# EDGAR Filing Document

**Accession Number:** 0000792359
**File Stem:** 0001193125-25-195608
**Filing Date:** 2025-9
**Character Count:** 365826
**Document Hash:** 6ad369b12e7927c1e0ccf9ee8937a11e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195608.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195608

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04642
- **FILM NUMBER:** 251292167

**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:

#### June 30, 2025

------

 **Item 1. Report to Stockholders.**

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

![Virtus_FC_Logo](g31991images_28441.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $55 | 1.10% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$101185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &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>**

---

| | |
|:---|:---|
| Residential REITS | 18% |
| Health Care REITS | 16% |
| Industrial/Office REITS | 16% |
| Retail REITS | 14% |
| Data Centers REITS | 13% |
| Self Storage REITS | 8% |
| Specialty REITS | 6% |
| Other REITS | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8150 Virtus Duff & Phelps Real Estate Securities Series

![Virtus_FC_Logo](g31991images_28441.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $42 | 0.85% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$101185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &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>**

---

| | |
|:---|:---|
| Residential REITS | 18% |
| Health Care REITS | 16% |
| Industrial/Office REITS | 16% |
| Retail REITS | 14% |
| Data Centers REITS | 13% |
| Self Storage REITS | 8% |
| Specialty REITS | 6% |
| Other REITS | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8151 Virtus Duff & Phelps Real Estate Securities Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus KAR Capital Growth Series
Class A

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Capital Growth Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $53 | 1.03% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$254644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 20% |
| Communication Services | 13% |
| Financials | 13% |
| Industrials | 10% |
| Health Care | 9% |
| Materials | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8178 Virtus KAR Capital Growth Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus KAR Equity Income Series
Class A

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Equity Income Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $51 | 0.98% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$76141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

---

| | |
|:---|:---|
| Financials | 20% |
| Information Technology | 18% |
| Industrials | 17% |
| Consumer Staples | 11% |
| Health Care | 10% |
| Utilities | 8% |
| Real Estate | 5% |
| Other | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8191 Virtus KAR Equity Income Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus KAR Small-Cap Growth Series
Class A

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $55 | 1.14% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$65499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &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>**

---

| | |
|:---|:---|
| Financials | 32% |
| Information Technology | 25% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Industrials | 9% |
| Health Care | 5% |
| Consumer Staples | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8235 Virtus KAR Small-Cap Growth Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus KAR Small-Cap Growth Series
Class I

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Growth Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $43 | 0.89% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$65499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &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>**

---

| | |
|:---|:---|
| Financials | 32% |
| Information Technology | 25% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Industrials | 9% |
| Health Care | 5% |
| Consumer Staples | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8236 Virtus KAR Small-Cap Growth Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus KAR Small-Cap Value Series
Class A

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Small-Cap Value Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $54 | 1.10% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$55906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Industrials | 40% |
| Financials | 29% |
| Consumer Discretionary | 14% |
| Consumer Staples | 6% |
| Health Care | 3% |
| Materials | 3% |
| Real Estate | 3% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8241 Virtus KAR Small-Cap Value Series

![Virtus_FC_Logo](g31991images_28441.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $48 | 0.94% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$86080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

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

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 55% |
| Corporate Bonds and Notes |  | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 7% |  |
| Foreign Government Securities |  | 11% |
| Mortgage-Backed Securities |  | 6% |
| U.S. Government Securities |  | 3% |
| Leveraged Loans |  | 0% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8274 Virtus Newfleet Multi-Sector Intermediate Bond Series

![Virtus_FC_Logo](g31991images_28441.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $35 | 0.69% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$86080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

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

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 55% |
| Corporate Bonds and Notes |  | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 7% |  |
| Foreign Government Securities |  | 11% |
| Mortgage-Backed Securities |  | 6% |
| U.S. Government Securities |  | 3% |
| Leveraged Loans |  | 0% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8275 Virtus Newfleet Multi-Sector Intermediate Bond Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus SGA International Growth Series
Class A

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus SGA International Growth Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $60 | 1.14% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$106180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Information Technology | 25% |
| Health Care | 21% |
| Financials | 15% |
| Consumer Staples | 15% |
| Industrials | 12% |
| Consumer Discretionary | 5% |
| Communication Services | 5% |
| Other (includes short-term investment) | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8361 Virtus SGA International Growth Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus SGA International Growth Series
Class I

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus SGA International Growth Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $47 | 0.89% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$106180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Information Technology | 25% |
| Health Care | 21% |
| Financials | 15% |
| Consumer Staples | 15% |
| Industrials | 12% |
| Consumer Discretionary | 5% |
| Communication Services | 5% |
| Other (includes short-term investment) | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8362 Virtus SGA International Growth Series

![Virtus_FC_Logo](g31991images_28441.jpg)

## Virtus Tactical Allocation Series
Class A

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Tactical Allocation Series ("Series") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $51 | 0.98% |

---

KEY SERIES STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Series net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$69792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Common Stocks | 28% |  |
| Corporate Bonds and Notes |  | 10% |
| Affiliated Mutual Funds |  | 14% |
| U.S. Government Securities |  | 6% |
| Mortgage-Backed Securities |  | 4% |
| Foreign Government Securities |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR VVIT QR Code](g31991images_28598.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.

8388 Virtus Tactical Allocation Series

------

(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

Not applicable.

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Disclosure not required for open-end management investment companies.

**Item 6.** **Investments.** <br>

(a) Refer to Item 7(a).

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) and (b): The registrant's (semiannual) financial statements and financial highlights are as follows:

------

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

## VIRTUS VARIABLE INSURANCE TRUST
![](g31991img21dbb85c1.gif)

------

June 30, 2025

---

| |
|:---|
| 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_80b0097b-0eb2-4ade-9777-d27291a4391b_1) | 1 |
| **Series** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Duff & Phelps Real Estate Securities Series ("Duff & Phelps Real Estate Securities Series")](#xx_b04b6935-48da-465a-969e-56f22f66ca84_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Capital Growth Series ("KAR Capital Growth Series")](#xx_1528d762-0e48-4f93-ac0e-98a068806067_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Equity Income Series ("KAR Equity Income Series")](#xx_5967be6c-7217-45cc-80f6-6c7f4a3a60e7_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Small-Cap Growth Series ("KAR Small-Cap Growth Series")](#xx_6f1c0b4f-579a-4abc-a7e6-72570491f6cd_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Small-Cap Value Series ("KAR Small-Cap Value Series")](#xx_a922a75d-175c-4948-954e-b591df4281eb_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Multi-Sector Intermediate Bond Series ("Newfleet Multi-Sector Intermediate Bond Series")](#xx_b97df476-dc7c-4d3a-8885-06ea9887f093_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus SGA International Growth Series ("SGA International Growth Series")](#xx_9a5ae8e3-215d-49ff-b4e0-4d78c9251278_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Tactical Allocation Series ("Tactical Allocation Series")](#xx_3bbe6152-fe22-4cc6-9941-7ffb7b2dd77d_1) | 17 |
| [Statements of Assets and Liabilities](#xx_0bea3e89-5e71-4b05-aa47-d96733dbdf9a_1) | 24 |
| [Statements of Operations](#xx_937bc7cc-e34b-48c2-820e-a310baa5d570_1) | 26 |
| [Statements of Changes in Net Assets](#xx_9ef0f3e8-9e49-443c-a9e6-c61271f627b6_1) | 28 |
| [Financial Highlights](#xx_b06cf771-965d-44b8-a37f-0ee27244775d_1) | 32 |
| [Notes to Financial Statements](#xx_02783867-56a4-4de4-8e6c-bd3d73c3998a_1) | 35 |
| [Other Information](#xx_46cd923b-e7ae-4168-ab85-2faa2f387ee2_1) | 47 |

---

#### Proxy Voting Procedures and Voting Record (Form N-PX)
The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these procedures, along with information regarding how the Series voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-367-5877. This information is also available through the Securities and Exchange Commission's (the "SEC") website at <u>https://www.sec.gov</u>.

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Series with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### June 30, 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.

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Duff & Phelps Real Estate Securities Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.9%** | **Common Stocks—98.9%** | **Common Stocks—98.9%** |
| **Real Estate Investment Trusts—98.9%** | **Real Estate Investment Trusts—98.9%** |  |
| **Data Centers—13.0%** | **Data Centers—13.0%** |  |
| Digital Realty Trust, Inc. | 32833 | $5724 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9392 | &nbsp;&nbsp; 7471 |
|  |  | &nbsp;&nbsp; 13195 |
| **Gaming—4.0%** | **Gaming—4.0%** |  |
| Gaming & Leisure Properties, Inc. | 56550 | &nbsp;&nbsp; 2640 |
| VICI Properties, Inc. Class A | 42667 | &nbsp;&nbsp; 1391 |
|  |  | &nbsp;&nbsp; 4031 |
| **Health Care—15.8%** | **Health Care—15.8%** |  |
| Sabra Health Care REIT, Inc. | 163400 | &nbsp;&nbsp; 3013 |
| Ventas, Inc. | 70005 | &nbsp;&nbsp; 4421 |
| Welltower, Inc. | 55590 | &nbsp;&nbsp; 8546 |
|  |  | &nbsp;&nbsp; 15980 |
| **Industrial/Office—15.6%** | **Industrial/Office—15.6%** |  |
| **Industrial—10.9%** | **Industrial—10.9%** |  |
| Americold Realty Trust, Inc. | 48400 | &nbsp;&nbsp; 805 |
| Prologis, Inc. | 79326 | &nbsp;&nbsp; 8338 |
| Rexford Industrial Realty, Inc. | 53275 | &nbsp;&nbsp; 1895 |
|  |  | &nbsp;&nbsp; 11038 |
| **Office—4.7%** | **Office—4.7%** |  |
| BXP, Inc. | 28000 | &nbsp;&nbsp; 1889 |
| Cousins Properties, Inc. | 51450 | &nbsp;&nbsp; 1545 |
| Vornado Realty Trust | 33670 | &nbsp;&nbsp; 1288 |
|  |  | &nbsp;&nbsp; 4722 |
| Total Industrial/Office | Total Industrial/Office | &nbsp;&nbsp;&nbsp;&nbsp; 15760 |
| **Lodging/Resorts—3.0%** | **Lodging/Resorts—3.0%** |  |
| Host Hotels & Resorts, Inc. | 74474 | &nbsp;&nbsp; 1144 |
| Ryman Hospitality Properties, Inc. | 19080 | &nbsp;&nbsp; 1882 |
|  |  | &nbsp;&nbsp; 3026 |
| **Residential—17.5%** | **Residential—17.5%** |  |
| **Apartments—10.8%** | **Apartments—10.8%** |  |
| AvalonBay Communities, Inc. | 23559 | &nbsp;&nbsp; 4794 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp; 2371 |
| Mid-America Apartment Communities, Inc. | 25360 | &nbsp;&nbsp; 3754 |
|  |  | &nbsp;&nbsp; 10919 |
| **Manufactured Homes—2.6%** | **Manufactured Homes—2.6%** |  |
| Equity LifeStyle Properties, Inc. | 42600 | &nbsp;&nbsp; 2627 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Single Family Homes—4.1%** | **Single Family Homes—4.1%** |  |
| American Homes 4 Rent Class A | 114750 | $4139 |
| Total Residential | Total Residential | &nbsp;&nbsp;&nbsp;&nbsp; 17685 |
| **Retail—14.0%** | **Retail—14.0%** |  |
| **Free Standing—4.8%** | **Free Standing—4.8%** |  |
| Agree Realty Corp. | 13650 | &nbsp;&nbsp;&nbsp; 997 |
| Essential Properties Realty Trust, Inc. | 97600 | &nbsp;&nbsp;&nbsp; 3115 |
| Realty Income Corp. | 13320 | &nbsp;&nbsp;&nbsp; 767 |
|  |  | &nbsp;&nbsp;&nbsp; 4879 |
| **Regional Malls—4.3%** | **Regional Malls—4.3%** |  |
| Simon Property Group, Inc. | 26866 | &nbsp;&nbsp;&nbsp; 4319 |
| **Shopping Centers—4.9%** | **Shopping Centers—4.9%** |  |
| Brixmor Property Group, Inc. | 107242 | &nbsp;&nbsp;&nbsp; 2792 |
| Kimco Realty Corp. | 34970 | &nbsp;&nbsp;&nbsp; 735 |
| Phillips Edison & Co., Inc. | 39585 | &nbsp;&nbsp;&nbsp; 1387 |
|  |  | &nbsp;&nbsp;&nbsp; 4914 |
| Total Retail |  | &nbsp;&nbsp;&nbsp; 14112 |
| **Self Storage—7.9%** | **Self Storage—7.9%** |  |
| CubeSmart | 60730 | &nbsp;&nbsp;&nbsp; 2581 |
| Public Storage | 15795 | &nbsp;&nbsp;&nbsp; 4635 |
| Smartstop Self Storage REIT, Inc. | 22589 | &nbsp;&nbsp;&nbsp; 818 |
|  |  | &nbsp;&nbsp;&nbsp; 8034 |
| **Specialty—6.2%** | **Specialty—6.2%** |  |
| Iron Mountain, Inc. | 48080 | &nbsp;&nbsp;&nbsp; 4931 |
| Lamar Advertising Co. Class A | 10750 | &nbsp;&nbsp;&nbsp; 1305 |
|  |  | &nbsp;&nbsp;&nbsp; 6236 |
| **Telecommunications—1.9%** | **Telecommunications—1.9%** |  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8885 | &nbsp;&nbsp;&nbsp; 1964 |
| **Total Common Stocks<br> (Identified Cost $72,928)** | **Total Common Stocks<br> (Identified Cost $72,928)** | &nbsp;&nbsp;&nbsp;&nbsp;**100023** |
| **Total Long-Term Investments—98.9%<br> (Identified Cost $72,928)** | **Total Long-Term Investments—98.9%<br> (Identified Cost $72,928)** | &nbsp;&nbsp;&nbsp;&nbsp;**100023** |
| **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $72,928)** | **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $72,928)** | &nbsp;&nbsp;**$100023** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp;&nbsp;&nbsp; 1162 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$101185** |

---

&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

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Duff & Phelps Real Estate Securities Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100023 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100023 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### KAR Capital Growth Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.5%** | **Common Stocks—99.5%** | **Common Stocks—99.5%** |
| **Communication Services—13.1%** | **Communication Services—13.1%** |  |
| Meta Platforms, Inc. Class A | 23124 | $17068 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8126 | &nbsp;&nbsp; 10882 |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 73696 | &nbsp;&nbsp; 5305 |
|  |  | &nbsp;&nbsp; 33255 |
| **Consumer Discretionary—19.7%** | **Consumer Discretionary—19.7%** |  |
| Airbnb, Inc. Class A<sup>(1)</sup> | 26771 | &nbsp;&nbsp; 3543 |
| Amazon.com, Inc.<sup>(1)</sup> | 71052 | &nbsp;&nbsp; 15588 |
| Home Depot, Inc. (The) | 10079 | &nbsp;&nbsp; 3695 |
| Marriott International, Inc. Class A | 25389 | &nbsp;&nbsp; 6937 |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2387 | &nbsp;&nbsp; 6239 |
| NIKE, Inc. Class B | 43678 | &nbsp;&nbsp; 3103 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 84000 | &nbsp;&nbsp; 7571 |
| Ross Stores, Inc. | 28252 | &nbsp;&nbsp; 3604 |
|  |  | &nbsp;&nbsp; 50280 |
| **Financials—12.9%** | **Financials—12.9%** |  |
| Block, Inc. Class A<sup>(1)</sup> | 38443 | &nbsp;&nbsp; 2612 |
| Progressive Corp. (The) | 28951 | &nbsp;&nbsp; 7726 |
| S&P Global, Inc. | 11554 | &nbsp;&nbsp; 6092 |
| Visa, Inc. Class A | 46442 | &nbsp;&nbsp; 16489 |
|  |  | &nbsp;&nbsp; 32919 |
| **Health Care—9.1%** | **Health Care—9.1%** |  |
| Danaher Corp. | 22474 | &nbsp;&nbsp; 4440 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;7982 | &nbsp;&nbsp; 6222 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3871 | &nbsp;&nbsp; 2076 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9211 | &nbsp;&nbsp; 5005 |
| Zoetis, Inc. Class A | 34709 | &nbsp;&nbsp; 5413 |
|  |  | &nbsp;&nbsp; 23156 |
| **Industrials—10.0%** | **Industrials—10.0%** |  |
| Equifax, Inc. | 13881 | &nbsp;&nbsp; 3600 |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp; 10511 |
| Paycom Software, Inc. | 11090 | &nbsp;&nbsp; 2566 |
| Uber Technologies, Inc.<sup>(1)</sup> | 93046 | &nbsp;&nbsp; 8681 |
|  |  | &nbsp;&nbsp; 25358 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—31.1%** | **Information Technology—31.1%** |  |
| Accenture plc Class A | 12861 | $3844 |
| Amphenol Corp. Class A | 159171 | &nbsp;&nbsp;&nbsp; 15718 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 19017 | &nbsp;&nbsp;&nbsp; 5860 |
| Gartner, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7334 | &nbsp;&nbsp;&nbsp; 2965 |
| NVIDIA Corp. | 112574 | &nbsp;&nbsp;&nbsp; 17786 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8897 | &nbsp;&nbsp;&nbsp; 5043 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7495 | &nbsp;&nbsp;&nbsp; 7705 |
| Shopify, Inc. Class A<sup>(1)</sup> | 58926 | &nbsp;&nbsp;&nbsp; 6797 |
| Snowflake, Inc. Class A<sup>(1)</sup> | 35830 | &nbsp;&nbsp;&nbsp; 8018 |
| Workday, Inc. Class A<sup>(1)</sup> | 22814 | &nbsp;&nbsp;&nbsp; 5475 |
|  |  | &nbsp;&nbsp;&nbsp; 79211 |
| **Materials—1.9%** | **Materials—1.9%** |  |
| Ecolab, Inc. | 17903 | &nbsp;&nbsp;&nbsp; 4824 |
| **Real Estate—1.7%** | **Real Estate—1.7%** |  |
| CoStar Group, Inc.<sup>(1)</sup> | 54562 | &nbsp;&nbsp;&nbsp; 4387 |
| **Total Common Stocks<br> (Identified Cost $90,242)** | **Total Common Stocks<br> (Identified Cost $90,242)** | &nbsp;&nbsp;&nbsp;&nbsp;**253390** |
| **Total Long-Term Investments—99.5%<br> (Identified Cost $90,242)** | **Total Long-Term Investments—99.5%<br> (Identified Cost $90,242)** | &nbsp;&nbsp;&nbsp;&nbsp;**253390** |
| **TOTAL INVESTMENTS—99.5%<br> (Identified Cost $90,242)** | **TOTAL INVESTMENTS—99.5%<br> (Identified Cost $90,242)** | &nbsp;&nbsp;**$253390** |
| Other assets and liabilities, net—0.5% | Other assets and liabilities, net—0.5% | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$254644** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| plc | Public Limited Company |
| S&P | Standard & Poor's |

---

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

---

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

---

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253390 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253390 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### KAR Equity Income Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.9%** | **Common Stocks—98.9%** | **Common Stocks—98.9%** |
| **Communication Services—2.0%** | **Communication Services—2.0%** |  |
| Verizon Communications, Inc. | 34813 | $1506 |
| **Consumer Discretionary—3.9%** | **Consumer Discretionary—3.9%** |  |
| Compass Group plc Sponsored ADR | 41061 | &nbsp;&nbsp; 1418 |
| TJX Cos., Inc. (The) | 12633 | &nbsp;&nbsp; 1560 |
|  |  | &nbsp;&nbsp; 2978 |
| **Consumer Staples—10.7%** | **Consumer Staples—10.7%** |  |
| Coca-Cola Co. (The) | 35665 | &nbsp;&nbsp; 2523 |
| Kimberly-Clark Corp. | 14325 | &nbsp;&nbsp; 1847 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;8326 | &nbsp;&nbsp; 1327 |
| Walmart, Inc. | 25140 | &nbsp;&nbsp; 2458 |
|  |  | &nbsp;&nbsp; 8155 |
| **Energy—2.1%** | **Energy—2.1%** |  |
| TotalEnergies SE Sponsored ADR | 25492 | &nbsp;&nbsp; 1565 |
| **Financials—19.5%** | **Financials—19.5%** |  |
| Bank of New York Mellon Corp. (The) | 21049 | &nbsp;&nbsp; 1918 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6303 | &nbsp;&nbsp; 1532 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6604 | &nbsp;&nbsp; 1444 |
| PNC Financial Services Group, Inc. (The) | 17201 | &nbsp;&nbsp; 3207 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8705 | &nbsp;&nbsp; 935 |
| T. Rowe Price Group, Inc. | 22350 | &nbsp;&nbsp; 2157 |
| Zurich Insurance Group AG ADR | 104691 | &nbsp;&nbsp; 3667 |
|  |  | &nbsp;&nbsp;14860 |
| **Health Care—9.8%** | **Health Care—9.8%** |  |
| AbbVie, Inc. | 16033 | &nbsp;&nbsp; 2976 |
| Gilead Sciences, Inc. | 12999 | &nbsp;&nbsp; 1441 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;7340 | &nbsp;&nbsp; 1121 |
| Medtronic plc | 22002 | &nbsp;&nbsp; 1918 |
|  |  | &nbsp;&nbsp; 7456 |
| **Industrials—16.6%** | **Industrials—16.6%** |  |
| BAE Systems plc Sponsored ADR | 29334 | &nbsp;&nbsp; 3082 |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;2997 | &nbsp;&nbsp; 1070 |
| Fastenal Co. | 37596 | &nbsp;&nbsp; 1579 |
| Paychex, Inc. | 12654 | &nbsp;&nbsp; 1841 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp; 1607 |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;2638 | &nbsp;&nbsp; 1154 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5268 | &nbsp;&nbsp; 2326 |
|  |  | &nbsp;&nbsp;12659 |
| **Information Technology—18.3%** | **Information Technology—18.3%** |  |
| Amphenol Corp. Class A | 15538 | &nbsp;&nbsp; 1534 |
| Broadcom, Inc. | 15694 | &nbsp;&nbsp; 4326 |
| Cisco Systems, Inc. | 29009 | &nbsp;&nbsp; 2013 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9397 | $2770 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp; 2175 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5118 | &nbsp;&nbsp;&nbsp; 1062 |
|  |  | &nbsp;&nbsp;&nbsp;13880 |
| **Materials—2.9%** | **Materials—2.9%** |  |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp; 2205 |
| **Real Estate—4.6%** | **Real Estate—4.6%** |  |
| Getty Realty Corp. | 49137 | &nbsp;&nbsp;&nbsp; 1358 |
| Lamar Advertising Co. Class A | 17779 | &nbsp;&nbsp;&nbsp; 2158 |
|  |  | &nbsp;&nbsp;&nbsp; 3516 |
| **Utilities—8.5%** | **Utilities—8.5%** |  |
| Fortis, Inc. | 78728 | &nbsp;&nbsp;&nbsp; 3758 |
| Southern Co. (The) | 29742 | &nbsp;&nbsp;&nbsp; 2731 |
|  |  | &nbsp;&nbsp;&nbsp; 6489 |
| **Total Common Stocks<br> (Identified Cost $59,019)** | **Total Common Stocks<br> (Identified Cost $59,019)** | &nbsp;&nbsp;&nbsp;&nbsp;**75269** |
| **Total Long-Term Investments—98.9%<br> (Identified Cost $59,019)** | **Total Long-Term Investments—98.9%<br> (Identified Cost $59,019)** | &nbsp;&nbsp;&nbsp;&nbsp;**75269** |
| **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $59,019)** | **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $59,019)** | &nbsp;&nbsp;**$75269** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp;&nbsp;&nbsp; 872 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$76141** |

---

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

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;82% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### KAR Equity Income Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75269 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75269 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### KAR Small-Cap Growth Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.1%** | **Common Stocks—98.1%** | **Common Stocks—98.1%** |
| **Communication Services—13.5%** | **Communication Services—13.5%** |  |
| Auto Trader Group plc | 412000 | $4662 |
| Rightmove plc | 385465 | &nbsp;&nbsp; 4173 |
|  |  | &nbsp;&nbsp; 8835 |
| **Consumer Discretionary—13.7%** | **Consumer Discretionary—13.7%** |  |
| Dream Finders Homes, Inc. Class A<sup>(1)</sup> | 107850 | &nbsp;&nbsp; 2710 |
| Holley, Inc.<sup>(1)</sup> | 129656 | &nbsp;&nbsp; 259 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 23959 | &nbsp;&nbsp; 3158 |
| Revolve Group, Inc. Class A<sup>(1)</sup> | 107938 | &nbsp;&nbsp; 2164 |
| Smith Douglas Homes Corp. Class A<sup>(1)</sup> | 33816 | &nbsp;&nbsp; 657 |
|  |  | &nbsp;&nbsp; 8948 |
| **Consumer Staples—1.2%** | **Consumer Staples—1.2%** |  |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp; 819 |
| **Financials—31.2%** | **Financials—31.2%** |  |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp; 705 |
| Goosehead Insurance, Inc. Class A | 33485 | &nbsp;&nbsp; 3533 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp; 2439 |
| Morningstar, Inc. | 16224 | &nbsp;&nbsp; 5093 |
| Ryan Specialty Holdings, Inc. Class A | 51054 | &nbsp;&nbsp; 3471 |
| ServisFirst Bancshares, Inc. | 42331 | &nbsp;&nbsp; 3281 |
| Triumph Financial, Inc.<sup>(1)</sup> | 34612 | &nbsp;&nbsp; 1908 |
|  |  | &nbsp;&nbsp;20430 |
| **Health Care—4.6%** | **Health Care—4.6%** |  |
| National Research Corp. | 36544 | &nbsp;&nbsp; 614 |
| U.S. Physical Therapy, Inc. | 30467 | &nbsp;&nbsp; 2383 |
|  |  | &nbsp;&nbsp; 2997 |
| **Industrials—9.0%** | **Industrials—9.0%** |  |
| AAON, Inc. | 29008 | &nbsp;&nbsp; 2139 |
| Enerpac Tool Group Corp. Class A | 77036 | &nbsp;&nbsp; 3125 |
| Omega Flex, Inc. | 20734 | &nbsp;&nbsp; 671 |
|  |  | &nbsp;&nbsp; 5935 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—24.9%** | **Information Technology—24.9%** |  |
| Appfolio, Inc. Class A<sup>(1)</sup> | 13118 | $3021 |
| Endava plc Sponsored ADR<sup>(1)</sup> | 138212 | &nbsp;&nbsp;&nbsp; 2117 |
| nCino, Inc.<sup>(1)</sup> | 115341 | &nbsp;&nbsp;&nbsp; 3226 |
| Novanta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8685 | &nbsp;&nbsp;&nbsp; 1120 |
| NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp; 306 |
| Onestream, Inc. Class A<sup>(1)</sup> | 145034 | &nbsp;&nbsp;&nbsp; 4104 |
| SPS Commerce, Inc.<sup>(1)</sup> | 17594 | &nbsp;&nbsp;&nbsp; 2394 |
|  |  | &nbsp;&nbsp;&nbsp;16288 |
| **Total Common Stocks<br> (Identified Cost $46,028)** | **Total Common Stocks<br> (Identified Cost $46,028)** | &nbsp;&nbsp;&nbsp;&nbsp;**64252** |
| **Total Long-Term Investments—98.1%<br> (Identified Cost $46,028)** | **Total Long-Term Investments—98.1%<br> (Identified Cost $46,028)** | &nbsp;&nbsp;&nbsp;&nbsp;**64252** |
| **TOTAL INVESTMENTS—98.1%<br> (Identified Cost $46,028)** | **TOTAL INVESTMENTS—98.1%<br> (Identified Cost $46,028)** | &nbsp;&nbsp;**$64252** |
| Other assets and liabilities, net—1.9% | Other assets and liabilities, net—1.9% | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$65499** |

---

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

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;83% |
| United Kingdom | &nbsp;&nbsp;17 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64252 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64252 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### KAR Small-Cap Value Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.5%** | **Common Stocks—96.5%** | **Common Stocks—96.5%** |
| **Consumer Discretionary—13.3%** | **Consumer Discretionary—13.3%** |  |
| Cheesecake Factory, Inc. (The) | 44630 | $2797 |
| Choice Hotels International, Inc. | 12987 | &nbsp;&nbsp; 1648 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 11331 | &nbsp;&nbsp; 1370 |
| Thor Industries, Inc. | 18015 | &nbsp;&nbsp; 1600 |
|  |  | &nbsp;&nbsp; 7415 |
| **Consumer Staples—5.6%** | **Consumer Staples—5.6%** |  |
| National Beverage Corp.<sup>(1)</sup> | 33488 | &nbsp;&nbsp; 1448 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;7367 | &nbsp;&nbsp; 1680 |
|  |  | &nbsp;&nbsp; 3128 |
| **Financials—28.0%** | **Financials—28.0%** |  |
| Bank of Hawaii Corp. | 28606 | &nbsp;&nbsp; 1932 |
| EVERTEC, Inc. | 51943 | &nbsp;&nbsp; 1872 |
| First Financial Bankshares, Inc. | 47867 | &nbsp;&nbsp; 1722 |
| Houlihan Lokey, Inc. Class A | 17005 | &nbsp;&nbsp; 3060 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp; 1034 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9430 | &nbsp;&nbsp; 2581 |
| RLI Corp. | 22004 | &nbsp;&nbsp; 1589 |
| Stock Yards Bancorp, Inc. | 23736 | &nbsp;&nbsp; 1875 |
|  |  | &nbsp;&nbsp;15665 |
| **Health Care—3.4%** | **Health Care—3.4%** |  |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 23858 | &nbsp;&nbsp; 1905 |
| **Industrials—38.3%** | **Industrials—38.3%** |  |
| Albany International Corp. Class A | 14283 | &nbsp;&nbsp; 1002 |
| Armstrong World Industries, Inc. | 17847 | &nbsp;&nbsp; 2899 |
| Construction Partners, Inc. Class A<sup>(1)</sup> | 38747 | &nbsp;&nbsp; 4118 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp; 1403 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Hillman Solutions Corp.<sup>(1)</sup> | 214474 | $1531 |
| JBT Marel Corp. | 16818 | &nbsp;&nbsp;&nbsp; 2022 |
| Landstar System, Inc. | 10540 | &nbsp;&nbsp;&nbsp; 1465 |
| RBC Bearings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp; 2555 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp; 1684 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6198 | &nbsp;&nbsp;&nbsp; 2737 |
|  |  | &nbsp;&nbsp;&nbsp;21416 |
| **Information Technology—1.8%** | **Information Technology—1.8%** |  |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4191 | &nbsp;&nbsp;&nbsp; 1027 |
| **Materials—3.4%** | **Materials—3.4%** |  |
| HB Fuller Co. | 31231 | &nbsp;&nbsp;&nbsp; 1879 |
| **Real Estate—2.7%** | **Real Estate—2.7%** |  |
| Getty Realty Corp. | 55533 | &nbsp;&nbsp;&nbsp; 1535 |
| **Total Common Stocks<br> (Identified Cost $27,924)** | **Total Common Stocks<br> (Identified Cost $27,924)** | &nbsp;&nbsp;&nbsp;&nbsp;**53970** |
| **Total Long-Term Investments—96.5%<br> (Identified Cost $27,924)** | **Total Long-Term Investments—96.5%<br> (Identified Cost $27,924)** | &nbsp;&nbsp;&nbsp;&nbsp;**53970** |
| **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $27,924)** | **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $27,924)** | &nbsp;&nbsp;**$53970** |
| Other assets and liabilities, net—3.5% | Other assets and liabilities, net—3.5% | &nbsp;&nbsp;&nbsp;&nbsp; 1936 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$55906** |

---

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

---

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

---

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53970 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53970 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Newfleet Multi-Sector Intermediate Bond Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **U.S. Government Securities—2.9%** | **U.S. Government Securities—2.9%** | **U.S. Government Securities—2.9%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 5/15/54 | $370 | $359 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp; 1163 |
| U.S. Treasury Note<br> 4.000%, 2/15/34 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 990 |
| **Total U.S. Government Securities<br> (Identified Cost $2,497)** | **Total U.S. Government Securities<br> (Identified Cost $2,497)** | &nbsp;&nbsp;&nbsp;&nbsp; **2512** |
| **Foreign Government Securities—10.5%** | **Foreign Government Securities—10.5%** | **Foreign Government Securities—10.5%** |
| Abu Dhabi Government International Bond 144A<br> 5.000%, 4/30/34<sup>(2)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 70 |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.600%, 3/1/29<sup>(2)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/4/30<sup>(2)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 5/29/32<sup>(2)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.500%, 1/31/47<sup>(2)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 104 |
| Benin Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.960%, 2/13/38<sup>(2)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.375%, 1/23/41<sup>(2)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 36 |
| Bolivarian Republic of Venezuela<br> 9.375%, 1/13/34<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 45 |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(4)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 19 |
| Brazil Notas do Tesouro Nacional Series F<br> 10.000%, 1/1/31 | &nbsp;&nbsp; 1100<sup>BRL</sup> | &nbsp;&nbsp;&nbsp; 178 |
| Czech Republic Government Bond<br> 1.750%, 6/23/32 | &nbsp;&nbsp; 4800<sup>CZK</sup> | &nbsp;&nbsp;&nbsp; 198 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(2)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.150%, 2/24/55<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.950%, 3/15/37<sup>(4)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 171 |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/25<sup>(2)(3)</sup> | &nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 109 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 11/6/30 | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;6.250%, 3/18/31 | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/35 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 121 |
| Honduras Government 144A<br> 8.625%, 11/27/34<sup>(2)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 38 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(2)</sup> | &nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(2)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 70 |
| Kingdom of Jordan 144A<br> 5.850%, 7/7/30<sup>(2)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 71 |
| Lebanon Government International Bond RegS<br> 7.000%, 3/23/32<sup>(3)(4)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 19 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Malaysia Government Bond<br> 2.632%, 4/15/31 | &nbsp;&nbsp; 830<sup>MYR</sup> | $189 |
| Mex Bonos Desarr<br> 7.750%, 11/13/42 | &nbsp;&nbsp; 4300<sup>MXN</sup> | &nbsp;&nbsp; 190 |
| Republic of Angola 144A<br> 8.750%, 4/14/32<sup>(2)</sup> | $215 | &nbsp;&nbsp; 190 |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 7/9/30<sup>(5)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/35<sup>(5)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;5.000%, 1/9/38<sup>(5)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;3.500%, 7/9/41<sup>(5)</sup> | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/46<sup>(5)</sup> | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 102 |
| Republic of Armenia 144A<br> 3.600%, 2/2/31<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 |
| Republic of Cameroon RegS<br> 9.500%, 7/31/31<sup>(4)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 186 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 4/25/30 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;8.500%, 4/25/35 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 307 |
| Republic of Ecuador RegS<br> 6.900%, 7/31/30<sup>(4)(5)</sup> | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 189 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/28/29<sup>(2)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 4/10/32<sup>(2)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.250%, 4/17/30<sup>(4)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.625%, 2/1/41<sup>(4)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 |
| Republic of Gabon 144A<br> 6.625%, 2/6/31<sup>(2)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 99 |
| Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.000%, 7/3/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/3/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 46 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 9/10/34 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;4.200%, 10/15/50 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;5.100%, 2/10/54 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(2)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 1/30/37<sup>(2)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 85 |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(2)</sup> | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 104 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.375%, 9/28/33<sup>(2)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;144A<br> 10.375%, 12/9/34<sup>(2)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 153 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 3/17/28 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;3.870%, 7/23/60 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 92 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 1/15/34 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/8/35 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;5.875%, 8/8/54 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;3.600%, 1/15/72 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 22 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Newfleet Multi-Sector Intermediate Bond Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 2/4/35 | $70 | $73 |
| &nbsp;&nbsp;&nbsp;4.750%, 3/5/35 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;3.700%, 3/1/41 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 62 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 10/4/33 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;5.125%, 9/18/34 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 134 |
| Republic of Senegal 144A<br> 6.250%, 5/23/33<sup>(2)</sup> | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 77 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(2)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 88 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;8.750%, 2/28/48 | &nbsp;&nbsp; 3800<sup>ZAR</sup> | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.100%, 11/19/36<sup>(2)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| Republic of Sri Lanka 144A<br> 3.600%, 6/15/35<sup>(2)(5)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 111 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 104 |
| Republic of Zambia 144A<br> 0.500%, 12/31/53<sup>(2)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 52 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 193 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 1/30/34<sup>(2)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 3/24/35<sup>(2)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 135 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.375%, 1/13/31<sup>(2)</sup> | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(2)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(2)</sup> | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 165 |
| State of Qatar 144A<br> 4.817%, 3/14/49<sup>(2)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 127 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.950%, 1/14/31<sup>(2)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.400%, 6/26/34<sup>(2)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.400%, 6/26/34<sup>(4)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(2)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 130 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/35<sup>(2)(5)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/29<sup>(4)(5)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/30<sup>(4)(5)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/34<sup>(4)(5)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 74 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/35<sup>(4)(5)</sup> | $59 | $30 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/36<sup>(4)(5)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/36<sup>(4)(5)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, 2/9/35 | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;6.875%, 5/13/37 | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;6.338%, 5/4/53 | &nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 126 |
| Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.700%, 11/25/30<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.900%, 2/28/32<sup>(2)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 72 |
| **Total Foreign Government Securities<br> (Identified Cost $9,019)** | **Total Foreign Government Securities<br> (Identified Cost $9,019)** | &nbsp;&nbsp;&nbsp;&nbsp; **9060** |
| **Mortgage-Backed Securities—6.0%** | **Mortgage-Backed Securities—6.0%** | **Mortgage-Backed Securities—6.0%** |
| **Agency—6.0%** | **Agency—6.0%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD6322<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;Pool #SD8343<br> 6.000%, 7/1/53 | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;Pool #SD8382<br> 5.000%, 12/1/53 | &nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;Pool #SL0627<br> 6.000%, 10/1/54 | &nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp; 856 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #FA0685<br> 6.000%, 1/1/55 | &nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | &nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;Pool #MA4980<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 381 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $5,149)** | **Total Mortgage-Backed Securities<br> (Identified Cost $5,149)** | &nbsp;&nbsp;&nbsp;&nbsp; **5122** |
| **Corporate Bonds and Notes—24.3%** | **Corporate Bonds and Notes—24.3%** | **Corporate Bonds and Notes—24.3%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| IHS Holding Ltd. 144A<br> 8.250%, 11/29/31<sup>(2)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 43 |
| Sprint Capital Corp.<br> 8.750%, 3/15/32 | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp;&nbsp; 189 |
| **Consumer Discretionary—0.9%** | **Consumer Discretionary—0.9%** |  |
| Ashtead Capital, Inc. 144A<br> 5.500%, 8/11/32<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 157 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Newfleet Multi-Sector Intermediate Bond Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52 | $190 | $136 |
| Ford Motor Credit Co. LLC<br> 7.350%, 3/6/30 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 211 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, 3/15/35 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 159 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 87 |
|  |  | &nbsp;&nbsp; 795 |
| **Consumer Staples—0.4%** | **Consumer Staples—0.4%** |  |
| Philip Morris International, Inc.<br> 4.900%, 11/1/34 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 174 |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 184 |
|  |  | &nbsp;&nbsp; 358 |
| **Energy—3.4%** | **Energy—3.4%** |  |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| BP Capital Markets plc<br> 4.875% <sup>(6)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 233 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 178 |
| Enbridge, Inc.<br> 8.500%, 1/15/84 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 239 |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(2)(4)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 276 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 174 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| KazMunayGas National Co. JSC 144A<br> 6.375%, 10/24/48<sup>(2)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(2)(4)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 35 |
| Occidental Petroleum Corp.<br> 6.200%, 3/15/40 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 127 |
| Pertamina Persero PT 144A<br> 6.450%, 5/30/44<sup>(2)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| Petroleos de Venezuela S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 5/16/24<sup>(2)(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;RegS 6.000%, 5/16/24<sup>(4)(7)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 60 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 69 |
| Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/21/30<sup>(2)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;144A 5.848%, 4/3/55<sup>(2)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 111 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(2)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 146 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 181 |
| Williams Cos., Inc. (The)<br> 5.150%, 3/15/34 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 205 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(2)</sup> | $32 | $34 |
|  |  | &nbsp;&nbsp; 2917 |
| **Financials—12.2%** | **Financials—12.2%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, 1/30/32 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 93 |
| Allianz SE 144A<br> 6.350%, 9/6/53<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.526%, 8/15/53<sup>(8)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 127 |
| American Express Co.<br> 5.625%, 7/28/34 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 230 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 198 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 171 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(2)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 262 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.288%, 4/25/34 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;5.518%, 10/25/35 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 225 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(6)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 227 |
| Blackstone Private Credit Fund<br> 6.000%, 11/22/34 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 176 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 173 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 186 |
| BPCE S.A. 144A<br> 7.003%, 10/19/34<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 275 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 85 |
| Capital Power U.S. Holdings, Inc. 144A<br> 6.189%, 6/1/35<sup>(2)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 134 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(6)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 176 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, 3/20/30 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;6.174%, 5/25/34 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 128 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 234 |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(2)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 120 |
| Deutsche Bank AG<br> 5.403%, 9/11/35 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 179 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 340 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 155 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 148 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Newfleet Multi-Sector Intermediate Bond Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Foundry JV Holdco LLC 144A<br> 5.875%, 1/25/34<sup>(2)</sup> | $130 | $132 |
| FS Luxembourg S.a.r.l. 144A<br> 8.875%, 2/12/31<sup>(2)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 70 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 161 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.330%, 7/23/35 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;6.450%, 5/1/36 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 91 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.375%, 7/1/34 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, 2/2/35 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;6.141%, 11/18/39 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 61 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
| Imperial Brands Finance plc 144A<br> 5.625%, 7/1/35<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
| JH North America Holdings, Inc. 144A<br> 6.125%, 7/31/32<sup>(2)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 183 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.956%, 5/13/31 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 139 |
| KeyCorp<br> 6.401%, 3/6/35 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 197 |
| MetLife, Inc. Series G<br> 3.850% <sup>(6)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 194 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, 10/18/33 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;5.948%, 1/19/38 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 156 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(2)</sup> | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 179 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.451%, 4/30/43<sup>(8)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 138 |
| NatWest Group plc<br> 6.475%, 6/1/34 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 169 |
| Nippon Life Insurance Co. 144A<br> 6.250%, 9/13/53<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 185 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/1/53 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 144 |
| Societe Generale S.A. 144A<br> 6.066%, 1/19/35<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
| South Bow USA Infrastructure Holdings LLC 144A<br> 5.584%, 10/1/34<sup>(2)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 79 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, 11/21/34 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(6)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 125 |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 166 |
| Toll Brothers Finance Corp.<br> 5.600%, 6/15/35 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 198 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| UBS Group AG 144A<br> 4.988%, 8/5/33<sup>(2)</sup> | $220 | $219 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.389%, 4/24/34 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;Series BB<br> 3.900%<sup>(6)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp;10519 |
| **Health Care—1.0%** | **Health Care—1.0%** |  |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 237 |
| HCA, Inc.<br> 5.500%, 6/1/33 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 230 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(2)(9)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp; — |
| Smith & Nephew plc<br> 5.400%, 3/20/34 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
| Universal Health Services, Inc.<br> 2.650%, 1/15/32 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 219 |
|  |  | &nbsp;&nbsp; 879 |
| **Industrials—2.4%** | **Industrials—2.4%** |  |
| Adani Ports & Special Economic Zone Ltd. 144A<br> 4.375%, 7/3/29<sup>(2)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 72 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 178 |
| Aviation Capital Group LLC 144A<br> 3.500%, 11/1/27<sup>(2)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 200 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 2/1/50 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;5.805%, 5/1/50 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;5.930%, 5/1/60 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 65 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(2)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 165 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 239 |
| Delta Air Lines Pass-Through Trust 2015-1, AA<br> 3.625%, 1/30/29 | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 164 |
| DP World Ltd. 144A<br> 6.850%, 7/2/37<sup>(2)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 |
| Georgian Railway JSC 144A<br> 4.000%, 6/17/28<sup>(2)</sup> | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 106 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(2)</sup> | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 253 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 179 |
|  |  | &nbsp;&nbsp; 2015 |
| **Information Technology—0.4%** | **Information Technology—0.4%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 8/4/33 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/1/29<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 135 |
| Oracle Corp.<br> 5.500%, 8/3/35 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 133 |
|  |  | &nbsp;&nbsp; 355 |
| **Materials—0.9%** | **Materials—0.9%** |  |
| Alpek SAB de C.V. RegS<br> 3.250%, 2/25/31<sup>(4)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 71 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Newfleet Multi-Sector Intermediate Bond Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(2)</sup> | $260 | $252 |
| Corp. Nacional del Cobre de Chile 144A<br> 5.950%, 1/8/34<sup>(2)</sup> | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 167 |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(2)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 6/23/51<sup>(2)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 53 |
| Sonoco Products Co.<br> 5.000%, 9/1/34 | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 136 |
|  |  | &nbsp;&nbsp;&nbsp; 733 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| Port of Spain Waterfront Development RegS<br> 7.875%, 2/19/40<sup>(4)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 35 |
| Safehold GL Holdings LLC<br> 5.650%, 1/15/35 | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 150 |
|  |  | &nbsp;&nbsp;&nbsp; 185 |
| **Utilities—2.3%** | **Utilities—2.3%** |  |
| CMS Energy Corp.<br> 4.750%, 6/1/50 | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 287 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 5/15/55 | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 102 |
| Electricite de France S.A. 144A<br> 6.900%, 5/23/53<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 213 |
| Enel Finance International N.V. 144A<br> 7.500%, 10/14/32<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 228 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 197 |
| Eskom Holdings SOC Ltd. 144A<br> 8.450%, 8/10/28<sup>(2)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 62 |
| KeySpan Gas East Corp. 144A<br> 5.994%, 3/6/33<sup>(2)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 234 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(2)</sup> | &nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 248 |
| PacifiCorp<br> 5.800%, 1/15/55 | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 143 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A<br> 4.125%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 37 |
| Southern California Edison Co.<br> 6.000%, 1/15/34 | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 133 |
|  |  | &nbsp;&nbsp;&nbsp; 2011 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $20,808)** | **Total Corporate Bonds and Notes<br> (Identified Cost $20,808)** | &nbsp;&nbsp;&nbsp;&nbsp;**20956** |
| **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Paragon Offshore Finance Co.<br> 0.000%, 7/16/21<sup>(3)(9)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| **Total Leveraged Loans<br> (Identified Cost $1)** | **Total Leveraged Loans<br> (Identified Cost $1)** | &nbsp;&nbsp;&nbsp;&nbsp; **—** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | $— |
| West Marine<sup>(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp; —<sup>(11)</sup> |
|  |  | &nbsp;&nbsp;&nbsp; —<sup>(11)</sup> |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Endo GUC Trust Class A<sup>(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7290 | &nbsp;&nbsp;&nbsp; — |
| Lannett Co., Inc.<sup>(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | &nbsp;&nbsp;&nbsp; — |
| **Total Common Stocks<br> (Identified Cost $50)** | **Total Common Stocks<br> (Identified Cost $50)** | &nbsp;&nbsp;&nbsp;&nbsp; **—<sup>(11)</sup>** |
| **Affiliated Mutual Funds—54.8%** | **Affiliated Mutual Funds—54.8%** | **Affiliated Mutual Funds—54.8%** |
| **Fixed Income Funds—54.8%** | **Fixed Income Funds—54.8%** |  |
| Virtus Newfleet ABS MACS<sup>(12)(13)</sup> | 1204927 | &nbsp;&nbsp;&nbsp;12098 |
| Virtus Newfleet CMBS MACS<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;519150 | &nbsp;&nbsp;&nbsp; 5217 |
| Virtus Newfleet Floating Rate MACS<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;813728 | &nbsp;&nbsp;&nbsp; 8088 |
| Virtus Newfleet High Yield MACS<sup>(12)(13)</sup> | 1147799 | &nbsp;&nbsp;&nbsp;11352 |
| Virtus Newfleet RMBS MACS<sup>(12)(13)</sup> | 1031786 | &nbsp;&nbsp;&nbsp;10390 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $47,115)** | **Total Affiliated Mutual Funds<br> (Identified Cost $47,115)** | &nbsp;&nbsp;&nbsp;&nbsp;**47145** |
| **Total Long-Term Investments—98.5%<br> (Identified Cost $84,639)** | **Total Long-Term Investments—98.5%<br> (Identified Cost $84,639)** | &nbsp;&nbsp;&nbsp;&nbsp;**84795** |
| **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $84,639)** | **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $84,639)** | &nbsp;&nbsp;**$84795** |
| Other assets and liabilities, net—1.5% | Other assets and liabilities, net—1.5% | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$86080** |

---

&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 |
| plc | Public Limited Company |
| RMBS | Residential Mortgage-Backed Securities |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

&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;

---

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

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Newfleet Multi-Sector Intermediate Bond Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

<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 June 30, 2025, these securities amounted to a value of $11,365 or 13.2% 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 June 30, 2025.

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

<sup>(7)</sup> Security in default; interest payments are being received.

<sup>(8)</sup> Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(9)</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>(10)</sup> Non-income producing.

<sup>(11)</sup> Amount is less than $500 (not in thousands).

<sup>(12)</sup> Affiliated investment. See Note 3F in Notes to Financial Statements.

<sup>(13)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;82% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;11 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &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;—<sup>(1)</sup> |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &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;—<sup>(1)(2)</sup> |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(2)</sup> |

---

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

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

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

There were no transfers into or out of Level 3 related to securities held at June 30, 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 June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### SGA International Growth Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—2.2%** | **Preferred Stock—2.2%** | **Preferred Stock—2.2%** |
| **Health Care—2.2%** | **Health Care—2.2%** |  |
| Sartorius AG, 0.340% (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;9140 | $2326 |
| **Total Preferred Stock<br> (Identified Cost $2,501)** | **Total Preferred Stock<br> (Identified Cost $2,501)** | &nbsp;&nbsp;&nbsp;&nbsp; **2326** |
| **Common Stocks—96.3%** | **Common Stocks—96.3%** | **Common Stocks—96.3%** |
| **Communication Services—4.7%** | **Communication Services—4.7%** |  |
| Universal Music Group N.V. (Netherlands) | 153306 | &nbsp;&nbsp;&nbsp; 4962 |
| **Consumer Discretionary—4.7%** | **Consumer Discretionary—4.7%** |  |
| MercadoLibre, Inc. (Argentina)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp; 2770 |
| Yum China Holdings, Inc. (China) | 49403 | &nbsp;&nbsp;&nbsp; 2212 |
|  |  | &nbsp;&nbsp;&nbsp; 4982 |
| **Consumer Staples—14.3%** | **Consumer Staples—14.3%** |  |
| Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico) | 28459 | &nbsp;&nbsp;&nbsp; 2931 |
| Heineken N.V. (Netherlands) | 25685 | &nbsp;&nbsp;&nbsp; 2239 |
| L'Oreal S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;8573 | &nbsp;&nbsp;&nbsp; 3667 |
| Unilever plc Sponsored ADR (United Kingdom) | 50819 | &nbsp;&nbsp;&nbsp; 3109 |
| Wal-Mart de Mexico SAB de C.V. (Mexico) | 975726 | &nbsp;&nbsp;&nbsp; 3228 |
|  |  | &nbsp;&nbsp;&nbsp; 15174 |
| **Financials—14.4%** | **Financials—14.4%** |  |
| Adyen N.V. (Netherlands)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp; 2913 |
| AIA Group Ltd. (China-Hong Kong) | 354455 | &nbsp;&nbsp;&nbsp; 3179 |
| Aon plc Class A (United Kingdom) | 13216 | &nbsp;&nbsp;&nbsp; 4715 |
| HDFC Bank Ltd. ADR (India) | 58375 | &nbsp;&nbsp;&nbsp; 4476 |
|  |  | &nbsp;&nbsp;&nbsp; 15283 |
| **Health Care—19.0%** | **Health Care—19.0%** |  |
| Alcon AG (Switzerland) | 48640 | &nbsp;&nbsp;&nbsp; 4294 |
| Galderma Group AG (Switzerland) | 22714 | &nbsp;&nbsp;&nbsp; 3292 |
| Haleon plc (United Kingdom) | 658102 | &nbsp;&nbsp;&nbsp; 3382 |
| Novo Nordisk A/S Sponsored ADR (Denmark) | 58420 | &nbsp;&nbsp;&nbsp; 4032 |
| STERIS plc (United States) | 21855 | &nbsp;&nbsp;&nbsp; 5250 |
|  |  | &nbsp;&nbsp;&nbsp; 20250 |
| **Industrials—12.0%** | **Industrials—12.0%** |  |
| Canadian Pacific Kansas City Ltd. (Canada) | 51282 | &nbsp;&nbsp;&nbsp; 4065 |
| Experian plc (Ireland) | 66879 | &nbsp;&nbsp;&nbsp; 3444 |
| Recruit Holdings Co., Ltd. (Japan) | 34312 | &nbsp;&nbsp;&nbsp; 2034 |
| Waste Connections, Inc. (Canada) | 17267 | &nbsp;&nbsp;&nbsp; 3224 |
|  |  | &nbsp;&nbsp;&nbsp; 12767 |
| **Information Technology—25.0%** | **Information Technology—25.0%** |  |
| ARM Holdings plc ADR (United Kingdom)<sup>(1)</sup> | 17697 | &nbsp;&nbsp;&nbsp; 2862 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Atlassian Corp. Class A (United States)<sup>(1)</sup> | 11958 | $2429 |
| Dassault Systemes SE (France) | 87554 | &nbsp;&nbsp;&nbsp; 3169 |
| Infosys Ltd. Sponsored ADR (India) | 169590 | &nbsp;&nbsp;&nbsp; 3142 |
| Sage Group plc (The) (United Kingdom) | 241769 | &nbsp;&nbsp;&nbsp; 4150 |
| SAP SE Sponsored ADR (Germany) | 13003 | &nbsp;&nbsp;&nbsp; 3954 |
| Shopify, Inc. Class A (Canada)<sup>(1)</sup> | 24411 | &nbsp;&nbsp;&nbsp; 2816 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 17801 | &nbsp;&nbsp;&nbsp; 4032 |
|  |  | &nbsp;&nbsp;&nbsp; 26554 |
| **Materials—2.2%** | **Materials—2.2%** |  |
| Linde plc (United States) | &nbsp;&nbsp;&nbsp;&nbsp;4944 | &nbsp;&nbsp;&nbsp; 2320 |
| **Total Common Stocks<br> (Identified Cost $72,437)** | **Total Common Stocks<br> (Identified Cost $72,437)** | &nbsp;&nbsp;&nbsp;&nbsp;**102292** |
| **Total Long-Term Investments—98.5%<br> (Identified Cost $74,938)** | **Total Long-Term Investments—98.5%<br> (Identified Cost $74,938)** | &nbsp;&nbsp;&nbsp;&nbsp;**104618** |
| **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $74,938)** | **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $74,938)** | &nbsp;&nbsp;**$104618** |
| Other assets and liabilities, net—1.5% | Other assets and liabilities, net—1.5% | &nbsp;&nbsp;&nbsp;&nbsp; 1562 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$106180** |

---

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

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United Kingdom | &nbsp;&nbsp;&nbsp;17% |
| Netherlands | &nbsp;&nbsp;10 |
| Canada | &nbsp;&nbsp;10 |
| United States | &nbsp;&nbsp;10 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;33 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### SGA International Growth Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2326 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102292 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104618 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Tactical Allocation Series

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.6%** | **U.S. Government Securities—5.6%** | **U.S. Government Securities—5.6%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 5/15/50 | $1885 | $905 |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/15/51 | &nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;2.000%, 8/15/51 | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;3.625%, 2/15/53 | &nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp; 1339 |
| &nbsp;&nbsp;&nbsp;4.250%, 2/15/54 | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/15/55 | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 65 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 11/30/26 | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;0.375%, 7/31/27 | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;4.375%, 12/31/29 | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;4.250%, 11/15/34 | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 161 |
| **Total U.S. Government Securities<br> (Identified Cost $4,785)** | **Total U.S. Government Securities<br> (Identified Cost $4,785)** | &nbsp;&nbsp;&nbsp;&nbsp; **3938** |
| **Foreign Government Securities—1.0%** | **Foreign Government Securities—1.0%** | **Foreign Government Securities—1.0%** |
| Abu Dhabi Government International Bond 144A<br> 3.125%, 9/30/49<sup>(1)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 20 |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.550%, 4/3/34<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.300%, 11/13/54<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| Dominican Republic 144A<br> 4.875%, 9/23/32<sup>(1)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 42 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Kingdom of Morocco 144A<br> 3.000%, 12/15/32<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 |
| Republic of Angola 144A<br> 8.000%, 11/26/29<sup>(1)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 15 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 4/25/30 | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 |
| Republic of El Salvador 144A<br> 8.625%, 2/28/29<sup>(1)</sup> | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 9 |
| Republic of Guatemala 144A<br> 6.600%, 6/13/36<sup>(1)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 8 |
| Republic of Indonesia<br> 5.100%, 2/10/54 | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 26 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 1/30/37<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 14 |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(1)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 13 |
| Republic of Nigeria 144A<br> 10.375%, 12/9/34<sup>(1)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 20 |
| Republic of Panama<br> 8.000%, 3/1/38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 26 |
| Republic of Peru<br> 5.375%, 2/8/35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 25 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Philippines<br> 4.750%, 3/5/35 | $15 | $15 |
| Republic of Poland<br> 4.875%, 10/4/33 | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 30 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(1)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 8 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, 9/30/29 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;7.625%, 5/15/34 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 8 |
| Romania Government International Bond 144A<br> 5.875%, 1/30/29<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 7/18/33<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 12 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| United Mexican States<br> 6.000%, 5/7/36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 30 |
| Uzbekistan International Bond 144A<br> 6.900%, 2/28/32<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| **Total Foreign Government Securities<br> (Identified Cost $667)** | **Total Foreign Government Securities<br> (Identified Cost $667)** | &nbsp;&nbsp;&nbsp;&nbsp; **664** |
| **Mortgage-Backed Securities—4.3%** | **Mortgage-Backed Securities—4.3%** | **Mortgage-Backed Securities—4.3%** |
| **Agency—4.3%** | **Agency—4.3%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD5594<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;Pool #SD5856<br> 3.500%, 1/1/54 | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;Pool #SD8309<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;Pool #SD8383<br> 5.500%, 12/1/53 | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;Pool #SD8418<br> 4.500%, 4/1/54 | &nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 246 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #254007<br> 6.500%, 10/1/31 | &nbsp;&nbsp; —<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; —<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Pool #835144<br> 5.000%, 10/1/35 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #882224<br> 6.000%, 9/1/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #914724<br> 5.500%, 4/1/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #929637<br> 5.500%, 6/1/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #940524<br> 5.500%, 7/1/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Tactical Allocation Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #949301<br> 6.000%, 10/1/37 | $1 | $2 |
| &nbsp;&nbsp;&nbsp;Pool #975097<br> 5.000%, 6/1/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;Pool #986012<br> 5.500%, 6/1/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #991124<br> 5.000%, 1/1/39 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #994322<br> 6.000%, 1/1/39 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #994383<br> 5.500%, 11/1/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;Pool #AA4418<br> 4.500%, 3/1/39 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;Pool #AA4434<br> 5.000%, 3/1/39 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;Pool #AA4436<br> 6.000%, 3/1/39 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #CB6857<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Pool #FA0685<br> 6.000%, 1/1/55 | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;Pool #FS6679<br> 6.000%, 12/1/53 | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;Pool #MA4980<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;Pool #MA5385<br> 4.000%, 6/1/54 | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 223 |
| Government National Mortgage Association Pool #563381<br> 6.500%, 11/15/31 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $3,003)** | **Total Mortgage-Backed Securities<br> (Identified Cost $3,003)** | &nbsp;&nbsp;&nbsp;&nbsp; **2985** |
| **Corporate Bonds and Notes—9.7%** | **Corporate Bonds and Notes—9.7%** | **Corporate Bonds and Notes—9.7%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Sprint Capital Corp.<br> 8.750%, 3/15/32 | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 48 |
| **Consumer Discretionary—0.5%** | **Consumer Discretionary—0.5%** |  |
| Ashtead Capital, Inc. 144A<br> 5.500%, 8/11/32<sup>(1)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 50 |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52 | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 39 |
| DR Horton, Inc.<br> 5.500%, 10/15/35 | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 66 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 2/12/32 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;4.750%, 1/15/43 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 11 |
| Ford Motor Credit Co. LLC<br> 6.500%, 2/7/35 | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 57 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | $25 | $26 |
| Sodexo, Inc. 144A<br> 5.800%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 342 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| BAT Capital Corp.<br> 7.750%, 10/19/32 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 31 |
| Mars, Inc. 144A<br> 5.700%, 5/1/55<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Philip Morris International, Inc.<br> 4.900%, 11/1/34 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 181 |
| **Energy—1.2%** | **Energy—1.2%** |  |
| BP Capital Markets plc<br> 4.875% <sup>(3)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 54 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(1)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Diamondback Energy, Inc.<br> 5.900%, 4/18/64 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56 |
| Enbridge, Inc.<br> 8.500%, 1/15/84 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 50 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, 1/15/36 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;5.650%, 12/1/54 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 71 |
| Florida Gas Transmission Co. LLC 144A<br> 5.750%, 7/15/35<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| KazMunayGas National Co. JSC 144A<br> 5.750%, 4/19/47<sup>(1)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9 |
| Kinder Morgan, Inc.<br> 5.850%, 6/1/35 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, 10/1/34 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;6.200%, 3/15/40 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
| Pertamina Persero PT 144A<br> 6.450%, 5/30/44<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6 |
| Petronas Capital Ltd. 144A<br> 5.848%, 4/3/55<sup>(1)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| Reliance Industries Ltd. 144A<br> 2.875%, 1/12/32<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 31 |
| Saudi Arabian Oil Co. 144A<br> 5.250%, 7/17/34<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 38 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Tactical Allocation Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Williams Cos., Inc. (The)<br> 5.150%, 3/15/34 | $55 | $55 |
|  |  | &nbsp;&nbsp; 842 |
| **Financials—4.2%** | **Financials—4.2%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.526%, 8/15/53<sup>(4)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| American Express Co.<br> 5.625%, 7/28/34 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 74 |
| Apollo Debt Solutions BDC |  |  |
| &nbsp;&nbsp;&nbsp;6.900%, 4/13/29 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;6.700%, 7/29/31 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 60 |
| Australia & New Zealand Banking Group Ltd. 144A<br> 5.816%, 6/18/36<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Avolon Holdings Funding Ltd. 144A<br> 5.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.687%, 4/22/32 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;5.288%, 4/25/34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;5.518%, 10/25/35 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(3)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| BlackRock Funding, Inc.<br> 5.250%, 3/14/54 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 51 |
| Blackstone Private Credit Fund<br> 6.000%, 11/22/34 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 53 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| BPCE S.A. 144A<br> 7.003%, 10/19/34<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| Capital Power U.S. Holdings, Inc. 144A<br> 6.189%, 6/1/35<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.136%, 8/24/34 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(3)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Charter Communications Operating LLC<br> 4.800%, 3/1/50 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, 3/20/30 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;6.270%, 11/17/33 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 60 |
| Citizens Financial Group, Inc.<br> 5.718%, 7/23/32 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 61 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Deutsche Bank AG<br> 5.403%, 9/11/35 | $55 | $55 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 |
| Foundry JV Holdco LLC 144A<br> 5.875%, 1/25/34<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Gallagher (Arthur J.) & Co.<br> 5.550%, 2/15/55 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 57 |
| Global Atlantic Fin Co. 144A<br> 6.750%, 3/15/54<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| Goldman Sachs Group, Inc. (The)<br> 6.450%, 5/1/36 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 26 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.375%, 7/1/34 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, 2/2/35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;6.141%, 11/18/39 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Imperial Brands Finance plc 144A<br> 5.875%, 7/1/34<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| JH North America Holdings, Inc. 144A<br> 6.125%, 7/31/32<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.956%, 5/13/31 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 63 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;4.789%, 6/1/33 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;6.401%, 3/6/35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
| MetLife, Inc. Series G<br> 3.850% <sup>(3)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38 |
| Morgan Stanley<br> 5.948%, 1/19/38 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 72 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.451%, 4/30/43<sup>(4)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| Nippon Life Insurance Co. 144A<br> 6.500%, 4/30/55<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Northern Trust Corp.<br> 3.375%, 5/8/32 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 61 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 3/1/53 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;6.500%, 3/15/54 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.584%, 10/1/34<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;144A 6.176%, 10/1/54<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, 11/21/34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(3)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Tactical Allocation Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;4.967%, 7/22/33 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;5.424%, 2/12/36 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.897%, 7/25/33 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;6.491%, 10/23/34 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Series BB<br> 3.900%<sup>(3)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 2939 |
| **Health Care—0.6%** | **Health Care—0.6%** |  |
| Amgen, Inc.<br> 5.650%, 3/2/53 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48 |
| CVS Health Corp.<br> 5.050%, 3/25/48 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 81 |
| HCA, Inc.<br> 5.250%, 6/15/49 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 58 |
| IQVIA, Inc.<br> 6.250%, 2/1/29 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 38 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 9/2/34 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;3.350%, 9/2/51 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 24 |
| Smith & Nephew plc<br> 5.400%, 3/20/34 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, 1/15/32 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;5.050%, 10/15/34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 436 |
| **Industrials—1.2%** | **Industrials—1.2%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| Aviation Capital Group LLC 144A<br> 6.750%, 10/25/28<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 37 |
| Boeing Co. (The)<br> 5.930%, 5/1/60 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 49 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(1)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 67 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 64 |
| Delta Air Lines Pass-Through Trust 2015-1, AA<br> 3.625%, 1/30/29 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 72 |
| DP World Ltd. 144A<br> 6.850%, 7/2/37<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| Huntington Ingalls Industries, Inc.<br> 5.749%, 1/15/35 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| Ingersoll Rand, Inc.<br> 5.700%, 8/14/33 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| L3Harris Technologies, Inc.<br> 5.400%, 7/31/33 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 57 |
| New York State Electric & Gas Corp. 144A<br> 5.850%, 8/15/33<sup>(1)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 49 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 68 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 79 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33 |
| United Airlines Pass-Through-Trust 2024-1, AA<br> 5.450%, 8/15/38 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Veralto Corp.<br> 5.450%, 9/18/33 | $48 | $50 |
|  |  | &nbsp;&nbsp; 809 |
| **Information Technology—0.4%** | **Information Technology—0.4%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 8/4/33 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 53 |
| Broadcom, Inc. 144A<br> 3.137%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 51 |
| Gartner, Inc. 144A<br> 3.750%, 10/1/30<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 65 |
| Marvell Technology, Inc.<br> 5.450%, 7/15/35 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, 2/6/53 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;3.850%, 4/1/60 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 21 |
|  |  | &nbsp;&nbsp; 291 |
| **Materials—0.3%** | **Materials—0.3%** |  |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 63 |
| Berry Global, Inc.<br> 5.650%, 1/15/34 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
| Corp. Nacional del Cobre de Chile 144A<br> 5.950%, 1/8/34<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Glencore Funding LLC 144A<br> 2.850%, 4/27/31<sup>(1)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 51 |
| Sonoco Products Co.<br> 5.000%, 9/1/34 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 245 |
| **Real Estate—0.1%** | **Real Estate—0.1%** |  |
| NNN REIT, Inc.<br> 5.500%, 6/15/34 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
| Safehold GL Holdings LLC<br> 5.650%, 1/15/35 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 91 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| Black Hills Corp.<br> 6.150%, 5/15/34 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 63 |
| Brooklyn Union Gas Co. (The) 144A<br> 4.866%, 8/5/32<sup>(1)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50 |
| CMS Energy Corp.<br> 4.750%, 6/1/50 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 5/15/55 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
| Enel Finance International N.V. 144A<br> 5.500%, 6/26/34<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
| KeySpan Gas East Corp. 144A<br> 5.994%, 3/6/33<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 64 |
| Puget Energy, Inc.<br> 4.224%, 3/15/32 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 40 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Tactical Allocation Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern California Edison Co.<br> 6.000%, 1/15/34 | $40 | $41 |
|  |  | &nbsp;&nbsp;&nbsp; 551 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $6,686)** | **Total Corporate Bonds and Notes<br> (Identified Cost $6,686)** | &nbsp;&nbsp;&nbsp;&nbsp; **6775** |
| **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Paragon Offshore Finance Co.<br> 0.000%, 7/16/21<sup>(5)(6)</sup> | &nbsp;&nbsp; —<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; — |
| **Total Leveraged Loans<br> (Identified Cost $—)<sup>(2)</sup>** | **Total Leveraged Loans<br> (Identified Cost $—)<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **—** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—63.3%** | **Common Stocks—63.3%** | **Common Stocks—63.3%** |
| **Communication Services—9.7%** | **Communication Services—9.7%** |  |
| Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;36427 | &nbsp;&nbsp; 412 |
| Baltic Classifieds Group plc | &nbsp;&nbsp;&nbsp;&nbsp;190405 | &nbsp;&nbsp; 975 |
| Dayamitra Telekomunikasi PT | 7648673 | &nbsp;&nbsp; 261 |
| Hemnet Group AB | &nbsp;&nbsp;&nbsp;&nbsp;15361 | &nbsp;&nbsp; 449 |
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;&nbsp;&nbsp;25676 | &nbsp;&nbsp; 314 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 | &nbsp;&nbsp; 1585 |
| Netflix, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp; 1015 |
| oOh!media Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;455443 | &nbsp;&nbsp; 517 |
| Rightmove plc | &nbsp;&nbsp;&nbsp;&nbsp;59492 | &nbsp;&nbsp; 644 |
| Sarana Menara Nusantara Tbk PT | 4641000 | &nbsp;&nbsp; 141 |
| Trade Desk, Inc. (The) Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858 | &nbsp;&nbsp; 494 |
|  |  | &nbsp;&nbsp; 6807 |
| **Consumer Discretionary—9.0%** | **Consumer Discretionary—9.0%** |  |
| Airbnb, Inc. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp; 332 |
| Allegro.eu S.A.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29751 | &nbsp;&nbsp; 286 |
| Amazon.com, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 | &nbsp;&nbsp; 1455 |
| Bright Horizons Family Solutions, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp; 179 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp; 184 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp; 343 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp; 650 |
| MercadoLibre, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp; 601 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp; 288 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp; 189 |
| O'Reilly Automotive, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp; 712 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp; 209 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404 | &nbsp;&nbsp; 249 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp; 336 |
| SiteOne Landscape Supply, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp; 122 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp; 182 |
|  |  | &nbsp;&nbsp; 6317 |
| **Consumer Staples—1.1%** | **Consumer Staples—1.1%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp; 276 |
| BJ's Wholesale Club Holdings, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp; 198 |
| Heineken Malaysia Bhd | &nbsp;&nbsp;&nbsp;&nbsp;51700 | &nbsp;&nbsp; 309 |
|  |  | &nbsp;&nbsp; 783 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| Pason Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33256 | &nbsp;&nbsp; 300 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—9.6%** | **Financials—9.6%** |  |
| AJ Bell plc | &nbsp;&nbsp;&nbsp;&nbsp;91292 | $640 |
| Block, Inc. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 | &nbsp;&nbsp; 243 |
| Caixa Seguridade Participacoes S.A. | &nbsp;&nbsp;&nbsp;&nbsp;224262 | &nbsp;&nbsp; 606 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;20233 | &nbsp;&nbsp; 449 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp; 124 |
| Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782 | &nbsp;&nbsp; 320 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp; 209 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp; 343 |
| Moltiply Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 | &nbsp;&nbsp; 295 |
| Mortgage Advice Bureau Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18032 | &nbsp;&nbsp; 218 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp; 721 |
| Qualitas Controladora SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058 | &nbsp;&nbsp; 83 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp; 570 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 | &nbsp;&nbsp; 1534 |
| W. R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 6675 |
| **Health Care—5.0%** | **Health Care—5.0%** |  |
| As One Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp; 463 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp; 133 |
| Cooper Cos., Inc. (The)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp; 201 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 | &nbsp;&nbsp; 415 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp; 585 |
| Haw Par Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53400 | &nbsp;&nbsp; 503 |
| IDEXX Laboratories, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp; 195 |
| Intuitive Surgical, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp; 466 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188 | &nbsp;&nbsp; 497 |
|  |  | &nbsp;&nbsp; 3458 |
| **Industrials—10.7%** | **Industrials—10.7%** |  |
| Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp; 253 |
| Epiroc AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;20109 | &nbsp;&nbsp; 385 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193 | &nbsp;&nbsp; 569 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp; 115 |
| Fair Isaac Corp.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp; 1102 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140503 | &nbsp;&nbsp; 365 |
| Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;35129 | &nbsp;&nbsp; 413 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp; 245 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp; 218 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp; 280 |
| MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp; 231 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp; 468 |
| NICE Information Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15461 | &nbsp;&nbsp; 187 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp; 203 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp; 238 |
| S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp; 300 |
| Saia, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp; 151 |
| Uber Technologies, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp; 809 |
| UL Solutions, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp; 218 |
| VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp; 255 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp; 231 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178 | &nbsp;&nbsp; 226 |
|  |  | &nbsp;&nbsp; 7462 |
| **Information Technology—15.4%** | **Information Technology—15.4%** |  |
| Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 | &nbsp;&nbsp; 358 |
| Alten S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383 | &nbsp;&nbsp; 384 |
| Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;14886 | &nbsp;&nbsp; 1470 |
| Bentley Systems, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912 | &nbsp;&nbsp; 319 |
| Bouvet ASA | &nbsp;&nbsp;&nbsp;&nbsp;52729 | &nbsp;&nbsp; 417 |
| Cadence Design Systems, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp; 548 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Tactical Allocation Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| FDM Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;61645 | $181 |
| Freee KK<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp; 240 |
| Gartner, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp; 277 |
| Kainos Group plc | &nbsp;&nbsp;&nbsp;&nbsp;13125 | &nbsp;&nbsp;&nbsp; 134 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10497 | &nbsp;&nbsp;&nbsp; 1658 |
| Riken Keiki Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp; 116 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp; 474 |
| ServiceNow, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp; 719 |
| ServiceTitan, Inc. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp; 118 |
| SHIFT, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp; 212 |
| Shopify, Inc. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524 | &nbsp;&nbsp;&nbsp; 637 |
| Snowflake, Inc. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351 | &nbsp;&nbsp;&nbsp; 750 |
| Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp; 551 |
| Teledyne Technologies, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp; 231 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp; 261 |
| Workday, Inc. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123 | &nbsp;&nbsp;&nbsp; 510 |
| Zebra Technologies Corp. Class A<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp; 207 |
|  |  | &nbsp;&nbsp;&nbsp;10772 |
| **Materials—1.8%** | **Materials—1.8%** |  |
| Corp. Moctezuma SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;101992 | &nbsp;&nbsp;&nbsp; 439 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp; 451 |
| Forterra plc | &nbsp;&nbsp;&nbsp;&nbsp;69268 | &nbsp;&nbsp;&nbsp; 187 |
| Ibstock plc | &nbsp;&nbsp;&nbsp;&nbsp;76756 | &nbsp;&nbsp;&nbsp; 154 |
|  |  | &nbsp;&nbsp;&nbsp; 1231 |
| **Real Estate—0.6%** | **Real Estate—0.6%** |  |
| CoStar Group, Inc.<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp; 406 |
| **Total Common Stocks<br> (Identified Cost $26,753)** | **Total Common Stocks<br> (Identified Cost $26,753)** | &nbsp;&nbsp;&nbsp;&nbsp;**44211** |
| **Affiliated Mutual Funds—14.1%** | **Affiliated Mutual Funds—14.1%** | **Affiliated Mutual Funds—14.1%** |
| **Fixed Income Funds—14.1%** | **Fixed Income Funds—14.1%** |  |
| Virtus Newfleet ABS MACS<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;251542 | &nbsp;&nbsp;&nbsp; 2526 |
| Virtus Newfleet CMBS MACS<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;149009 | &nbsp;&nbsp;&nbsp; 1498 |
| Virtus Newfleet Floating Rate MACS<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127277 | &nbsp;&nbsp;&nbsp; 1265 |
| Virtus Newfleet High Yield MACS<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103165 | &nbsp;&nbsp;&nbsp; 1020 |
| Virtus Newfleet RMBS MACS<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;351731 | &nbsp;&nbsp;&nbsp; 3542 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $9,826)** | **Total Affiliated Mutual Funds<br> (Identified Cost $9,826)** | &nbsp;&nbsp;&nbsp;&nbsp; **9851** |
| **Total Long-Term Investments—98.0%<br> (Identified Cost $51,720)** | **Total Long-Term Investments—98.0%<br> (Identified Cost $51,720)** | &nbsp;&nbsp;&nbsp;&nbsp;**68424** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment—0.0%** | **Short-Term Investment—0.0%** | **Short-Term Investment—0.0%** |
| **Money Market Mutual Fund—0.0%** | **Money Market Mutual Fund—0.0%** | **Money Market Mutual Fund—0.0%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp; —<sup>(2)</sup> |
| **Total Short-Term Investment<br> (Identified Cost $—)<sup>(2)</sup>** | **Total Short-Term Investment<br> (Identified Cost $—)<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **—<sup>(2)</sup>** |
| **TOTAL INVESTMENTS—98.0%<br> (Identified Cost $51,720)** | **TOTAL INVESTMENTS—98.0%<br> (Identified Cost $51,720)** | &nbsp;&nbsp;**$68424** |
| Other assets and liabilities, net—2.0% | Other assets and liabilities, net—2.0% | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$69792** |

---

---

| | |
|:---|:---|
| **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 |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| RMBS | Residential Mortgage-Backed Securities |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</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 June 30, 2025, these securities amounted to a value of $2,323 or 3.3% of net assets. |
| <sup>(2)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(3)</sup> | No contractual maturity date. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</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>(6)</sup> | Security in default; no interest payments are being received. |
| <sup>(7)</sup> | Non-income producing. |
| <sup>(8)</sup> | Affiliated investment. See Note 3F in Notes to Financial Statements. |
| <sup>(9)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;76% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Lithuania | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;11 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### Tactical Allocation Series

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Series' investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &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;—<sup>(1)</sup> |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &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;—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

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

There were no transfers into or out of Level 3 related to securities held at June 30, 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 June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Real Estate<br> Securities Series** | &nbsp;&nbsp;&nbsp;**KAR<br> Capital Growth<br> Series** | &nbsp;&nbsp;&nbsp;**KAR Equity<br> Income Series** | &nbsp;&nbsp;&nbsp;**KAR<br> Small-Cap<br> Growth Series** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$100023 | &nbsp;&nbsp;&nbsp;$253390 | &nbsp;&nbsp;&nbsp;$75269 | &nbsp;&nbsp;&nbsp;$64252 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &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;3 |
| &nbsp;&nbsp;&nbsp;Series shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &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;3 |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &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;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &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;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65762 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &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;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| **Commitments and contingencies (Note 3D)<br>**  | &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;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$101185 | &nbsp;&nbsp;&nbsp;$254644 | &nbsp;&nbsp;&nbsp;$76141 | &nbsp;&nbsp;&nbsp;$65499 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$73153 | &nbsp;&nbsp;&nbsp;$84534 | &nbsp;&nbsp;&nbsp;$58337 | &nbsp;&nbsp;&nbsp;$41774 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23725 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$101185 | &nbsp;&nbsp;&nbsp;$254644 | &nbsp;&nbsp;&nbsp;$76141 | &nbsp;&nbsp;&nbsp;$65499 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$75528 | &nbsp;&nbsp;&nbsp;$254644 | &nbsp;&nbsp;&nbsp;$76141 | &nbsp;&nbsp;&nbsp;$64885 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$25657 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$614 |
| **Shares of Beneficial Interest Outstanding $1 par value, unlimited authorization:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;3644906 | &nbsp;&nbsp;&nbsp;&nbsp;6741764 | &nbsp;&nbsp;&nbsp;&nbsp;5959803 | &nbsp;&nbsp;&nbsp;&nbsp;3029368 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;1243196 | &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;26746 |
| **Net Asset Value Per Share:<sup>(b)</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$20.72 | &nbsp;&nbsp;&nbsp;$37.77 | &nbsp;&nbsp;&nbsp;$12.78 | &nbsp;&nbsp;&nbsp;$21.42 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$20.64 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$22.95 |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$72928 | &nbsp;&nbsp;&nbsp;$90242 | &nbsp;&nbsp;&nbsp;$59019 | &nbsp;&nbsp;&nbsp;$46028 |

---

&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

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

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

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**KAR<br> Small-Cap<br> Value Series** | &nbsp;&nbsp;&nbsp;**Newfleet<br> Multi-Sector<br> Intermediate Bond<br> Series** | &nbsp;&nbsp;&nbsp;**SGA<br> International<br> Growth Series** | &nbsp;&nbsp;&nbsp;**Tactical Allocation<br> Series** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$53970 | &nbsp;&nbsp;&nbsp;$37650 | &nbsp;&nbsp;&nbsp;$104618 | &nbsp;&nbsp;&nbsp;$58573 |
| Investment in affiliated funds at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47145 | &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;9851 |
| Foreign currency at value<sup>(3)</sup><br>| &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;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &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;545 | &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;154 |
| &nbsp;&nbsp;&nbsp;Series shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &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;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &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;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70191 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &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;279 | &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;45 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
| **Commitments and contingencies (Note 3D)<br>**  | &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;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$55906 | &nbsp;&nbsp;&nbsp;$86080 | &nbsp;&nbsp;&nbsp;$106180 | &nbsp;&nbsp;&nbsp;$69792 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$27620 | &nbsp;&nbsp;&nbsp;$95786 | &nbsp;&nbsp;&nbsp;$77698 | &nbsp;&nbsp;&nbsp;$46084 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23708 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$55906 | &nbsp;&nbsp;&nbsp;$86080 | &nbsp;&nbsp;&nbsp;$106180 | &nbsp;&nbsp;&nbsp;$69792 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$55906 | &nbsp;&nbsp;&nbsp;$82323 | &nbsp;&nbsp;&nbsp;$106044 | &nbsp;&nbsp;&nbsp;$69792 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$3757 | &nbsp;&nbsp;&nbsp;$136 | &nbsp;&nbsp;&nbsp;$— |
| **Shares of Beneficial Interest Outstanding $1 par value, unlimited authorization:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;3577533 | &nbsp;&nbsp;&nbsp;&nbsp;9332882 | &nbsp;&nbsp;&nbsp;&nbsp;7563461 | &nbsp;&nbsp;&nbsp;&nbsp;5038416 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Asset Value Per Share:<sup>(b)</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$15.63 | &nbsp;&nbsp;&nbsp;$8.82 | &nbsp;&nbsp;&nbsp;$14.02 | &nbsp;&nbsp;&nbsp;$13.85 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$8.77 | &nbsp;&nbsp;&nbsp;$14.15 | &nbsp;&nbsp;&nbsp;$— |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$27924 | &nbsp;&nbsp;&nbsp;$37524 | &nbsp;&nbsp;&nbsp;$74938 | &nbsp;&nbsp;&nbsp;$41894 |
| <sup>(2)</sup> Investment in affiliated funds at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$47115 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9826 |
| <sup>(3)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$31 |

---

&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

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) SIX MONTHS ENDED June 30, 2025
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Real Estate<br> Securities Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR<br> Capital Growth<br> Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Equity<br> Income Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR<br> Small-Cap<br> Growth Series** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1887 | &nbsp;&nbsp;&nbsp;&nbsp;$645 | &nbsp;&nbsp;&nbsp;&nbsp;$1274 | &nbsp;&nbsp;&nbsp;&nbsp;$423 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &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;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &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;(49) | &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;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &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;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9873 | &nbsp;&nbsp;&nbsp;&nbsp;4589 | &nbsp;&nbsp;&nbsp;&nbsp;(11201) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(1465) | &nbsp;&nbsp;&nbsp;&nbsp;18252 | &nbsp;&nbsp;&nbsp;&nbsp;5583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5356) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(103) | &nbsp;&nbsp;&nbsp;&nbsp;$17652 | &nbsp;&nbsp;&nbsp;&nbsp;$6443 | &nbsp;&nbsp;&nbsp;&nbsp;$(5318) |

---

&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

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

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

#### SIX MONTHS ENDED June 30, 2025
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR<br> Small-Cap<br> Value Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet<br> Multi-Sector<br> Intermediate Bond<br> Series** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA<br> International<br> Growth Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation<br> Series** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$402 | &nbsp;&nbsp;&nbsp;&nbsp;$1050 | &nbsp;&nbsp;&nbsp;&nbsp;$834 | &nbsp;&nbsp;&nbsp;&nbsp;$644 |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &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;(88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;(1237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &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;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;10620 | &nbsp;&nbsp;&nbsp;&nbsp;(2061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;10476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(532) | &nbsp;&nbsp;&nbsp;&nbsp;$3281 | &nbsp;&nbsp;&nbsp;&nbsp;$10642 | &nbsp;&nbsp;&nbsp;&nbsp;$5242 |

---

&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

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Estate Securities Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Estate Securities Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Capital Growth Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Capital Growth Series** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets<br> From Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1362 | &nbsp;&nbsp;&nbsp;&nbsp;$2081 | &nbsp;&nbsp;&nbsp;&nbsp;$(600) | &nbsp;&nbsp;&nbsp;&nbsp;$(1382) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33215 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24734 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56567 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699) | &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;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33385) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12097 | &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;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23679 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;105455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93597 | &nbsp;&nbsp;&nbsp;&nbsp;249797 | &nbsp;&nbsp;&nbsp;&nbsp;226118 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$101185 | &nbsp;&nbsp;&nbsp;&nbsp;$105455 | &nbsp;&nbsp;&nbsp;&nbsp;$254644 | &nbsp;&nbsp;&nbsp;&nbsp;$249797 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Small-Cap Growth Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Small-Cap Growth Series** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets<br> From Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$860 | &nbsp;&nbsp;&nbsp;&nbsp;$2243 | &nbsp;&nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;&nbsp;$(252) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845 | &nbsp;&nbsp;&nbsp;&nbsp;12812 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674 | &nbsp;&nbsp;&nbsp;&nbsp;(11201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5043) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &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;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6600) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5307) | &nbsp;&nbsp;&nbsp;&nbsp;(12076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &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;(6663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5307) | &nbsp;&nbsp;&nbsp;&nbsp;(12076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8066) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6819) | &nbsp;&nbsp;&nbsp;&nbsp;(16119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7149) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;76825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81618 | &nbsp;&nbsp;&nbsp;&nbsp;88767 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$76141 | &nbsp;&nbsp;&nbsp;&nbsp;$76825 | &nbsp;&nbsp;&nbsp;&nbsp;$65499 | &nbsp;&nbsp;&nbsp;&nbsp;$81618 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Small-Cap Value Series** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Small-Cap Value Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets<br> From Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;&nbsp;$372 | &nbsp;&nbsp;&nbsp;&nbsp;$2241 | &nbsp;&nbsp;&nbsp;&nbsp;$4877 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2129) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &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;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4885) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2901) | &nbsp;&nbsp;&nbsp;&nbsp;(10911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &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;(123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2901) | &nbsp;&nbsp;&nbsp;&nbsp;(10911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7653) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4878) | &nbsp;&nbsp;&nbsp;&nbsp;(10252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7296) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;60784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71036 | &nbsp;&nbsp;&nbsp;&nbsp;87220 | &nbsp;&nbsp;&nbsp;&nbsp;94516 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$55906 | &nbsp;&nbsp;&nbsp;&nbsp;$60784 | &nbsp;&nbsp;&nbsp;&nbsp;$86080 | &nbsp;&nbsp;&nbsp;&nbsp;$87220 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Series** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets<br> From Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$166 | &nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;$739 | &nbsp;&nbsp;&nbsp;&nbsp;$1120 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5959 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9158 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &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>(a)</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;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7577) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1737) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1737) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;100878 | &nbsp;&nbsp;&nbsp;&nbsp;131204 | &nbsp;&nbsp;&nbsp;&nbsp;69371 | &nbsp;&nbsp;&nbsp;&nbsp;69527 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$106180 | &nbsp;&nbsp;&nbsp;&nbsp;$100878 | &nbsp;&nbsp;&nbsp;&nbsp;$69792 | &nbsp;&nbsp;&nbsp;&nbsp;$69371 |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

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

#### 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>** | **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)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Duff & Phelps Real Estate Securities Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $20.97 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;(0.02) | (0.14) | (0.09) | (0.23) | &nbsp;&nbsp;&nbsp;(0.25) | $20.72 | &nbsp;&nbsp;&nbsp;(0.09) % | $75528 | 1.10% | 1.18% | &nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;19.44 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | (0.37) | (0.23) | (0.60) | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;20.97 | &nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;&nbsp;80738 | 1.10 | 1.16 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;40 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;18.08 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | (0.40) | (0.19) | (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;19.44 | &nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;81442 | 1.08 | 1.15 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;29 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;25.32 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;(6.84) | &nbsp;&nbsp;&nbsp;(6.55) | (0.20) | (0.49) | (0.69) | &nbsp;&nbsp;&nbsp;(7.24) | &nbsp;&nbsp;&nbsp;18.08 | (26.09) | &nbsp;&nbsp;&nbsp;&nbsp;74859 | 1.13 <sup>(9)</sup> | 1.21 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;24 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | (0.16) | (0.41) | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;&nbsp;25.32 | &nbsp;&nbsp;46.41 | &nbsp;&nbsp;&nbsp;111162 | 1.10 | 1.17 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;16 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;(0.30) | (0.20) | (0.33) | (0.53) | &nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;71741 | 1.14 <sup>(10)</sup> | 1.20 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;26 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $20.86 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | (0.14) | (0.09) | (0.23) | &nbsp;&nbsp;&nbsp;(0.22) | $20.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | $25657 | 0.85% | 0.93% | &nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | (0.48) | (0.23) | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;24717 | 0.85 | 0.91 | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;40 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;18.05 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | (0.47) | (0.19) | (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;12155 | 0.83 | 0.90 | &nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;29 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;25.31 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;(6.86) | &nbsp;&nbsp;&nbsp;(6.49) | (0.28) | (0.49) | (0.77) | &nbsp;&nbsp;&nbsp;(7.26) | &nbsp;&nbsp;&nbsp;18.05 | (25.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9201 | 0.88 <sup>(9)</sup> | 0.97 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;24 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | (0.23) | (0.41) | (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;&nbsp;25.31 | &nbsp;&nbsp;46.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 | 0.85 | 0.92 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;16 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;(0.26) | (0.22) | (0.33) | (0.55) | &nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 | 0.89 <sup>(10)</sup> | 0.95 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;26 |
| **KAR Capital Growth Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $35.74 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.64) | (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | $37.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.51% | $254644 | 1.03% | 1.10% | (0.50) % | &nbsp;&nbsp;&nbsp;&nbsp;4% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;32.33 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;8.87 | &nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.25) | (5.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;35.74 | &nbsp;&nbsp;26.20 | &nbsp;&nbsp;&nbsp;249797 | 1.03 | 1.08 | (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;25.68 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.08) | (2.08) | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;32.33 | &nbsp;&nbsp;34.71 | &nbsp;&nbsp;&nbsp;226118 | 1.01 | 1.07 | (0.32) | &nbsp;&nbsp;&nbsp;11 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;49.16 | (0.12) | (17.50) | (17.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.86) | (5.86) | (23.48) | &nbsp;&nbsp;&nbsp;25.68 | (36.11) | &nbsp;&nbsp;&nbsp;185499 | 1.06 <sup>(9)</sup> | 1.13 | (0.35) | &nbsp;&nbsp;&nbsp;20 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;48.92 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.55) | (5.55) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;49.16 | &nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;316332 | 1.03 | 1.08 | (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;34.44 | (0.22) | &nbsp;&nbsp;17.42 | &nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.72) | (2.72) | &nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;48.92 | &nbsp;&nbsp;50.23 | &nbsp;&nbsp;&nbsp;314826 | 1.03 | 1.10 | (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| **KAR Equity Income Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $12.02 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | (0.02) | (0.29) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | $12.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.89% | $76141 | 0.98% | 1.16% | &nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;17% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;12.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;&nbsp;76825 | 0.98 | 1.12 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;30 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | (0.35) | (0.10) | (0.45) | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;83644 | 0.96 | 1.10 | &nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;21 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;(0.30) | (0.31) | (0.52) | (0.83) | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;90037 | 1.01 <sup>(9)</sup> | 1.16 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;22 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | (0.29) | (0.52) | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;17.39 | &nbsp;&nbsp;&nbsp;102591 | 0.98 | 1.12 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;23 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | (0.23) | (3.35) | (3.58) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;98736 | 0.98 | 1.15 | &nbsp;&nbsp;1.47 | 116 <sup>(12)</sup> |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### 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>** | **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)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **KAR Small-Cap Growth Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $25.43 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;(1.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.20) | (2.20) | &nbsp;&nbsp;&nbsp;(4.01) | $21.42 | &nbsp;&nbsp;&nbsp;(7.06) % | $64885 | 1.14% | 1.31% | &nbsp;&nbsp;0.05% | 14% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;25.04 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.22) | (2.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;25.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;74175 | 1.14 | 1.26 | (0.32) | 22 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;22.44 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.70) | (1.70) | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;25.04 | &nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;80608 | 1.12 | 1.25 | (0.34) | &nbsp;&nbsp;&nbsp;9 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;36.17 | (0.17) | (10.64) | (10.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.92) | (2.92) | (13.73) | &nbsp;&nbsp;&nbsp;22.44 | (30.33) | &nbsp;&nbsp;&nbsp;&nbsp;74025 | 1.17 <sup>(9)</sup> | 1.30 | (0.61) | 17 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;40.14 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.91) | (5.91) | &nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;36.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;118751 | 1.16 <sup>(10)</sup> | 1.26 | (0.80) | &nbsp;&nbsp;&nbsp;9 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;31.48 | (0.35) | &nbsp;&nbsp;14.19 | &nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.18) | (5.18) | &nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;40.14 | &nbsp;&nbsp;44.64 | &nbsp;&nbsp;&nbsp;126411 | 1.16 | 1.28 | (1.00) | 17 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $27.05 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.20) | (2.20) | &nbsp;&nbsp;&nbsp;(4.10) | $22.95 | &nbsp;&nbsp;&nbsp;(6.98) % | $614 | 0.89% | 1.05% | &nbsp;&nbsp;1.83% | 14% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;26.45 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.22) | (2.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;27.05 | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7443 | 0.89 | 1.01 | (0.08) | 22 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;23.56 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.70) | (1.70) | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;26.45 | &nbsp;&nbsp;19.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8159 | 0.87 | 1.00 | (0.09) | &nbsp;&nbsp;&nbsp;9 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;37.68 | (0.10) | (11.10) | (11.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.92) | (2.92) | (14.12) | &nbsp;&nbsp;&nbsp;23.56 | (30.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749 | 0.92 <sup>(9)</sup> | 1.06 | (0.36) | 17 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;41.49 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.91) | (5.91) | &nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;37.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706 | 0.91 <sup>(10)</sup> | 1.01 | (0.55) | &nbsp;&nbsp;&nbsp;9 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;32.33 | (0.27) | &nbsp;&nbsp;14.61 | &nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.18) | (5.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;41.49 | &nbsp;&nbsp;45.02 | &nbsp;&nbsp;&nbsp;&nbsp;10616 | 0.91 | 1.03 | (0.74) | 17 |
| **KAR Small-Cap Value Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $16.16 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.11) | (0.02) | (0.40) | (0.42) | &nbsp;&nbsp;&nbsp;(0.53) | $15.63 | &nbsp;&nbsp;&nbsp;(0.72) % | $55906 | 1.10% | 1.37% | &nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;5% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | (0.10) | (1.43) | (1.53) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;60784 | 1.10 | 1.32 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;9 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | (0.08) | (0.59) | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;19.05 | &nbsp;&nbsp;&nbsp;&nbsp;71036 | 1.08 | 1.31 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;4 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(4.79) | &nbsp;&nbsp;&nbsp;(4.74) | (0.03) | (1.07) | (1.10) | &nbsp;&nbsp;&nbsp;(5.84) | &nbsp;&nbsp;&nbsp;14.04 | (24.15) | &nbsp;&nbsp;&nbsp;&nbsp;64733 | 1.13 <sup>(9)</sup> | 1.37 | &nbsp;&nbsp;0.33 | 11 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;18.96 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | (0.03) | (2.76) | (2.79) | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;91698 | 1.10 | 1.31 | &nbsp;&nbsp;0.13 | 11 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;15.78 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | (0.18) | (1.23) | (1.41) | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;18.96 | &nbsp;&nbsp;29.65 | &nbsp;&nbsp;&nbsp;&nbsp;88445 | 1.10 | 1.34 | &nbsp;&nbsp;1.04 | 22 |
| **Newfleet Multi-Sector Intermediate Bond Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $8.52 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | $8.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.87% | $82323 | 0.94% | 0.98% | &nbsp;&nbsp;5.23% | 30% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;83474 | 0.94 | 0.95 | &nbsp;&nbsp;5.30 | 73 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;90715 | 0.93 | 0.94 | &nbsp;&nbsp;4.71 | 60 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;(0.89) | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | &nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;(9.52) | &nbsp;&nbsp;&nbsp;&nbsp;90844 | 0.97 <sup>(9)</sup> | 0.98 | &nbsp;&nbsp;3.36 | 43 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;111758 | 0.92 <sup>(13)(14)</sup> | 0.91 | &nbsp;&nbsp;3.00 | 64 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;118363 | 0.94 <sup>(13)(14)</sup> | 0.93 | &nbsp;&nbsp;3.54 | 92 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $8.46 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | $8.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.01% | $3757 | 0.69% | 0.73% | &nbsp;&nbsp;5.48% | 30% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | 0.69 | 0.70 | &nbsp;&nbsp;5.55 | 73 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 | 0.68 | 0.69 | &nbsp;&nbsp;5.03 | 60 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;(0.87) | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) | &nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;(9.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | 0.73 <sup>(9)</sup> | 0.74 | &nbsp;&nbsp;3.67 | 43 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 | 0.67 <sup>(13)(14)</sup> | 0.67 | &nbsp;&nbsp;3.21 | 64 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | 0.69 <sup>(13)(14)</sup> | 0.69 | &nbsp;&nbsp;3.84 | 92 |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### 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>** | **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)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **SGA International Growth Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $12.65 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1.37 | $14.02 | &nbsp;&nbsp;10.83% | $106044 | 1.14% | 1.19% | &nbsp;&nbsp;0.32% | 13% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;0.01 | (0.78) | (0.77) | (0.03) | (0.02) | (0.05) | (0.82) | &nbsp;&nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;(5.73) | &nbsp;&nbsp;&nbsp;100756 | 1.14 | 1.16 | &nbsp;&nbsp;0.05 | 24 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;2.07 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;131075 | 1.12 | 1.15 | &nbsp;&nbsp;0.21 | 15 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;14.40 | &nbsp;&nbsp;0.01 | (2.69) | (2.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | (0.31) | (2.99) | &nbsp;&nbsp;&nbsp;11.41 | (18.61) | &nbsp;&nbsp;&nbsp;125772 | 1.17 <sup>(9)</sup> | 1.21 | &nbsp;&nbsp;0.10 | 25 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;14.47 | (0.03) | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.25) | (1.25) | (0.07) | &nbsp;&nbsp;&nbsp;14.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;163146 | 1.14 | 1.16 | (0.19) | 28 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.86 | (0.01) | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | (0.19) | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;23.64 | &nbsp;&nbsp;&nbsp;164468 | 1.18 <sup>(9)(10)</sup> | 1.21 | (0.12) | 34 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $12.75 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1.40 | $14.15 | &nbsp;&nbsp;10.98% | $136 | 0.89% | 0.95% | &nbsp;&nbsp;0.58% | 13% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;0.04 | (0.78) | (0.74) | (0.03) | (0.02) | (0.05) | (0.79) | &nbsp;&nbsp;&nbsp;12.75 | &nbsp;&nbsp;&nbsp;(5.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | 0.89 | 0.92 | &nbsp;&nbsp;0.28 | 24 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;2.11 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;18.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | 0.87 | 0.90 | &nbsp;&nbsp;0.46 | 15 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;0.04 | (2.69) | (2.65) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | (0.31) | (2.96) | &nbsp;&nbsp;&nbsp;11.48 | (18.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | 0.92 <sup>(9)</sup> | 0.96 | &nbsp;&nbsp;0.35 | 25 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.25) | (1.25) | (0.03) | &nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | 0.89 | 0.92 | &nbsp;&nbsp;0.06 | 28 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | (0.19) | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;23.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | 0.93 <sup>(9)(10)</sup> | 0.97 | &nbsp;&nbsp;0.13 | 34 |
| **Tactical Allocation Series** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $12.95 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.02 | (0.01) | (0.11) | (0.12) | &nbsp;&nbsp;0.90 | $13.85 | &nbsp;&nbsp;&nbsp;&nbsp;7.92% | $69792 | 0.98% | 1.06% | &nbsp;&nbsp;2.19% | 31% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;12.68 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;1.80 | (0.28) | (1.25) | (1.53) | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;13.80 | &nbsp;&nbsp;&nbsp;&nbsp;69371 | 0.98 | 1.03 | &nbsp;&nbsp;1.57 | 40 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;2.44 | (0.14) | (0.81) | (0.95) | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;12.68 | &nbsp;&nbsp;22.22 | &nbsp;&nbsp;&nbsp;&nbsp;69527 | 0.96 | 1.03 | &nbsp;&nbsp;1.40 | 33 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;17.50 | &nbsp;&nbsp;0.08 | (5.41) | (5.33) | (0.03) | (0.95) | (0.98) | (6.31) | &nbsp;&nbsp;&nbsp;11.19 | (30.58) | &nbsp;&nbsp;&nbsp;&nbsp;63674 | 1.01 <sup>(9)</sup> | 1.05 | &nbsp;&nbsp;0.62 | 24 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;17.81 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.31 | (0.07) | (1.55) | (1.62) | (0.31) | &nbsp;&nbsp;&nbsp;17.50 | &nbsp;&nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;&nbsp;103157 | 0.98 <sup>(13)(14)</sup> | 0.98 | &nbsp;&nbsp;0.17 | 21 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;4.65 | (0.11) | (0.51) | (0.62) | &nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;17.81 | &nbsp;&nbsp;33.96 | &nbsp;&nbsp;&nbsp;106684 | 0.98 | 1.00 | &nbsp;&nbsp;0.51 | 28 |

---

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

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| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |
| <sup>(3)</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 under generally accepted accounting principles required in the annual report. |
| <sup>(4)</sup> | The total return does not include the expenses associated with the annuity or life insurance policy through which you invest. |
| <sup>(5)</sup> | Annualized for periods less than one year. |
| <sup>(6)</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 of this ratio. |
| <sup>(7)</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>(8)</sup> | Unaudited. |
| <sup>(9)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(10)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(11)</sup> | Amount is less than $0.005 per share. |
| <sup>(12)</sup> | The Series' portfolio turnover rate increased substantially during the years due to a change in the Series' subadviser and associated repositioning. |
| <sup>(13)</sup> | The share class is currently below its expense cap. |
| <sup>(14)</sup> | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) June 30, 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.

---

| | |
|:---|:---|
| **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 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. |

---

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 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.

---

| | |
|:---|:---|
| **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. |
| **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 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 shareholders 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 shareholders, 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 shareholders). |
|  | 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. |
| **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. |
| **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. |
| **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 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 |

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------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

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| | |
|:---|:---|
|  | 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. |
| **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. |
| **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. |
| **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. |
| **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. |
| **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 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 |

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[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

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| | |
|:---|:---|
|  | 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. |
| **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 June 30, 2025, none of the Series were lending under the agreement with BNY. |
| **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 Accounting Standards Update 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. |

---

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

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, LLC ("Adviser"), (formerly known as Virtus Investment Advisers, Inc.), 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: |

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

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

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[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First<br> $1 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$1+ Billion** |  |
| KAR Small-Cap Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First<br> $400 Million** | &nbsp;&nbsp;&nbsp;&nbsp;**$400+ Million<br> to $1 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**Over<br> $1 Billion** |
| KAR Small-Cap Value Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% |

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| | |
|:---|:---|
| **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 six months is as follows: |

---

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

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

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

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

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

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

---

| | |
|:---|:---|
| **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. |

---

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

---

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

---

| | |
|:---|:---|
| **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 six months ending June 30: |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Series** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Duff & Phelps Real Estate Securities Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;$172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| KAR Capital Growth Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 |

---

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Series** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| KAR Equity Income Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$75 | &nbsp;&nbsp;&nbsp;&nbsp;$120 | &nbsp;&nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;&nbsp;$69 | &nbsp;&nbsp;&nbsp;&nbsp;$376 |
| KAR Small-Cap Growth Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| KAR Small-Cap Value Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
| Newfleet Multi-Sector Intermediate Bond Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| SGA International Growth Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| Tactical Allocation Series |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |

---

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

During the six months ended June 30, 2025, the Adviser did not recapture any expenses previously waived.

---

| | |
|:---|:---|
| **E.** | **Administrator and Distributor** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator to the Series. |
|  | For the six months ended June 30, 2025, the Series incurred administration fees totaling $379, 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 assets of such Series' Class A shares. Class I shares are not subject to a Rule 12b-1 plan. For the six months ended June 30, 2025, the Series incurred distribution fees totaling $960 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. |
| **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. During the six months ended June 30, 2025, the Series did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
|  | 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. |
|  | A summary of the Newfleet Multi-Sector Intermediate Bond Series's total long-term and short-term purchases and sales of the respective shares of the affiliated investments during the six months ended June 30, 2025, is as follows: |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—54.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet ABS MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12501 | &nbsp;&nbsp;&nbsp;&nbsp;$450 | &nbsp;&nbsp;&nbsp;&nbsp;$(1) | &nbsp;&nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;&nbsp;$12098 | &nbsp;&nbsp;&nbsp;&nbsp;1204927 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet CMBS MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet Floating Rate MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$10611 | &nbsp;&nbsp;&nbsp;&nbsp;$2451 | &nbsp;&nbsp;&nbsp;&nbsp;$(24) | &nbsp;&nbsp;&nbsp;&nbsp;$(48) | &nbsp;&nbsp;&nbsp;&nbsp;$8088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813728 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet High Yield MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352 | &nbsp;&nbsp;&nbsp;&nbsp;1147799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet RMBS MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp;&nbsp;1031786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$51791 | &nbsp;&nbsp;&nbsp;&nbsp;$4621 | &nbsp;&nbsp;&nbsp;&nbsp;$(55) | &nbsp;&nbsp;&nbsp;&nbsp;$30 | &nbsp;&nbsp;&nbsp;&nbsp;$47145 |  | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> 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 Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At June 30, 2025, the Fund was the owner of record of 52% of the Virtus Newfleet High Yield MACS Fund, 38% 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 22% of the Virtus Newfleet RMBS MACS Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</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;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Amount is less than $500 (not in thousands).

A summary of the Tactical Allocation Series's total long-term and short-term purchases and sales of the respective shares of the affiliated investments during the six months ended June 30, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Allocation Series<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—14.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet ABS MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2654 | &nbsp;&nbsp;&nbsp;&nbsp;$138 | &nbsp;&nbsp;&nbsp;&nbsp;$(—)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;$2526 | &nbsp;&nbsp;&nbsp;&nbsp;251542 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet CMBS MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp;149009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet Floating Rate MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;127277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet High Yield MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;103165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet RMBS MACS<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp;351731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11641 | &nbsp;&nbsp;&nbsp;&nbsp;$1809 | &nbsp;&nbsp;&nbsp;&nbsp;$(6) | &nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;$9851 |  | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Tactical Allocation Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At June 30, 2025, the Fund was the owner of record of less than 10% of all underlying funds.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</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;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Amount is less than $500 (not in thousands).

---

| | |
|:---|:---|
| **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 June 30, 2025. |

---

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 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 six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Duff & Phelps Real Estate Securities Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$9201 | &nbsp;&nbsp;&nbsp;&nbsp;$12286 |
| KAR Capital Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23796 |
| KAR Equity Income Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19047 |
| KAR Small-Cap Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15733 |
| KAR Small-Cap Value Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216 |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23379 |
| SGA International Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18889 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226 |

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4636 | &nbsp;&nbsp;&nbsp;&nbsp;$2666 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |

---

#### Note 5. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Series** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Series** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Series** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Series** | &nbsp;&nbsp;**KAR Capital Growth Series** | &nbsp;&nbsp;**KAR Capital Growth Series** | &nbsp;&nbsp;**KAR Capital Growth Series** | &nbsp;&nbsp;**KAR Capital Growth Series** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;$4244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;$16392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;$1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;$2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9312) | &nbsp;&nbsp;&nbsp;&nbsp;(1242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25067) | &nbsp;&nbsp;&nbsp;&nbsp;(407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14359) | &nbsp;&nbsp;&nbsp;&nbsp;(961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(205) | &nbsp;&nbsp;$(4226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339) | &nbsp;&nbsp;$(6341) | &nbsp;&nbsp;&nbsp;&nbsp;(247) | &nbsp;&nbsp;$(8545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;$497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;$6068 | &nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;$24192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &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;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12794) | &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;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;$1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;$12097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;$335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;$1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;$1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;$1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096 | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7462) | &nbsp;&nbsp;&nbsp;&nbsp;(1331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15932) | &nbsp;&nbsp;&nbsp;&nbsp;(220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5208) | &nbsp;&nbsp;&nbsp;&nbsp;(582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(431) | &nbsp;&nbsp;$(5307) | &nbsp;&nbsp;&nbsp;&nbsp;(1018) | &nbsp;&nbsp;$(12076) | &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;$2012 | &nbsp;&nbsp;&nbsp;&nbsp;(302) | &nbsp;&nbsp;$(7201) |

---

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Equity Income Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** | &nbsp;&nbsp;**KAR Small-Cap Growth Series** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &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;89 | &nbsp;&nbsp;$2411 | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;$2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9128) | &nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(249) | &nbsp;&nbsp;$(6663) | &nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;$(865) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Small-Cap Value Series** | &nbsp;&nbsp;**KAR Small-Cap Value Series** | &nbsp;&nbsp;**KAR Small-Cap Value Series** | &nbsp;&nbsp;**KAR Small-Cap Value Series** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Series** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;$845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;$898 | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;$3120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;$8416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5191) | &nbsp;&nbsp;&nbsp;&nbsp;(1045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17147) | &nbsp;&nbsp;&nbsp;&nbsp;(858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7406) | &nbsp;&nbsp;&nbsp;&nbsp;(2363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(184) | &nbsp;&nbsp;$(2901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) | &nbsp;&nbsp;$(10911) | &nbsp;&nbsp;&nbsp;&nbsp;(465) | &nbsp;&nbsp;$(4013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(857) | &nbsp;&nbsp;$(7603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;$2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;$(123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;$(50) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SGA International Growth Series** | &nbsp;&nbsp;**SGA International Growth Series** | &nbsp;&nbsp;**SGA International Growth Series** | &nbsp;&nbsp;**SGA International Growth Series** | &nbsp;&nbsp;**Tactical Allocation Series** | &nbsp;&nbsp;**Tactical Allocation Series** | &nbsp;&nbsp;**Tactical Allocation Series** | &nbsp;&nbsp;**Tactical Allocation Series** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;$1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$3605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;$1091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;$1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6545) | &nbsp;&nbsp;&nbsp;&nbsp;(2078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27194) | &nbsp;&nbsp;&nbsp;&nbsp;(450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5912) | &nbsp;&nbsp;&nbsp;&nbsp;(761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(401) | &nbsp;&nbsp;$(5340) | &nbsp;&nbsp;&nbsp;&nbsp;(1768) | &nbsp;&nbsp;$(23124) | &nbsp;&nbsp;&nbsp;&nbsp;(320) | &nbsp;&nbsp;$(4201) | &nbsp;&nbsp;&nbsp;&nbsp;(123) | &nbsp;&nbsp;$(1737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &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;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

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

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

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

#### Note 6. 10% Investors
As of June 30, 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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| Duff & Phelps Real Estate Securities Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| KAR Capital Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| KAR Equity Income Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| KAR Small-Cap Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| KAR Small-Cap Value Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| SGA International Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

<sup>\*</sup> None of the accounts are affiliated.

#### 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 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 Fund. 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 Fund's 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 Fund 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 Fund's liquidity and performance. The Fund is unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of the Fund may be deemed to have a zero value. A Fund 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 Fund 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 Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's 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 funds 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 Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund 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 Fund as compared with a fund that does not have its holdings concentrated in a particular country.

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
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 June 30, 2025, the following Series held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
| **Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Sector** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| KAR Capital Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| KAR Small-Cap Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| KAR Small-Cap Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| KAR Small-Cap Value Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| KAR Small-Cap Value Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| SGA International Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;25 |

---

#### 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 June 30, 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 3, 2025. 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 each 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 six months ended June 30, 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 six months period. The borrowings were valued at cost, which approximates fair value.

---

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

---

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

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

#### Note 11. Federal Income Tax Information

#### ($ reported in thousands)
At June 30, 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** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Duff & Phelps Real Estate Securities Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$73506 | &nbsp;&nbsp;&nbsp;&nbsp;$28220 | &nbsp;&nbsp;&nbsp;&nbsp;$(1703) | &nbsp;&nbsp;&nbsp;&nbsp;$26517 |
| KAR Capital Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162977 |
| KAR Equity Income Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16160 |
| KAR Small-Cap Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 |
| KAR Small-Cap Value Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26029 |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| SGA International Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29405 |
| Tactical Allocation Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16621 |

---

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, 2024, the Series' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Series** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| Newfleet Multi-Sector Intermediate Bond Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;$965 | &nbsp;&nbsp;&nbsp;&nbsp;$9549 |
| SGA International Growth Series<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |

---

#### 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. Recent Accounting Pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

#### Note 14. 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 15. 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 there are no subsequent events requiring recognition or disclosure in these financial statements.

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### VIRTUS VARIABLE INSURANCE TRUST

#### OTHER INFORMATION (Unaudited)

#### June 30, 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
For the six months ended June 30, 2025, the Funds incurred independent Trustee's fees totaling $29 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
None

------

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[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

#### 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

John R. Mallin

R. Keith Walton

Brian T. Zino

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

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

#### How to Contact Us
Mutual Fund Services 1-800-367-5877

---

| | |
|:---|:---|
| Website | **&nbsp;&nbsp;&nbsp;&nbsp; Virtus.com** |

---

------

[**Table of Contents**](#JOB_VVIT_60bcdaaa-1fe7-43cd-adc1-91fc27ae2585_TOC)

![](g31991img21dbb85c1.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**.

---

| | |
|:---|:---|
| 8508 | 08-25 |

---

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Refer to the Other Information Section in Item 7(a).

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

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.** <br>

Refer to the Other Information Section in Item 7(a).

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

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.** <br>

Disclosure not required for open-end management investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Disclosure not required for open-end management investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Disclosure not required for open-end management investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.** <br>

(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.** <br>

Disclosure not required for open-end management investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not Applicable.

------

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (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.](d31991dex99cert.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.](d31991dex99906cert.htm) |

---

------

#### 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) Virtus Variable Insurance Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

 <br> Date 8/29/2025

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)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

 <br> Date 8/29/2025

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

---

 <br> Date 8/29/2025

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## 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;(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;(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;(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;(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;(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;(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: 8/29/2025 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

------

**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;(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;(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;(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;(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;(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;(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: 8/29/2025 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

---

## 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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: 8/29/2025 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: 8/29/2025 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

---