA High Dividend Yield Index (net) to the Russell 1000<sup>®</sup> Value Index. The new benchmark is a more suitable representation of the Series' investment strategy.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227722.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Equity Income Series (Class A) at NAV<sup>(1)</sup>** | 13.92% | 7.76% | 9.68% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |
| **MSCI USA High Dividend Yield Index (net)** | 10.98% | 8.43% | 9.21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$75012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Financials | 21% |
| Information Technology | 19 |
| Industrials | 13 |
| Health Care | 11 |
| Consumer Staples | 9 |
| Utilities | 8 |
| Consumer Discretionary | 5 |
| Other (includes securities lending collateral) | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8191 Virtus KAR Equity Income Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus KAR Small-Cap Growth Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Growth Series<br>Class A | $101 | 1.14% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned (22.62)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 2000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 13.01%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
The Series utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Series' portfolio managers to possess sustainable competitive advantages. As such, the performance of the Series is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. For the fiscal year, stock selection within financials and information technology detracted from performance relative to the Russell 2000<sup>®</sup> Growth Index. Stock selection in consumer staples, as well as an underweight in energy, contributed to performance. The biggest contributors to performance for the 12-month period were PriceSmart, Toro Company, National Research, Aspen Technology, and FTI Consulting. The biggest detractors from performance during the period were Endava, Morningstar, AAON, Goosehead Insurance, and Onestream. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| PriceSmart<br>| Positive<br>| PriceSmart operates membership warehouse clubs in Central America, the Caribbean, and Colombia. The company demonstrated the competitive advantage of its business, particularly on the pricing side, as club formats continued to gain market share. The company's pricing advantage over local competitors resulted in improved traffic growth, membership growth, and premium tier upsell across regions.<br>|
| Toro Company<br>| Positive<br>| Toro is a global leader in outdoor environment solutions. The company designs and manufactures products for turf maintenance, snow/ice management, underground construction, and irrigation. Toro benefited from an upward revision in the valuation of its business as the company exhibited sound profitability during an industry downturn.<br>|
| Endava<br>| Negative<br>| Endava provides near-shore technology services, which means outsourcing to a country or region that is in close proximity. The company experienced headwinds due to a combination of cyclically depressed demand for discretionary outsourced information technology (IT) services, as well as a change in its business model to pursue larger upfront projects with less predictable revenue streams. As a result of the change in the business model, we sold the Series' position.<br>|
| Morningstar | Negative | Morningstar is a leading global provider of independent investment research, data, and technology. The company experienced deceleration in the growth of its license-based businesses. This coincided with increased market concern about the impact that artificial intelligence (AI) could have on the company's businesses. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11228023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Growth Series (Class A) at NAV<sup>(1)</sup>** | (22.62)% | (5.76)% | 11.33% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$51956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 24 |
| Information Technology | 17 |
| Consumer Discretionary | 15 |
| Health Care | 7 |
| Consumer Staples | 2 |
| Short-Term Investment | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8235 Virtus KAR Small-Cap Growth Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus KAR Small-Cap Growth Series
Class I

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Growth Series<br>Class I | $79 | 0.89% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended December 31, 2025, the Series' Class I shares at NAV returned (22.44)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 2000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 13.01%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
The Series utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Series' portfolio managers to possess sustainable competitive advantages. As such, the performance of the Series is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. For the fiscal year, stock selection within financials and information technology detracted from performance relative to the Russell 2000<sup>®</sup> Growth Index. Stock selection in consumer staples, as well as an underweight in energy, contributed to performance. The biggest contributors to performance for the 12-month period were PriceSmart, Toro Company, National Research, Aspen Technology, and FTI Consulting. The biggest detractors from performance during the period were Endava, Morningstar, AAON, Goosehead Insurance, and Onestream. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| PriceSmart<br>| Positive<br>| PriceSmart operates membership warehouse clubs in Central America, the Caribbean, and Colombia. The company demonstrated the competitive advantage of its business, particularly on the pricing side, as club formats continued to gain market share. The company's pricing advantage over local competitors resulted in improved traffic growth, membership growth, and premium tier upsell across regions.<br>|
| Toro Company<br>| Positive<br>| Toro is a global leader in outdoor environment solutions. The company designs and manufactures products for turf maintenance, snow/ice management, underground construction, and irrigation. Toro benefited from an upward revision in the valuation of its business as the company exhibited sound profitability during an industry downturn.<br>|
| Endava<br>| Negative<br>| Endava provides near-shore technology services, which means outsourcing to a country or region that is in close proximity. The company experienced headwinds due to a combination of cyclically depressed demand for discretionary outsourced information technology (IT) services, as well as a change in its business model to pursue larger upfront projects with less predictable revenue streams. As a result of the change in the business model, we sold the Series' position.<br>|
| Morningstar | Negative | Morningstar is a leading global provider of independent investment research, data, and technology. The company experienced deceleration in the growth of its license-based businesses. This coincided with increased market concern about the impact that artificial intelligence (AI) could have on the company's businesses. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11228066.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Growth Series (Class I) at NAV<sup>(1)</sup>** | (22.44)% | (5.53)% | 11.60% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$51956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 24 |
| Information Technology | 17 |
| Consumer Discretionary | 15 |
| Health Care | 7 |
| Consumer Staples | 2 |
| Short-Term Investment | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8236 Virtus KAR Small-Cap Growth Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus KAR Small-Cap Value Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus KAR Small-Cap Value Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Small-Cap Value Series<br>Class A | $108 | 1.10% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned (4.50)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 12.59%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
The Series utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Series' portfolio managers to possess sustainable competitive advantages. As such, the performance of the Series is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. For the fiscal year, stock selection in financials, as well as stock selection and an underweight in health care, detracted from performance relative to the Russell 2000<sup>®</sup> Value Index. Underweight positions in energy and real estate contributed to performance. The biggest contributors to performance for the 12-month period were Construction Partners, RBC Bearings, Armstrong World Industries, JBT Marel, and UniFirst. The biggest detractors from performance during the period were Watsco, Azenta, Choice Hotels International, Prestige Consumer Healthcare, and Albany International. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Construction Partners<br>| Positive<br>| Construction Partners engages in construction of roadways and highways. The company reported robust revenue growth and solid profitability, driven by strength in road infrastructure spending that was augmented by the company's significant acquisition activity.<br>|
| RBC Bearings<br>| Positive<br>| RBC Bearings is a global manufacturer of highly engineered precision bearings, components, and systems for the industrial, aerospace, and defense markets. The company benefited from robust growth across its aerospace business.<br>|
| Watsco<br>| Negative<br>| Watsco is the largest distributor of air conditioning, heating, and refrigeration equipment and related parts and supplies (HVAC/R) in the HVAC/R distribution industry. The company's stock underperformed due to slowing growth stemming from headwinds in the residential HVAC market related to the regulatory transition to new refrigerants, in addition to macroeconomic pressures.<br>|
| Azenta | Negative | Azenta provides automation and cryogenic solutions for multiple markets. While we believed Azenta's core business was solid, the company executed a problematic acquisition strategy. We had concerns about the ability of the new management team to successfully turn around the business, and the Series sold its position as a result. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11228109.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Small-Cap Value Series (Class A) at NAV<sup>(1)</sup>** | (4.50)% | 2.57% | 8.90% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 9.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$51444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Industrials | 44% |
| Financials | 27 |
| Consumer Discretionary | 13 |
| Consumer Staples | 5 |
| Health Care | 4 |
| Materials | 3 |
| Real Estate | 3 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8241 Virtus KAR Small-Cap Value Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Series<br>Class A | $98 | 0.94% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned 7.58%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
Sector allocation and issue selection contributed to the Series' return relative to the Bloomberg Aggregate Bond Index (the Index) for the 12-month period. The Series' underweight to U.S. Treasuries was a key contributor to performance. An allocation to and issue selection within emerging markets sovereign debt contributed to performance. The Series' allocation to residential mortgage-backed securities over agency mortgage-backed securities detracted from performance during the period. In addition, the Series' allocation to and positioning within asset-backed securities had a negative impact. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Series' underweight to U.S. Treasuries relative to the Index had a positive impact, as most spread sectors outperformed during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Emerging markets sovereign debt<br>| Positive<br>| Allocation to and selection within emerging markets sovereign debt contributed to performance.<br>|
| Residential mortgage-backed securities<br>| Negative<br>| The Series' allocation to residential mortgage-backed securities over agency mortgage-backed securities detracted from performance as agency mortgages outperformed during the period.<br>|
| Asset-backed securities | Negative | Allocation to and selection within asset-backed securities had a negative impact on performance. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227851.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Intermediate Bond Series (Class A) at NAV<sup>(1)</sup>** | 7.58% | 2.52% | 4.23% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$84344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 48% |
| Corporate Bonds and Notes |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6.0 |  |
| Foreign Government Securities |  | 13 |
| Mortgage-Backed Securities |  | 11 |
| U.S. Government Securities |  | 5 |
| Leveraged Loans |  | —<sup>(2)</sup> |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

<sup>(2)</sup> Less than 0.05%.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8274 Virtus Newfleet Multi-Sector Intermediate Bond Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Series
Class I

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877.

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Series<br>Class I | $72 | 0.69% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended December 31, 2025, the Series' Class I shares at NAV returned 7.77%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
Sector allocation and issue selection contributed to the Series' return relative to the Bloomberg Aggregate Bond Index (the Index) for the 12-month period. The Series' underweight to U.S. Treasuries was a key contributor to performance. An allocation to and issue selection within emerging markets sovereign debt contributed to performance. The Series' allocation to residential mortgage-backed securities over agency mortgage-backed securities detracted from performance during the period. In addition, the Series' allocation to and positioning within asset-backed securities had a negative impact. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Series' underweight to U.S. Treasuries relative to the Index had a positive impact, as most spread sectors outperformed during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Emerging markets sovereign debt<br>| Positive<br>| Allocation to and selection within emerging markets sovereign debt contributed to performance.<br>|
| Residential mortgage-backed securities<br>| Negative<br>| The Series' allocation to residential mortgage-backed securities over agency mortgage-backed securities detracted from performance as agency mortgages outperformed during the period.<br>|
| Asset-backed securities | Negative | Allocation to and selection within asset-backed securities had a negative impact on performance. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227894.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Intermediate Bond Series (Class I) at NAV<sup>(1)</sup>** | 7.77% | 2.74% | 4.48% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$84344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 48% |
| Corporate Bonds and Notes |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6.0 |  |
| Foreign Government Securities |  | 13 |
| Mortgage-Backed Securities |  | 11 |
| U.S. Government Securities |  | 5 |
| Leveraged Loans |  | —<sup>(2)</sup> |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

<sup>(2)</sup> Less than 0.05%.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8275 Virtus Newfleet Multi-Sector Intermediate Bond Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus SGA International Growth Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus SGA International Growth Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877. **This report describes changes to the Series that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Series<br>Class A | $119 | 1.14% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned 9.26%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 32.39%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
Stock selection is expected to be the primary driver of the Series' returns, while allocation effects are purely a byproduct of SGA's fundamental, bottom-up investment process. The Series underperformed the MSCI All Country World ex USA Index (net) (the Index) for the 12-month period. Emerging markets and non-U.S. developed markets both performed exceptionally well in 2025, but the Series' overweight exposures in industries which typically possess more reliable revenue and earnings growth, such as software, health care equipment, and professional services, detracted from relative returns. The Series was also hampered by underweights or lack of exposure to the more cyclical industries that drove the Index's returns, including banks, metals and mining, and technology hardware. From a regional perspective, stock selection was the primary driver of relative underperformance, particularly in developed European markets where aerospace and defense companies and banks performed well. At the sector level, stock selection in the information technology, industrials, and financials sectors detracted the most from relative returns. This was marginally offset by positive selection effects in the consumer staples and consumer discretionary sectors. Overweight exposures to the health care and consumer staples sectors detracted on a relative basis, as did an underweight to financials, while an overweight exposure to the information technology sector and a lack of exposure to energy contributed. The five largest contributors to Series performance were Galderma, Taiwan Semiconductor Manufacturing, Shopify, Alibaba, and Steris. The largest detractors from Series performance were Icon, Novo Nordisk, Atlassian, Recruit, and Dassault. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Galderma<br>| Positive<br>| Galderma, a global dermatology leader based in Switzerland, benefited from solid organic revenue growth and strong growth for Nemo, its new biologic product.<br>|
| Taiwan Semiconductor Manufacturing Company (TSMC)<br>| Positive<br>| TSMC commands a leading position as a semiconductor foundry. The company's shares benefited from continued enthusiasm about artificial intelligence (AI) as demand for its products remained robust and gross profit margins improved.<br>|
| Icon<br>| Negative<br>| Icon, a global contract research organization, continued to face uncertainty on several fronts, including customer demand and increased cancellations. The position was liquidated from the Series during the year.<br>|
| Novo Nordisk | Negative | Novo Nordisk, a global pharmaceutical company with a leadership position in diabetes and obesity drugs, came under pressure due to copycatting of the company's drugs and negative safety data from ongoing drug trials. The position was liquidated from the Series during the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227765.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA International Growth Series (Class A) at NAV<sup>(1)</sup>** | 9.26% | 1.42% | 4.10% |
| **MSCI All Country World ex USA Index (net)** | 32.39% | 7.91% | 8.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$97871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 19% |
| Health Care | 17 |
| Financials | 16 |
| Consumer Discretionary | 14 |
| Industrials | 13 |
| Consumer Staples | 11 |
| Communication Services | 4 |
| Other (includes securities lending collateral) | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 1.10% went into effect for Class A shares.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8361 Virtus SGA International Growth Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus SGA International Growth Series
Class I

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus SGA International Growth Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877. **This report describes changes to the Series that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Series<br>Class I | $93 | 0.89% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended December 31, 2025, the Series' Class I shares at NAV returned 9.52%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 32.39%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted the Series performance over the reporting period?
Stock selection is expected to be the primary driver of the Series' returns, while allocation effects are purely a byproduct of SGA's fundamental, bottom-up investment process. The Series underperformed the MSCI All Country World ex USA Index (net) (the Index) for the 12-month period. Emerging markets and non-U.S. developed markets both performed exceptionally well in 2025, but the Series' overweight exposures in industries which typically possess more reliable revenue and earnings growth, such as software, health care equipment, and professional services, detracted from relative returns. The Series was also hampered by underweights or lack of exposure to the more cyclical industries that drove the Index's returns, including banks, metals and mining, and technology hardware. From a regional perspective, stock selection was the primary driver of relative underperformance, particularly in developed European markets where aerospace and defense companies and banks performed well. At the sector level, stock selection in the information technology, industrials, and financials sectors detracted the most from relative returns. This was marginally offset by positive selection effects in the consumer staples and consumer discretionary sectors. Overweight exposures to the health care and consumer staples sectors detracted on a relative basis, as did an underweight to financials, while an overweight exposure to the information technology sector and a lack of exposure to energy contributed. The five largest contributors to Series performance were Galderma, Taiwan Semiconductor Manufacturing, Shopify, Alibaba, and Steris. The largest detractors from Series performance were Icon, Novo Nordisk, Atlassian, Recruit, and Dassault. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Galderma<br>| Positive<br>| Galderma, a global dermatology leader based in Switzerland, benefited from solid organic revenue growth and strong growth for Nemo, its new biologic product.<br>|
| Taiwan Semiconductor Manufacturing Company (TSMC)<br>| Positive<br>| TSMC commands a leading position as a semiconductor foundry. The company's shares benefited from continued enthusiasm about artificial intelligence (AI) as demand for its products remained robust and gross profit margins improved.<br>|
| Icon<br>| Negative<br>| Icon, a global contract research organization, continued to face uncertainty on several fronts, including customer demand and increased cancellations. The position was liquidated from the Series during the year.<br>|
| Novo Nordisk | Negative | Novo Nordisk, a global pharmaceutical company with a leadership position in diabetes and obesity drugs, came under pressure due to copycatting of the company's drugs and negative safety data from ongoing drug trials. The position was liquidated from the Series during the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11227808.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA International Growth Series (Class I) at NAV<sup>(1)</sup>** | 9.52% | 1.68% | 4.37% |
| **MSCI All Country World ex USA Index (net)** | 32.39% | 7.91% | 8.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$97871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 19% |
| Health Care | 17 |
| Financials | 16 |
| Consumer Discretionary | 14 |
| Industrials | 13 |
| Consumer Staples | 11 |
| Communication Services | 4 |
| Other (includes securities lending collateral) | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 0.85% went into effect for Class I shares.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8362 Virtus SGA International Growth Series

![Virtus_FC_Logo](g872972images_30209.jpg)

## Virtus Tactical Allocation Series
Class A

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Tactical Allocation Series ("Series") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Series at https://www.virtus.com/investor-resources/variable-insurance-fund-documents. You can also request this information by contacting us at 1-800-367-5877. **This report describes changes to the Series that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Series costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Series (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Tactical Allocation Series<br>Class A | $101 | 0.98% |

---

#### Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC (Domestic and International Equity Portfolio) and Newfleet Asset Management (Fixed Income Portfolio)
* For the fiscal year ended December 31, 2025, the Series' Class A shares at NAV returned 6.79%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), each a broad-based securities market index, returned 7.30% and 22.34%, respectively. The MSCI All Country World ex USA Small Mid Cap Index (net) and the Russell 1000<sup>®</sup> Growth Index, which serve as the style specific indexes, returned 30.74% and 18.56%, respectively. Virtus Tactical Allocation Series Linked Benchmark, a hypothetical composite benchmark that reflects a hypothetical asset allocation among market sectors for the Series, returned 15.98%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Virtus Tactical Allocation Series Linked Benchmark consists of 45% Russell 1000<sup>®</sup> Growth Index (a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies, calculated on a total return basis with dividends reinvested), 15% MSCI All Country World ex USA Small Mid Cap Index (a free float-adjusted market capitalization-weighted index that measures mid- and small-cap foreign market equity performance, calculated on a total return basis with net dividends reinvested), and 40% Bloomberg U.S. Aggregate Bond Index (an index that measures the U.S. investment grade fixed rate bond market, calculated on a total return basis). Performance of the Virtus Tactical Allocation Series Linked Benchmark between September 7, 2016 and June 3, 2019 represents an allocation consisting of 45% Russell 1000<sup>®</sup> Growth Index, 15% MSCI EAFE<sup>®</sup> Index, and 40% Bloomberg U.S. Aggregate Bond Index. Prior to September 7, 2016, the allocation consisted of 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Series performance over the reporting period?
In the Series' U.S. equity portfolio, stock selection and underweights in communication services and information technology detracted from performance relative to the Russell 1000<sup>®</sup> Growth Index for the fiscal year. Underweight positions in consumer staples and energy contributed to performance. In the Series' international equity portfolio, stock selection and overweights in communication services and information technology detracted from performance relative to the MSCI ACWI ex USA SMID Index (net). Stock selection and an underweight in consumer discretionary, as well as stock selection in health care, contributed to performance. In the Series' fixed income portfolio, sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index for the 12-month period. The portfolio's yield curve positioning (a measure of the portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance for the period. The following table outlines key factors that materially affected the Series' performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Amphenol<br>The Trade Desk | Positive<br>Negative | Amphenol is a global leader in designing and manufacturing high-technology interconnect, sensor, and antenna solutions. The company posted gains during the period that were driven by broad-based strength. Amphenol had especially strong results in its datacom segment, where demand from hyperscalers to deploy artificial intelligence (AI) has rapidly expanded the company's potential market.<br>The Trade Desk is a leading independent technology company that provides a self-service, cloud-based platform for advertisers to buy and manage digital ad campaigns across various channels. The company faced challenges on several fronts during the reporting period. Competitive ad platforms improved due to the use of AI, certain large e-commerce players tried to take market share by cutting pricing, and the company's increasingly direct relationship with advertisers posed a risk to its relationship with agency customers. |
| Haw Par<br>FDM Group | Positive<br>Negative | Haw Par is an investment holding company listed in Singapore. The company paid a significant special dividend in 2025, its first since 2019, which renewed investor confidence in Haw Par's ability to generate and return cash. Additionally, we believe the Monetary Authority of Singapore's move to rejuvenate the stock market through the Equity Market Development Programme benefited the share price.<br>FDM Group is a U.K.-based information technology (IT) services company. The company experienced a weak demand phase following a surge in demand for IT services during the COVID-19 pandemic. |
| Underweighting U.S. Treasuries<br>U.S. Treasuries yield curve positioning | Positive<br>Negative | The portfolio's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>More of the portfolio's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Series historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes, style-specific indexes and composite index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g872972chartimages_11228152.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Tactical Allocation Series (Class A) at NAV<sup>(1)</sup>** | 6.79% | 2.09% | 7.77% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **MSCI All Country World Index (net)** | 22.34% | 11.19% | 11.72% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 30.74% | 6.80% | 7.87% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |
| **Virtus Tactical Allocation Series Linked Benchmark** | 15.98% | 7.88% | 10.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not reflect any fees or expenses associated with the separate insurance products.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/vits-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY SERIES STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$64588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 63.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 26 |  |
| Corporate Bonds and Notes |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6 |  |
| Affiliated Mutual Funds |  | 13 |
| Mortgage-Backed Securities |  | 6 |
| U.S. Government Securities |  | 6 |
| Foreign Government Securities |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 0.95% went into effect for Class A shares.

**Where can I find more information?**

![TSR VVIT QR Code](g872972images_30344.jpg)

For more information about the Series including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Series holdings, and proxy voting information, please contact us at 1-800-367-5877, or visit https://www.virtus.com/investor-resources/variable-insurance-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-367-5877.

8388 Virtus Tactical Allocation Series

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions of Form N-CSR. A copy of the currently applicable code is included as an exhibit.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this items instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee.

---

| | |
|:---|:---|
| (a)(2) | The Registrant's Board of Trustees has determined that each of Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

---

(a)(3) Not applicable.

------

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $168,965 for 2025 and $168,537 for 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $14,133 for 2025 and $12,264 for 2024. Such audit-related fees include out of pocket expenses and system conversion fees.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $28,179 for 2025 and $29,976 for 2024.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Board of Trustees of Virtus Variable Insurance Trust (the "Fund") has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

------

The Audit Committee has determined that the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved at the next regularly scheduled in-person Audit Committee meeting.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $42,312 for 2025 and $42,240 for 2024.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Refer to Item 7(a).

(b) Not applicable.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (annual) financial statements and financial highlights are as follows:

------

ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS VARIABLE INSURANCE TRUST**

![](g872972img9ed37f431.gif)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Virtus Duff & Phelps Real Estate Securities Series |
| Virtus KAR Capital Growth Series |
| Virtus KAR Equity Income Series |
| Virtus KAR Small-Cap Growth Series |
| Virtus KAR Small-Cap Value Series |
| Virtus Newfleet Multi-Sector Intermediate Bond Series |
| Virtus SGA International Growth Series |
| Virtus Tactical Allocation Series |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_KIT-TOC-KeyInvestmentTerms-374_1) | 1 |
| [Schedules of Investments](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-376_1) |  |
| [Virtus Duff & Phelps Real Estate Securities Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-376_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-376_1)[Duff & Phelps Real Estate Securities](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-376_1)<br> [Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-376_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-376_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-376_1) | 2 |
| [Virtus KAR Capital Growth Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-371_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-371_1)[KAR Capital Growth Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-371_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-371_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-371_1) | 4 |
| [Virtus KAR Equity Income Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-372_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-372_1)[KAR Equity Income Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-372_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-372_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-372_1) | 5 |
| [Virtus KAR Small-Cap Growth Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-377_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-377_1)[KAR Small-Cap Growth Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-377_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-377_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-377_1) | 7 |
| [Virtus KAR Small-Cap Value Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-378_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-378_1)[KAR Small-Cap Value Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-378_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-378_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-378_1) | 8 |
| [Virtus Newfleet Multi-Sector Intermediate Bond Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-375_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-375_1)[Newfleet Multi-Sector Intermediate](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-375_1)<br> [Bond Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-375_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-375_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-375_1) | 9 |
| [Virtus SGA International Growth Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-374_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-374_1)[SGA International Growth Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-374_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-374_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-374_1) | 16 |
| [Virtus Tactical Allocation Series (](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-379_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-379_1)[Tactical Allocation Series](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-379_1)["](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-379_1)[)](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOI-TOC-ScheduleofInvestments-379_1) | 18 |
| [Statements of Assets and Liabilities](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SAL-SAL-Headerfooter_1) | 25 |
| [Statements of Operations](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOP-SOP-Headerfooter_1) | 27 |
| [Statements of Changes in Net Assets](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_SOC-SOC-HeaderFooter_1) | 29 |
| [Financial Highlights](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_FIHI-FIHI-Headerfooter-374_1) | 33 |
| [Notes to Financial Statements](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_NTF-TOC-NTF_1) | 36 |
| [Report of Independent Registered Public Accounting Firm](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_RIRPA-TOC-ReportofAccountingFirm-374_1) | 50 |
| [Other Information](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_OI-TOC-OtherInformation-376_1) | 51 |
| [Tax Information Notice](#xx_7421c9aa-e334-447a-8e8b-f0e3b3adc7c4_TIN-TOC-TIN-374_1) | 56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Proxy Voting Procedures and Voting Record (Form N-PX)**<br> The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been <br> approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these <br> procedures, along with information regarding how the Series voted proxies during the most recent 12-month <br> period ended June 30, free of charge, by calling toll-free 1-800-367-5877. This information is also available <br> through the Securities and Exchange Commission's (the "SEC") website at https://www.sec.gov.<br>**PORTFOLIO HOLDINGS INFORMATION**<br> The Trust files a complete schedule of portfolio holdings for each Series with the SEC for the first and third <br> quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the <br> SEC's website at https://www.sec.gov.<br>

------

**VIRTUS VARIABLE INSURANCE TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**December 31, 2025**

***American Depositary Receipt ("ADR")***

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

***Asset-Backed Securities ("ABS")***

Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.

***Designated Activity Company ("DAC")***

A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

***Exchange-Traded Fund ("ETF")***

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

***Federal Funds Rate***

The target interest rate set by the Federal Reserve at which commercial banks borrow and lend their extra reserves to one another overnight.

***Federal Reserve ("Fed")***

The central bank of the U.S., the Fed is responsible for controlling the money supply, interest rates, and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches, and all national and state banks that are part of the system.

***Joint Stock Company ("JSC")***

A joint stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.

***Payment-in-Kind Security ("PIK")***

A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

***Prime Rate***

The federal funds rate commercial banks charge their most creditworthy corporate customers.

***Public Limited Company ("plc")***

A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

***Real Estate Investment Trust ("REIT")***

A publicly traded company that owns, develops, and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers, and other commercial properties.

***Secured Overnight Financing Rate ("SOFR")***

A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

***Société à responsabilité limitée ("S.a.r.l.")***

A French term for a limited liability company.

***Sponsored ADR***

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the NYSE.

------

**Duff & Phelps Real Estate Securities Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.8%** | **Common Stocks—98.8%** | **Common Stocks—98.8%** |
| **Real Estate Investment Trusts—98.8%** | **Real Estate Investment Trusts—98.8%** |  |
| **Data Centers—12.0%** | **Data Centers—12.0%** |  |
| Digital Realty Trust, Inc. | 32833 | &nbsp;&nbsp; $5079 |
| Equinix, Inc. | 9392 | &nbsp;&nbsp; 7196 |
|  |  | &nbsp;&nbsp; 12275 |
| **Gaming—2.8%** | **Gaming—2.8%** |  |
| Gaming & Leisure Properties, Inc. | 63750 | &nbsp;&nbsp; 2849 |
| **Health Care—20.0%** | **Health Care—20.0%** |  |
| Alexandria Real Estate Equities, Inc. | 24896 | &nbsp;&nbsp; 1218 |
| American Healthcare REIT, Inc. | 31300 | &nbsp;&nbsp; 1473 |
| Sabra Health Care REIT, Inc. | 139575 | &nbsp;&nbsp; 2644 |
| Ventas, Inc. | 61980 | &nbsp;&nbsp; 4796 |
| Welltower, Inc. | 55590 | &nbsp;&nbsp; 10318 |
|  |  | &nbsp;&nbsp; 20449 |
| **Industrial/Office—17.8%** | **Industrial/Office—17.8%** |  |
| **Industrial—13.5%** | **Industrial—13.5%** |  |
| First Industrial Realty Trust, Inc. | 64250 | &nbsp;&nbsp; 3679 |
| Prologis, Inc. | 79326 | &nbsp;&nbsp; 10127 |
|  |  | &nbsp;&nbsp; 13806 |
| **Office—4.3%** | **Office—4.3%** |  |
| BXP, Inc. | 23400 | &nbsp;&nbsp; 1579 |
| Cousins Properties, Inc. | 60450 | &nbsp;&nbsp; 1559 |
| Vornado Realty Trust | 36670 | &nbsp;&nbsp; 1220 |
|  |  | &nbsp;&nbsp; 4358 |
| Total Industrial/Office | Total Industrial/Office | &nbsp;&nbsp; 18164 |
| **Lodging/Resorts—2.4%** | **Lodging/Resorts—2.4%** |  |
| Host Hotels & Resorts, Inc. | 27474 | &nbsp;&nbsp; 487 |
| Ryman Hospitality Properties, Inc. | 20580 | &nbsp;&nbsp; 1948 |
|  |  | &nbsp;&nbsp; 2435 |
| **Residential—16.0%** | **Residential—16.0%** |  |
| **Apartments—9.9%** | **Apartments—9.9%** |  |
| AvalonBay Communities, Inc. | 23559 | &nbsp;&nbsp; 4272 |
| Essex Property Trust, Inc. | 8365 | &nbsp;&nbsp; 2189 |
| Mid-America Apartment Communities, Inc. | 25760 | &nbsp;&nbsp; 3578 |
|  |  | &nbsp;&nbsp; 10039 |
| **Manufactured Homes—2.5%** | **Manufactured Homes—2.5%** |  |
| Equity LifeStyle Properties, Inc. | 42600 | &nbsp;&nbsp; 2582 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Single Family Homes—3.6%** | **Single Family Homes—3.6%** |  |
| American Homes 4 Rent Class A | 114750 | &nbsp;&nbsp; $3683 |
| Total Residential | Total Residential | &nbsp;&nbsp; 16304 |
| **Retail—15.6%** | **Retail—15.6%** |  |
| **Free Standing—5.4%** | **Free Standing—5.4%** |  |
| Agree Realty Corp. | 34050 | &nbsp;&nbsp; 2453 |
| Essential Properties Realty Trust, Inc. | 103100 | &nbsp;&nbsp; 3058 |
|  |  | &nbsp;&nbsp; 5511 |
| **Regional Malls—4.6%** | **Regional Malls—4.6%** |  |
| Simon Property Group, Inc. | 25266 | &nbsp;&nbsp; 4677 |
| **Shopping Centers—5.6%** | **Shopping Centers—5.6%** |  |
| Brixmor Property Group, Inc. | 113742 | &nbsp;&nbsp; 2982 |
| Kimco Realty Corp. | 54470 | &nbsp;&nbsp; 1104 |
| Phillips Edison & Co., Inc. | 46485 | &nbsp;&nbsp; 1654 |
|  |  | &nbsp;&nbsp; 5740 |
| Total Retail |  | &nbsp;&nbsp; 15928 |
| **Self Storage—6.0%** | **Self Storage—6.0%** |  |
| CubeSmart | 69630 | &nbsp;&nbsp; 2510 |
| Public Storage | 10895 | &nbsp;&nbsp; 2827 |
| Smartstop Self Storage REIT, Inc. | 25589 | &nbsp;&nbsp; 792 |
|  |  | &nbsp;&nbsp; 6129 |
| **Specialty—4.2%** | **Specialty—4.2%** |  |
| Iron Mountain, Inc. | 51080 | &nbsp;&nbsp; 4237 |
| **Telecommunications—2.0%** | **Telecommunications—2.0%** |  |
| American Tower Corp. | 11785 | &nbsp;&nbsp; 2069 |
| **Total Common Stocks** <br>**(Identified Cost $73,760)** | **Total Common Stocks** <br>**(Identified Cost $73,760)** | &nbsp;&nbsp; **100839** |
| **Total Long-Term Investments—98.8%** <br>**(Identified Cost $73,760)** | **Total Long-Term Investments—98.8%** <br>**(Identified Cost $73,760)** | &nbsp;&nbsp; **100839** |
| **TOTAL INVESTMENTS—98.8%** <br>**(Identified Cost $73,760)** | **TOTAL INVESTMENTS—98.8%** <br>**(Identified Cost $73,760)** | &nbsp;&nbsp; **$100839** |
| Other assets and liabilities, net—1.2% | Other assets and liabilities, net—1.2% | &nbsp;&nbsp; 1273 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$102112** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| REIT | Real Estate Investment Trust |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

**Duff & Phelps Real Estate Securities Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $100839 | &nbsp;&nbsp;&nbsp;&nbsp; $100839 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $100839 | &nbsp;&nbsp;&nbsp;&nbsp; $100839 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

See Notes to Financial Statements

------

**KAR Capital Growth Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.3%** | **Common Stocks—98.3%** | **Common Stocks—98.3%** |
| **Communication Services—13.9%** | **Communication Services—13.9%** |  |
| Alphabet, Inc. Class A | 41771 | &nbsp;&nbsp; $13074 |
| Meta Platforms, Inc. Class A | 14571 | &nbsp;&nbsp; 9618 |
| Netflix, Inc.<sup>(1)</sup> <br>| 76118 | &nbsp;&nbsp; 7137 |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> <br>| 86302 | &nbsp;&nbsp; 3276 |
|  |  | &nbsp;&nbsp; 33105 |
| **Consumer Discretionary—18.9%** | **Consumer Discretionary—18.9%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 65405 | &nbsp;&nbsp; 15097 |
| Hermes International SCA Unsponsored ADR | 18200 | &nbsp;&nbsp; 4514 |
| Home Depot, Inc. (The) | 9671 | &nbsp;&nbsp; 3328 |
| Marriott International, Inc. Class A | 24268 | &nbsp;&nbsp; 7529 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 2127 | &nbsp;&nbsp; 4284 |
| NIKE, Inc. Class B | 41718 | &nbsp;&nbsp; 2658 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> <br>| 80827 | &nbsp;&nbsp; 7372 |
|  |  | &nbsp;&nbsp; 44782 |
| **Financials—11.3%** | **Financials—11.3%** |  |
| Progressive Corp. (The) | 27155 | &nbsp;&nbsp; 6184 |
| S&P Global, Inc. | 11194 | &nbsp;&nbsp; 5850 |
| Visa, Inc. Class A | 42531 | &nbsp;&nbsp; 14916 |
|  |  | &nbsp;&nbsp; 26950 |
| **Health Care—10.7%** | **Health Care—10.7%** |  |
| Danaher Corp. | 22171 | &nbsp;&nbsp; 5075 |
| Eli Lilly & Co. | 7351 | &nbsp;&nbsp; 7900 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 7343 | &nbsp;&nbsp; 4968 |
| Intuitive Surgical, Inc.<sup>(1)</sup> <br>| 8966 | &nbsp;&nbsp; 5078 |
| Medline, Inc. Class A<sup>(1)</sup> <br>| 55364 | &nbsp;&nbsp; 2325 |
|  |  | &nbsp;&nbsp; 25346 |
| **Industrials—8.1%** | **Industrials—8.1%** |  |
| Equifax, Inc. | 13354 | &nbsp;&nbsp; 2898 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 5400 | &nbsp;&nbsp; 9129 |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 87619 | &nbsp;&nbsp; 7159 |
|  |  | &nbsp;&nbsp; 19186 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—32.1%** | **Information Technology—32.1%** |  |
| Amphenol Corp. Class A | 138954 | &nbsp;&nbsp; $18778 |
| Cadence Design Systems, Inc.<sup>(1)</sup> <br>| 18243 | &nbsp;&nbsp; 5702 |
| Monolithic Power Systems, Inc. | 5002 | &nbsp;&nbsp; 4534 |
| NVIDIA Corp. | 108059 | &nbsp;&nbsp; 20153 |
| ServiceNow, Inc.<sup>(1)</sup> <br>| 36435 | &nbsp;&nbsp; 5581 |
| Shopify, Inc. Class A<sup>(1)</sup> <br>| 56745 | &nbsp;&nbsp; 9134 |
| Snowflake, Inc. Class A<sup>(1)</sup> <br>| 35830 | &nbsp;&nbsp; 7860 |
| Workday, Inc. Class A<sup>(1)</sup> <br>| 21527 | &nbsp;&nbsp; 4624 |
|  |  | &nbsp;&nbsp; 76366 |
| **Materials—1.8%** | **Materials—1.8%** |  |
| Ecolab, Inc. | 16482 | &nbsp;&nbsp; 4327 |
| **Real Estate—1.5%** | **Real Estate—1.5%** |  |
| CoStar Group, Inc.<sup>(1)</sup> <br>| 51443 | &nbsp;&nbsp; 3459 |
| **Total Common Stocks** <br>**(Identified Cost $93,808)** | **Total Common Stocks** <br>**(Identified Cost $93,808)** | &nbsp;&nbsp; **233521** |
| **Total Long-Term Investments—98.3%** <br>**(Identified Cost $93,808)** | **Total Long-Term Investments—98.3%** <br>**(Identified Cost $93,808)** | &nbsp;&nbsp; **233521** |
| **TOTAL INVESTMENTS—98.3%** <br>**(Identified Cost $93,808)** | **TOTAL INVESTMENTS—98.3%** <br>**(Identified Cost $93,808)** | &nbsp;&nbsp; **$233521** |
| Other assets and liabilities, net—1.7% | Other assets and liabilities, net—1.7% | &nbsp;&nbsp; 4060 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$237581** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| S&P | Standard & Poor's |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $233521 | &nbsp;&nbsp;&nbsp;&nbsp; $233521 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $233521 | &nbsp;&nbsp;&nbsp;&nbsp; $233521 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

**KAR Equity Income Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.2%** | **Common Stocks—98.2%** | **Common Stocks—98.2%** |
| **Communication Services—1.8%** | **Communication Services—1.8%** |  |
| Verizon Communications, Inc. | 32712 | &nbsp;&nbsp; $1332 |
| **Consumer Discretionary—5.3%** | **Consumer Discretionary—5.3%** |  |
| Compass Group plc Sponsored ADR | 66216 | &nbsp;&nbsp; 2118 |
| TJX Cos., Inc. (The) | 11907 | &nbsp;&nbsp; 1829 |
|  |  | &nbsp;&nbsp; 3947 |
| **Consumer Staples—8.5%** | **Consumer Staples—8.5%** |  |
| Coca-Cola Co. (The) | 33622 | &nbsp;&nbsp; 2351 |
| Procter & Gamble Co. (The) | 9848 | &nbsp;&nbsp; 1411 |
| Walmart, Inc. | 23700 | &nbsp;&nbsp; 2640 |
|  |  | &nbsp;&nbsp; 6402 |
| **Energy—2.1%** | **Energy—2.1%** |  |
| TotalEnergies SE<sup>(1)</sup> <br>| 23963 | &nbsp;&nbsp; 1568 |
| **Financials—20.7%** | **Financials—20.7%** |  |
| Bank of New York Mellon Corp. (The) | 24069 | &nbsp;&nbsp; 2794 |
| Broadridge Financial Solutions, Inc. | 5930 | &nbsp;&nbsp; 1323 |
| Marsh & McLennan Cos., Inc. | 6211 | &nbsp;&nbsp; 1152 |
| PNC Financial Services Group, Inc. (The) | 16225 | &nbsp;&nbsp; 3387 |
| Prudential Financial, Inc. | 8192 | &nbsp;&nbsp; 925 |
| T. Rowe Price Group, Inc. | 21057 | &nbsp;&nbsp; 2156 |
| Zurich Insurance Group AG ADR | 98861 | &nbsp;&nbsp; 3760 |
|  |  | &nbsp;&nbsp; 15497 |
| **Health Care—11.2%** | **Health Care—11.2%** |  |
| AbbVie, Inc. | 15128 | &nbsp;&nbsp; 3457 |
| Gilead Sciences, Inc. | 12453 | &nbsp;&nbsp; 1528 |
| Johnson & Johnson | 6903 | &nbsp;&nbsp; 1429 |
| Medtronic plc | 20758 | &nbsp;&nbsp; 1994 |
|  |  | &nbsp;&nbsp; 8408 |
| **Industrials—13.0%** | **Industrials—13.0%** |  |
| BAE Systems plc Sponsored ADR | 24518 | &nbsp;&nbsp; 2277 |
| Eaton Corp. plc | 4747 | &nbsp;&nbsp; 1512 |
| Fastenal Co. | 35378 | &nbsp;&nbsp; 1420 |
| Snap-on, Inc. | 4886 | &nbsp;&nbsp; 1684 |
| Trane Technologies plc | 2491 | &nbsp;&nbsp; 970 |
| Watsco, Inc. | 5661 | &nbsp;&nbsp; 1907 |
|  |  | &nbsp;&nbsp; 9770 |
| **Information Technology—19.1%** | **Information Technology—19.1%** |  |
| Amphenol Corp. Class A | 11908 | &nbsp;&nbsp; 1609 |
| Applied Materials, Inc. | 5560 | &nbsp;&nbsp; 1429 |
| Broadcom, Inc. | 8812 | &nbsp;&nbsp; 3050 |
| Cisco Systems, Inc. | 27311 | &nbsp;&nbsp; 2104 |
| International Business Machines Corp. | 8864 | &nbsp;&nbsp; 2626 |
| Microsoft Corp. | 5003 | &nbsp;&nbsp; 2419 |
| Texas Instruments, Inc. | 6147 | &nbsp;&nbsp; 1066 |
|  |  | &nbsp;&nbsp; 14303 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—3.0%** | **Materials—3.0%** |  |
| Linde plc | 5324 | &nbsp;&nbsp; $2270 |
| **Real Estate—5.1%** | **Real Estate—5.1%** |  |
| Getty Realty Corp. | 46793 | &nbsp;&nbsp; 1281 |
| Lamar Advertising Co. Class A | 20220 | &nbsp;&nbsp; 2559 |
|  |  | &nbsp;&nbsp; 3840 |
| **Utilities—8.4%** | **Utilities—8.4%** |  |
| Fortis, Inc. | 74743 | &nbsp;&nbsp; 3882 |
| Southern Co. (The) | 28059 | &nbsp;&nbsp; 2447 |
|  |  | &nbsp;&nbsp; 6329 |
| **Total Common Stocks** <br>**(Identified Cost $56,071)** | **Total Common Stocks** <br>**(Identified Cost $56,071)** | &nbsp;&nbsp; **73666** |
| **Total Long-Term Investments—98.2%** <br>**(Identified Cost $56,071)** | **Total Long-Term Investments—98.2%** <br>**(Identified Cost $56,071)** | &nbsp;&nbsp; **73666** |
| **Securities Lending Collateral—2.1%** | **Securities Lending Collateral—2.1%** | **Securities Lending Collateral—2.1%** |
| Dreyfus Government Cash Management Fund - Institutional <br> Shares (seven-day effective yield 3.651%)<sup>(2)(3)</sup> <br>| 1579232 | &nbsp;&nbsp; 1579 |
| **Total Securities Lending Collateral** <br>**(Identified Cost $1,579)** | **Total Securities Lending Collateral** <br>**(Identified Cost $1,579)** | &nbsp;&nbsp; **1579** |
| **TOTAL INVESTMENTS—100.3%** <br>**(Identified Cost $57,650)** | **TOTAL INVESTMENTS—100.3%** <br>**(Identified Cost $57,650)** | &nbsp;&nbsp; **$75245** |
| Other assets and liabilities, net—(0.3)% | Other assets and liabilities, net—(0.3)% | &nbsp;&nbsp; (233)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$75012** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| All or a portion of security is on loan. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|
| <sup>(3)</sup> <br>| Represents security purchased with cash collateral received for securities on loan. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 82<br> %<br>|
| United Kingdom | 6 |
| Canada | 5 |
| Switzerland | 5 |
| France | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

**KAR Equity Income Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $73666 | &nbsp;&nbsp;&nbsp;&nbsp; $73666 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 1579 | &nbsp;&nbsp;&nbsp;&nbsp; 1579 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $75245 | &nbsp;&nbsp;&nbsp;&nbsp; $75245 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

See Notes to Financial Statements

------

**KAR Small-Cap Growth Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—90.2%** | **Common Stocks—90.2%** | **Common Stocks—90.2%** |
| **Consumer Discretionary—14.6%** | **Consumer Discretionary—14.6%** |  |
| Dream Finders Homes, Inc. Class A<sup>(1)</sup> <br>| 104650 | &nbsp;&nbsp; $1790 |
| Installed Building Products, Inc. | 5900 | &nbsp;&nbsp; 1530 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> <br>| 19453 | &nbsp;&nbsp; 2132 |
| Revolve Group, Inc. Class A<sup>(1)</sup> <br>| 49006 | &nbsp;&nbsp; 1480 |
| Smith Douglas Homes Corp. Class A<sup>(1)</sup> <br>| 37771 | &nbsp;&nbsp; 633 |
|  |  | &nbsp;&nbsp; 7565 |
| **Consumer Staples—1.7%** | **Consumer Staples—1.7%** |  |
| PriceSmart, Inc. | 7150 | &nbsp;&nbsp; 877 |
| **Financials—28.0%** | **Financials—28.0%** |  |
| Goosehead Insurance, Inc. Class A | 36345 | &nbsp;&nbsp; 2677 |
| Kinsale Capital Group, Inc. | 6432 | &nbsp;&nbsp; 2515 |
| Morningstar, Inc. | 4942 | &nbsp;&nbsp; 1074 |
| Ryan Specialty Holdings, Inc. Class A | 47453 | &nbsp;&nbsp; 2450 |
| ServisFirst Bancshares, Inc. | 42331 | &nbsp;&nbsp; 3039 |
| Triumph Financial, Inc.<sup>(1)</sup> <br>| 44742 | &nbsp;&nbsp; 2802 |
|  |  | &nbsp;&nbsp; 14557 |
| **Health Care—7.1%** | **Health Care—7.1%** |  |
| iRadimed Corp. | 6335 | &nbsp;&nbsp; 616 |
| National Research Corp. | 31957 | &nbsp;&nbsp; 600 |
| U.S. Physical Therapy, Inc. | 31613 | &nbsp;&nbsp; 2469 |
|  |  | &nbsp;&nbsp; 3685 |
| **Industrials—22.3%** | **Industrials—22.3%** |  |
| AAON, Inc. | 26855 | &nbsp;&nbsp; 2048 |
| Alliance Laundry Holdings, Inc.<sup>(1)</sup> <br>| 112831 | &nbsp;&nbsp; 2296 |
| Enerpac Tool Group Corp. Class A | 74115 | &nbsp;&nbsp; 2834 |
| FTI Consulting, Inc.<sup>(1)</sup> <br>| 8658 | &nbsp;&nbsp; 1479 |
| Omega Flex, Inc. | 17934 | &nbsp;&nbsp; 528 |
| Toro Co. (The) | 30307 | &nbsp;&nbsp; 2386 |
|  |  | &nbsp;&nbsp; 11571 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—16.5%** | **Information Technology—16.5%** |  |
| Appfolio, Inc. Class A<sup>(1)</sup> <br>| 12488 | &nbsp;&nbsp; $2905 |
| nCino, Inc.<sup>(1)</sup> <br>| 115341 | &nbsp;&nbsp; 2958 |
| NVE Corp. | 4150 | &nbsp;&nbsp; 246 |
| Onestream, Inc. Class A<sup>(1)</sup> <br>| 135534 | &nbsp;&nbsp; 2491 |
|  |  | &nbsp;&nbsp; 8600 |
| **Total Common Stocks** <br>**(Identified Cost $39,821)** | **Total Common Stocks** <br>**(Identified Cost $39,821)** | &nbsp;&nbsp; **46855** |
| **Total Long-Term Investments—90.2%** <br>**(Identified Cost $39,821)** | **Total Long-Term Investments—90.2%** <br>**(Identified Cost $39,821)** | &nbsp;&nbsp; **46855** |
| **Short-Term Investment—4.5%** | **Short-Term Investment—4.5%** | **Short-Term Investment—4.5%** |
| **Money Market Mutual Fund—4.5%** | **Money Market Mutual Fund—4.5%** | **Money Market Mutual Fund—4.5%** |
| Dreyfus Government Cash Management Fund - Institutional <br> Shares (seven-day effective yield 3.651%)<sup>(2)</sup> <br>| 2345167 | &nbsp;&nbsp; 2345 |
| **Total Short-Term Investment** <br>**(Identified Cost $2,345)** | **Total Short-Term Investment** <br>**(Identified Cost $2,345)** | &nbsp;&nbsp; **2345** |
| **TOTAL INVESTMENTS—94.7%** <br>**(Identified Cost $42,166)** | **TOTAL INVESTMENTS—94.7%** <br>**(Identified Cost $42,166)** | &nbsp;&nbsp; **$49200** |
| Other assets and liabilities, net—5.3% | Other assets and liabilities, net—5.3% | &nbsp;&nbsp; 2756 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$51956** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|

---

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $46855 | &nbsp;&nbsp;&nbsp;&nbsp; $46855 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2345 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $49200 | &nbsp;&nbsp;&nbsp;&nbsp; $49200 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

See Notes to Financial Statements

------

**KAR Small-Cap Value Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.8%** | **Common Stocks—97.8%** | **Common Stocks—97.8%** |
| **Consumer Discretionary—12.7%** | **Consumer Discretionary—12.7%** |  |
| Cheesecake Factory, Inc. (The) | 43530 | &nbsp;&nbsp; $2197 |
| Choice Hotels International, Inc. | 12387 | &nbsp;&nbsp; 1180 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> <br>| 11131 | &nbsp;&nbsp; 1387 |
| Thor Industries, Inc. | 17315 | &nbsp;&nbsp; 1778 |
|  |  | &nbsp;&nbsp; 6542 |
| **Consumer Staples—4.6%** | **Consumer Staples—4.6%** |  |
| National Beverage Corp.<sup>(1)</sup> <br>| 31988 | &nbsp;&nbsp; 1020 |
| WD-40 Co. | 6787 | &nbsp;&nbsp; 1336 |
|  |  | &nbsp;&nbsp; 2356 |
| **Financials—26.8%** | **Financials—26.8%** |  |
| Bank of Hawaii Corp. | 27706 | &nbsp;&nbsp; 1894 |
| EVERTEC, Inc. | 49443 | &nbsp;&nbsp; 1439 |
| First Financial Bankshares, Inc. | 47867 | &nbsp;&nbsp; 1430 |
| Houlihan Lokey, Inc. Class A | 16655 | &nbsp;&nbsp; 2901 |
| Jack Henry & Associates, Inc. | 5490 | &nbsp;&nbsp; 1002 |
| Primerica, Inc. | 8930 | &nbsp;&nbsp; 2307 |
| RLI Corp. | 20604 | &nbsp;&nbsp; 1318 |
| Stock Yards Bancorp, Inc. | 22836 | &nbsp;&nbsp; 1483 |
|  |  | &nbsp;&nbsp; 13774 |
| **Health Care—3.6%** | **Health Care—3.6%** |  |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> <br>| 30328 | &nbsp;&nbsp; 1871 |
| **Industrials—42.7%** | **Industrials—42.7%** |  |
| Albany International Corp. Class A | 13483 | &nbsp;&nbsp; 684 |
| Alliance Laundry Holdings, Inc.<sup>(1)</sup> <br>| 48257 | &nbsp;&nbsp; 982 |
| Armstrong World Industries, Inc. | 17117 | &nbsp;&nbsp; 3271 |
| Construction Partners, Inc. Class A<sup>(1)</sup> <br>| 27898 | &nbsp;&nbsp; 3028 |
| CSW Industrials, Inc. | 6286 | &nbsp;&nbsp; 1845 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Hillman Solutions Corp.<sup>(1)</sup> <br>| 206274 | &nbsp;&nbsp; $1786 |
| JBT Marel Corp. | 15768 | &nbsp;&nbsp; 2376 |
| Landstar System, Inc. | 10190 | &nbsp;&nbsp; 1464 |
| RBC Bearings, Inc.<sup>(1)</sup> <br>| 6320 | &nbsp;&nbsp; 2834 |
| UniFirst Corp. | 8945 | &nbsp;&nbsp; 1726 |
| Watsco, Inc. | 5898 | &nbsp;&nbsp; 1987 |
|  |  | &nbsp;&nbsp; 21983 |
| **Information Technology—1.3%** | **Information Technology—1.3%** |  |
| Badger Meter, Inc. | 3941 | &nbsp;&nbsp; 687 |
| **Materials—3.4%** | **Materials—3.4%** |  |
| HB Fuller Co. | 29231 | &nbsp;&nbsp; 1738 |
| **Real Estate—2.7%** | **Real Estate—2.7%** |  |
| Getty Realty Corp. | 50333 | &nbsp;&nbsp; 1378 |
| **Total Common Stocks** <br>**(Identified Cost $28,494)** | **Total Common Stocks** <br>**(Identified Cost $28,494)** | &nbsp;&nbsp; **50329** |
| **Total Long-Term Investments—97.8%** <br>**(Identified Cost $28,494)** | **Total Long-Term Investments—97.8%** <br>**(Identified Cost $28,494)** | &nbsp;&nbsp; **50329** |
| **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $28,494)** | **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $28,494)** | &nbsp;&nbsp; **$50329** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp; 1115 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$51444** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $50329 | &nbsp;&nbsp;&nbsp;&nbsp; $50329 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $50329 | &nbsp;&nbsp;&nbsp;&nbsp; $50329 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

See Notes to Financial Statements

------

**Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—5.1%** | **U.S. Government Securities—5.1%** | **U.S. Government Securities—5.1%** |
| U.S. Treasury Bonds |  |  |
| 4.625%, 5/15/54 | $370 | &nbsp;&nbsp; $356 |
| 4.625%, 2/15/55 | 1850 | &nbsp;&nbsp; 1782 |
| 4.750%, 5/15/55 | 330 | &nbsp;&nbsp; 324 |
| U.S. Treasury Notes |  |  |
| 4.625%, 6/30/26 | 205 | &nbsp;&nbsp; 206 |
| 3.875%, 7/31/30 | 415 | &nbsp;&nbsp; 418 |
| 4.625%, 2/15/35 | 1200 | &nbsp;&nbsp; 1246 |
| **Total U.S. Government Securities** <br>**(Identified Cost $4,380)** | **Total U.S. Government Securities** <br>**(Identified Cost $4,380)** | &nbsp;&nbsp; **4332** |
| **Foreign Government Securities—12.7%** | **Foreign Government Securities—12.7%** | **Foreign Government Securities—12.7%** |
| Arab Republic of Egypt |  |  |
| 144A <br>7.600%, 3/1/29<sup>(2)</sup> <br>| 77 | &nbsp;&nbsp; 82 |
| 144A <br>8.625%, 2/4/30<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 39 |
| 144A <br>5.875%, 2/16/31<sup>(2)</sup> <br>| 32 | &nbsp;&nbsp; 32 |
| 144A <br>8.500%, 1/31/47<sup>(2)</sup> <br>| 128 | &nbsp;&nbsp; 125 |
| 144A <br>8.750%, 9/30/51<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 27 |
| Benin Government International Bond 144A <br>7.960%, 2/13/38<sup>(2)</sup> <br>| 12 | &nbsp;&nbsp; 13 |
| Bolivarian Republic of Venezuela RegS <br>12.750%, 8/23/22<sup>(3)(4)</sup> <br>| 215 | &nbsp;&nbsp; 68 |
| Brazil Notas do Tesouro Nacional Series F <br>10.000%, 1/1/31<br>| 1920<br> <sup>BRL</sup><br>| &nbsp;&nbsp; 308 |
| Bulgaria Government International Bond RegS <br>5.000%, 3/5/37<sup>(4)</sup> <br>| 58 | &nbsp;&nbsp; 58 |
| Costa Rica Government |  |  |
| 144A <br>6.550%, 4/3/34<sup>(2)</sup> <br>| 77 | &nbsp;&nbsp; 84 |
| 144A <br>7.300%, 11/13/54<sup>(2)</sup> <br>| 53 | &nbsp;&nbsp; 59 |
| Czech Republic Government Bond <br>1.750%, 6/23/32<br>| 7330<br> <sup>CZK</sup><br>| &nbsp;&nbsp; 307 |
| Dominican Republic |  |  |
| 144A <br>6.600%, 6/1/36<sup>(2)</sup> <br>| 63 | &nbsp;&nbsp; 66 |
| 144A <br>6.950%, 3/15/37<sup>(2)</sup> <br>| 52 | &nbsp;&nbsp; 56 |
| RegS <br>6.950%, 3/15/37<sup>(4)</sup> <br>| 268 | &nbsp;&nbsp; 288 |
| Eagle Funding Luxco S.a.r.l. 144A <br>5.500%, 8/17/30<sup>(2)</sup> <br>| 103 | &nbsp;&nbsp; 105 |
| Federal Republic of Ethiopia 144A <br>6.625%, 12/11/26<sup>(2)(3)</sup> <br>| 29 | &nbsp;&nbsp; 31 |
| Federative Republic of Brazil |  |  |
| <br>5.500%, 11/6/30 | 77 | &nbsp;&nbsp; 78 |
| <br>6.250%, 3/18/31 | 50 | &nbsp;&nbsp; 52 |
| <br>6.000%, 10/20/33 | 57 | &nbsp;&nbsp; 58 |
| <br>6.625%, 3/15/35 | 67 | &nbsp;&nbsp; 69 |
| <br>7.250%, 1/12/56 | 129 | &nbsp;&nbsp; 128 |
| Hungary Government International Bond |  |  |
| 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| 188 | &nbsp;&nbsp; 200 |
| 144A <br>5.500%, 6/16/34<sup>(2)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| 144A <br>6.000%, 9/26/35<sup>(2)</sup> <br>| 52 | &nbsp;&nbsp; 54 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| 144A <br>5.500%, 3/26/36<sup>(2)</sup> <br>| $98 | &nbsp;&nbsp; $98 |
| Islamic Republic of Pakistan 144A <br>7.375%, 4/8/31<sup>(2)</sup> <br>| 82 | &nbsp;&nbsp; 82 |
| KSA Ijarah Sukuk Ltd. 144A <br>4.875%, 9/9/35<sup>(2)</sup> <br>| 77 | &nbsp;&nbsp; 77 |
| Kyrgyz Republic International Bond 144A <br>7.750%, 6/3/30<sup>(2)</sup> <br>| 95 | &nbsp;&nbsp; 98 |
| Lebanon Government International Bond RegS <br>7.000%, 3/23/32<sup>(3)(4)</sup> <br>| 102 | &nbsp;&nbsp; 24 |
| Malaysia Government Bond <br>2.632%, 4/15/31<br>| 1320<br> <sup>MYR</sup><br>| &nbsp;&nbsp; 314 |
| Mex Bonos Desarr |  |  |
| <br>8.500%, 5/31/29 | 2080<br> <sup>MXN</sup><br>| &nbsp;&nbsp; 117 |
| <br>7.750%, 11/13/42 | 4300<br> <sup>MXN</sup><br>| &nbsp;&nbsp; 204 |
| Oman Government International Bond 144A <br>6.500%, 3/8/47<sup>(2)</sup> <br>| 242 | &nbsp;&nbsp; 259 |
| Republic of Angola |  |  |
| 144A <br>9.244%, 1/15/31<sup>(2)</sup> <br>| 61 | &nbsp;&nbsp; 62 |
| 144A <br>8.750%, 4/14/32<sup>(2)</sup> <br>| 118 | &nbsp;&nbsp; 115 |
| Republic of Argentina |  |  |
| <br>0.750%, 7/9/30<sup>(5)</sup> <br>| 370 | &nbsp;&nbsp; 315 |
| <br>4.125%, 7/9/35<sup>(5)</sup> <br>| 122 | &nbsp;&nbsp; 91 |
| <br>4.125%, 7/9/46<sup>(5)</sup> <br>| 139 | &nbsp;&nbsp; 99 |
| Republic of Chile <br>4.950%, 1/5/36<br>| 180 | &nbsp;&nbsp; 182 |
| Republic of Colombia |  |  |
| <br>8.500%, 4/25/35 | 34 | &nbsp;&nbsp; 37 |
| <br>8.000%, 11/14/35 | 244 | &nbsp;&nbsp; 260 |
| <br>8.750%, 11/14/53 | 50 | &nbsp;&nbsp; 55 |
| Republic of Ecuador |  |  |
| RegS <br>6.900%, 7/31/30<sup>(4)(5)</sup> <br>| 145 | &nbsp;&nbsp; 143 |
| RegS <br>6.900%, 7/31/35<sup>(4)(5)</sup> <br>| 24 | &nbsp;&nbsp; 21 |
| RegS <br>5.000%, 7/31/40<sup>(4)(5)</sup> <br>| 26 | &nbsp;&nbsp; 20 |
| Republic of El Salvador |  |  |
| 144A <br>8.250%, 4/10/32<sup>(2)</sup> <br>| 44 | &nbsp;&nbsp; 47 |
| RegS <br>9.250%, 4/17/30<sup>(4)</sup> <br>| 33 | &nbsp;&nbsp; 36 |
| RegS <br>7.650%, 6/15/35<sup>(4)</sup> <br>| 44 | &nbsp;&nbsp; 46 |
| RegS <br>7.625%, 2/1/41<sup>(4)</sup> <br>| 34 | &nbsp;&nbsp; 34 |
| Republic of Gabon |  |  |
| 144A <br>6.625%, 2/6/31<sup>(2)</sup> <br>| 33 | &nbsp;&nbsp; 25 |
| 144A <br>7.000%, 11/24/31<sup>(2)</sup> <br>| 54 | &nbsp;&nbsp; 41 |
| Republic of Ghana RegS <br>5.000%, 7/3/35<sup>(4)(5)</sup> <br>| 121 | &nbsp;&nbsp; 110 |
| Republic of Guatemala |  |  |
| 144A <br>6.875%, 8/15/55<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 59 |
| RegS <br>6.250%, 8/15/36<sup>(4)</sup> <br>| 47 | &nbsp;&nbsp; 49 |
| RegS <br>4.650%, 10/7/41<sup>(4)</sup> <br>| 48 | &nbsp;&nbsp; 41 |

---

See Notes to Financial Statements

------

**Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Indonesia |  |  |
| <br>4.750%, 9/10/34 | $86 | &nbsp;&nbsp; $86 |
| <br>5.600%, 1/15/35 | 117 | &nbsp;&nbsp; 124 |
| <br>4.200%, 10/15/50 | 68 | &nbsp;&nbsp; 56 |
| <br>5.100%, 2/10/54 | 20 | &nbsp;&nbsp; 19 |
| Republic of Ivory Coast |  |  |
| 144A <br>8.075%, 4/1/36<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 27 |
| 144A <br>8.250%, 1/30/37<sup>(2)</sup> <br>| 59 | &nbsp;&nbsp; 64 |
| Republic of Kazakhstan 144A <br>5.500%, 7/1/37<sup>(2)</sup> <br>| 120 | &nbsp;&nbsp; 123 |
| Republic of Kenya |  |  |
| 144A <br>7.875%, 10/9/33<sup>(2)</sup> <br>| 41 | &nbsp;&nbsp; 41 |
| 144A <br>9.500%, 3/5/36<sup>(2)</sup> <br>| 86 | &nbsp;&nbsp; 92 |
| Republic of Nigeria |  |  |
| 144A <br>9.625%, 6/9/31<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 45 |
| 144A <br>7.375%, 9/28/33<sup>(2)</sup> <br>| 85 | &nbsp;&nbsp; 86 |
| 144A <br>10.375%, 12/9/34<sup>(2)</sup> <br>| 147 | &nbsp;&nbsp; 174 |
| Republic of Panama |  |  |
| <br>3.875%, 3/17/28 | 50 | &nbsp;&nbsp; 49 |
| <br>3.870%, 7/23/60 | 201 | &nbsp;&nbsp; 133 |
| Republic of Peru |  |  |
| <br>2.783%, 1/23/31 | 38 | &nbsp;&nbsp; 35 |
| <br>5.375%, 2/8/35 | 143 | &nbsp;&nbsp; 146 |
| <br>3.600%, 1/15/72 | 36 | &nbsp;&nbsp; 23 |
| Republic of Philippines |  |  |
| <br>5.500%, 2/4/35 | 70 | &nbsp;&nbsp; 74 |
| <br>4.750%, 3/5/35 | 169 | &nbsp;&nbsp; 169 |
| <br>3.700%, 3/1/41 | 77 | &nbsp;&nbsp; 64 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 43 | &nbsp;&nbsp; 44 |
| <br>5.125%, 9/18/34 | 138 | &nbsp;&nbsp; 141 |
| <br>5.375%, 2/12/35 | 62 | &nbsp;&nbsp; 64 |
| Republic of Senegal 144A <br>6.250%, 5/23/33<sup>(2)</sup> <br>| 148 | &nbsp;&nbsp; 86 |
| Republic of South Africa |  |  |
| <br>5.875%, 6/22/30 | 42 | &nbsp;&nbsp; 44 |
| <br>5.650%, 9/27/47 | 174 | &nbsp;&nbsp; 147 |
| <br>8.750%, 2/28/48 | 6300<br> <sup>ZAR</sup><br>| &nbsp;&nbsp; 367 |
| 144A <br>6.125%, 12/11/37<sup>(2)</sup> <br>| 122 | &nbsp;&nbsp; 120 |
| 144A <br>7.950%, 11/19/54<sup>(2)</sup> <br>| 45 | &nbsp;&nbsp; 48 |
| Republic of Sri Lanka |  |  |
| 144A <br>3.100%, 1/15/30<sup>(2)(5)</sup> <br>| 14 | &nbsp;&nbsp; 13 |
| 144A <br>3.600%, 6/15/35<sup>(2)(5)</sup> <br>| 219 | &nbsp;&nbsp; 166 |
| Republic of Turkiye |  |  |
| <br>9.125%, 7/13/30 | 235 | &nbsp;&nbsp; 269 |
| <br>7.625%, 5/15/34 | 65 | &nbsp;&nbsp; 70 |
| <br>6.950%, 9/16/35 | 63 | &nbsp;&nbsp; 65 |
| <br>6.625%, 2/17/45 | 123 | &nbsp;&nbsp; 115 |
| Republic of Zambia 144A <br>5.750%, 6/30/33<sup>(2)(5)</sup> <br>| 46 | &nbsp;&nbsp; 45 |
| Republica Orient Uruguay |  |  |
| <br>5.100%, 6/18/50 | 135 | &nbsp;&nbsp; 128 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| <br>4.975%, 4/20/55 | $115 | &nbsp;&nbsp; $105 |
| Romanian Government International Bond |  |  |
| 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 116 | &nbsp;&nbsp; 126 |
| 144A <br>6.375%, 1/30/34<sup>(2)</sup> <br>| 62 | &nbsp;&nbsp; 65 |
| 144A <br>5.750%, 3/24/35<sup>(2)</sup> <br>| 146 | &nbsp;&nbsp; 144 |
| 144A <br>6.625%, 5/16/36<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 40 |
| Saudi International Bond |  |  |
| 144A <br>5.375%, 1/13/31<sup>(2)</sup> <br>| 82 | &nbsp;&nbsp; 86 |
| 144A <br>5.625%, 1/13/35<sup>(2)</sup> <br>| 109 | &nbsp;&nbsp; 116 |
| 144A <br>4.500%, 10/26/46<sup>(2)</sup> <br>| 201 | &nbsp;&nbsp; 172 |
| Trinidad & Tobago Government International Bond |  |  |
| 144A <br>5.950%, 1/14/31<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| 144A <br>6.400%, 6/26/34<sup>(2)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| UAE International Government Bond 144A <br>4.050%, 7/7/32<sup>(2)</sup> <br>| 46 | &nbsp;&nbsp; 46 |
| Ukraine Government Bond |  |  |
| 144A <br>4.500%, 2/1/29<sup>(2)(5)</sup> <br>| 36 | &nbsp;&nbsp; 27 |
| 144A <br>4.500%, 2/1/34<sup>(2)(5)</sup> <br>| 42 | &nbsp;&nbsp; 26 |
| 144A <br>4.500%, 2/1/35<sup>(2)(5)</sup> <br>| 6 | &nbsp;&nbsp; 4 |
| RegS <br>4.500%, 2/1/29<sup>(4)(5)</sup> <br>| 18 | &nbsp;&nbsp; 14 |
| RegS <br>0.000%, 2/1/30<sup>(4)(5)</sup> <br>| 3 | &nbsp;&nbsp; 2 |
| RegS <br>4.000%, 2/1/32<sup>(4)(5)</sup> <br>| 115 | &nbsp;&nbsp; 86 |
| RegS <br>0.000%, 2/1/34<sup>(4)(5)</sup> <br>| 12 | &nbsp;&nbsp; 6 |
| RegS <br>4.500%, 2/1/35<sup>(4)(5)</sup> <br>| 59 | &nbsp;&nbsp; 35 |
| RegS <br>4.500%, 2/1/36<sup>(4)(5)</sup> <br>| 3 | &nbsp;&nbsp; 2 |
| United Mexican States |  |  |
| <br>5.375%, 3/22/33 | 61 | &nbsp;&nbsp; 60 |
| <br>3.500%, 2/12/34 | 101 | &nbsp;&nbsp; 87 |
| <br>6.625%, 1/29/38 | 55 | &nbsp;&nbsp; 57 |
| <br>6.338%, 5/4/53 | 137 | &nbsp;&nbsp; 130 |
| Uzbekistan International Bond |  |  |
| 144A <br>3.700%, 11/25/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 46 |
| 144A <br>6.900%, 2/28/32<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 31 |
| **Total Foreign Government Securities** <br>**(Identified Cost $10,153)** | **Total Foreign Government Securities** <br>**(Identified Cost $10,153)** | &nbsp;&nbsp; **10725** |

---

See Notes to Financial Statements

------

**Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Mortgage-Backed Securities—10.4%** | **Mortgage-Backed Securities—10.4%** | **Mortgage-Backed Securities—10.4%** |
| **Agency—10.4%** | **Agency—10.4%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| Pool #SD6322 <br>4.500%, 8/1/53<br>| $453 | &nbsp;&nbsp; $445 |
| Pool #SD8343 <br>6.000%, 7/1/53<br>| 217 | &nbsp;&nbsp; 223 |
| Pool #SD8382 <br>5.000%, 12/1/53<br>| 413 | &nbsp;&nbsp; 413 |
| Pool #SD8492 <br>5.000%, 1/1/55<br>| 574 | &nbsp;&nbsp; 572 |
| Pool #SD8494 <br>5.500%, 1/1/55<br>| 837 | &nbsp;&nbsp; 849 |
| Pool #SL0019 <br>5.500%, 1/1/55<br>| 835 | &nbsp;&nbsp; 848 |
| Pool #SL0627 <br>6.000%, 10/1/54<br>| 746 | &nbsp;&nbsp; 767 |
| Pool #SL1127 <br>6.000%, 12/1/54<br>| 770 | &nbsp;&nbsp; 790 |
| Federal National Mortgage Association |  |  |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| 376 | &nbsp;&nbsp; 386 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 857 | &nbsp;&nbsp; 881 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 367 | &nbsp;&nbsp; 367 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 690 | &nbsp;&nbsp; 657 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 404 | &nbsp;&nbsp; 416 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 469 | &nbsp;&nbsp; 460 |
| Pool #MA4980 <br>6.000%, 4/1/53<br>| 342 | &nbsp;&nbsp; 353 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 352 | &nbsp;&nbsp; 359 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $8,695)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $8,695)** | &nbsp;&nbsp; **8786** |
| **Corporate Bonds and Notes—22.6%** | **Corporate Bonds and Notes—22.6%** | **Corporate Bonds and Notes—22.6%** |
| **Communication Services—0.5%** | **Communication Services—0.5%** |  |
| IHS Holding Ltd. 144A <br>8.250%, 11/29/31<sup>(2)</sup> <br>| 43 | &nbsp;&nbsp; 45 |
| Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 205 | &nbsp;&nbsp; 195 |
| Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 120 | &nbsp;&nbsp; 145 |
|  |  | &nbsp;&nbsp; 385 |
| **Consumer Discretionary—0.9%** | **Consumer Discretionary—0.9%** |  |
| Ashtead Capital, Inc. 144A <br>5.500%, 8/11/32<sup>(2)</sup> <br>| 155 | &nbsp;&nbsp; 160 |
| Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 190 | &nbsp;&nbsp; 139 |
| Ford Motor Credit Co. LLC <br>7.350%, 3/6/30<br>| 145 | &nbsp;&nbsp; 156 |
| Meritage Homes Corp. 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 162 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Polaris, Inc. <br>5.600%, 3/1/31<br>| $125 | &nbsp;&nbsp; $126 |
|  |  | &nbsp;&nbsp; 743 |
| **Consumer Staples—0.2%** | **Consumer Staples—0.2%** |  |
| Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 174 | &nbsp;&nbsp; 186 |
| **Energy—3.3%** | **Energy—3.3%** |  |
| BP Capital Markets plc <br>4.875% <sup>(6)</sup> <br>| 135 | &nbsp;&nbsp; 134 |
| Columbia Pipelines Operating Co. LLC 144A <br>6.036%, 11/15/33<sup>(2)</sup> <br>| 170 | &nbsp;&nbsp; 182 |
| Enbridge, Inc. <br>8.500%, 1/15/84<br>| 155 | &nbsp;&nbsp; 178 |
| Energean Israel Finance Ltd. 144A, RegS <br>5.875%, 3/30/31<sup>(2)(4)</sup> <br>| 28 | &nbsp;&nbsp; 27 |
| Flex Intermediate Holdco LLC 144A <br>3.363%, 6/30/31<sup>(2)</sup> <br>| 310 | &nbsp;&nbsp; 285 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 177 |
| HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 160 | &nbsp;&nbsp; 167 |
| KazMunayGas National Co. JSC 144A <br>6.375%, 10/24/48<sup>(2)</sup> <br>| 42 | &nbsp;&nbsp; 42 |
| Leviathan Bond Ltd. 144A, RegS <br>6.750%, 6/30/30<sup>(2)(4)</sup> <br>| 36 | &nbsp;&nbsp; 36 |
| Occidental Petroleum Corp. <br>6.200%, 3/15/40<br>| 130 | &nbsp;&nbsp; 132 |
| Pertamina Persero PT 144A <br>6.450%, 5/30/44<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 64 |
| Petroleos de Venezuela S.A. RegS <br>9.000%, 11/17/21<sup>(3)(4)</sup> <br>| 575 | &nbsp;&nbsp; 144 |
| Petroleos del Peru S.A. RegS <br>4.750%, 6/19/32<sup>(4)</sup> <br>| 52 | &nbsp;&nbsp; 39 |
| Petroleos Mexicanos |  |  |
| 6.840%, 1/23/30 | 73 | &nbsp;&nbsp; 74 |
| 5.950%, 1/28/31 | 130 | &nbsp;&nbsp; 126 |
| 6.700%, 2/16/32 | 54 | &nbsp;&nbsp; 54 |
| 7.690%, 1/23/50 | 20 | &nbsp;&nbsp; 18 |
| 6.950%, 1/28/60 | 75 | &nbsp;&nbsp; 61 |
| Petronas Capital Ltd. |  |  |
| <br>144A 3.500%, 4/21/30<sup>(2)</sup> <br>| 32 | &nbsp;&nbsp; 31 |
| <br>144A 5.848%, 4/3/55<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 115 |
| Sempra Infrastructure Partners LP 144A <br>3.250%, 1/15/32<sup>(2)</sup> <br>| 297 | &nbsp;&nbsp; 263 |
| Uzbekneftegaz JSC 144A <br>8.750%, 5/7/30<sup>(2)</sup> <br>| 54 | &nbsp;&nbsp; 58 |
| Western Midstream Operating LP <br>5.250%, 2/1/50<br>| 215 | &nbsp;&nbsp; 184 |
| Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| 125 | &nbsp;&nbsp; 127 |
| YPF S.A. 144A <br>9.500%, 1/17/31<sup>(2)</sup> <br>| 32 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 2752 |
| **Financials—11.5%** | **Financials—11.5%** |  |
| AerCap Ireland Capital DAC <br>6.950%, 3/10/55<br>| 90 | &nbsp;&nbsp; 94 |
| Allianz SE 144A <br>6.350%, 9/6/53<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 215 |

---

See Notes to Financial Statements

------

**Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Ally Financial, Inc. <br>5.543%, 1/17/31<br>| $90 | &nbsp;&nbsp; $92 |
| American Express Co. <br>5.625%, 7/28/34<br>| 185 | &nbsp;&nbsp; 193 |
| Apollo Debt Solutions BDC <br>6.900%, 4/13/29<br>| 150 | &nbsp;&nbsp; 157 |
| Apollo Global Management, Inc. <br>6.000%, 12/15/54<br>| 175 | &nbsp;&nbsp; 173 |
| Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(2)</sup> <br>| 285 | &nbsp;&nbsp; 265 |
| Azule Energy Finance plc 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Bank of America Corp. <br>5.518%, 10/25/35<br>| 225 | &nbsp;&nbsp; 230 |
| Barclays plc <br>7.437%, 11/2/33<br>| 200 | &nbsp;&nbsp; 229 |
| Blackstone Private Credit Fund <br>6.000%, 1/29/32<br>| 180 | &nbsp;&nbsp; 183 |
| Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 195 | &nbsp;&nbsp; 177 |
| BNSF Funding Trust I <br>6.613%, 12/15/55<br>| 185 | &nbsp;&nbsp; 185 |
| BPCE S.A. 144A <br>7.003%, 10/19/34<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 278 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 125 | &nbsp;&nbsp; 109 |
| 6.377%, 6/8/34 | 80 | &nbsp;&nbsp; 86 |
| Capital Power U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 136 |
| Charles Schwab Corp. (The) Series H <br>4.000% <sup>(6)</sup> <br>| 190 | &nbsp;&nbsp; 177 |
| Citigroup, Inc. |  |  |
| 3.980%, 3/20/30 | 120 | &nbsp;&nbsp; 119 |
| 6.174%, 5/25/34 | 122 | &nbsp;&nbsp; 130 |
| Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 235 | &nbsp;&nbsp; 237 |
| DAE Funding LLC 144A <br>3.375%, 3/20/28<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 121 |
| Deutsche Bank AG <br>5.403%, 9/11/35<br>| 180 | &nbsp;&nbsp; 184 |
| Drawbridge Special Opportunities Fund LP 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 124 |
| F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 150 | &nbsp;&nbsp; 156 |
| Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 155 | &nbsp;&nbsp; 151 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 185 | &nbsp;&nbsp; 188 |
| Foundry JV Holdco LLC 144A <br>5.875%, 1/25/34<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 133 |
| FS Luxembourg S.a.r.l. 144A <br>8.875%, 2/12/31<sup>(2)</sup> <br>| 68 | &nbsp;&nbsp; 71 |
| Global Atlantic Fin Co. 144A <br>7.950%, 6/15/33<sup>(2)</sup> <br>| 142 | &nbsp;&nbsp; 162 |
| Global Payments, Inc. <br>5.550%, 11/15/35<br>| 125 | &nbsp;&nbsp; 124 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 5.330%, 7/23/35 | 75 | &nbsp;&nbsp; 77 |
| 6.450%, 5/1/36 | 85 | &nbsp;&nbsp; 93 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.375%, 7/1/34 | 80 | &nbsp;&nbsp; 81 |
| 6.750%, 7/15/35 | 95 | &nbsp;&nbsp; 99 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Huntington Bancshares, Inc. |  |  |
| 5.709%, 2/2/35 | $130 | &nbsp;&nbsp; $136 |
| 6.141%, 11/18/39 | 60 | &nbsp;&nbsp; 63 |
| Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 125 | &nbsp;&nbsp; 132 |
| Imperial Brands Finance plc 144A <br>5.625%, 7/1/35<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 180 |
| JH North America Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(2)</sup> <br>| 180 | &nbsp;&nbsp; 185 |
| JPMorgan Chase & Co. |  |  |
| 2.956%, 5/13/31 | 270 | &nbsp;&nbsp; 255 |
| 1.953%, 2/4/32 | 160 | &nbsp;&nbsp; 143 |
| KeyCorp <br>6.401%, 3/6/35<br>| 185 | &nbsp;&nbsp; 201 |
| Lloyds Banking Group plc <br>6.625% <sup>(6)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Morgan Stanley |  |  |
| 6.342%, 10/18/33 | 90 | &nbsp;&nbsp; 99 |
| 5.948%, 1/19/38 | 152 | &nbsp;&nbsp; 160 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 191 | &nbsp;&nbsp; 182 |
| NatWest Group plc <br>6.475%, 6/1/34<br>| 200 | &nbsp;&nbsp; 210 |
| NextEra Energy Capital Holdings, Inc. <br>6.500%, 8/15/55<br>| 165 | &nbsp;&nbsp; 174 |
| Nippon Life Insurance Co. 144A <br>6.250%, 9/13/53<sup>(2)</sup> <br>| 115 | &nbsp;&nbsp; 122 |
| PNC Financial Services Group, Inc. (The) <br>5.575%, 1/29/36<br>| 180 | &nbsp;&nbsp; 188 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 3/1/52 | 73 | &nbsp;&nbsp; 72 |
| 6.750%, 3/1/53 | 145 | &nbsp;&nbsp; 155 |
| Reinsurance Group of America, Inc. <br>6.650%, 9/15/55<br>| 145 | &nbsp;&nbsp; 150 |
| Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 211 |
| South Bow USA Infrastructure Holdings LLC <br>5.584%, 10/1/34<br>| 80 | &nbsp;&nbsp; 81 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 85 | &nbsp;&nbsp; 92 |
| Series I 6.700%<sup>(6)</sup> <br>| 120 | &nbsp;&nbsp; 125 |
| Stellantis Finance U.S., Inc. 144A <br>6.450%, 3/18/35<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 130 |
| Sumitomo Life Insurance Co. 144A <br>5.875%, 9/10/55<sup>(2)</sup> <br>| 170 | &nbsp;&nbsp; 172 |
| Toll Brothers Finance Corp. <br>5.600%, 6/15/35<br>| 100 | &nbsp;&nbsp; 103 |
| Toronto-Dominion Bank (The) <br>8.125%, 10/31/82<br>| 190 | &nbsp;&nbsp; 200 |
| UBS Group AG 144A <br>4.988%, 8/5/33<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp; 223 |
| Wells Fargo & Co. |  |  |
| 5.389%, 4/24/34 | 140 | &nbsp;&nbsp; 146 |
| Series BB 3.900%<sup>(6)</sup> <br>| 130 | &nbsp;&nbsp; 130 |
|  |  | &nbsp;&nbsp; 9709 |
| **Health Care—1.2%** | **Health Care—1.2%** |  |
| 180 Medical, Inc. 144A <br>5.300%, 10/8/35<sup>(2)</sup> <br>| 170 | &nbsp;&nbsp; 169 |
| Baxter International, Inc. <br>5.650%, 12/15/35<br>| 165 | &nbsp;&nbsp; 167 |

---

See Notes to Financial Statements

------

**Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| $170 | &nbsp;&nbsp; $157 |
| HCA, Inc. <br>5.500%, 6/1/33<br>| 165 | &nbsp;&nbsp; 172 |
| Smith & Nephew plc <br>5.400%, 3/20/34<br>| 140 | &nbsp;&nbsp; 144 |
| Universal Health Services, Inc. <br>2.650%, 1/15/32<br>| 258 | &nbsp;&nbsp; 228 |
|  |  | &nbsp;&nbsp; 1037 |
| **Industrials—1.8%** | **Industrials—1.8%** |  |
| Adani Ports & Special Economic Zone Ltd. 144A <br>4.375%, 7/3/29<sup>(2)</sup> <br>| 77 | &nbsp;&nbsp; 75 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 167 | &nbsp;&nbsp; 168 |
| Aviation Capital Group LLC 144A <br>3.500%, 11/1/27<sup>(2)</sup> <br>| 205 | &nbsp;&nbsp; 202 |
| Boeing Co. (The) |  |  |
| 3.750%, 2/1/50 | 85 | &nbsp;&nbsp; 62 |
| 5.805%, 5/1/50 | 50 | &nbsp;&nbsp; 49 |
| 5.930%, 5/1/60 | 69 | &nbsp;&nbsp; 68 |
| British Airways Pass-Through Trust 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 176 | &nbsp;&nbsp; 160 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 180 | &nbsp;&nbsp; 165 |
| Delta Air Lines Pass-Through Trust 2015-1, AA <br>3.625%, 1/30/29<br>| 161 | &nbsp;&nbsp; 159 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 23 |
| Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 160 | &nbsp;&nbsp; 172 |
| United Airlines Pass-Through Trust 2023-1, A <br>5.800%, 7/15/37<br>| 172 | &nbsp;&nbsp; 179 |
|  |  | &nbsp;&nbsp; 1482 |
| **Information Technology—0.4%** | **Information Technology—0.4%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.950%, 8/4/33 | 85 | &nbsp;&nbsp; 89 |
| <br>144A 4.000%, 7/1/29<sup>(2)</sup> <br>| 140 | &nbsp;&nbsp; 137 |
| Oracle Corp. <br>5.500%, 8/3/35<br>| 130 | &nbsp;&nbsp; 127 |
|  |  | &nbsp;&nbsp; 353 |
| **Materials—0.9%** | **Materials—0.9%** |  |
| Alpek SAB de C.V. RegS <br>3.250%, 2/25/31<sup>(4)</sup> <br>| 81 | &nbsp;&nbsp; 69 |
| Bayport Polymers LLC 144A <br>5.140%, 4/14/32<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp; 257 |
| Corp. Nacional del Cobre de Chile 144A <br>5.950%, 1/8/34<sup>(2)</sup> <br>| 164 | &nbsp;&nbsp; 171 |
| Samarco Mineracao S.A. (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(2)(7)</sup> <br>| 37 | &nbsp;&nbsp; 37 |
| Sonoco Products Co. <br>5.000%, 9/1/34<br>| 140 | &nbsp;&nbsp; 139 |
| Westlake Corp. <br>5.550%, 11/15/35<br>| 125 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp; 798 |
| **Real Estate—0.0%** | **Real Estate—0.0%** |  |
| Port of Spain Waterfront Development RegS <br>7.875%, 2/19/40<sup>(4)</sup> <br>| 34 | &nbsp;&nbsp; 34 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—1.9%** | **Utilities—1.9%** |  |
| CMS Energy Corp. <br>4.750%, 6/1/50<br>| $225 | &nbsp;&nbsp; $221 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa 144A <br>8.650%, 1/24/33<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 37 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 80 | &nbsp;&nbsp; 80 |
| Series B 7.000%, 6/1/54 | 95 | &nbsp;&nbsp; 103 |
| Electricite de France S.A. 144A <br>6.900%, 5/23/53<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 220 |
| Enel Finance International N.V. 144A <br>7.500%, 10/14/32<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 173 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 190 | &nbsp;&nbsp; 200 |
| Eskom Holdings 144A <br>8.450%, 8/10/28<sup>(2)</sup> <br>| 59 | &nbsp;&nbsp; 63 |
| KeySpan Gas East Corp. 144A <br>5.994%, 3/6/33<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 169 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(2)</sup> <br>| 151 | &nbsp;&nbsp; 167 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik <br> Negara 144A <br>4.125%, 5/15/27<sup>(2)</sup> <br>| 38 | &nbsp;&nbsp; 38 |
| Southern California Edison Co. <br>6.000%, 1/15/34<br>| 130 | &nbsp;&nbsp; 136 |
|  |  | &nbsp;&nbsp; 1607 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,579)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,579)** | &nbsp;&nbsp; **19086** |
| **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Paragon Offshore Finance Co. Escrow <br>0.000%, 7/19/27<sup>(3)(8)</sup> <br>| —<br> <sup>(9)</sup><br>| &nbsp;&nbsp; — |
| **Total Leveraged Loans** <br>**(Identified Cost $—)**<sup>(9)</sup>  | **Total Leveraged Loans** <br>**(Identified Cost $—)**<sup>(9)</sup>  | &nbsp;&nbsp; **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.1%** | **Common Stocks—0.1%** | **Common Stocks—0.1%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| NMG Parent LLC Escrow<sup>(8)(10)</sup> <br>| 271 | &nbsp;&nbsp; — |
| West Marine<sup>(8)(10)</sup> <br>| 150 | &nbsp;&nbsp; — |
| **Health Care—0.1%** | **Health Care—0.1%** |  |
| Endo GUC Trust Class A Escrow<sup>(8)(10)</sup> <br>| 7290 | &nbsp;&nbsp; — |
| Lannett Co., Inc.<sup>(8)(10)</sup> <br>| 1387 | &nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp; 37 |
| **Total Common Stocks** <br>**(Identified Cost $50)** | **Total Common Stocks** <br>**(Identified Cost $50)** | &nbsp;&nbsp; **37** |
| **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** |
| **Fixed Income Funds—46.4%** | **Fixed Income Funds—46.4%** |  |
| Virtus Newfleet ABS MACS<sup>(11)(12)</sup> <br>| 1100856 | &nbsp;&nbsp; 10932 |
| Virtus Newfleet CMBS MACS<sup>(11)(12)</sup> <br>| 435829 | &nbsp;&nbsp; 4376 |
| Virtus Newfleet Floating Rate MACS<sup>(11)(12)</sup> <br>| 528648 | &nbsp;&nbsp; 5112 |

---

See Notes to Financial Statements

------

**Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Fixed Income Funds—continued** | **Fixed Income Funds—continued** |  |
| Virtus Newfleet High Yield MACS<sup>(11)(12)</sup> <br>| 1051314 | &nbsp;&nbsp; $10313 |
| Virtus Newfleet RMBS MACS<sup>(11)(12)</sup> <br>| 824519 | &nbsp;&nbsp; 8369 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $39,344)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $39,344)** | &nbsp;&nbsp; **39102** |
| **Total Long-Term Investments—97.3%** <br>**(Identified Cost $81,201)** | **Total Long-Term Investments—97.3%** <br>**(Identified Cost $81,201)** | &nbsp;&nbsp; **82068** |
| **TOTAL INVESTMENTS—97.3%** <br>**(Identified Cost $81,201)** | **TOTAL INVESTMENTS—97.3%** <br>**(Identified Cost $81,201)** | &nbsp;&nbsp; **$82068** |
| Other assets and liabilities, net—2.7% | Other assets and liabilities, net—2.7% | &nbsp;&nbsp; 2276 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$84344** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| CMBS | Commercial Mortgage-Backed Securities |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MACS | Managed Account Completion Shares |
| MSCI | Morgan Stanley Capital International |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S.a.r.l. | Société à responsabilité limitée |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported in thousands. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, these securities amounted to a value of $11,357 or 13.5% of net assets. 

<sup>(3)</sup> Security in default; no interest payments are being received.

<sup>(4)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. 

<sup>(5)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of December 31, 2025. 

<sup>(6)</sup> No contractual maturity date.

<sup>(7)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(8)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. 

<sup>(9)</sup> Amount is less than $500 (not in thousands).

<sup>(10)</sup> Non-income producing.

<sup>(11)</sup> Affiliated investment. See Note 3F in Notes to Financial Statements.

<sup>(12)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 80<br> %<br>|
| United Kingdom | 2 |
| Mexico | 1 |
| South Africa | 1 |
| Brazil | 1 |
| France | 1 |
| Argentina | 1 |
| Other | 13 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

**Newfleet Multi-Sector Intermediate Bond Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $4332 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4332 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 10725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10725 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 8786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8786 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 19086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19086 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37 <br><sup>(1)</sup><br>|
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 39102 | &nbsp;&nbsp;&nbsp;&nbsp; 39102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $82068 | &nbsp;&nbsp;&nbsp;&nbsp; $39102 | &nbsp;&nbsp;&nbsp;&nbsp; $42929 | &nbsp;&nbsp;&nbsp;&nbsp; $37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

Some of the Series' investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2025.

See Notes to Financial Statements

------

**SGA International Growth Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—2.7%** | **Preferred Stock—2.7%** | **Preferred Stock—2.7%** |
| **Health Care—2.7%** | **Health Care—2.7%** |  |
| Sartorius AG, 0.280% (Germany) | 9140 | &nbsp;&nbsp; $2655 |
| **Total Preferred Stock** <br>**(Identified Cost $2,501)** | **Total Preferred Stock** <br>**(Identified Cost $2,501)** | &nbsp;&nbsp; **2655** |
| **Common Stocks—95.0%** | **Common Stocks—95.0%** | **Common Stocks—95.0%** |
| **Communication Services—4.2%** | **Communication Services—4.2%** |  |
| Universal Music Group N.V. (Netherlands) | 158120 | &nbsp;&nbsp; 4131 |
| **Consumer Discretionary—14.1%** | **Consumer Discretionary—14.1%** |  |
| Alibaba Group Holding Ltd. Sponsored ADR (China-Hong <br> Kong)<br>| 26777 | &nbsp;&nbsp; 3925 |
| Fast Retailing Co., Ltd. (Japan) | 11240 | &nbsp;&nbsp; 4086 |
| MercadoLibre, Inc. (Argentina)<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 2135 |
| Sea Ltd. ADR (Singapore)<sup>(1)</sup> <br>| 10277 | &nbsp;&nbsp; 1311 |
| Yum China Holdings, Inc. (China) | 49403 | &nbsp;&nbsp; 2340 |
|  |  | &nbsp;&nbsp; 13797 |
| **Consumer Staples—10.8%** | **Consumer Staples—10.8%** |  |
| Fomento Economico Mexicano SAB de C.V. Sponsored ADR <br> (Mexico)<br>| 15876 | &nbsp;&nbsp; 1605 |
| Heineken N.V. (Netherlands) | 18127 | &nbsp;&nbsp; 1486 |
| L'Oreal S.A. (France) | 7312 | &nbsp;&nbsp; 3150 |
| Unilever plc Sponsored ADR (United Kingdom) | 45172 | &nbsp;&nbsp; 2954 |
| Wal-Mart de Mexico SAB de C.V. (Mexico) | 447120 | &nbsp;&nbsp; 1391 |
|  |  | &nbsp;&nbsp; 10586 |
| **Financials—16.6%** | **Financials—16.6%** |  |
| Adyen N.V. (Netherlands)<sup>(1)</sup> <br>| 2453 | &nbsp;&nbsp; 3964 |
| AIA Group Ltd. (China-Hong Kong) | 391543 | &nbsp;&nbsp; 4019 |
| Aon plc Class A (United Kingdom) | 11947 | &nbsp;&nbsp; 4216 |
| HDFC Bank Ltd. ADR (India) | 110752 | &nbsp;&nbsp; 4047 |
|  |  | &nbsp;&nbsp; 16246 |
| **Health Care—14.1%** | **Health Care—14.1%** |  |
| Alcon AG (Switzerland) | 48640 | &nbsp;&nbsp; 3833 |
| Galderma Group AG (Switzerland) | 9509 | &nbsp;&nbsp; 1946 |
| Haleon plc (United Kingdom) | 658102 | &nbsp;&nbsp; 3325 |
| STERIS plc (United States) | 18682 | &nbsp;&nbsp; 4736 |
|  |  | &nbsp;&nbsp; 13840 |
| **Industrials—13.0%** | **Industrials—13.0%** |  |
| Canadian Pacific Kansas City Ltd. (Canada)<sup>(2)</sup> <br>| 51282 | &nbsp;&nbsp; 3776 |
| Experian plc (Ireland) | 58769 | &nbsp;&nbsp; 2664 |
| Grab Holdings Ltd. Class A (Singapore)<sup>(1)</sup> <br>| 255985 | &nbsp;&nbsp; 1277 |
| Recruit Holdings Co., Ltd. (Japan) | 34312 | &nbsp;&nbsp; 1938 |
| Waste Connections, Inc. (Canada) | 17267 | &nbsp;&nbsp; 3028 |
|  |  | &nbsp;&nbsp; 12683 |
| **Information Technology—20.0%** | **Information Technology—20.0%** |  |
| ARM Holdings plc ADR (United Kingdom)<sup>(1)</sup> <br>| 17110 | &nbsp;&nbsp; 1870 |
| Dassault Systemes SE (France) | 87554 | &nbsp;&nbsp; 2453 |
| Infosys Ltd. Sponsored ADR (India)<sup>(2)</sup> <br>| 29165 | &nbsp;&nbsp; 520 |
| Sage Group plc (The) (United Kingdom) | 241769 | &nbsp;&nbsp; 3530 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| SAP SE Sponsored ADR (Germany) | 17864 | &nbsp;&nbsp; $4339 |
| Shopify, Inc. Class A (Canada)<sup>(1)</sup> <br>| 12207 | &nbsp;&nbsp; 1965 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored <br> ADR (Taiwan)<br>| 16112 | &nbsp;&nbsp; 4896 |
|  |  | &nbsp;&nbsp; 19573 |
| **Materials—2.2%** | **Materials—2.2%** |  |
| Linde plc (United States) | 4944 | &nbsp;&nbsp; 2108 |
| **Total Common Stocks** <br>**(Identified Cost $71,406)** | **Total Common Stocks** <br>**(Identified Cost $71,406)** | &nbsp;&nbsp; **92964** |
| **Total Long-Term Investments—97.7%** <br>**(Identified Cost $73,907)** | **Total Long-Term Investments—97.7%** <br>**(Identified Cost $73,907)** | &nbsp;&nbsp; **95619** |
| **Securities Lending Collateral—4.4%** | **Securities Lending Collateral—4.4%** | **Securities Lending Collateral—4.4%** |
| Dreyfus Government Cash Management Fund - Institutional <br> Shares (seven-day effective yield 3.651%)<sup>(3)(4)</sup> <br>| 4336717 | &nbsp;&nbsp; 4337 |
| **Total Securities Lending Collateral** <br>**(Identified Cost $4,337)** | **Total Securities Lending Collateral** <br>**(Identified Cost $4,337)** | &nbsp;&nbsp; **4337** |
| **TOTAL INVESTMENTS—102.1%** <br>**(Identified Cost $78,244)** | **TOTAL INVESTMENTS—102.1%** <br>**(Identified Cost $78,244)** | &nbsp;&nbsp; **$99956** |
| Other assets and liabilities, net—(2.1)% | Other assets and liabilities, net—(2.1)% | &nbsp;&nbsp; (2085)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$97871** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| All or a portion of security is on loan. |
| <sup>(3)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|
| <sup>(4)</sup> <br>| Represents security purchased with cash collateral received for securities on loan. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United Kingdom | 16<br> %<br>|
| United States | 11 |
| Netherlands | 9 |
| Canada | 9 |
| China-Hong Kong | 8 |
| Germany | 7 |
| Japan | 6 |
| Other | 34 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

**SGA International Growth Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; $2655 | &nbsp;&nbsp;&nbsp;&nbsp; $2655 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 92964 | &nbsp;&nbsp;&nbsp;&nbsp; 92964 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 4337 | &nbsp;&nbsp;&nbsp;&nbsp; 4337 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $99956 | &nbsp;&nbsp;&nbsp;&nbsp; $99956 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

See Notes to Financial Statements

------

**Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.5%** | **U.S. Government Securities—5.5%** | **U.S. Government Securities—5.5%** |
| U.S. Treasury Bonds |  |  |
| 1.250%, 5/15/50 | $1590 | &nbsp;&nbsp; $761 |
| 1.375%, 8/15/50 | 595 | &nbsp;&nbsp; 292 |
| 1.875%, 2/15/51 | 470 | &nbsp;&nbsp; 263 |
| 2.000%, 8/15/51 | 50 | &nbsp;&nbsp; 29 |
| 3.625%, 2/15/53 | 1640 | &nbsp;&nbsp; 1328 |
| 4.250%, 2/15/54 | 155 | &nbsp;&nbsp; 140 |
| 4.500%, 11/15/54 | 125 | &nbsp;&nbsp; 118 |
| U.S. Treasury Notes |  |  |
| 4.250%, 11/30/26 | 200 | &nbsp;&nbsp; 201 |
| 0.375%, 7/31/27 | 40 | &nbsp;&nbsp; 38 |
| 4.375%, 12/31/29 | 195 | &nbsp;&nbsp; 200 |
| 4.250%, 11/15/34 | 160 | &nbsp;&nbsp; 162 |
| **Total U.S. Government Securities** <br>**(Identified Cost $4,341)** | **Total U.S. Government Securities** <br>**(Identified Cost $4,341)** | &nbsp;&nbsp; **3532** |
| **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** | **Foreign Government Securities—1.1%** |
| Abu Dhabi Government International Bond 144A <br>3.125%, 9/30/49<sup>(1)</sup> <br>| 19 | &nbsp;&nbsp; 14 |
| Costa Rica Government |  |  |
| 144A <br>6.550%, 4/3/34<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| 144A <br>7.300%, 11/13/54<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 6 |
| Dominican Republic 144A <br>4.875%, 9/23/32<sup>(1)</sup> <br>| 46 | &nbsp;&nbsp; 44 |
| Federative Republic of Brazil |  |  |
| <br>6.000%, 10/20/33 | 40 | &nbsp;&nbsp; 40 |
| <br>7.250%, 1/12/56 | 10 | &nbsp;&nbsp; 10 |
| Hungary Government International Bond |  |  |
| 144A <br>6.250%, 9/22/32<sup>(1)</sup> <br>| 29 | &nbsp;&nbsp; 31 |
| 144A <br>5.500%, 3/26/36<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 9 |
| Republic of Angola |  |  |
| 144A <br>8.000%, 11/26/29<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| 144A <br>9.244%, 1/15/31<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 12 | &nbsp;&nbsp; 13 |
| <br>8.000%, 11/14/35 | 14 | &nbsp;&nbsp; 15 |
| <br>8.750%, 11/14/53 | 7 | &nbsp;&nbsp; 8 |
| Republic of El Salvador |  |  |
| 144A <br>8.625%, 2/28/29<sup>(1)</sup> <br>| 9 | &nbsp;&nbsp; 10 |
| RegS <br>7.650%, 6/15/35<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 9 |
| Republic of Indonesia <br>5.100%, 2/10/54<br>| 28 | &nbsp;&nbsp; 27 |
| Republic of Ivory Coast 144A <br>8.250%, 1/30/37<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 16 |
| Republic of Kazakhstan 144A <br>5.500%, 7/1/37<sup>(1)</sup> <br>| 19 | &nbsp;&nbsp; 20 |
| Republic of Kenya |  |  |
| 144A <br>7.875%, 10/9/33<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| 144A <br>9.500%, 3/5/36<sup>(1)</sup> <br>| $7 | &nbsp;&nbsp; $7 |
| Republic of Nigeria 144A <br>10.375%, 12/9/34<sup>(1)</sup> <br>| 17 | &nbsp;&nbsp; 20 |
| Republic of Panama <br>8.000%, 3/1/38<br>| 24 | &nbsp;&nbsp; 28 |
| Republic of Peru <br>5.375%, 2/8/35<br>| 25 | &nbsp;&nbsp; 26 |
| Republic of Philippines <br>4.750%, 3/5/35<br>| 32 | &nbsp;&nbsp; 32 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 30 | &nbsp;&nbsp; 30 |
| <br>5.125%, 9/18/34 | 7 | &nbsp;&nbsp; 7 |
| Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 9 |
| Republic of South Africa |  |  |
| <br>4.850%, 9/30/29 | 10 | &nbsp;&nbsp; 10 |
| <br>5.875%, 6/22/30 | 15 | &nbsp;&nbsp; 16 |
| <br>5.650%, 9/27/47 | 5 | &nbsp;&nbsp; 4 |
| Republic of Turkiye |  |  |
| <br>7.625%, 5/15/34 | 35 | &nbsp;&nbsp; 38 |
| <br>6.625%, 2/17/45 | 10 | &nbsp;&nbsp; 9 |
| Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 32 | &nbsp;&nbsp; 30 |
| Romanian Government International Bond |  |  |
| 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| 144A <br>7.125%, 1/17/33<sup>(1)</sup> <br>| 9 | &nbsp;&nbsp; 10 |
| 144A <br>6.625%, 5/16/36<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Saudi International Bond |  |  |
| 144A <br>4.875%, 7/18/33<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| 144A <br>5.625%, 1/13/35<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 8 |
| 144A <br>4.500%, 10/26/46<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 13 |
| United Mexican States |  |  |
| <br>3.500%, 2/12/34 | 9 | &nbsp;&nbsp; 8 |
| <br>6.000%, 5/7/36 | 30 | &nbsp;&nbsp; 30 |
| Uzbekistan International Bond 144A <br>6.900%, 2/28/32<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| **Total Foreign Government Securities** <br>**(Identified Cost $693)** | **Total Foreign Government Securities** <br>**(Identified Cost $693)** | &nbsp;&nbsp; **718** |
| **Mortgage-Backed Securities—5.8%** | **Mortgage-Backed Securities—5.8%** | **Mortgage-Backed Securities—5.8%** |
| **Agency—5.8%** | **Agency—5.8%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| Pool #SD5594 <br>5.500%, 7/1/53<br>| 108 | &nbsp;&nbsp; 110 |
| Pool #SD5856 <br>3.500%, 1/1/54<br>| 303 | &nbsp;&nbsp; 280 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 72 | &nbsp;&nbsp; 74 |
| Pool #SD8383 <br>5.500%, 12/1/53<br>| 162 | &nbsp;&nbsp; 165 |
| Pool #SD8418 <br>4.500%, 4/1/54<br>| 246 | &nbsp;&nbsp; 241 |
| Pool #SD8492 <br>5.000%, 1/1/55<br>| 266 | &nbsp;&nbsp; 265 |

---

See Notes to Financial Statements

------

**Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Federal National Mortgage Association |  |  |
| Pool #254007 <br>6.500%, 10/1/31<br>| $—<br> <sup>(3)</sup><br>| &nbsp;&nbsp; $—<br> <sup>(3)</sup><br>|
| Pool #835144 <br>5.000%, 10/1/35<br>| 6 | &nbsp;&nbsp; 6 |
| Pool #882224 <br>6.000%, 9/1/36<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #914724 <br>5.500%, 4/1/37<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #929637 <br>5.500%, 6/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #940524 <br>5.500%, 7/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| Pool #949301 <br>6.000%, 10/1/37<br>| 2 | &nbsp;&nbsp; 2 |
| Pool #975097 <br>5.000%, 6/1/38<br>| 4 | &nbsp;&nbsp; 4 |
| Pool #986012 <br>5.500%, 6/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #991124 <br>5.000%, 1/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #994322 <br>6.000%, 1/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #994383 <br>5.500%, 11/1/38<br>| 3 | &nbsp;&nbsp; 4 |
| Pool #AA4418 <br>4.500%, 3/1/39<br>| 2 | &nbsp;&nbsp; 2 |
| Pool #AA4434 <br>5.000%, 3/1/39<br>| 2 | &nbsp;&nbsp; 2 |
| Pool #AA4436 <br>6.000%, 3/1/39<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #CB6857 <br>4.500%, 8/1/53<br>| 98 | &nbsp;&nbsp; 96 |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| 206 | &nbsp;&nbsp; 212 |
| Pool #FA1378 <br>4.000%, 3/1/55<br>| 275 | &nbsp;&nbsp; 262 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 223 | &nbsp;&nbsp; 229 |
| Pool #FA2472 <br>5.000%, 4/1/54<br>| 148 | &nbsp;&nbsp; 148 |
| Pool #FS6679 <br>6.000%, 12/1/53<br>| 99 | &nbsp;&nbsp; 101 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 228 | &nbsp;&nbsp; 218 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 610 | &nbsp;&nbsp; 612 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 112 | &nbsp;&nbsp; 110 |
| Pool #MA4980 <br>6.000%, 4/1/53<br>| 165 | &nbsp;&nbsp; 170 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 201 | &nbsp;&nbsp; 205 |
| Pool #MA5385 <br>4.000%, 6/1/54<br>| 235 | &nbsp;&nbsp; 223 |
| Government National Mortgage Association Pool #563381 <br>6.500%, 11/15/31<br>| 2 | &nbsp;&nbsp; 2 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $3,718)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $3,718)** | &nbsp;&nbsp; **3754** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—10.9%** | **Corporate Bonds and Notes—10.9%** | **Corporate Bonds and Notes—10.9%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| Charter Communications Operating LLC <br>4.800%, 3/1/50<br>| $35 | &nbsp;&nbsp; $26 |
| Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 60 | &nbsp;&nbsp; 57 |
| Omnicom Group, Inc. 144A <br>5.375%, 6/15/33<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 40 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 157 |
| **Consumer Discretionary—0.5%** | **Consumer Discretionary—0.5%** |  |
| Ashtead Capital, Inc. 144A <br>5.500%, 8/11/32<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 51 |
| Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 80 | &nbsp;&nbsp; 58 |
| DR Horton, Inc. <br>5.500%, 10/15/35<br>| 45 | &nbsp;&nbsp; 47 |
| Ford Motor Co. |  |  |
| 3.250%, 2/12/32 | 26 | &nbsp;&nbsp; 23 |
| 4.750%, 1/15/43 | 15 | &nbsp;&nbsp; 12 |
| Meritage Homes Corp. 144A <br>3.875%, 4/15/29<sup>(1)</sup> <br>| 59 | &nbsp;&nbsp; 58 |
| Sodexo, Inc. 144A <br>5.800%, 8/15/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 301 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| Alimentation Couche-Tard, Inc. 144A <br>5.077%, 9/29/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| BAT Capital Corp. <br>7.750%, 10/19/32<br>| 27 | &nbsp;&nbsp; 32 |
| Mars, Inc. 144A <br>5.200%, 3/1/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Philip Morris International, Inc. <br>4.900%, 11/1/34<br>| 50 | &nbsp;&nbsp; 51 |
| Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 47 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 234 |
| **Energy—1.4%** | **Energy—1.4%** |  |
| BP Capital Markets plc <br>4.875% <sup>(4)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Columbia Pipelines Operating Co. LLC |  |  |
| <br>144A 6.036%, 11/15/33<sup>(1)</sup> <br>| 22 | &nbsp;&nbsp; 24 |
| <br>144A 5.439%, 2/15/35<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Diamondback Energy, Inc. <br>5.900%, 4/18/64<br>| 60 | &nbsp;&nbsp; 57 |
| DT Midstream, Inc. 144A <br>4.375%, 6/15/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
| Enbridge, Inc. <br>8.500%, 1/15/84<br>| 45 | &nbsp;&nbsp; 52 |
| EOG Resources, Inc. |  |  |
| 5.350%, 1/15/36 | 15 | &nbsp;&nbsp; 15 |
| 5.650%, 12/1/54 | 45 | &nbsp;&nbsp; 44 |
| Flex Intermediate Holdco LLC 144A <br>3.363%, 6/30/31<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 74 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 35 | &nbsp;&nbsp; 36 |

---

See Notes to Financial Statements

------

**Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| KazMunayGas National Co. JSC 144A <br>5.750%, 4/19/47<sup>(1)</sup> <br>| $11 | &nbsp;&nbsp; $10 |
| Kinder Morgan, Inc. <br>5.850%, 6/1/35<br>| 30 | &nbsp;&nbsp; 32 |
| Occidental Petroleum Corp. |  |  |
| 5.550%, 10/1/34 | 35 | &nbsp;&nbsp; 36 |
| 6.200%, 3/15/40 | 35 | &nbsp;&nbsp; 35 |
| Pertamina Persero PT 144A <br>6.450%, 5/30/44<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 43 |
| Petroleos Mexicanos |  |  |
| 5.950%, 1/28/31 | 30 | &nbsp;&nbsp; 29 |
| 7.690%, 1/23/50 | 1 | &nbsp;&nbsp; 1 |
| Petronas Capital Ltd. 144A <br>5.848%, 4/3/55<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 19 |
| Reliance Industries Ltd. 144A <br>2.875%, 1/12/32<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 32 |
| Saudi Arabian Oil Co. 144A <br>5.250%, 7/17/34<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| Sempra Infrastructure Partners LP 144A <br>3.250%, 1/15/32<sup>(1)</sup> <br>| 93 | &nbsp;&nbsp; 82 |
| Western Midstream Operating LP <br>5.250%, 2/1/50<br>| 45 | &nbsp;&nbsp; 38 |
| Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| 40 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 896 |
| **Financials—4.7%** | **Financials—4.7%** |  |
| AerCap Ireland Capital DAC |  |  |
| 6.950%, 3/10/55 | 25 | &nbsp;&nbsp; 29 |
| 6.500%, 1/31/56 | 25 | &nbsp;&nbsp; 26 |
| Ally Financial, Inc. <br>5.543%, 1/17/31<br>| 45 | &nbsp;&nbsp; 46 |
| American Express Co. <br>5.625%, 7/28/34<br>| 72 | &nbsp;&nbsp; 75 |
| Apollo Debt Solutions BDC <br>6.900%, 4/13/29<br>| 45 | &nbsp;&nbsp; 47 |
| Apollo Global Management, Inc. <br>6.000%, 12/15/54<br>| 50 | &nbsp;&nbsp; 49 |
| Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 60 |
| Australia & New Zealand Banking Group Ltd. 144A <br>5.816%, 6/18/36<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| Avolon Holdings Funding Ltd. 144A <br>5.750%, 11/15/29<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| Bank of America Corp. |  |  |
| 2.687%, 4/22/32 | 27 | &nbsp;&nbsp; 25 |
| 5.518%, 10/25/35 | 90 | &nbsp;&nbsp; 92 |
| BlackRock Funding, Inc. <br>5.250%, 3/14/54<br>| 53 | &nbsp;&nbsp; 51 |
| Blackstone Private Credit Fund <br>6.000%, 1/29/32<br>| 50 | &nbsp;&nbsp; 51 |
| Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 60 | &nbsp;&nbsp; 54 |
| BNSF Funding Trust I <br>6.613%, 12/15/55<br>| 45 | &nbsp;&nbsp; 45 |
| BPCE S.A. 144A <br>7.003%, 10/19/34<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 56 |
| Brookfield Asset Management Ltd. <br>5.795%, 4/24/35<br>| 35 | &nbsp;&nbsp; 37 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 32 | &nbsp;&nbsp; 28 |
| 6.377%, 6/8/34 | 10 | &nbsp;&nbsp; 11 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Capital Power U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(1)</sup> <br>| $30 | &nbsp;&nbsp; $31 |
| Charles Schwab Corp. (The) |  |  |
| 6.136%, 8/24/34 | 35 | &nbsp;&nbsp; 38 |
| Series H 4.000%<sup>(4)</sup> <br>| 18 | &nbsp;&nbsp; 17 |
| Citigroup, Inc. |  |  |
| 3.980%, 3/20/30 | 56 | &nbsp;&nbsp; 56 |
| 6.270%, 11/17/33 | 56 | &nbsp;&nbsp; 61 |
| Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 61 | &nbsp;&nbsp; 61 |
| Deutsche Bank AG <br>5.403%, 9/11/35<br>| 55 | &nbsp;&nbsp; 56 |
| Drawbridge Special Opportunities Fund LP 144A <br>5.950%, 9/17/30<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 38 |
| EMD Finance LLC 144A <br>5.000%, 10/15/35<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 45 | &nbsp;&nbsp; 47 |
| Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 65 | &nbsp;&nbsp; 64 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Foundry JV Holdco LLC 144A <br>5.875%, 1/25/34<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| Global Atlantic Fin Co. 144A <br>6.750%, 3/15/54<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| Global Payments, Inc. <br>5.550%, 11/15/35<br>| 50 | &nbsp;&nbsp; 50 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 6.450%, 5/1/36 | 24 | &nbsp;&nbsp; 26 |
| 4.939%, 10/21/36 | 25 | &nbsp;&nbsp; 25 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.375%, 7/1/34 | 24 | &nbsp;&nbsp; 24 |
| 6.750%, 7/15/35 | 25 | &nbsp;&nbsp; 26 |
| Huntington Bancshares, Inc. |  |  |
| 5.709%, 2/2/35 | 25 | &nbsp;&nbsp; 26 |
| 6.141%, 11/18/39 | 40 | &nbsp;&nbsp; 42 |
| Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 50 | &nbsp;&nbsp; 53 |
| Imperial Brands Finance plc 144A <br>5.875%, 7/1/34<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| JH North America Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| JPMorgan Chase & Co. |  |  |
| 2.956%, 5/13/31 | 30 | &nbsp;&nbsp; 28 |
| 5.717%, 9/14/33 | 47 | &nbsp;&nbsp; 50 |
| 1.953%, 2/4/32 | 73 | &nbsp;&nbsp; 65 |
| KeyCorp |  |  |
| 4.789%, 6/1/33 | 39 | &nbsp;&nbsp; 39 |
| 6.401%, 3/6/35 | 25 | &nbsp;&nbsp; 27 |
| Lloyds Banking Group plc <br>6.625% <sup>(4)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| M&T Bank Corp. <br>5.400%, 7/30/35<br>| 47 | &nbsp;&nbsp; 47 |
| Mizuho Financial Group, Inc. <br>2.564%, 9/13/31<br>| 40 | &nbsp;&nbsp; 36 |
| Morgan Stanley <br>5.948%, 1/19/38<br>| 65 | &nbsp;&nbsp; 68 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 77 | &nbsp;&nbsp; 74 |
| NextEra Energy Capital Holdings, Inc. <br>6.500%, 8/15/55<br>| 55 | &nbsp;&nbsp; 58 |

---

See Notes to Financial Statements

------

**Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Nippon Life Insurance Co. 144A <br>6.500%, 4/30/55<sup>(1)</sup> <br>| $15 | &nbsp;&nbsp; $16 |
| Northern Trust Corp. <br>3.375%, 5/8/32<br>| 63 | &nbsp;&nbsp; 62 |
| PNC Financial Services Group, Inc. (The) <br>5.575%, 1/29/36<br>| 50 | &nbsp;&nbsp; 52 |
| Prudential Financial, Inc. |  |  |
| 6.750%, 3/1/53 | 46 | &nbsp;&nbsp; 49 |
| 6.500%, 3/15/54 | 25 | &nbsp;&nbsp; 26 |
| Reinsurance Group of America, Inc. <br>6.650%, 9/15/55<br>| 40 | &nbsp;&nbsp; 41 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.584%, 10/1/34 | 30 | &nbsp;&nbsp; 30 |
| 6.176%, 10/1/54 | 25 | &nbsp;&nbsp; 24 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 25 | &nbsp;&nbsp; 27 |
| Series I 6.700%<sup>(4)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| Stellantis Finance U.S., Inc. 144A <br>6.450%, 3/18/35<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 42 |
| Sumitomo Life Insurance Co. 144A <br>5.875%, 9/10/55<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Transurban Finance Co. Pty Ltd. 144A <br>4.924%, 3/24/36<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| U.S. Bancorp |  |  |
| 4.967%, 7/22/33 | 15 | &nbsp;&nbsp; 15 |
| 5.424%, 2/12/36 | 50 | &nbsp;&nbsp; 52 |
| Wells Fargo & Co. |  |  |
| 4.897%, 7/25/33 | 87 | &nbsp;&nbsp; 88 |
| 6.491%, 10/23/34 | 15 | &nbsp;&nbsp; 17 |
| Series BB 3.900%<sup>(4)</sup> <br>| 26 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 3038 |
| **Health Care—0.8%** | **Health Care—0.8%** |  |
| 180 Medical, Inc. 144A <br>5.300%, 10/8/35<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 60 |
| Amgen, Inc. <br>5.650%, 3/2/53<br>| 49 | &nbsp;&nbsp; 48 |
| Baxter International, Inc. <br>5.650%, 12/15/35<br>| 50 | &nbsp;&nbsp; 51 |
| CVS Health Corp. <br>5.050%, 3/25/48<br>| 50 | &nbsp;&nbsp; 44 |
| DENTSPLY SIRONA, Inc. <br>3.250%, 6/1/30<br>| 59 | &nbsp;&nbsp; 54 |
| HCA, Inc. <br>5.250%, 6/15/49<br>| 65 | &nbsp;&nbsp; 59 |
| IQVIA, Inc. <br>6.250%, 2/1/29<br>| 36 | &nbsp;&nbsp; 38 |
| Royalty Pharma plc |  |  |
| 5.400%, 9/2/34 | 30 | &nbsp;&nbsp; 31 |
| 3.350%, 9/2/51 | 37 | &nbsp;&nbsp; 24 |
| Smith & Nephew plc <br>5.400%, 3/20/34<br>| 45 | &nbsp;&nbsp; 46 |
| Universal Health Services, Inc. |  |  |
| 2.650%, 1/15/32 | 28 | &nbsp;&nbsp; 25 |
| 5.050%, 10/15/34 | 25 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 504 |
| **Industrials—1.1%** | **Industrials—1.1%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A <br>4.800%, 2/15/29<sup>(1)</sup> <br>| 66 | &nbsp;&nbsp; 66 |
| Aviation Capital Group LLC 144A <br>6.750%, 10/25/28<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 37 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Boeing Co. (The) <br>5.930%, 5/1/60<br>| $52 | &nbsp;&nbsp; $51 |
| British Airways Pass-Through Trust 2021-1, A 144A <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 66 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 56 | &nbsp;&nbsp; 51 |
| Delta Air Lines Pass-Through Trust 2015-1, AA <br>3.625%, 1/30/29<br>| 70 | &nbsp;&nbsp; 70 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 11 |
| Flowserve Corp. <br>3.500%, 10/1/30<br>| 50 | &nbsp;&nbsp; 48 |
| Ingersoll Rand, Inc. <br>5.700%, 8/14/33<br>| 50 | &nbsp;&nbsp; 53 |
| L3Harris Technologies, Inc. <br>5.400%, 7/31/33<br>| 55 | &nbsp;&nbsp; 57 |
| New York State Electric & Gas Corp. 144A <br>5.850%, 8/15/33<sup>(1)</sup> <br>| 47 | &nbsp;&nbsp; 50 |
| Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 44 | &nbsp;&nbsp; 47 |
| United Airlines Pass-Through Trust 2023-1, A <br>5.800%, 7/15/37<br>| 32 | &nbsp;&nbsp; 33 |
| United Airlines Pass-Through-Trust 2024-1, AA <br>5.450%, 8/15/38<br>| 14 | &nbsp;&nbsp; 15 |
| Veralto Corp. <br>5.450%, 9/18/33<br>| 38 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 695 |
| **Information Technology—0.6%** | **Information Technology—0.6%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.950%, 8/4/33 | 25 | &nbsp;&nbsp; 26 |
| <br>144A 4.000%, 7/1/29<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 54 |
| Broadcom, Inc. 144A <br>3.137%, 11/15/35<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 52 |
| Flex Ltd. <br>5.375%, 11/13/35<br>| 50 | &nbsp;&nbsp; 50 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 66 |
| Marvell Technology, Inc. <br>5.450%, 7/15/35<br>| 50 | &nbsp;&nbsp; 52 |
| Oracle Corp. |  |  |
| 5.550%, 2/6/53 | 27 | &nbsp;&nbsp; 22 |
| 3.850%, 4/1/60 | 30 | &nbsp;&nbsp; 18 |
| Roper Technologies, Inc. <br>5.100%, 9/15/35<br>| 50 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 390 |
| **Materials—0.5%** | **Materials—0.5%** |  |
| Bayport Polymers LLC 144A <br>5.140%, 4/14/32<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 64 |
| Berry Global, Inc. <br>5.650%, 1/15/34<br>| 40 | &nbsp;&nbsp; 42 |
| Corp. Nacional del Cobre de Chile 144A <br>5.950%, 1/8/34<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Glencore Funding LLC 144A <br>2.850%, 4/27/31<sup>(1)</sup> <br>| 56 | &nbsp;&nbsp; 52 |
| Smurfit Kappa Treasury ULC <br>5.777%, 4/3/54<br>| 60 | &nbsp;&nbsp; 60 |

---

See Notes to Financial Statements

------

**Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Sonoco Products Co. <br>5.000%, 9/1/34<br>| $40 | &nbsp;&nbsp; $40 |
|  |  | &nbsp;&nbsp; 310 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| Black Hills Corp. <br>6.150%, 5/15/34<br>| 60 | &nbsp;&nbsp; 64 |
| Brooklyn Union Gas Co. (The) 144A <br>4.866%, 8/5/32<sup>(1)</sup> <br>| 52 | &nbsp;&nbsp; 52 |
| CMS Energy Corp. <br>4.750%, 6/1/50<br>| 65 | &nbsp;&nbsp; 64 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 30 | &nbsp;&nbsp; 30 |
| Series B 7.000%, 6/1/54 | 25 | &nbsp;&nbsp; 27 |
| Enel Finance International N.V. 144A <br>5.500%, 6/26/34<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 57 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 65 | &nbsp;&nbsp; 68 |
| KeySpan Gas East Corp. 144A <br>5.994%, 3/6/33<sup>(1)</sup> <br>| 34 | &nbsp;&nbsp; 36 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 48 | &nbsp;&nbsp; 53 |
| Puget Energy, Inc. <br>4.224%, 3/15/32<br>| 42 | &nbsp;&nbsp; 40 |
| Southern California Edison Co. <br>6.000%, 1/15/34<br>| 40 | &nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp; 533 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,897)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,897)** | &nbsp;&nbsp; **7058** |
| **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Paragon Offshore Finance Co. Escrow <br>0.000%, <sup>(5)(6)</sup> <br>| —<br> <sup>(3)</sup><br>| &nbsp;&nbsp; — |
| **Total Leveraged Loans** <br>**(Identified Cost $—)**<sup>(3)</sup>  | **Total Leveraged Loans** <br>**(Identified Cost $—)**<sup>(3)</sup>  | &nbsp;&nbsp; **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—61.4%** | **Common Stocks—61.4%** | **Common Stocks—61.4%** |
| **Communication Services—6.3%** | **Communication Services—6.3%** |  |
| Alphabet, Inc. Class A | 3889 | &nbsp;&nbsp; 1217 |
| Dayamitra Telekomunikasi PT | 5264000 | &nbsp;&nbsp; 221 |
| Infrastrutture Wireless Italiane SpA | 25282 | &nbsp;&nbsp; 234 |
| Meta Platforms, Inc. Class A | 1355 | &nbsp;&nbsp; 895 |
| Netflix, Inc.<sup>(7)</sup> <br>| 7087 | &nbsp;&nbsp; 665 |
| oOh!media Ltd. | 452913 | &nbsp;&nbsp; 393 |
| Sarana Menara Nusantara Tbk PT | 4570000 | &nbsp;&nbsp; 160 |
| Trade Desk, Inc. (The) Class A<sup>(7)</sup> <br>| 8035 | &nbsp;&nbsp; 305 |
|  |  | &nbsp;&nbsp; 4090 |
| **Consumer Discretionary—8.6%** | **Consumer Discretionary—8.6%** |  |
| Allegro.eu S.A.<sup>(7)</sup> <br>| 29294 | &nbsp;&nbsp; 253 |
| Amazon.com, Inc.<sup>(7)</sup> <br>| 6088 | &nbsp;&nbsp; 1405 |
| Bright Horizons Family Solutions, Inc.<sup>(7)</sup> <br>| 1368 | &nbsp;&nbsp; 139 |
| Choice Hotels International, Inc. | 1359 | &nbsp;&nbsp; 129 |
| Hermes International SCA Unsponsored ADR | 1694 | &nbsp;&nbsp; 420 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Home Depot, Inc. (The) | 900 | &nbsp;&nbsp; $310 |
| Marriott International, Inc. Class A | 2260 | &nbsp;&nbsp; 701 |
| MercadoLibre, Inc.<sup>(7)</sup> <br>| 199 | &nbsp;&nbsp; 401 |
| NIKE, Inc. Class B | 3885 | &nbsp;&nbsp; 248 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(7)</sup> <br>| 1342 | &nbsp;&nbsp; 147 |
| O'Reilly Automotive, Inc.<sup>(7)</sup> <br>| 7526 | &nbsp;&nbsp; 686 |
| Pool Corp. | 671 | &nbsp;&nbsp; 153 |
| Rollins, Inc. | 4143 | &nbsp;&nbsp; 249 |
| SiteOne Landscape Supply, Inc.<sup>(7)</sup> <br>| 949 | &nbsp;&nbsp; 118 |
| Thor Industries, Inc. | 1934 | &nbsp;&nbsp; 199 |
|  |  | &nbsp;&nbsp; 5558 |
| **Consumer Staples—1.0%** | **Consumer Staples—1.0%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B | 20600 | &nbsp;&nbsp; 231 |
| BJ's Wholesale Club Holdings, Inc.<sup>(7)</sup> <br>| 1696 | &nbsp;&nbsp; 153 |
| Heineken Malaysia Bhd | 50900 | &nbsp;&nbsp; 288 |
|  |  | &nbsp;&nbsp; 672 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Pason Systems, Inc. | 32872 | &nbsp;&nbsp; 287 |
| **Financials—9.6%** | **Financials—9.6%** |  |
| AJ Bell plc | 89895 | &nbsp;&nbsp; 535 |
| Caixa Seguridade Participacoes S.A. | 220835 | &nbsp;&nbsp; 670 |
| FinecoBank Banca Fineco SpA | 24891 | &nbsp;&nbsp; 649 |
| Hamilton Lane, Inc. Class A | 824 | &nbsp;&nbsp; 111 |
| Interactive Brokers Group, Inc. Class A | 5363 | &nbsp;&nbsp; 345 |
| Jack Henry & Associates, Inc. | 1085 | &nbsp;&nbsp; 198 |
| LPL Financial Holdings, Inc. | 863 | &nbsp;&nbsp; 308 |
| Moltiply Group SpA | 3168 | &nbsp;&nbsp; 129 |
| Mortgage Advice Bureau Holdings Ltd. | 21238 | &nbsp;&nbsp; 197 |
| Progressive Corp. (The) | 2529 | &nbsp;&nbsp; 576 |
| Qualitas Controladora SAB de C.V. | 15038 | &nbsp;&nbsp; 155 |
| S&P Global, Inc. | 1043 | &nbsp;&nbsp; 545 |
| Steadfast Group Ltd. | 28271 | &nbsp;&nbsp; 100 |
| Visa, Inc. Class A | 3960 | &nbsp;&nbsp; 1389 |
| W. R. Berkley Corp. | 4029 | &nbsp;&nbsp; 282 |
|  |  | &nbsp;&nbsp; 6189 |
| **Health Care—6.2%** | **Health Care—6.2%** |  |
| As One Corp. | 27200 | &nbsp;&nbsp; 417 |
| Chemed Corp. | 258 | &nbsp;&nbsp; 110 |
| Cooper Cos., Inc. (The)<sup>(7)</sup> <br>| 2629 | &nbsp;&nbsp; 216 |
| Danaher Corp. | 2064 | &nbsp;&nbsp; 473 |
| Eli Lilly & Co. | 684 | &nbsp;&nbsp; 735 |
| Haw Par Corp., Ltd. | 52600 | &nbsp;&nbsp; 642 |
| IDEXX Laboratories, Inc.<sup>(7)</sup> <br>| 683 | &nbsp;&nbsp; 462 |
| Intuitive Surgical, Inc.<sup>(7)</sup> <br>| 834 | &nbsp;&nbsp; 472 |
| Medline, Inc. Class A<sup>(7)</sup> <br>| 5148 | &nbsp;&nbsp; 216 |
| Riverstone Holdings Ltd. | 106100 | &nbsp;&nbsp; 72 |
| Sartorius Stedim Biotech | 810 | &nbsp;&nbsp; 200 |
|  |  | &nbsp;&nbsp; 4015 |
| **Industrials—12.0%** | **Industrials—12.0%** |  |
| Allegion plc | 1652 | &nbsp;&nbsp; 263 |
| Epiroc AB Class B | 25543 | &nbsp;&nbsp; 518 |
| Equifax, Inc. | 2079 | &nbsp;&nbsp; 451 |
| Exponent, Inc. | 1448 | &nbsp;&nbsp; 101 |
| Fair Isaac Corp.<sup>(7)</sup> <br>| 502 | &nbsp;&nbsp; 849 |
| Haitian International Holdings Ltd. | 138503 | &nbsp;&nbsp; 394 |
| Howden Joinery Group plc | 34807 | &nbsp;&nbsp; 391 |
| Knorr-Bremse AG | 2498 | &nbsp;&nbsp; 279 |

---

See Notes to Financial Statements

------

**Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Lennox International, Inc. | 359 | &nbsp;&nbsp; $174 |
| MEITEC Group Holdings, Inc. | 12600 | &nbsp;&nbsp; 285 |
| MISUMI Group, Inc. | 17200 | &nbsp;&nbsp; 269 |
| MonotaRO Co., Ltd. | 24400 | &nbsp;&nbsp; 389 |
| MTU Aero Engines AG | 1039 | &nbsp;&nbsp; 434 |
| NICE Information Service Co., Ltd. | 15225 | &nbsp;&nbsp; 180 |
| Nordson Corp. | 891 | &nbsp;&nbsp; 214 |
| S-1 Corp. | 5817 | &nbsp;&nbsp; 291 |
| Saia, Inc.<sup>(7)</sup> <br>| 520 | &nbsp;&nbsp; 170 |
| Spirax Group plc | 4180 | &nbsp;&nbsp; 384 |
| Uber Technologies, Inc.<sup>(7)</sup> <br>| 8158 | &nbsp;&nbsp; 667 |
| UL Solutions, Inc. Class A | 2810 | &nbsp;&nbsp; 222 |
| VAT Group AG | 800 | &nbsp;&nbsp; 390 |
| Watsco, Inc. | 494 | &nbsp;&nbsp; 166 |
| Zurn Elkay Water Solutions Corp. | 5689 | &nbsp;&nbsp; 264 |
|  |  | &nbsp;&nbsp; 7745 |
| **Information Technology—14.8%** | **Information Technology—14.8%** |  |
| Alten S.A. | 4315 | &nbsp;&nbsp; 367 |
| Amphenol Corp. Class A | 12937 | &nbsp;&nbsp; 1748 |
| Bentley Systems, Inc. Class B | 5556 | &nbsp;&nbsp; 212 |
| Bouvet ASA | 47813 | &nbsp;&nbsp; 292 |
| Cadence Design Systems, Inc.<sup>(7)</sup> <br>| 1698 | &nbsp;&nbsp; 531 |
| Kainos Group plc | 13125 | &nbsp;&nbsp; 178 |
| Monolithic Power Systems, Inc. | 465 | &nbsp;&nbsp; 422 |
| NVIDIA Corp. | 10061 | &nbsp;&nbsp; 1876 |
| Riken Keiki Co., Ltd. | 13900 | &nbsp;&nbsp; 284 |
| ServiceNow, Inc.<sup>(7)</sup> <br>| 3395 | &nbsp;&nbsp; 520 |
| ServiceTitan, Inc. Class A<sup>(7)</sup> <br>| 1643 | &nbsp;&nbsp; 175 |
| Shopify, Inc. Class A<sup>(7)</sup> <br>| 5284 | &nbsp;&nbsp; 851 |
| Snowflake, Inc. Class A<sup>(7)</sup> <br>| 3329 | &nbsp;&nbsp; 730 |
| Sopra Steria Group | 1416 | &nbsp;&nbsp; 257 |
| Teledyne Technologies, Inc.<sup>(7)</sup> <br>| 425 | &nbsp;&nbsp; 217 |
| Trimble, Inc.<sup>(7)</sup> <br>| 2015 | &nbsp;&nbsp; 158 |
| Universal Display Corp. | 1582 | &nbsp;&nbsp; 185 |
| Workday, Inc. Class A<sup>(7)</sup> <br>| 2005 | &nbsp;&nbsp; 431 |
| Zebra Technologies Corp. Class A<sup>(7)</sup> <br>| 625 | &nbsp;&nbsp; 152 |
|  |  | &nbsp;&nbsp; 9586 |
| **Materials—1.9%** | **Materials—1.9%** |  |
| Corp. Moctezuma SAB de C.V. | 100433 | &nbsp;&nbsp; 452 |
| Ecolab, Inc. | 1534 | &nbsp;&nbsp; 402 |
| Forterra plc | 69954 | &nbsp;&nbsp; 175 |
| Ibstock plc | 94062 | &nbsp;&nbsp; 177 |
|  |  | &nbsp;&nbsp; 1206 |
| **Real Estate—0.5%** | **Real Estate—0.5%** |  |
| CoStar Group, Inc.<sup>(7)</sup> <br>| 4789 | &nbsp;&nbsp; 322 |
| **Total Common Stocks** <br>**(Identified Cost $25,607)** | **Total Common Stocks** <br>**(Identified Cost $25,607)** | &nbsp;&nbsp; **39670** |
| **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** |
| **Fixed Income Funds—12.6%** | **Fixed Income Funds—12.6%** |  |
| Virtus Newfleet ABS MACS<sup>(8)(9)</sup> <br>| 218695 | &nbsp;&nbsp; 2172 |
| Virtus Newfleet CMBS MACS<sup>(8)(9)</sup> <br>| 124786 | &nbsp;&nbsp; 1253 |
| Virtus Newfleet Floating Rate MACS<sup>(8)(9)</sup> <br>| 103248 | &nbsp;&nbsp; 998 |
| Virtus Newfleet High Yield MACS<sup>(8)(9)</sup> <br>| 105077 | &nbsp;&nbsp; 1031 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Fixed Income Funds—continued** | **Fixed Income Funds—continued** |  |
| Virtus Newfleet RMBS MACS<sup>(8)(9)</sup> <br>| 262861 | &nbsp;&nbsp; $2668 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $8,144)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $8,144)** | &nbsp;&nbsp; **8122** |
| **Total Long-Term Investments—97.3%** <br>**(Identified Cost $49,400)** | **Total Long-Term Investments—97.3%** <br>**(Identified Cost $49,400)** | &nbsp;&nbsp; **62854** |
| **TOTAL INVESTMENTS—97.3%** <br>**(Identified Cost $49,400)** | **TOTAL INVESTMENTS—97.3%** <br>**(Identified Cost $49,400)** | &nbsp;&nbsp; **$62854** |
| Other assets and liabilities, net—2.7% | Other assets and liabilities, net—2.7% | &nbsp;&nbsp; 1734 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$64588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ADR | American Depositary Receipt |
| BDC | Business Development Companies |
| CMBS | Commercial Mortgage-Backed Securities |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MACS | Managed Account Completion Shares |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S&P | Standard & Poor's |
| ULC | Unlimited Liability Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At December 31, 2025, these securities amounted <br> to a value of $2,664 or 4.1% of net assets.<br>|
| <sup>(2)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(3)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(4)</sup> <br>| No contractual maturity date. |
| <sup>(5)</sup> <br>| The value of this security was determined using significant unobservable inputs <br> and is reported as a Level 3 security in the Fair Value Hierarchy table located after <br> the Schedule of Investments.<br>|
| <sup>(6)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(7)</sup> <br>| Non-income producing. |
| <sup>(8)</sup> <br>| Affiliated investment. See Note 3F in Notes to Financial Statements. |
| <sup>(9)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 76<br> %<br>|
| United Kingdom | 4 |
| Japan | 3 |
| France | 2 |
| Brazil | 2 |
| Italy | 2 |
| Germany | 1 |
| Other | 10 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

**Tactical Allocation Series**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Series' investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $3532 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3532 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 3754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3754 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 7058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7058 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 39670 | &nbsp;&nbsp;&nbsp;&nbsp; 39670 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 8122 | &nbsp;&nbsp;&nbsp;&nbsp; 8122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $62854 | &nbsp;&nbsp;&nbsp;&nbsp; $47792 | &nbsp;&nbsp;&nbsp;&nbsp; $15062 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

Some of the Series' investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations

are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2025.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)** 

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps** <br>**Real Estate** <br>**Securities Series**<br>| **KAR** <br>**Capital Growth** <br>**Series**<br>| **KAR Equity** <br>**Income Series**<br>| **KAR** <br>**Small-Cap** <br>**Growth Series**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $100839 | &nbsp;&nbsp; $233521 | &nbsp;&nbsp; $75245 | &nbsp;&nbsp; $49200 |
| Cash  | &nbsp;&nbsp; 2446 | &nbsp;&nbsp; 4321 | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 2808 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; 189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series shares sold  | &nbsp;&nbsp; 78 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 |
| Dividends | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 28 |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 182 | &nbsp;&nbsp; — |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Prepaid expenses  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Other assets  | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 136 |
| Total assets | &nbsp;&nbsp; 104157 | &nbsp;&nbsp; 238546 | &nbsp;&nbsp; 76924 | &nbsp;&nbsp; 52196 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Series shares repurchased  | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Investment securities purchased  | &nbsp;&nbsp; 1629 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1579 | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 27 |
| Distribution and service fees  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 11 |
| Administration and accounting fees | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26 |
| Transfer agent fees and expenses | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Professional fees  | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 136 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Other accrued expenses | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 |
| Total liabilities | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 1912 | &nbsp;&nbsp; 240 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $102112 | &nbsp;&nbsp; $237581 | &nbsp;&nbsp; $75012 | &nbsp;&nbsp; $51956 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $75260 | &nbsp;&nbsp; $90156 | &nbsp;&nbsp; $57873 | &nbsp;&nbsp; $46158 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 26852 | &nbsp;&nbsp; 147425 | &nbsp;&nbsp; 17139 | &nbsp;&nbsp; 5798 |
| **Net Assets** | &nbsp;&nbsp; $102112 | &nbsp;&nbsp; $237581 | &nbsp;&nbsp; $75012 | &nbsp;&nbsp; $51956 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $73907 | &nbsp;&nbsp; $237581 | &nbsp;&nbsp; $75012 | &nbsp;&nbsp; $51440 |
| Class I | &nbsp;&nbsp; $28205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $516 |
| **Shares of Beneficial Interest Outstanding $1 par value, unlimited authorization:** |  |  |  |  |
| Class A | &nbsp;&nbsp; 3610523 | &nbsp;&nbsp; 6972052 | &nbsp;&nbsp; 5933661 | &nbsp;&nbsp; 3357951 |
| Class I | &nbsp;&nbsp; 1385580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31043 |
| **Net Asset Value Per Share:**<sup>(b)</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $20.47 | &nbsp;&nbsp; $34.08 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $15.32 |
| Class I | &nbsp;&nbsp; $20.36 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16.62 |
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $73760 | &nbsp;&nbsp; $93808 | &nbsp;&nbsp; $57650 | &nbsp;&nbsp; $42166 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1536 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(b)</sup> Net Asset Value Per Common Share is calculated using unrounded net assets.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR** <br>**Small-Cap** <br>**Value Series**<br>| **Newfleet** <br>**Multi-Sector** <br>**Intermediate Bond** <br>**Series**<br>| **SGA** <br>**International** <br>**Growth Series**<br>| **Tactical Allocation** <br>**Series**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $50329 | &nbsp;&nbsp; $42966 | &nbsp;&nbsp; $99956 | &nbsp;&nbsp; $54732 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 39102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8122 |
| Foreign currency at value<sup>(4)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Cash  | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 1483 | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; 1633 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| Series shares sold  | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Dividends and interest | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 238 |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 13 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other assets  | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 168 |
| Total assets | &nbsp;&nbsp; 51689 | &nbsp;&nbsp; 84743 | &nbsp;&nbsp; 102660 | &nbsp;&nbsp; 64916 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Series shares repurchased  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 26 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4337 | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 24 |
| Distribution and service fees  | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 14 |
| Administration and accounting fees | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 27 |
| Transfer agent fees and expenses | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Professional fees  | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 31 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 168 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Other accrued expenses | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 21 |
| Total liabilities | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 4789 | &nbsp;&nbsp; 328 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $51444 | &nbsp;&nbsp; $84344 | &nbsp;&nbsp; $97871 | &nbsp;&nbsp; $64588 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $29399 | &nbsp;&nbsp; $93996 | &nbsp;&nbsp; $74195 | &nbsp;&nbsp; $50127 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 22045 | &nbsp;&nbsp; (9652)<br>| &nbsp;&nbsp; 23676 | &nbsp;&nbsp; 14461 |
| **Net Assets** | &nbsp;&nbsp; $51444 | &nbsp;&nbsp; $84344 | &nbsp;&nbsp; $97871 | &nbsp;&nbsp; $64588 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $51444 | &nbsp;&nbsp; $80135 | &nbsp;&nbsp; $97737 | &nbsp;&nbsp; $64588 |
| Class I | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4209 | &nbsp;&nbsp; $134 | &nbsp;&nbsp; $— |
| **Shares of Beneficial Interest Outstanding $1 par value, unlimited authorization:** |  |  |  |  |
| Class A | &nbsp;&nbsp; 3728330 | &nbsp;&nbsp; 9223593 | &nbsp;&nbsp; 7319913 | &nbsp;&nbsp; 5437014 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 488704 | &nbsp;&nbsp; 9966 | &nbsp;&nbsp; — |
| **Net Asset Value Per Share:**<sup>(b)</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $11.88 |
| Class I | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $— |
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $28494 | &nbsp;&nbsp; $41857 | &nbsp;&nbsp; $78244 | &nbsp;&nbsp; $41256 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4210 | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39344 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8144 |
| <sup>(4)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(b)</sup> Net Asset Value Per Common Share is calculated using unrounded net assets.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7)** 

**YEAR ENDED December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps** <br>**Real Estate** <br>**Securities Series**<br>| **KAR** <br>**Capital Growth** <br>**Series**<br>| **KAR Equity** <br>**Income Series**<br>| **KAR** <br>**Small-Cap** <br>**Growth Series**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $3263 | &nbsp;&nbsp;&nbsp; $1140 | &nbsp;&nbsp;&nbsp; $2222 | &nbsp;&nbsp;&nbsp; $667 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 3263 | &nbsp;&nbsp;&nbsp; 1143 | &nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp; 667 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp; 1721 | &nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 539 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp; 155 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 90 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Custodian fees  | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 13 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 29 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 5 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp; 2713 | &nbsp;&nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp; 841 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp; (139)<br>| &nbsp;&nbsp;&nbsp; (120)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 2535 | &nbsp;&nbsp;&nbsp; 748 | &nbsp;&nbsp;&nbsp; 721 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 2210 | &nbsp;&nbsp;&nbsp; (1392)<br>| &nbsp;&nbsp;&nbsp; 1422 | &nbsp;&nbsp;&nbsp; (54)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 31339 | &nbsp;&nbsp;&nbsp; 2560 | &nbsp;&nbsp;&nbsp; 6477 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (1769)<br>| &nbsp;&nbsp;&nbsp; (13562)<br>| &nbsp;&nbsp;&nbsp; 5934 | &nbsp;&nbsp;&nbsp; (22391)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (1433)<br>| &nbsp;&nbsp;&nbsp; 17777 | &nbsp;&nbsp;&nbsp; 8494 | &nbsp;&nbsp;&nbsp; (15917)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $777 | &nbsp;&nbsp;&nbsp; $16385 | &nbsp;&nbsp;&nbsp; $9916 | &nbsp;&nbsp;&nbsp; $(15971)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)**

**YEAR ENDED December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR** <br>**Small-Cap** <br>**Value Series**<br>| **Newfleet** <br>**Multi-Sector** <br>**Intermediate Bond** <br>**Series**<br>| **SGA** <br>**International** <br>**Growth Series**<br>| **Tactical Allocation** <br>**Series**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $783 | &nbsp;&nbsp;&nbsp; $33 | &nbsp;&nbsp;&nbsp; $1402 | &nbsp;&nbsp;&nbsp; $671 |
| Dividends from affiliated  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2353 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 465 |
| Interest  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2793 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 844 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (33)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp; 5179 | &nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp; 1951 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; 372 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 169 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 94 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 9 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 13 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 37 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 5 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 22 |
| Total expenses | &nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 1231 | &nbsp;&nbsp;&nbsp; 722 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp; (59)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp; 663 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 4385 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 1288 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 4397 | &nbsp;&nbsp;&nbsp; (1071)<br>| &nbsp;&nbsp;&nbsp; 6277 | &nbsp;&nbsp;&nbsp; 8517 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 2 |
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (7152)<br>| &nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp; 2652 | &nbsp;&nbsp;&nbsp; (5264)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (242)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 2 |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (2755)<br>| &nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp; 8970 | &nbsp;&nbsp;&nbsp; 3236 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(2582)<br>| &nbsp;&nbsp;&nbsp; $6259 | &nbsp;&nbsp;&nbsp; $9140 | &nbsp;&nbsp;&nbsp; $4524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps Real Estate** <br> **Securities Series** | **Duff & Phelps Real Estate** <br> **Securities Series** | **KAR Capital Growth Series** | **KAR Capital Growth Series** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets** <br>**From Operations**<br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2210 | &nbsp;&nbsp;&nbsp; $2081 | &nbsp;&nbsp;&nbsp; $(1392)<br>| &nbsp;&nbsp;&nbsp; $(1382)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp; 31339 | &nbsp;&nbsp;&nbsp; 33215 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (1769)<br>| &nbsp;&nbsp;&nbsp; 5720 | &nbsp;&nbsp;&nbsp; (13562)<br>| &nbsp;&nbsp;&nbsp; 24734 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 9135 | &nbsp;&nbsp;&nbsp; 16385 | &nbsp;&nbsp;&nbsp; 56567 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2328)<br>| &nbsp;&nbsp;&nbsp; (2334)<br>| &nbsp;&nbsp;&nbsp; (27070)<br>| &nbsp;&nbsp;&nbsp; (33385)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (862)<br>| &nbsp;&nbsp;&nbsp; (699)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (3190)<br>| &nbsp;&nbsp;&nbsp; (3033)<br>| &nbsp;&nbsp;&nbsp; (27070)<br>| &nbsp;&nbsp;&nbsp; (33385)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4973)<br>| &nbsp;&nbsp;&nbsp; (6341)<br>| &nbsp;&nbsp;&nbsp; (1531)<br>| &nbsp;&nbsp;&nbsp; 497 |
| Class I | &nbsp;&nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 12097 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (930)<br>| &nbsp;&nbsp;&nbsp; 5756 | &nbsp;&nbsp;&nbsp; (1531)<br>| &nbsp;&nbsp;&nbsp; 497 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (3343)<br>| &nbsp;&nbsp;&nbsp; 11858 | &nbsp;&nbsp;&nbsp; (12216)<br>| &nbsp;&nbsp;&nbsp; 23679 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 105455 | &nbsp;&nbsp;&nbsp; 93597 | &nbsp;&nbsp;&nbsp; 249797 | &nbsp;&nbsp;&nbsp; 226118 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $102112 | &nbsp;&nbsp;&nbsp; $105455 | &nbsp;&nbsp;&nbsp; $237581 | &nbsp;&nbsp;&nbsp; $249797 |

---

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Equity Income Series** | **KAR Equity Income Series** | **KAR Small-Cap Growth Series** | **KAR Small-Cap Growth Series** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets** <br>**From Operations**<br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1422 | &nbsp;&nbsp;&nbsp; $2243 | &nbsp;&nbsp;&nbsp; $(54)<br>| &nbsp;&nbsp;&nbsp; $(252)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 2560 | &nbsp;&nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 6474 | &nbsp;&nbsp;&nbsp; 12812 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 5934 | &nbsp;&nbsp;&nbsp; 3674 | &nbsp;&nbsp;&nbsp; (22391)<br>| &nbsp;&nbsp;&nbsp; (5043)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 9916 | &nbsp;&nbsp;&nbsp; 7613 | &nbsp;&nbsp;&nbsp; (15971)<br>| &nbsp;&nbsp;&nbsp; 7517 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5959)<br>| &nbsp;&nbsp;&nbsp; (2356)<br>| &nbsp;&nbsp;&nbsp; (13428)<br>| &nbsp;&nbsp;&nbsp; (6033)<br>|
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp; (567)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (5959)<br>| &nbsp;&nbsp;&nbsp; (2356)<br>| &nbsp;&nbsp;&nbsp; (13550)<br>| &nbsp;&nbsp;&nbsp; (6600)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5770)<br>| &nbsp;&nbsp;&nbsp; (12076)<br>| &nbsp;&nbsp;&nbsp; 6449 | &nbsp;&nbsp;&nbsp; (7201)<br>|
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6590)<br>| &nbsp;&nbsp;&nbsp; (865)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (5770)<br>| &nbsp;&nbsp;&nbsp; (12076)<br>| &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (8066)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (1813)<br>| &nbsp;&nbsp;&nbsp; (6819)<br>| &nbsp;&nbsp;&nbsp; (29662)<br>| &nbsp;&nbsp;&nbsp; (7149)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 76825 | &nbsp;&nbsp;&nbsp; 83644 | &nbsp;&nbsp;&nbsp; 81618 | &nbsp;&nbsp;&nbsp; 88767 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $75012 | &nbsp;&nbsp;&nbsp; $76825 | &nbsp;&nbsp;&nbsp; $51956 | &nbsp;&nbsp;&nbsp; $81618 |

---

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap Value Series** | **KAR Small-Cap Value Series** | **Newfleet Multi-Sector Intermediate** <br> **Bond Series** | **Newfleet Multi-Sector Intermediate** <br> **Bond Series** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets** <br>**From Operations**<br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $173 | &nbsp;&nbsp;&nbsp; $372 | &nbsp;&nbsp;&nbsp; $4385 | &nbsp;&nbsp;&nbsp; $4877 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 4397 | &nbsp;&nbsp;&nbsp; 6601 | &nbsp;&nbsp;&nbsp; (1168)<br>| &nbsp;&nbsp;&nbsp; (2129)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (7152)<br>| &nbsp;&nbsp;&nbsp; (976)<br>| &nbsp;&nbsp;&nbsp; 3042 | &nbsp;&nbsp;&nbsp; 2494 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (2582)<br>| &nbsp;&nbsp;&nbsp; 5997 | &nbsp;&nbsp;&nbsp; 6259 | &nbsp;&nbsp;&nbsp; 5242 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp;&nbsp; (5338)<br>| &nbsp;&nbsp;&nbsp; (4145)<br>| &nbsp;&nbsp;&nbsp; (4632)<br>|
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (240)<br>| &nbsp;&nbsp;&nbsp; (253)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp;&nbsp; (5338)<br>| &nbsp;&nbsp;&nbsp; (4385)<br>| &nbsp;&nbsp;&nbsp; (4885)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1122)<br>| &nbsp;&nbsp;&nbsp; (10911)<br>| &nbsp;&nbsp;&nbsp; (5156)<br>| &nbsp;&nbsp;&nbsp; (7603)<br>|
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; (50)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (1122)<br>| &nbsp;&nbsp;&nbsp; (10911)<br>| &nbsp;&nbsp;&nbsp; (4750)<br>| &nbsp;&nbsp;&nbsp; (7653)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (9340)<br>| &nbsp;&nbsp;&nbsp; (10252)<br>| &nbsp;&nbsp;&nbsp; (2876)<br>| &nbsp;&nbsp;&nbsp; (7296)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 60784 | &nbsp;&nbsp;&nbsp; 71036 | &nbsp;&nbsp;&nbsp; 87220 | &nbsp;&nbsp;&nbsp; 94516 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $51444 | &nbsp;&nbsp;&nbsp; $60784 | &nbsp;&nbsp;&nbsp; $84344 | &nbsp;&nbsp;&nbsp; $87220 |

---

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SGA International Growth Series** | **SGA International Growth Series** | **Tactical Allocation Series** | **Tactical Allocation Series** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets** <br>**From Operations**<br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $170 | &nbsp;&nbsp;&nbsp; $60 | &nbsp;&nbsp;&nbsp; $1288 | &nbsp;&nbsp;&nbsp; $1120 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 6292 | &nbsp;&nbsp;&nbsp; (445)<br>| &nbsp;&nbsp;&nbsp; 8520 | &nbsp;&nbsp;&nbsp; 5959 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 2678 | &nbsp;&nbsp;&nbsp; (6352)<br>| &nbsp;&nbsp;&nbsp; (5284)<br>| &nbsp;&nbsp;&nbsp; 2079 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 9140 | &nbsp;&nbsp;&nbsp; (6737)<br>| &nbsp;&nbsp;&nbsp; 4524 | &nbsp;&nbsp;&nbsp; 9158 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3334)<br>| &nbsp;&nbsp;&nbsp; (465)<br>| &nbsp;&nbsp;&nbsp; (9321)<br>| &nbsp;&nbsp;&nbsp; (7577)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (— )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (3339)<br>| &nbsp;&nbsp;&nbsp; (465)<br>| &nbsp;&nbsp;&nbsp; (9321)<br>| &nbsp;&nbsp;&nbsp; (7577)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (8813)<br>| &nbsp;&nbsp;&nbsp; (23124)<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (1737)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (8808)<br>| &nbsp;&nbsp;&nbsp; (23124)<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (1737)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (3007)<br>| &nbsp;&nbsp;&nbsp; (30326)<br>| &nbsp;&nbsp;&nbsp; (4783)<br>| &nbsp;&nbsp;&nbsp; (156)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 100878 | &nbsp;&nbsp;&nbsp; 131204 | &nbsp;&nbsp;&nbsp; 69371 | &nbsp;&nbsp;&nbsp; 69527 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $97871 | &nbsp;&nbsp;&nbsp; $100878 | &nbsp;&nbsp;&nbsp; $64588 | &nbsp;&nbsp;&nbsp; $69371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(4)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(4)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)</sup> <br>| **Portfolio Turnover Rate** |
| **Duff & Phelps Real Estate Securities Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $20.97  | 0.44  | (0.29)  | 0.15  | (0.56)  | (0.09)  | (0.65)  | (0.50)  | $20.47  | 0.72 %  | $73907  | 1.10 %  | 1.19 %  | 2.10 %  | 22 %  |
| 1/1/24 to 12/31/24 | 19.44  | 0.42  | 1.71  | 2.13  | (0.37)  | (0.23)  | (0.60)  | 1.53  | 20.97  | 10.92  | 80738  | 1.10  | 1.16  | 2.10  | 40  |
| 1/1/23 to 12/31/23 | 18.08  | 0.40  | 1.55  | 1.95  | (0.40)  | (0.19)  | (0.59)  | 1.36  | 19.44  | 11.03  | 81442  | 1.08  | 1.15  | 2.14  | 29  |
| 1/1/22 to 12/31/22 | 25.32  | 0.29  | (6.84)  | (6.55)  | (0.20)  | (0.49)  | (0.69)  | (7.24)  | 18.08  | (26.09)  | 74859  | 1.13 <sup>(6)</sup> <br>| 1.21  | 1.40  | 24  |
| 1/1/21 to 12/31/21 | 17.71  | 0.17  | 8.01  | 8.18  | (0.16)  | (0.41)  | (0.57)  | 7.61  | 25.32  | 46.41  | 111162  | 1.10  | 1.17  | 0.77  | 16  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $20.86  | 0.50  | (0.29)  | 0.21  | (0.62)  | (0.09)  | (0.71)  | (0.50)  | $20.36  | 1.00 %  | $28205  | 0.85 %  | 0.94 %  | 2.41 %  | 22 %  |
| 1/1/24 to 12/31/24 | 19.39  | 0.52  | 1.66  | 2.18  | (0.48)  | (0.23)  | (0.71)  | 1.47  | 20.86  | 11.15  | 24717  | 0.85  | 0.91  | 2.52  | 40  |
| 1/1/23 to 12/31/23 | 18.05  | 0.46  | 1.54  | 2.00  | (0.47)  | (0.19)  | (0.66)  | 1.34  | 19.39  | 11.31  | 12155  | 0.83  | 0.90  | 2.48  | 29  |
| 1/1/22 to 12/31/22 | 25.31  | 0.37  | (6.86)  | (6.49)  | (0.28)  | (0.49)  | (0.77)  | (7.26)  | 18.05  | (25.90)  | 9201  | 0.88 <sup>(6)</sup> <br>| 0.97  | 1.76  | 24  |
| 1/1/21 to 12/31/21 | 17.70  | 0.23  | 8.02  | 8.25  | (0.23)  | (0.41)  | (0.64)  | 7.61  | 25.31  | 46.87  | 8321  | 0.85  | 0.92  | 1.04  | 16  |
| **KAR Capital Growth Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $35.74  | (0.21)  | 2.73  | 2.52  | —  | (4.18)  | (4.18)  | (1.66)  | $34.08  | 6.96 %  | $237581  | 1.03 %  | 1.10 %  | (0.57) %  | 14 %  |
| 1/1/24 to 12/31/24 | 32.33  | (0.21)  | 8.87  | 8.66  | —  | (5.25)  | (5.25)  | 3.41  | 35.74  | 26.20  | 249797  | 1.03  | 1.08  | (0.56)  | 9  |
| 1/1/23 to 12/31/23 | 25.68  | (0.10)  | 8.83  | 8.73  | —  | (2.08)  | (2.08)  | 6.65  | 32.33  | 34.71  | 226118  | 1.01  | 1.07  | (0.32)  | 11  |
| 1/1/22 to 12/31/22 | 49.16  | (0.12)  | (17.50)  | (17.62)  | —  | (5.86)  | (5.86)  | (23.48)  | 25.68  | (36.11)  | 185499  | 1.06 <sup>(6)</sup> <br>| 1.13  | (0.35)  | 20  |
| 1/1/21 to 12/31/21 | 48.92  | (0.33)  | 6.12  | 5.79  | —  | (5.55)  | (5.55)  | 0.24  | 49.16  | 12.14  | 316332  | 1.03  | 1.08  | (0.66)  | 5  |
| **KAR Equity Income Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $12.02  | 0.24  | 1.41  | 1.65  | (0.25)  | (0.78)  | (1.03)  | 0.62  | $12.64  | 13.92 %  | $75012  | 0.98 %  | 1.16 %  | 1.87 %  | 24 %  |
| 1/1/24 to 12/31/24 | 11.29  | 0.33  | 0.77  | 1.10  | (0.37)  | — <sup>(7)</sup> <br>| (0.37)  | 0.73  | 12.02  | 9.63  | 76825  | 0.98  | 1.12  | 2.74  | 30  |
| 1/1/23 to 12/31/23 | 11.58  | 0.34  | (0.18)  | 0.16  | (0.35)  | (0.10)  | (0.45)  | (0.29)  | 11.29  | 1.49  | 83644  | 0.96  | 1.10  | 3.02  | 21  |
| 1/1/22 to 12/31/22 | 12.71  | 0.32  | (0.62)  | (0.30)  | (0.31)  | (0.52)  | (0.83)  | (1.13)  | 11.58  | (2.34)  | 90037  | 1.01 <sup>(6)</sup> <br>| 1.16  | 2.58  | 22  |
| 1/1/21 to 12/31/21 | 11.54  | 0.29  | 1.69  | 1.98  | (0.29)  | (0.52)  | (0.81)  | 1.17  | 12.71  | 17.39  | 102591  | 0.98  | 1.12  | 2.32  | 23  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(4)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(4)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)</sup> <br>| **Portfolio Turnover Rate** |
| **KAR Small-Cap Growth Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $25.43  | (0.02)  | (5.35)  | (5.37)  | —  | (4.74)  | (4.74)  | (10.11)  | $15.32  | (22.62) %  | $51440  | 1.14 %  | 1.33 %  | (0.12) %  | 33 %  |
| 1/1/24 to 12/31/24 | 25.04  | (0.08)  | 2.69  | 2.61  | —  | (2.22)  | (2.22)  | 0.39  | 25.43  | 9.72  | 74175  | 1.14  | 1.26  | (0.32)  | 22  |
| 1/1/23 to 12/31/23 | 22.44  | (0.08)  | 4.38  | 4.30  | —  | (1.70)  | (1.70)  | 2.60  | 25.04  | 19.70  | 80608  | 1.12  | 1.25  | (0.34)  | 9  |
| 1/1/22 to 12/31/22 | 36.17  | (0.17)  | (10.64)  | (10.81)  | —  | (2.92)  | (2.92)  | (13.73)  | 22.44  | (30.33)  | 74025  | 1.17 <sup>(6)</sup> <br>| 1.30  | (0.61)  | 17  |
| 1/1/21 to 12/31/21 | 40.14  | (0.32)  | 2.26  | 1.94  | —  | (5.91)  | (5.91)  | (3.97)  | 36.17  | 4.98  | 118751  | 1.16 <sup>(8)</sup> <br>| 1.26  | (0.80)  | 9  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $27.05  | 0.35  | (6.04)  | (5.69)  | —  | (4.74)  | (4.74)  | (10.43)  | $16.62  | (22.44) %  | $516  | 0.89 %  | 1.08 %  | 1.43 %  | 33 %  |
| 1/1/24 to 12/31/24 | 26.45  | (0.02)  | 2.84  | 2.82  | —  | (2.22)  | (2.22)  | 0.60  | 27.05  | 10.00  | 7443  | 0.89  | 1.01  | (0.08)  | 22  |
| 1/1/23 to 12/31/23 | 23.56  | (0.02)  | 4.61  | 4.59  | —  | (1.70)  | (1.70)  | 2.89  | 26.45  | 19.99  | 8159  | 0.87  | 1.00  | (0.09)  | 9  |
| 1/1/22 to 12/31/22 | 37.68  | (0.10)  | (11.10)  | (11.20)  | —  | (2.92)  | (2.92)  | (14.12)  | 23.56  | (30.14)  | 6749  | 0.92 <sup>(6)</sup> <br>| 1.06  | (0.36)  | 17  |
| 1/1/21 to 12/31/21 | 41.49  | (0.23)  | 2.33  | 2.10  | —  | (5.91)  | (5.91)  | (3.81)  | 37.68  | 5.21  | 9706  | 0.91 <sup>(8)</sup> <br>| 1.01  | (0.55)  | 9  |
| **KAR Small-Cap Value Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $16.16  | 0.05  | (0.77)  | (0.72)  | (0.05)  | (1.59)  | (1.64)  | (2.36)  | $13.80  | (4.50) %  | $51444  | 1.10 %  | 1.38 %  | 0.31 %  | 9 %  |
| 1/1/24 to 12/31/24 | 15.98  | 0.09  | 1.62  | 1.71  | (0.10)  | (1.43)  | (1.53)  | 0.18  | 16.16  | 9.98  | 60784  | 1.10  | 1.32  | 0.56  | 9  |
| 1/1/23 to 12/31/23 | 14.04  | 0.08  | 2.53  | 2.61  | (0.08)  | (0.59)  | (0.67)  | 1.94  | 15.98  | 19.05  | 71036  | 1.08  | 1.31  | 0.52  | 4  |
| 1/1/22 to 12/31/22 | 19.88  | 0.05  | (4.79)  | (4.74)  | (0.03)  | (1.07)  | (1.10)  | (5.84)  | 14.04  | (24.15)  | 64733  | 1.13 <sup>(6)</sup> <br>| 1.37  | 0.33  | 11  |
| 1/1/21 to 12/31/21 | 18.96  | 0.03  | 3.68  | 3.71  | (0.03)  | (2.76)  | (2.79)  | 0.92  | 19.88  | 19.72  | 91698  | 1.10  | 1.31  | 0.13  | 11  |
| **Newfleet Multi-Sector Intermediate Bond** <br> **Series**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $8.52  | 0.45  | 0.19  | 0.64  | (0.47)  | —  | (0.47)  | 0.17  | $8.69  | 7.58 %  | $80135  | 0.94 %  | 0.98 %  | 5.11 %  | 59 %  |
| 1/1/24 to 12/31/24 | 8.51  | 0.46  | 0.05  | 0.51  | (0.50)  | —  | (0.50)  | 0.01  | 8.52  | 5.91  | 83474  | 0.94  | 0.95  | 5.30  | 73  |
| 1/1/23 to 12/31/23 | 8.21  | 0.40  | 0.30  | 0.70  | (0.40)  | —  | (0.40)  | 0.30  | 8.51  | 8.69  | 90715  | 0.93  | 0.94  | 4.71  | 60  |
| 1/1/22 to 12/31/22 | 9.40  | 0.29  | (1.18)  | (0.89)  | (0.30)  | —  | (0.30)  | (1.19)  | 8.21  | (9.52)  | 90844  | 0.97 <sup>(6)</sup> <br>| 0.98  | 3.36  | 43  |
| 1/1/21 to 12/31/21 | 9.58  | 0.29  | (0.20)  | 0.09  | (0.27)  | —  | (0.27)  | (0.18)  | 9.40  | 0.97  | 111758  | 0.92 <sup>(9)(10)</sup> <br>| 0.91  | 3.00  | 64  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $8.46  | 0.47  | 0.18  | 0.65  | (0.50)  | —  | (0.50)  | 0.15  | $8.61  | 7.77 %  | $4209  | 0.69 %  | 0.73 %  | 5.35 %  | 59 %  |
| 1/1/24 to 12/31/24 | 8.46  | 0.48  | 0.05  | 0.53  | (0.53)  | —  | (0.53)  | —  | 8.46  | 6.18  | 3746  | 0.69  | 0.70  | 5.55  | 73  |
| 1/1/23 to 12/31/23 | 8.18  | 0.42  | 0.30  | 0.72  | (0.44)  | —  | (0.44)  | 0.28  | 8.46  | 8.93  | 3801  | 0.68  | 0.69  | 5.03  | 60  |
| 1/1/22 to 12/31/22 | 9.39  | 0.32  | (1.19)  | (0.87)  | (0.34)  | —  | (0.34)  | (1.21)  | 8.18  | (9.33)  | 2350  | 0.73 <sup>(6)</sup> <br>| 0.74  | 3.67  | 43  |
| 1/1/21 to 12/31/21 | 9.57  | 0.31  | (0.19)  | 0.12  | (0.30)  | —  | (0.30)  | (0.18)  | 9.39  | 1.29  | 1501  | 0.67 <sup>(9)(10)</sup> <br>| 0.67  | 3.21  | 64  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(4)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(4)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)</sup> <br>| **Portfolio Turnover Rate** |
| **SGA International Growth Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $12.65  | 0.02  | 1.14  | 1.16  | (0.02)  | (0.44)  | (0.46)  | 0.70  | $13.35  | 9.26 %  | $97737  | 1.14 %  | 1.21 %  | 0.17 %  | 27 %  |
| 1/1/24 to 12/31/24 | 13.47  | 0.01  | (0.78)  | (0.77)  | (0.03)  | (0.02)  | (0.05)  | (0.82)  | 12.65  | (5.73)  | 100756  | 1.14  | 1.16  | 0.05  | 24  |
| 1/1/23 to 12/31/23 | 11.41  | 0.03  | 2.04  | 2.07  | (0.01)  | —  | (0.01)  | 2.06  | 13.47  | 18.18  | 131075  | 1.12  | 1.15  | 0.21  | 15  |
| 1/1/22 to 12/31/22 | 14.40  | 0.01  | (2.69)  | (2.68)  | —  | (0.31)  | (0.31)  | (2.99)  | 11.41  | (18.61)  | 125772  | 1.17 <sup>(6)</sup> <br>| 1.21  | 0.10  | 25  |
| 1/1/21 to 12/31/21 | 14.47  | (0.03)  | 1.21  | 1.18  | —  | (1.25)  | (1.25)  | (0.07)  | 14.40  | 8.32  | 163146  | 1.14  | 1.16  | (0.19)  | 28  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $12.75  | 0.06  | 1.15  | 1.21  | (0.07)  | (0.44)  | (0.51)  | 0.70  | $13.45  | 9.52 %  | $134  | 0.89 %  | 0.96 %  | 0.42 %  | 27 %  |
| 1/1/24 to 12/31/24 | 13.54  | 0.04  | (0.78)  | (0.74)  | (0.03)  | (0.02)  | (0.05)  | (0.79)  | 12.75  | (5.48)  | 122  | 0.89  | 0.92  | 0.28  | 24  |
| 1/1/23 to 12/31/23 | 11.48  | 0.06  | 2.05  | 2.11  | (0.05)  | —  | (0.05)  | 2.06  | 13.54  | 18.42  | 129  | 0.87  | 0.90  | 0.46  | 15  |
| 1/1/22 to 12/31/22 | 14.44  | 0.04  | (2.69)  | (2.65)  | —  | (0.31)  | (0.31)  | (2.96)  | 11.48  | (18.35)  | 109  | 0.92 <sup>(6)</sup> <br>| 0.96  | 0.35  | 25  |
| 1/1/21 to 12/31/21 | 14.47  | 0.01  | 1.21  | 1.22  | —  | (1.25)  | (1.25)  | (0.03)  | 14.44  | 8.60  | 134  | 0.89  | 0.92  | 0.06  | 28  |
| **Tactical Allocation Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $12.95  | 0.25  | 0.64  | 0.89  | (0.29)  | (1.67)  | (1.96)  | (1.07)  | $11.88  | 6.79 %  | $64588  | 0.98 %  | 1.07 %  | 1.90 %  | 48 %  |
| 1/1/24 to 12/31/24 | 12.68  | 0.21  | 1.59  | 1.80  | (0.28)  | (1.25)  | (1.53)  | 0.27  | 12.95  | 13.80  | 69371  | 0.98  | 1.03  | 1.57  | 40  |
| 1/1/23 to 12/31/23 | 11.19  | 0.17  | 2.27  | 2.44  | (0.14)  | (0.81)  | (0.95)  | 1.49  | 12.68  | 22.22  | 69527  | 0.96  | 1.03  | 1.40  | 33  |
| 1/1/22 to 12/31/22 | 17.50  | 0.08  | (5.41)  | (5.33)  | (0.03)  | (0.95)  | (0.98)  | (6.31)  | 11.19  | (30.58)  | 63674  | 1.01 <sup>(6)</sup> <br>| 1.05  | 0.62  | 24  |
| 1/1/21 to 12/31/21 | 17.81  | 0.03  | 1.28  | 1.31  | (0.07)  | (1.55)  | (1.62)  | (0.31)  | 17.50  | 7.57  | 103157  | 0.98 <sup>(9)(10)</sup> <br>| 0.98  | 0.17  | 21  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding.  |
| <sup>(2)</sup> | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(3)</sup> | The total return does not include the expenses associated with the annuity or life insurance policy through which you invest. |
| <sup>(4)</sup> | The Series will also indirectly bear their prorated shares of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation <br> of this ratio.<br>|
| <sup>(5)</sup> | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(6)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(7)</sup> | Amount is less than $0.005 per share. |
| <sup>(8)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(9)</sup> | The share class is currently below its expense cap. |
| <sup>(10)</sup> | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025**

**Note 1. Organization**

Virtus Variable Insurance Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. It was formed on February 18, 1986, as a Massachusetts business trust, commenced operations on December 5, 1986, and was reorganized as a Delaware statutory trust on February 14, 2011.

The Trust is organized with series, which are currently available only to separate accounts of participating insurance companies to fund variable accumulation annuity contracts and variable universal life insurance policies. As of the date of these financial statements, the Trust is comprised of eight series (each a "Series"), each reported in these financial statements. Each Series has a distinct investment objective and is diversified. *There is no guarantee that a Series will achieve its objective(s).*

Each Series offers Class A shares. The Duff & Phelps Real Estate Securities Series, KAR Small-Cap Growth Series, Newfleet Multi-Sector Intermediate Bond Series, and SGA International Growth Series also offer Class I shares.

**Note 2. Significant Accounting Policies**

**($ reported in thousands)** 

The Series' are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Security Valuation** 

The Series Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Series utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Series' policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to a Series' major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Series calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Series fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value a Series' net assets by each major security type is disclosed at the end of the Schedule of Investments for each Series. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Security Transactions and Investment Income**

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Series is notified. Interest income is recorded on the accrual basis. Each Series amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Income Taxes**

Each Series is treated as a separate taxable entity. It is the intention of each Series to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its investors. Therefore, no provision for federal income taxes or excise taxes has been made.

Certain Series may invest in securities of foreign issuers which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Series will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

As a result of court cases involving several countries across the European Union, certain Series have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaims and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Series believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Series' net asset value. EU tax reclaims and related interest entitlements recognized by a Series, if any, may reduce the amount of foreign taxes, if any, that a Series could elect to pass-through- to its investors from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Series were previously pass-through as foreign tax credits to its U.S. taxable investors, a Series may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Series to quantify and remit its tax liability related to any recoveries (on behalf of its investors).

For the year ended December 31, 2025, each Series did not incur a material income tax expense. Accordingly, the disclosures required by FASB Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Codification Topic 740) – Improvements to Income Tax Disclosures, are not applicable or are not material to the Series.

Management of the Series has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Series' U.S. federal income tax return is generally subject to examination by the IRS for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Distributions to Investors**

Distributions are recorded by each Series on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Expenses**

Expenses incurred together by a Series and other affiliated mutual funds are allocated in proportion to the net assets of each such Series, except where allocation of direct expenses to each Series and each such other fund, or an alternative allocation method, can be more appropriately used.

In addition to the net annual operating expenses that a Series bears directly, the contract owners, as investors in the Series, indirectly bear the Series' pro-rata expenses of any underlying mutual funds in which the Series invests.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Foreign Currency Transactions**

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Series bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Series do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Payment-In-Kind Securities**

Certain Series may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**When-Issued Purchases and Forward Commitments (Delayed Delivery)**

Certain Series may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Series to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Series to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Series records when-issued and forward commitment securities on the trade date. Each Series maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**Interest-Only and Principal-Only Securities**

Certain Series may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Series may fail to recoup some or all of its initial investment in these securities.

&nbsp;&nbsp;&nbsp;&nbsp;**J.**

**Leveraged Loans**

Certain Series may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Series may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Series' investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Series has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Series generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Series may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Series purchases assignments from lenders it acquires direct rights against the borrower on the loan.

A Series may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased, a Series may pay an assignment fee. On an ongoing basis, a Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

A Series may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Series will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle.

&nbsp;&nbsp;&nbsp;&nbsp;**K.**

**Warrants**

The Series may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Series to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

&nbsp;&nbsp;&nbsp;&nbsp;**L.**

**Securities Lending**

The Series may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Series is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan.

Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Series net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Series under a Master Securities Lending Agreement ("MSLA") which permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Series to the same counterparty against amounts to be received and create one single net payment due to or from the Series.

At December 31, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

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| | | | |
|:---|:---|:---|:---|
| **Series** | **Value of** <br>**Securities** <br>**on Loan**<br>| **Cash** <br>**Collateral** <br>**Received(1)** <br>| **Net** <br>**Amount(2)** <br>|
| KAR Equity Income Series | &nbsp;&nbsp; $1536 | &nbsp;&nbsp; $1536 | &nbsp;&nbsp; $—<br>|
| SGA International Growth Series | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; —<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Series' Schedule of Investments. 

<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of December 31, 2025 for the Series:

---

| | | |
|:---|:---|:---|
| **Series** | **Investment of** <br>**Cash Collateral**<br>| **Overnight** <br>**and** <br>**Continuous**<br>|
| KAR Equity Income Series | Money Market Mutual Fund | &nbsp;&nbsp; $1579 |
| SGA International Growth Series | Money Market Mutual Fund | &nbsp;&nbsp; 4337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**M.**

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Series have adopted FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized with series, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Series' Adviser acts as the respective Series' CODM. The CODM monitors the Series operating results as a whole, and the Series long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Series financial statements. Adoption of the new standard impacted the Series financial statement note disclosures only and did not affect any Series financial position or the results of its operations.

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**Note 3. Investment Advisory Fees and Related Party Transactions** 

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Series. The Adviser manages the Series' investment programs and general operations of the Series, including oversight of the Series' subadvisers.

As compensation for its services to the Series, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Series** | &nbsp;&nbsp; **First** <br>**$250 Million**<br>| &nbsp;&nbsp; **Next** <br>**$250 Million**<br>| &nbsp;&nbsp; **Over** <br>**$500 Million**<br>|
| KAR Capital Growth Series | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| KAR Equity Income Series | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| SGA International Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
|  | &nbsp;&nbsp; **First** <br>**$1 Billion**<br>| &nbsp;&nbsp; **Next** <br>**$1 Billion**<br>| &nbsp;&nbsp; **Over** <br>**$2 Billion**<br>|
| Duff & Phelps Real Estate Securities Series | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
|  | &nbsp;&nbsp; **First** <br>**$1 Billion**<br>| **$1+ Billion** |  |
| KAR Small-Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|  |
|  | &nbsp;&nbsp; **First** <br>**$400 Million**<br>| &nbsp;&nbsp; **$400+ Million** <br>**to $1 Billion**<br>| &nbsp;&nbsp; **Over** <br>**$1 Billion**<br>|
| KAR Small-Cap Value Series | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Subadvisers**

The subadvisers manage the investments of each Series for which they are paid a fee by the Adviser. A list of the subadvisers and the Series they serve as of the end of the year is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Series** |
| Duff & Phelps Real Estate Securities Series<br> DPIM<sup>(1)</sup> |
| KAR Capital Growth Series<br> KAR<sup>(2)</sup> |
| KAR Equity Income Series<br> KAR<sup>(2)</sup> |
| KAR Small-Cap Growth Series<br> KAR<sup>(2)</sup> |
| KAR Small-Cap Value Series<br> KAR<sup>(2)</sup> |

---

---

| |
|:---|
| **Series** |
| Newfleet Multi-Sector Intermediate Bond Series<br> Newfleet<sup>(3)</sup> |
| SGA International Growth Series<br> SGA<sup>(4)</sup> |
| Tactical Allocation Series |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Equity Portfolio)<br> KAR <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fixed Income Portfolio)<br> Newfleet <sup>(3)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Duff & Phelps Investment Management Co. ("DPIM"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers, LLC, an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Sustainable Growth Advisers LP ("SGA"), an indirect, majority-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Expense Limitations**

The Adviser has contractually agreed to limit each Series' annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2026. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly.

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Series** | **Class A**  | **Class I** |
| Duff & Phelps Real Estate Securities Series | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| KAR Capital Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; N/A |
| KAR Equity Income Series | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; N/A |
| KAR Small-Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| KAR Small-Cap Value Series | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; N/A |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| SGA International Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; N/A |

---

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Expense Recapture**

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Series must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Series** | **2026** | **2027** | **2028** | **Total** |
| Virtus Duff & Phelps Real Estate Securities Series |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $51<br>| &nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp; $69<br>| &nbsp;&nbsp;&nbsp; $171<br>|
| Class I | &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 23<br>| &nbsp;&nbsp;&nbsp; 38<br>|
| Virtus KAR Capital Growth Series |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 118<br>| &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 178<br>| &nbsp;&nbsp;&nbsp; 429<br>|
| Virtus KAR Equity Income Series |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 120<br>| &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 139<br>| &nbsp;&nbsp;&nbsp; 371<br>|
| Virtus KAR Small-Cap Growth Series |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 96<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 117<br>| &nbsp;&nbsp;&nbsp; 305<br>|
| Class I | &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 21<br>|
| Virtus KAR Small-Cap Value Series |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 145<br>| &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 155<br>| &nbsp;&nbsp;&nbsp; 445<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Multi-Sector Intermediate Bond <br> Series<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 33<br>| &nbsp;&nbsp;&nbsp; 57<br>|
| Class I | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 3<br>|
| Virtus SGA International Growth Series |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 31<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 67<br>| &nbsp;&nbsp;&nbsp; 134<br>|
| Class I | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Virtus Tactical Allocation Series |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 44<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 59<br>| &nbsp;&nbsp;&nbsp; 139<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

During the year ended December 31, 2025, the Adviser recaptured expenses previously waived for the following Series:

---

| | | |
|:---|:---|:---|
| **Series** | **Class A** | **Total** |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; $1<br>&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; $1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Administrator and Distributor**

Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator to the Series.

For the year ended December 31, 2025, the Series incurred administration fees totaling $757, which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly.

VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Series' shares. Each Series pays VP Distributors distribution and/or service fees under a Board-approved Rule 12b-1 plan, at the annual rate of 0.25% of the average daily net

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

assets of such Series' Class A shares. Class I shares are not subject to a Rule 12b-1 plan. For the year ended December 31, 2025, the Series incurred distribution fees totaling $1,917 which are included in the Statements of Operations within the line item "Distribution and service fees." A portion of these fees was paid to certain insurance companies for marketing and/or shareholder services provided to contract owners. The fees are calculated daily and paid monthly.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Investments with Affiliates**

The Series are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Series from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

A summary of the Newfleet Multi-Sector Intermediate Bond Series' total long-term and short-term purchases and sales of the respective shares of the affiliated investments during the year ended December 31, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  | **Newfleet Multi-Sector Intermediate Bond Series**<sup>(1)</sup>  |
| **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** | **Affiliated Mutual Funds—46.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS <br> MACS<sup>(3)</sup><br>| $— | $12760 | $1745 | $(7)<br>| $(76)<br>| $10932 | 1100856 | $585 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet CMBS <br> MACS<sup>(3)</sup><br>|  | 5461 | 1110 | 6 | 19 | 4376 | 435829 | 227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Floating <br> Rate MACS<sup>(3)</sup><br>|  | 10808 | 5454 | (72)<br>| (170)<br>| 5112 | 528648 | 395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet High Yield <br> MACS<sup>(3)</sup><br>|  | 12908 | 2413 | (44)<br>| (138)<br>| 10313 | 1051314 | 747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet RMBS <br> MACS<sup>(3)</sup><br>|  | 10917 | 2691 | 20 | 123 | 8369 | 824519 | 399 |  |
| Total | $— | $52854 | $13413 | $(97)<br>| $(242)<br>| $39102 |  | $2353 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The Newfleet Multi-Sector Intermediate Bond Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 49% of the Virtus Newfleet High Yield MACS Fund, 33% of the Virtus Newfleet Floating Rate MACS Fund , 32% of the Virtus Newfleet ABS MACS Fund, 25% of the Virtus Newfleet CMBS MACS Fund and 23% of the Virtus Newfleet RMBS MACS Fund. 

<sup>(2)</sup> Includes reinvested dividends from income and capital gain distributions.

<sup>(3)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

A summary of the Tactical Allocation Series' total long-term and short-term purchases and sales of the respective shares of the affiliated investments<sup>(1)</sup> during the year ended December 31, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  | **Tactical Allocation Series**<sup>(1)</sup>  |
| **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** | **Affiliated Mutual Funds—12.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS <br> MACS<sup>(3)</sup><br>| $— | $2708 | $519 | $(2)<br>| $(15)<br>| $2172 | 218695 | $122 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet CMBS <br> MACS<sup>(3)</sup><br>|  | 1855 | 610 | 2 | 6 | 1253 | 124786 | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Floating <br> Rate MACS<sup>(3)</sup><br>|  | 2039 | 998 | (10)<br>| (33)<br>| 998 | 103248 | 69 |  |

---

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,**<br> **beginning**<br> **of period**<br>| **Purchases**<sup>(2)</sup> | **Sales**<br> **proceeds**<br>| **Net**<br> **realized**<br> **gain**<br> **(loss)**<br> **on**<br> **affiliated**<br> **securities**<br>| **Net**<br> **change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on affiliated**<br> **securities**<br>| **Value,**<br> **end of**<br> **period**<br>| **Shares** | **Dividend**<br> **income**<br>| **Distributions**<br> **of realized**<br> **gains**<br>|
| **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> | **Tactical Allocation Series**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet High Yield <br> MACS<sup>(3)</sup><br>| $— | $1095 | $44 | $(1)<br>| $(19)<br>| $1031 | 105077 | $68 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet RMBS <br> MACS<sup>(3)</sup><br>|  | 4147 | 1530 | 12 | 39 | 2668 | 262861 | 136 |  |
| Total | $— | $11844 | $3701 | $1 | $(22)<br>| $8122 |  | $465 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The Tactical Allocation Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of less than 10% of all underlying funds. 

<sup>(2)</sup> Includes reinvested dividends from income and capital gain distributions.

<sup>(3)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which a Series held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Series is deemed to exercise, directly or indirectly, a certain level of control over the company.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Trustee Deferred Compensation Plan** 

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at December 31, 2025.

**Note 4. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Duff & Phelps Real Estate Securities Series | &nbsp;&nbsp;&nbsp; $21878<br>| &nbsp;&nbsp;&nbsp; $23703<br>|
| KAR Capital Growth Series | &nbsp;&nbsp;&nbsp; 34625<br>| &nbsp;&nbsp;&nbsp; 67099<br>|
| KAR Equity Income Series | &nbsp;&nbsp;&nbsp; 18483<br>| &nbsp;&nbsp;&nbsp; 28940<br>|
| KAR Small-Cap Growth Series | &nbsp;&nbsp;&nbsp; 19954<br>| &nbsp;&nbsp;&nbsp; 33047<br>|
| KAR Small-Cap Value Series | &nbsp;&nbsp;&nbsp; 4700<br>| &nbsp;&nbsp;&nbsp; 10638<br>|
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; 77978<br>| &nbsp;&nbsp;&nbsp; 42870<br>|
| SGA International Growth Series | &nbsp;&nbsp;&nbsp; 27716<br>| &nbsp;&nbsp;&nbsp; 40717<br>|
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 32367<br>| &nbsp;&nbsp;&nbsp; 31067<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; $14338<br>| &nbsp;&nbsp;&nbsp; $7196<br>|
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 2309<br>| &nbsp;&nbsp;&nbsp; 1121<br>|

---

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**Note 5. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Duff & Phelps Real Estate Securities Series** | **Duff & Phelps Real Estate Securities Series** | **Duff & Phelps Real Estate Securities Series** | **Duff & Phelps Real Estate Securities Series** | **KAR Capital Growth Series** | **KAR Capital Growth Series** | **KAR Capital Growth Series** | **KAR Capital Growth Series** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 413 | &nbsp;&nbsp; $8645 | &nbsp;&nbsp; 794 | &nbsp;&nbsp; $16392 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; $2890 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; $2672 |
| Reinvestment of distributions | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 2334 | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 27070 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 33385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (765) <br>| &nbsp;&nbsp; (15946) <br>| &nbsp;&nbsp; (1242) <br>| &nbsp;&nbsp; (25067) <br>| &nbsp;&nbsp; (873) <br>| &nbsp;&nbsp; (31491) <br>| &nbsp;&nbsp; (961) <br>| &nbsp;&nbsp; (35560) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (239)<br>| &nbsp;&nbsp; $(4973)<br>| &nbsp;&nbsp; (339)<br>| &nbsp;&nbsp; $(6341)<br>| &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; $(1531)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; $497 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 567 | &nbsp;&nbsp; $11743 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; $24192 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (408) <br>| &nbsp;&nbsp; (8562) <br>| &nbsp;&nbsp; (618) <br>| &nbsp;&nbsp; (12794) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 201 | &nbsp;&nbsp; $4043 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; $12097 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Equity Income Series** | **KAR Equity Income Series** | **KAR Equity Income Series** | **KAR Equity Income Series** | **KAR Small-Cap Growth Series** | **KAR Small-Cap Growth Series** | **KAR Small-Cap Growth Series** | **KAR Small-Cap Growth Series** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; $1001 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; $1500 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; $1959 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; $1611 |
| Reinvestment of distributions | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 5959 | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 2356 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 13428 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 6033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1006) <br>| &nbsp;&nbsp; (12730) <br>| &nbsp;&nbsp; (1331) <br>| &nbsp;&nbsp; (15932) <br>| &nbsp;&nbsp; (410) <br>| &nbsp;&nbsp; (8938) <br>| &nbsp;&nbsp; (582) <br>| &nbsp;&nbsp; (14845) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (457)<br>| &nbsp;&nbsp; $(5770)<br>| &nbsp;&nbsp; (1018)<br>| &nbsp;&nbsp; $(12076)<br>| &nbsp;&nbsp; 441 | &nbsp;&nbsp; $6449 | &nbsp;&nbsp; (302)<br>| &nbsp;&nbsp; $(7201)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 90 | &nbsp;&nbsp; $2419 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; $2667 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (340) <br>| &nbsp;&nbsp; (9131) <br>| &nbsp;&nbsp; (155) <br>| &nbsp;&nbsp; (4099) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; (244)<br>| &nbsp;&nbsp; $(6590)<br>| &nbsp;&nbsp; (34)<br>| &nbsp;&nbsp; $(865)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap Value Series** | **KAR Small-Cap Value Series** | **KAR Small-Cap Value Series** | **KAR Small-Cap Value Series** | **Newfleet Multi-Sector Intermediate Bond Series** | **Newfleet Multi-Sector Intermediate Bond Series** | **Newfleet Multi-Sector Intermediate Bond Series** | **Newfleet Multi-Sector Intermediate Bond Series** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; $1587 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; $898 | &nbsp;&nbsp; 767 | &nbsp;&nbsp; $6718 | &nbsp;&nbsp; 967 | &nbsp;&nbsp; $8416 |
| Reinvestment of distributions | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 5636 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 5338 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 4145 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (536) <br>| &nbsp;&nbsp; (8345) <br>| &nbsp;&nbsp; (1045) <br>| &nbsp;&nbsp; (17147) <br>| &nbsp;&nbsp; (1819) <br>| &nbsp;&nbsp; (16019) <br>| &nbsp;&nbsp; (2363) <br>| &nbsp;&nbsp; (20651) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; $(1122)<br>| &nbsp;&nbsp; (683)<br>| &nbsp;&nbsp; $(10911)<br>| &nbsp;&nbsp; (574)<br>| &nbsp;&nbsp; $(5156)<br>| &nbsp;&nbsp; (857)<br>| &nbsp;&nbsp; $(7603)<br>|

---

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Small-Cap Value Series** | **KAR Small-Cap Value Series** | **KAR Small-Cap Value Series** | **KAR Small-Cap Value Series** | **Newfleet Multi-Sector Intermediate Bond Series** | **Newfleet Multi-Sector Intermediate Bond Series** | **Newfleet Multi-Sector Intermediate Bond Series** | **Newfleet Multi-Sector Intermediate Bond Series** |
|  | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 74 | &nbsp;&nbsp; $650 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; $2078 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (56) <br>| &nbsp;&nbsp; (484) <br>| &nbsp;&nbsp; (275) <br>| &nbsp;&nbsp; (2381) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 46 | &nbsp;&nbsp; $406 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; $(50)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SGA International Growth Series** | **SGA International Growth Series** | **SGA International Growth Series** | **SGA International Growth Series** | **Tactical Allocation Series** | **Tactical Allocation Series** | **Tactical Allocation Series** | **Tactical Allocation Series** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; $2640 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; $3605 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; $1257 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; $1041 |
| Reinvestment of distributions | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 3334 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 9321 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 7577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1092) <br>| &nbsp;&nbsp; (14787) <br>| &nbsp;&nbsp; (2078) <br>| &nbsp;&nbsp; (27194) <br>| &nbsp;&nbsp; (794) <br>| &nbsp;&nbsp; (10564) <br>| &nbsp;&nbsp; (761) <br>| &nbsp;&nbsp; (10355) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (644)<br>| &nbsp;&nbsp; $(8813)<br>| &nbsp;&nbsp; (1768)<br>| &nbsp;&nbsp; $(23124)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp; $(1737)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Increase / (Decrease) | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $5 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $— <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

<sup>(2)</sup> Amount is less than $500 (not in thousands).

**Note 6. 10% Investors**

As of December 31, 2025, the Series had individual investor account(s) and/or omnibus investor account(s) (comprised of a group of individual investors), which individually amounted to more than 10% of the total shares outstanding of such Series as detailed below:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<br>|
| Duff & Phelps Real Estate Securities Series | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 3 |
| KAR Capital Growth Series | &nbsp;&nbsp;&nbsp; 100<br>| &nbsp;&nbsp;&nbsp; 2 |
| KAR Equity Income Series | &nbsp;&nbsp;&nbsp; 99<br>| &nbsp;&nbsp;&nbsp; 2 |
| KAR Small-Cap Growth Series | &nbsp;&nbsp;&nbsp; 97<br>| &nbsp;&nbsp;&nbsp; 2 |
| KAR Small-Cap Value Series | &nbsp;&nbsp;&nbsp; 99<br>| &nbsp;&nbsp;&nbsp; 2 |
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; 93<br>| &nbsp;&nbsp;&nbsp; 4 |
| SGA International Growth Series | &nbsp;&nbsp;&nbsp; 98<br>| &nbsp;&nbsp;&nbsp; 2 |
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 100<br>| &nbsp;&nbsp;&nbsp; 2 |

---

**Note 7. Credit and Market Risk and Asset Concentration**

Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Series and its investments, including hampering the ability of each Series' portfolio manager(s) to invest each Series' assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Series. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Series' assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Series from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Series' liquidity and performance. A Series is unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

The markets of the Greater China region functions in many ways as emerging markets and carry the high level of risks associated with emerging markets. The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on a Series' performance and increase the volatility of an investment in a Series. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a Series.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Series' assets. The securities of the Series may be deemed to have a zero value. A Series may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Series will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Series may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Series is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Series' NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income series may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Series' investments in securities of issuers located in emerging market countries. Redemptions by large investors may have a negative impact on a Series' liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Series invests a significant portion of its assets in a particular emerging market, the Series will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Series as compared with a fund that does not have its holdings concentrated in a particular country.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or subadviser to accurately predict risk.

Certain Series may invest in ETFs, which may expose the Series to the risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the Series of owning shares of the ETF will exceed those the Series would incur by investing in such securities directly.

Certain Series may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Series, positive or negative, than if the Series did not concentrate its investments in such sectors.

At December 31, 2025, the following Series held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
|  | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| KAR Capital Growth Series | Information Technology | &nbsp;&nbsp;&nbsp; 33<br> %<br>|
| KAR Small-Cap Growth Series | Financials | &nbsp;&nbsp;&nbsp; 30 |
| KAR Small-Cap Value Series | Industrials | &nbsp;&nbsp;&nbsp; 44 |

---

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Sector** | **Percentage of**<br> **Total Investments**<br>|
| KAR Small-Cap Value Series | Financials | &nbsp;&nbsp;&nbsp; 27 |

---

**Note 8. Indemnifications**

Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its Series. In addition, in the normal course of business, the Trust and the Series enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Series' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Series and that have not occurred. However, neither the Trust nor the Series have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

**Note 9. Restricted Securities**

Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Series will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At December 31, 2025, the Series did not hold any securities that were restricted.

**Note 10. Redemption Facility**

**($ reported in thousands)**

The Series and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Series and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 2, 2026. The Credit Agreement allows the Series to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of the Series' total net assets in accordance with the terms of the agreement. Each Series, that is a party to the Credit Agreement is individually and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of the SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended December 31, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

The following Series had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | |
|:---|:---|:---|:---|
| **Series** | **Average** <br>**Borrowing**<br>| **Weighted Average** <br>**Interest Rate**<br>| **Days** <br>**Outstanding**<br>|
| Duff & Phelps Real Estate Securities Series<br>&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; $1200 | &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>| &nbsp;&nbsp;&nbsp; 1 |
| KAR Equity Income Series<br>&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp; 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

**Note 11. Federal Income Tax Information**

**($ reported in thousands)**

At December 31, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Duff & Phelps Real Estate Securities Series | &nbsp;&nbsp;&nbsp; $74161<br>| &nbsp;&nbsp;&nbsp; $29595 | &nbsp;&nbsp;&nbsp; $(2917) <br>| &nbsp;&nbsp;&nbsp; $26678<br>|
| KAR Capital Growth Series | &nbsp;&nbsp;&nbsp; 93925<br>| &nbsp;&nbsp;&nbsp; 141405 | &nbsp;&nbsp;&nbsp; (1809) <br>| &nbsp;&nbsp;&nbsp; 139596<br>|
| KAR Equity Income Series | &nbsp;&nbsp;&nbsp; 57736<br>| &nbsp;&nbsp;&nbsp; 19009 | &nbsp;&nbsp;&nbsp; (1500) <br>| &nbsp;&nbsp;&nbsp; 17509<br>|
| KAR Small-Cap Growth Series | &nbsp;&nbsp;&nbsp; 42415<br>| &nbsp;&nbsp;&nbsp; 9164 | &nbsp;&nbsp;&nbsp; (2379) <br>| &nbsp;&nbsp;&nbsp; 6785<br>|
| KAR Small-Cap Value Series | &nbsp;&nbsp;&nbsp; 28513<br>| &nbsp;&nbsp;&nbsp; 23162 | &nbsp;&nbsp;&nbsp; (1346) <br>| &nbsp;&nbsp;&nbsp; 21816<br>|
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; 81256<br>| &nbsp;&nbsp;&nbsp; 1867 | &nbsp;&nbsp;&nbsp; (1055) <br>| &nbsp;&nbsp;&nbsp; 812<br>|
| SGA International Growth Series | &nbsp;&nbsp;&nbsp; 78506<br>| &nbsp;&nbsp;&nbsp; 24203 | &nbsp;&nbsp;&nbsp; (2753) <br>| &nbsp;&nbsp;&nbsp; 21450<br>|
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 49681<br>| &nbsp;&nbsp;&nbsp; 15615 | &nbsp;&nbsp;&nbsp; (2442) <br>| &nbsp;&nbsp;&nbsp; 13173<br>|

---

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

Certain Series have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended December 31, 2025, the Series' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Series** | **Short-Term** | **Long-Term** |
| Newfleet Multi-Sector Intermediate Bond Series | $700 | $9744 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Series consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Late Year** <br>**Ordinary** <br>**Losses** <br>**Deferred**<br>| **Post-October** <br>**Capital Loss** <br>**Deferred**<br>| **Capital Loss** <br>**Deferred**<br>|
| Duff & Phelps Real Estate Securities Series | &nbsp;&nbsp;&nbsp; $320 | &nbsp;&nbsp;&nbsp; $69 | &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $—<br>|
| KAR Capital Growth Series | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8451 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>|
| KAR Equity Income Series | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 174<br>| &nbsp;&nbsp;&nbsp; —<br>|
| KAR Small-Cap Growth Series | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 850<br>| &nbsp;&nbsp;&nbsp; —<br>|
| KAR Small-Cap Value Series | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Newfleet Multi-Sector Intermediate Bond Series | &nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 140<br>| &nbsp;&nbsp;&nbsp; 10444<br>|
| SGA International Growth Series | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 2344 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Tactical Allocation Series | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>|

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gains**<br>| **Total** |
| Duff & Phelps Real Estate Securities Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; $3040<br>| &nbsp;&nbsp;&nbsp; $150<br>| &nbsp;&nbsp;&nbsp; $3190<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 2763<br>| &nbsp;&nbsp;&nbsp; 270<br>| &nbsp;&nbsp;&nbsp; 3033<br>|
| KAR Capital Growth Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 27070<br>| &nbsp;&nbsp;&nbsp; 27070<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 33385<br>| &nbsp;&nbsp;&nbsp; 33385<br>|
| KAR Equity Income Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 2039<br>| &nbsp;&nbsp;&nbsp; 3920<br>| &nbsp;&nbsp;&nbsp; 5959<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 2321<br>| &nbsp;&nbsp;&nbsp; 35<br>| &nbsp;&nbsp;&nbsp; 2356<br>|
| KAR Small-Cap Growth Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 13550<br>| &nbsp;&nbsp;&nbsp; 13550<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 6600<br>| &nbsp;&nbsp;&nbsp; 6600<br>|
| KAR Small-Cap Value Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 236<br>| &nbsp;&nbsp;&nbsp; 5400<br>| &nbsp;&nbsp;&nbsp; 5636<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 338<br>| &nbsp;&nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 5338<br>|
| Newfleet Multi-Sector Intermediate Bond Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 4385<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 4385<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 4885<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 4885<br>|
| SGA International Growth Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 1369<br>| &nbsp;&nbsp;&nbsp; 1970<br>| &nbsp;&nbsp;&nbsp; 3339<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 262<br>| &nbsp;&nbsp;&nbsp; 203<br>| &nbsp;&nbsp;&nbsp; 465<br>|
| Tactical Allocation Series |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 1644<br>| &nbsp;&nbsp;&nbsp; 7677<br>| &nbsp;&nbsp;&nbsp; 9321<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 1881<br>| &nbsp;&nbsp;&nbsp; 5696<br>| &nbsp;&nbsp;&nbsp; 7577<br>|

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Series. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

------

**VIRTUS VARIABLE INSURANCE TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**Note 12. Regulatory Matters and Litigation**

From time to time, the Trust, the Series, the Adviser and/or the subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

**Note 13. Mixed and Shared Funding**

Shares of the Series are not directly offered to the public. Shares of the Series are currently offered through separate accounts to fund variable accumulation annuity contracts and variable universal life insurance policies issued by participating insurance companies. The interests of variable annuity contract owners and variable life policy owners could diverge based on differences in U.S. federal and state regulatory requirements, tax laws, investment management or other unanticipated developments. The Trust's Trustees do not foresee any such differences or disadvantages at this time. However, the Trust's Trustees intend to monitor for any material conflicts and will determine what action, if any, should be taken in response to such conflicts. If such a conflict should occur, one or more separate accounts may be required to withdraw its investment in the Series, or shares of another Series may be substituted.

**Note 14. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Series through the date the financial statements were available for issuance, and has determined that the following subsequent events require recognition or disclosure in these financial statements.

Effective January 1, 2026, a new expense limitation of 1.10% and 0.85% went into effect through April 30, 2027 for Class A and Class I shares, respectively, for the SGA International Growth Series.

Effective January 1, 2026, a new expense limitation of 0.95% went into effect for Class A shares for the Tactical Allocation Series through April 30, 2027.

------

![](g872972imgd3badcf62.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Virtus Variable Insurance Trust and Shareholders of Virtus Duff & Phelps Real Estate Securities Series, Virtus KAR Capital Growth Series, Virtus KAR Equity Income Series, Virtus KAR Small-Cap Growth Series, Virtus KAR Small-Cap Value Series, Virtus Newfleet Multi-Sector Intermediate Bond Series, Virtus SGA International Growth Series and Virtus Tactical Allocation Series

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Duff & Phelps Real Estate Securities Series, Virtus KAR Capital Growth Series, Virtus KAR Equity Income Series, Virtus KAR Small-Cap Growth Series, Virtus KAR Small-Cap Value Series, Virtus Newfleet Multi-Sector Intermediate Bond Series, Virtus SGA International Growth Series and Virtus Tactical Allocation Series (constituting Virtus Variable Insurance Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2026

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

------

**VIRTUS VARIABLE INSURANCE TRUST**

**OTHER INFORMATION** 

**December 31, 2025**

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

**($ reported in thousands)**

For the year ended December 31, 2025, the Series incurred independent Trustee's fees totaling $57 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES SERIES, VIRTUS KAR CAPITAL GROWTH SERIES, VIRTUS KAR EQUITY INCOME SERIES, VIRTUS KAR SMALL-CAP GROWTH SERIES, VIRTUS KAR SMALL-CAP VALUE SERIES, VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND SERIES, VIRTUS SGA INTERNATIONAL GROWTH SERIES, AND VIRTUS TACTICAL ALLOCATION SERIES (INDIVIDUALLY AND COLLECTIVELY, THE "SERIES") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Variable Insurance Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements" and together with the Advisory Agreements, the "Agreements") among the Trust, VIA and Duff & Phelps Investment Management Co. ("Duff & Phelps"), with respect to Virtus Duff & Phelps Real Estate Securities Series; among the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC ("KAR"), with respect to Virtus KAR Capital Growth Series, Virtus KAR Equity Income Series, Virtus KAR Small-Cap Growth Series, Virtus KAR Small-Cap Value Series and Virtus Tactical Allocation Series (domestic equity portion and international equity portion only); among the Trust, VIA and Virtus Fixed Income Advisers, LLC, operating through its division Newfleet Asset Management ("Newfleet"), with respect to Virtus Newfleet Multi-Sector Intermediate Bond Series and Virtus Tactical Allocation Series (fixed income assets portion only); and among the Trust, VIA and Sustainable Growth Advisers LP ("SGA"), with respect to Virtus SGA International Growth Series (each of Duff & Phelps, KAR, Newfleet, and SGA, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2025, October 30, 2025, and November 17-18, 2025 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered the continuation of each Agreement, as further discussed below. The Agreements were approved at the November 17-18, 2025 meeting.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Series and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Series they manage. The Board noted the affiliation of each Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Series and its shareholders. The Independent Trustees also submitted written information requests to VIA and the Subadvisers and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Series, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Series by VIA and each of the Subadvisers; (b) the performance of the Series as compared to an appropriate peer group and an appropriate index and comparable funds/accounts; (c) the level and method of computing the Series' advisory and subadvisory fees, and comparisons of the Series' advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Series' performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable funds/accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

In response to the Independent Trustees' request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Series' investment programs and for evaluating and selecting

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**VIRTUS VARIABLE INSURANCE TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval, as applicable. In considering the Advisory Agreement with VIA, the Board considered VIA's process for supervising and managing the Series' subadvisers, including (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor a subadviser's compliance with the Series' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Series; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Series; (e) VIA's supervision of the Series' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Series. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Series and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Series' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Series' investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Series is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Series' prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Series; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and use of soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Series.

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Series prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Series' performance relative to a peer group of other mutual funds (the "Performance Universe"), as selected by Broadridge, and relevant indexes. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Series' performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Series' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Series. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Series. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Series.

The Board considered, among other performance data, including the performance of comparable funds/accounts managed by the Adviser and Subadviser, if any, the information set forth below with respect to the performance of each Series for the period ended March 31, 2025. The Board also reviewed comparisons of each Series' contractual and net management fee and net total expense levels to those of its peer universe as of April 30, 2025 when considering Series performance.

*<u>Virtus Duff & Phelps Real Estate Securities Series.</u>* The Board noted that the Series outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Series underperformed its benchmark for the 3- and 5-year periods and outperformed its benchmark for the 1- and 10-year periods. The Board also noted that the Series underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Series' performance was in the first quintile of the Performance Universe for the 1-, 5-, and 10-year periods and the second quintile of the Performance Universe for the 3-year period.

*<u>Virtus KAR Capital Growth Series</u>*. The Board noted that the Series underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Series outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Series' performance was in the fourth quintile of the Performance Universe for the 1- and 10-year periods and the fifth quintile of the Performance Universe for the 3- and 5-year periods.

*<u>Virtus KAR Equity Income Series.</u>* The Board noted that the Series outperformed both the median of its Performance Universe and its benchmark for the 1-year period. The Board also noted that the Series underperformed both the median of its Performance Universe and its benchmark for the 3-, 5-, and 10-year periods. The Board also noted that the Series outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

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**VIRTUS VARIABLE INSURANCE TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

The Board also noted that the Series' performance was in the second quintile of the Performance Universe for the 1-year period and the fifth quintile of the Performance Universe for the 3-, 5- and 10-year periods.

*<u>Virtus KAR Small-Cap Growth Series.</u>* The Board noted that the Series outperformed the median of its Performance Universe for the 1-, and 10-year periods, that the Series' performance was equal to the median of its Performance Universe for the 3-year period, and that the Series underperformed the median of its Performance Universe for the 5-year period. The Board also noted that the Series outperformed its benchmark for the 1- and 10-year periods and underperformed its benchmark for the 3- and 5-year periods. The Board also noted that the Series outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Series' performance was in the second quintile of the Performance Universe for the 1-year period, the third quintile of the Performance Universe for the 3-year period, the fifth quintile of the Performance Universe for the 5-year period, and the first quintile of the Performance Universe for the 10-year period.

*<u>Virtus KAR Small-Cap Value Series.</u>* The Board noted that the Series outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Series outperformed its benchmark for the 1-, 3-, and 10-year periods and underperformed its benchmark for the 5-year period. The Board also noted that the Series outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Series' performance was in the first quintile of the Performance Universe for the 1-, 3-, 5- and 10-year periods.

*<u>Virtus Newfleet Multi-Sector Intermediate Bond Series</u>*. The Board noted that the Series underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Series outperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Series underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Series' performance was in the third quintile of the Performance Universe for the 1- and 3-year periods and the second quintile of the Performance Universe for the 5- and 10-year periods.

*<u>Virtus SGA International Growth Series.</u>* The Board noted that the Series underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Series underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Series' performance was in the fourth quintile of the Performance Universe for the 1- and 5-year periods and the fifth quintile of the Performance Universe for the 3- and 10-year periods.

*<u>Virtus Tactical Allocation Series.</u>* The Board noted that the Series outperformed the median of its Performance Universe for the 1- and 10-year periods and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Series underperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Series underperformed the median of its Performance Universe and outperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Series' performance was in the second quintile of the Performance Universe for the 1-year period, the fifth quintile of the Performance Universe for the 3-year period, and the third quintile of the Performance Universe for the 5- and 10-year periods.

The Board also considered management's discussion about the reasons for each applicable Series' performance relative to its peer group or benchmark, including the reasons discussed for any underperformance and/or actions taken to address the underperformance The Board also considered Management's discussion of any limitations on the comparability of the peer funds presented, if applicable.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Series for advisory services as well as the total expense levels of the Series. This information included comparisons of each Series' contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, most favorable in these expense component rankings, and fifth being highest and, therefore, least favorable in these expense component rankings). In comparing each Series' net management fee to that of peer funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that each of the Series had expense limitations in place to limit the total expenses incurred by the Series and their shareholders, and that VIA had proposed to lower the expense limitations in place for Class A and I shares of Virtus SGA International Growth Series and Class A shares of Virtus Tactical Allocation Series. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Series. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Series and the impact on expenses and economies of scale. The Adviser and Subadvisers provided, and the Board considered, fee information of comparable funds/accounts managed by the Adviser and Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Series' fees and expenses. In each case, the Board took into account management's discussion of the Series' expenses, including the type and size of the Series relative to the other funds in its Expense Universe.

*<u>Virtus Duff & Phelps Real Estate Securities Series.</u>* The Board considered that the Series' net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Series' gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

------

**VIRTUS VARIABLE INSURANCE TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

*<u>Virtus KAR Capital Growth Series.</u>* The Board considered that the Series' net management fee and net total expenses after waivers were each in the fourth quintile. The Board also considered that the Series' gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus KAR Equity Income Series.</u>* The Board considered that the Series' net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Series' gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus KAR Small-Cap Growth Series.</u>* The Board considered that the Series' net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Series' gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus KAR Small-Cap Value Series.</u>* The Board considered that the Series' net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Series' gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus Newfleet Multi-Sector Intermediate Bond Series.</u>* The Board considered that the Series' net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Series' gross management fee was below the median of the Expense Universe and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus SGA International Growth Series.</u>* The Board considered that the Series' net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fifth quintile of the Expense Universe. The Board also considered that the Series' gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus Tactical Allocation Series.</u>* The Board considered that the Series' net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fifth quintile of the Expense Universe. The Board also considered that the Series' gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Series, including any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a Series-by-Series basis, of VIA for its management of the Series, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Series by VIA's affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Series. The Board reviewed the methodology used to allocate costs to each Series, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each was not excessive in light of the quality of the services rendered to the Series by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Series, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Series shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers and the profitability to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Series' assets grow. The Board noted that expense limitations were in place for the Series. The Board also took into account management's discussion of the Series' advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Series, among other factors. The Board also noted that VIA had agreed to lower the expense limitations applicable to Class A and I shares of Virtus SGA International Growth Series and Class A shares of Virtus Tactical Allocation Series. The Board also noted that VIA had agreed to implement an extension of each Series' expense limitations through at least the end of 2026. The Board noted that VIA and the Series may realize certain economies of scale if the assets of the Series were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Series would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadvisers would realize economies of scale as the Series' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadvisers. As a result, the Board concluded that the Subadvisers would share in any economies of scale realized by VIA.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Series. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadvisers serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Series to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while certain of the

------

**VIRTUS VARIABLE INSURANCE TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Series, other than the fees to be earned under the applicable Agreement(s).

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA, the Subadvisers and their affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, including any proposed amendments, was in the best interests of each applicable Series and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Series.

------

**VIRTUS VARIABLE INSURANCE TRUST**

**TAX INFORMATION NOTICE (Unaudited)**

**December 31, 2025**

The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Series will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the year ended December 31, 2025, the Series designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | |
|:---|:---|:---|
| **Series** | **Dividend** <br>**Received** <br>**Deduction %** <br>**(corporate** <br>**shareholders)**<br>| **Long-Term** <br>**Capital Gain** <br>**Distributions ($)**<br>|
| Duff & Phelps Real Estate Securities Series | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71 |
| KAR Capital Growth Series | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 31269 |
| KAR Equity Income Series | 69.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 |
| KAR Small-Cap Growth Series | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 7409 |
| KAR Small-Cap Value Series | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4317 |
| Newfleet Multi-Sector Intermediate Bond Series | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SGA International Growth Series | 3.46 | &nbsp;&nbsp;&nbsp;&nbsp; 4314 |
| Tactical Allocation Series | 9.01 | &nbsp;&nbsp;&nbsp;&nbsp; 8525 |

---

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**VIRTUS VARIABLE INSURANCE TRUST**

One Financial Plaza

Hartford, CT 06103-2608

**Trustees**

Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

**Investment Adviser**

Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Principal Underwriter**

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Administrator** 

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Custodian**

The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

**How to Contact Us**

Mutual Fund Services 1-800-367-5877

Website**Virtus.com**

------

![](g872972img9ed37f431.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Variable Insurance Trust,

please contact us at **1-800-367-5877**, or visit **Virtus.com**.

8510 02-26

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please refer to the Other Information Section in Item 7(a).

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

------

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](d872972dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d872972dex99cert.htm) |
| (a)(4) | Disclosure not required for open-end management investment companies. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d872972dex99906cert.htm)<br>|

---

------

#### 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.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Variable Insurance Trust

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| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George R. Aylward |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

 <br> Date 03/04/2026

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 (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George R. Aylward |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

 <br> Date 03/04/2026

---

| | |
|:---|:---|
|  <br> By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ W. Patrick Bradley |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

 <br> Date 03/04/2026

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the Securities
and Exchange Commission (the "1940 Act");

• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the Securities
and Exchange Commission (the "Advisers Act");

• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under the 1940
Act (collectively, the "Fund's 1940 Act Code of Ethics");

• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the Board
that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act Code
of Ethics, the "1940 Act Codes of Ethics");

• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under
the 1940 Act (collectively, the "Fund Policies"); and

• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

<sup>1</sup> Virtus Investment Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Capital Advisers, LLC; AlphaSimplex Group, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Management LLC; Sustainable Growth Advisers, LP; Virtus Advisers, LLC; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2025.1)

Tab 2

2017.06 ------

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where
required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior Officer, or
a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time
and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting
portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with,

Tab 2

------

or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business and
financial operations of the Fund; and

• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the Board,
the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

• violations and potential violations will be reported to the applicable Fund Board after such investigation;

• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or preventive
action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event
of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

------

**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

Tab 2

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Variable
Insurance Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially

------

affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 03/04/2026 | /s/ George R. Aylward |
|  |  | George R. Aylward, President |
|  |  | (principal executive officer) |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Variable
Insurance Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 03/04/2026<br>| /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer and Treasurer |
|  |  | (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, George R. Aylward, President of Virtus Variable Insurance Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: | 03/04/2026 | /s/ George R. Aylward |
|  |  | George R. Aylward, President |
|  |  | (principal executive officer) |

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I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer of Virtus Variable Insurance Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: | 03/04/2026<br>| /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, <br> Chief Financial Officer and Treasurer |
|  |  | (principal financial officer) |

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