# EDGAR Filing Document

**Accession Number:** 0001995745
**File Stem:** 0001995745-26-000009
**Filing Date:** 2026-2
**Character Count:** 1154520
**Document Hash:** 78f4a19d4c356bcd961baa2cc22591ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001995745-26-000009.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001995745-26-000009

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Venerable Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0001995745

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23910
- **FILM NUMBER:** 26685963

**BUSINESS ADDRESS:**
- **STREET 1:** 1475 DUNWOODY DRIVE
- **STREET 2:** SUITE 200
- **CITY:** WEST CHESTER
- **STATE:** PA
- **ZIP:** 19380
- **BUSINESS PHONE:** (800) 366-0066

**MAIL ADDRESS:**
- **STREET 1:** 1475 DUNWOODY DRIVE
- **STREET 2:** SUITE 200
- **CITY:** WEST CHESTER
- **STATE:** PA
- **ZIP:** 19380

## Series and Classes Contracts Data

### Venerable High Yield Fund (Series ID: S000083583)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000247358 | Class V      | VHYVX           |
| C000247359 | Class I      | VHYIX           |

### Venerable Large Cap Index Fund (Series ID: S000083584)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000247360 | Class I      | VVLIX           |
| C000247361 | Class V      | VVLVX           |

### Venerable Moderate Allocation Fund (Series ID: S000083585)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000247362 | Class V      | VMAVX           |

### Venerable Strategic Bond Fund (Series ID: S000083586)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000247364 | Class V      | VVBVX           |
| C000247365 | Class I      | VVBIX           |

### Venerable US Large Cap Core Equity Fund (Series ID: S000083587)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000247367 | Class I      | VVEIX           |

### Venerable US Large Cap Strategic Equity Fund (Series ID: S000083588)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000247368 | Class I      | VVSIX           |
| C000247369 | Class V      | VVSVX           |

### Venerable Appreciation Allocation Fund (Series ID: S000090881)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258264 | Class V      |  |

### Venerable US Small Cap Fund (Series ID: S000090882)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258265 | Class V      |  |

### Venerable World Appreciation Allocation Fund (Series ID: S000090883)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258267 | Class V      |  |

### Venerable World Conservative Allocation Fund (Series ID: S000090884)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258268 | Class V      |  |

### Venerable World Moderate Allocation Fund (Series ID: S000090885)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258269 | Class V      |  |

### Venerable Bond Index Fund (Series ID: S000090886)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258270 | Class I      |  |
| C000258271 | Class V      |  |

### Venerable Conservative Allocation Fund (Series ID: S000090887)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258272 | Class V      |  |

### Venerable Conservative Appreciation Allocation Fund (Series ID: S000090888)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258273 | Class V      |  |

### Venerable Intermediate Corporate Bond Index Fund (Series ID: S000090889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258274 | Class I      |  |

### Venerable International Index Fund (Series ID: S000090890)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258276 | Class I      |  |
| C000258277 | Class V      |  |

### Venerable Mid Cap Index Fund (Series ID: S000090891)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258279 | Class V      |  |

### Venerable Moderate Appreciation Allocation Fund (Series ID: S000090892)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258280 | Class V      |  |

### Venerable Small Cap Index Fund (Series ID: S000090893)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258282 | Class V      |  |

### Venerable Emerging Markets Equity Fund (Series ID: S000092000)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259908 | Class V      |  |

### Venerable World Equity Fund (Series ID: S000092001)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259910 | Class V      |  |
| C000259911 | Class I      |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Investment Company Act file number: 811-23910</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

**Venerable Variable Insurance Trust**

(Exact name of registrant as specified in charter)

**1475 Dunwoody Drive, Suite 200**

**West Chester, PA 19380**

(Address of principal executive offices) (Zip code)

**The Corporation Trust Company**

**1209 Orange Street**

**Wilmington, Delaware 19801**

**1-888-755-1133** 
```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="display: inline;">______________________________________________</span></pre>
```

(Name and address of agent for service)

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

Date of fiscal year end:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **December 31**

Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp; **January 1, 2025 to December 31, 2025**

**Item 1. Reports to Stockholders**

#### Venerable US Large Cap Core Equity Fund

#### Class I

#### VVEIX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $30<sup>Footnote Reference(a)</sup> | 0.75%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i48f2e84d0a6a8002b923d6c8.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** |
| **8/8/2025** | 10000 | 10000 |
| **12/31/2025** | 10580 | 10745 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class I | 5.80% |
| Russell 1000<sup>®</sup> Index | 7.45% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $655316 |
| Total Number of Portfolio Holdings | 329 |
| Total Advisory Fees Paid (thousands) | $1295 |
| Portfolio Turnover Rate | 13% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idcefdd965630d54e02af79be.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i52bc7e71b138f74f140e3c7a.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable US Large Cap Core Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VVEIX

December 31, 2025

#### Venerable US Large Cap Strategic Equity Fund

#### Class I

#### VVSIX

#### Annual Shareholder Report

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $80 | 0.74% |

---

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

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

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

![Growth of 10K Chart](i24573aa3ed2b8cd59fad88cd.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** |
| **9/4/2024** | 10000 | 10000 |
| **12/31/2024** | 10770 | 10742 |
| **12/31/2025** | 12524 | 12608 |

---

# Annual Fund Performance\*

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class I | 16.28% | 18.54% |
| Russell 1000<sup>®</sup> Index | 17.37% | 19.14% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $2843981 |
| Total Number of Portfolio Holdings | 424 |
| Total Advisory Fees Paid (thousands) | $19915 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if6aaff57213f0b9eebcd180c.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic6f2fa1708c200fc1487ce24.jpg)

---

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

---

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

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

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

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

![Image](id1443ca727a53d3c91e235da.jpg)

#### Venerable US Large Cap Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VVSIX

December 31, 2025

#### Class V

#### VVSVX

#### Annual Shareholder Report

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $93 | 0.86% |

---

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

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

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

![Growth of 10K Chart](iba4905a97088b0f9cdae495d.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **Russell 1000<sup>®</sup> Index** |
| **9/4/2024** | 10000 | 10000 |
| **12/31/2024** | 10760 | 10742 |
| **12/31/2025** | 12509 | 12608 |

---

# Annual Fund Performance\*

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class V | 16.25% | 18.43% |
| Russell 1000<sup>®</sup> Index | 17.37% | 19.14% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $2843981 |
| Total Number of Portfolio Holdings | 424 |
| Total Advisory Fees Paid (thousands) | $19915 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if6aaff57213f0b9eebcd180c.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic6f2fa1708c200fc1487ce24.jpg)

---

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

---

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

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

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

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

![Image](id1443ca727a53d3c91e235da.jpg)

#### Venerable US Large Cap Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VVSVX

December 31, 2025

#### Venerable US Small Cap Fund

#### Class V

#### VEAVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $25<sup>Footnote Reference(a)</sup> | 0.85%<sup>Footnote Reference(a)</sup> |

---

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

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

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

![Growth of 10K Chart](i70fdbb3bbbb9b629014fff39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup>** | **Russell 2000<sup>®</sup> Index** |
| **9/12/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10250 | 10392 | 10397 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 2.50% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 3.92% |
| Russell 2000<sup>®</sup> Index | 3.97% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $141337 |
| Total Number of Portfolio Holdings | 892 |
| Total Advisory Fees Paid (thousands) | $303 |
| Portfolio Turnover Rate | 24% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic2769f339e6fad05cb4e8d99.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i8d40a1f2fe3093ef154f7c6f.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Primary benchmark is representative of overall market. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable US Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VEAVX

December 31, 2025

#### Venerable Emerging Markets Equity Fund

#### Class V

#### VVDVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $44<sup>Footnote Reference(a)</sup> | 1.44%<sup>Footnote Reference(a)</sup> |

---

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

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

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

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

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

![Growth of 10K Chart](i80130a63ca6a2c6e8ace6ce4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **MSCI Emerging Markets Index (Net)** |
| **9/12/2025** | 10000 | 10000 |
| **12/31/2025** | 10570 | 10643 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 5.70% |
| MSCI Emerging Markets Index (Net) | 6.43% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $140023 |
| Total Number of Portfolio Holdings | 436 |
| Total Advisory Fees Paid (thousands) | $422 |
| Portfolio Turnover Rate | 14% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie8353f314a8dd0142d39d0fb.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5eb163e60f233602bd9c7dea.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Emerging Markets Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VVDVX

December 31, 2025

#### Venerable World Equity Fund

#### Class I

#### VVWIX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $29<sup>Footnote Reference(a)</sup> | 0.90%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](ic184f571a3881ef3b98e2e7b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Index (Net)** |
| **9/5/2025** | 10000 | 10000 |
| **12/31/2025** | 10630 | 10606 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class I | 6.30% |
| MSCI World Index (Net) | 6.06% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1119909 |
| Total Number of Portfolio Holdings | 650 |
| Total Advisory Fees Paid (thousands) | $2600 |
| Portfolio Turnover Rate | 33% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1fb6dfa446893b5c7df5a023.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iecc91be2220f4747992793a8.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable World Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VVWIX

December 31, 2025

#### Class V

#### VVWVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $28<sup>Footnote Reference(a)</sup> | 0.85%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i62029e39bc4d57e90a4c7980.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **MSCI World Index (Net)** |
| **9/5/2025** | 10000 | 10000 |
| **12/31/2025** | 10640 | 10606 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 6.40% |
| MSCI World Index (Net) | 6.06% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1119909 |
| Total Number of Portfolio Holdings | 650 |
| Total Advisory Fees Paid (thousands) | $2600 |
| Portfolio Turnover Rate | 33% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1fb6dfa446893b5c7df5a023.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iecc91be2220f4747992793a8.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable World Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VVWVX

December 31, 2025

#### Venerable High Yield Fund

#### Class I

#### VHYIX

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $83 | 0.80% |

---

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

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

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

![Growth of 10K Chart](id6f6500faeb36c79ac285db8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(a)</sup>** | **Bloomberg U.S. High Yield-2% Issuer Capped Bond Index** |
| **9/4/2024** | 10000 | 10000 | 10000 |
| **12/31/2024** | 10047 | 9733 | 10179 |
| **12/31/2025** | 10903 | 10444 | 11057 |

---

# Annual Fund Performance\*

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class I | 8.52% | 6.75% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | 3.34% |
| Bloomberg U.S. High Yield-2% Issuer Capped Bond Index | 8.62% | 7.89% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $702134 |
| Total Number of Portfolio Holdings | 252 |
| Total Advisory Fees Paid (thousands) | $3974 |
| Portfolio Turnover Rate | 46% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i10c9d8783af28c5204797385.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](iaecee2264f2a4e4f1757cd07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 96.4% |
| United States Government Agencies | 1.7% |
| Other | 1.9% |

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Primary benchmark is representative of overall market. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable High Yield Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VHYIX

December 31, 2025

#### Class V

#### VHYVX

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $75 | 0.72% |

---

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

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

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

![Growth of 10K Chart](idadcd90f35503dc8c9c02879.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(a)</sup>** | **Bloomberg U.S. High Yield-2% Issuer Capped Bond Index** |
| **9/4/2024** | 10000 | 10000 | 10000 |
| **12/31/2024** | 10059 | 9733 | 10179 |
| **12/31/2025** | 10913 | 10444 | 11057 |

---

# Annual Fund Performance\*

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class V | 8.49% | 6.82% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | 3.34% |
| Bloomberg U.S. High Yield-2% Issuer Capped Bond Index | 8.62% | 7.89% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $702134 |
| Total Number of Portfolio Holdings | 252 |
| Total Advisory Fees Paid (thousands) | $3974 |
| Portfolio Turnover Rate | 46% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i10c9d8783af28c5204797385.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](iaecee2264f2a4e4f1757cd07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 96.4% |
| United States Government Agencies | 1.7% |
| Other | 1.9% |

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Primary benchmark is representative of overall market. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable High Yield Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VHYVX

December 31, 2025

#### Venerable Strategic Bond Fund

#### Class I

#### VVBIX

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $61 | 0.59% |

---

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

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

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

![Growth of 10K Chart](i5245e728de28d4eb89e3ed2a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/4/2024** | 10000 | 10000 |
| **12/31/2024** | 9646 | 9733 |
| **12/31/2025** | 10330 | 10444 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1806311 |
| Total Number of Portfolio Holdings | 498 |
| Total Advisory Fees Paid (thousands) | $7913 |
| Portfolio Turnover Rate | 122% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4c2722dbbf1819052ef07416.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i60aeffb87809e2e66a44c726.jpg)

---

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

---

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

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

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Strategic Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VVBIX

December 31, 2025

#### Class V

#### VVBVX

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $83 | 0.80% |

---

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

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

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

![Growth of 10K Chart](i972995c0518918025bb22b18.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/4/2024** | 10000 | 10000 |
| **12/31/2024** | 9632 | 9733 |
| **12/31/2025** | 10294 | 10444 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1806311 |
| Total Number of Portfolio Holdings | 498 |
| Total Advisory Fees Paid (thousands) | $7913 |
| Portfolio Turnover Rate | 122% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4c2722dbbf1819052ef07416.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i60aeffb87809e2e66a44c726.jpg)

---

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

---

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

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

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Strategic Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VVBVX

December 31, 2025

#### Venerable Large Cap Index Fund

#### Class I

#### VVLIX

#### Annual Shareholder Report

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

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $9<sup>Footnote Reference(a)</sup> | 0.28%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i60dc902ae7e3a06d530a3696.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **9/5/2025** | 10000 | 10000 |
| **12/31/2025** | 10590 | 10601 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class I | 5.90% |
| S&P 500<sup>®</sup> Index | 6.01% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $4684353 |
| Total Number of Portfolio Holdings | 505 |
| Total Advisory Fees Paid (thousands) | $5557 |
| Portfolio Turnover Rate | 20% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i244dcfecfede75bb56228124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.9% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i6d5795c2e7633d23419c25c7.jpg)

---

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

---

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

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

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](id1443ca727a53d3c91e235da.jpg)

#### Venerable Large Cap Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VVLIX

December 31, 2025

#### Class V

#### VVLVX

#### Annual Shareholder Report

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $55 | 0.51% |

---

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

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

![Growth of 10K Chart](ia577f9ae3e478816cd4284ff.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **S&P 500<sup>®</sup> Index** |
| **9/4/2024** | 10000 | 10000 |
| **12/31/2024** | 10900 | 10701 |
| **12/31/2025** | 12785 | 12615 |

---

# Annual Fund Performance\*

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class V | 17.30% | 20.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 19.19% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $4684353 |
| Total Number of Portfolio Holdings | 505 |
| Total Advisory Fees Paid (thousands) | $5557 |
| Portfolio Turnover Rate | 20% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i244dcfecfede75bb56228124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.9% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i6d5795c2e7633d23419c25c7.jpg)

---

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

---

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

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

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

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

![Image](id1443ca727a53d3c91e235da.jpg)

#### Venerable Large Cap Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VVLVX

December 31, 2025

#### Venerable Mid Cap Index Fund

#### Class V

#### VEFVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $19<sup>Footnote Reference(a)</sup> | 0.65%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](iff774203ab4d6b630c28b6c6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup>** | **Russell Midcap<sup>®</sup> Index** |
| **9/12/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10010 | 10392 | 10033 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 0.10% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 3.92% |
| Russell Midcap<sup>®</sup> Index | 0.33% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1065542 |
| Total Number of Portfolio Holdings | 813 |
| Total Advisory Fees Paid (thousands) | $841 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iab3ccad1fd78fe596ac0f8b4.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i06d8a25b077865e113f50ca4.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Primary benchmark is representative of overall market. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Mid Cap Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VEFVX

December 31, 2025

#### Venerable Small Cap Index Fund

#### Class V

#### VVAVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $20<sup>Footnote Reference(a)</sup> | 0.68%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](ic47024809cff1c28d78c273c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup>** | **Russell 2000<sup>®</sup> Index** |
| **9/12/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10370 | 10392 | 10397 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 3.70% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 3.92% |
| Russell 2000<sup>®</sup> Index | 3.97% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $235666 |
| Total Number of Portfolio Holdings | 1956 |
| Total Advisory Fees Paid (thousands) | $222 |
| Portfolio Turnover Rate | 7% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1e429328890db3c252836ded.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i6c123e02f7806c5f5e5818e2.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Primary benchmark is representative of overall market. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Small Cap Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VVAVX

December 31, 2025

#### Venerable International Index Fund

#### Class I

#### VEEIX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $15<sup>Footnote Reference(a)</sup> | 0.45%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i97acf6dc857dd32073a60296.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index (Net)** |
| **9/5/2025** | 10000 | 10000 |
| **12/31/2025** | 10620 | 10659 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class I | 6.20% |
| MSCI EAFE Index (Net) | 6.59% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1022325 |
| Total Number of Portfolio Holdings | 692 |
| Total Advisory Fees Paid (thousands) | $954 |
| Portfolio Turnover Rate | 5% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i357187a28f01a54f6069280d.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i779068695de3bf1c928e773b.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable International Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VEEIX

December 31, 2025

#### Class V

#### VEEVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $23<sup>Footnote Reference(a)</sup> | 0.70%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i1d4016056990abab76d61875.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **MSCI EAFE Index (Net)** |
| **9/5/2025** | 10000 | 10000 |
| **12/31/2025** | 10610 | 10659 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 6.10% |
| MSCI EAFE Index (Net) | 6.59% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1022325 |
| Total Number of Portfolio Holdings | 692 |
| Total Advisory Fees Paid (thousands) | $954 |
| Portfolio Turnover Rate | 5% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i357187a28f01a54f6069280d.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i779068695de3bf1c928e773b.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable International Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VEEVX

December 31, 2025

#### Venerable Bond Index Fund

#### Class I

#### VECIX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $11<sup>Footnote Reference(a)</sup> | 0.36%<sup>Footnote Reference(a)</sup> |

---

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

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

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

![Growth of 10K Chart](if6cfbe3663eb691844e2658b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/5/2025** | 10000 | 10000 |
| **12/31/2025** | 10096 | 10127 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class I | 0.96% |
| Bloomberg U.S. Aggregate Bond Index | 1.27% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $367352 |
| Total Number of Portfolio Holdings | 377 |
| Total Advisory Fees Paid (thousands) | $284 |
| Portfolio Turnover Rate | 27% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0c2e123e855edeccc11ecfc4.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i9eb6a14f7570debced3fa6ca.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Bond Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VECIX

December 31, 2025

#### Class V

#### VECVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $19<sup>Footnote Reference(a)</sup> | 0.61%<sup>Footnote Reference(a)</sup> |

---

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

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

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

![Growth of 10K Chart](iaeb5821f873268da89e9ed81.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/5/2025** | 10000 | 10000 |
| **12/31/2025** | 10084 | 10127 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 0.84% |
| Bloomberg U.S. Aggregate Bond Index | 1.27% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $367352 |
| Total Number of Portfolio Holdings | 377 |
| Total Advisory Fees Paid (thousands) | $284 |
| Portfolio Turnover Rate | 27% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0c2e123e855edeccc11ecfc4.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i9eb6a14f7570debced3fa6ca.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Bond Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VECVX

December 31, 2025

#### Venerable Intermediate Corporate Bond Index Fund

#### Class I

#### VEBIX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class I | $11<sup>Footnote Reference(a)</sup> | 0.36%<sup>Footnote Reference(a)</sup> |

---

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

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

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

![Growth of 10K Chart](i9b85348b4a7beba7ec72fc01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup>** | **Bloomberg US Credit Corp 5-10 Year Index** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10114 | 10127 | 10149 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class I | 1.14% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 1.27% |
| Bloomberg US Credit Corp 5-10 Year Index | 1.49% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $959093 |
| Total Number of Portfolio Holdings | 296 |
| Total Advisory Fees Paid (thousands) | $706 |
| Portfolio Turnover Rate | 11% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](icf9790dd503acbafc2504896.jpg)

---

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

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](id9f2aa3c21788a3da13fc6a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 95.0% |
| International Debt | 3.0% |
| Other | 2.0% |

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Primary benchmark is representative of overall market. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Intermediate Corporate Bond Index Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class I

Annual Shareholder Report

VEBIX

December 31, 2025

#### Venerable Conservative Allocation Fund

#### Class V

#### VCAVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $17<sup>Footnote Reference(a)</sup> | 0.52%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](ieb9a5ef72dd098d66c0656cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup>** | **Venerable Conservative Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup>** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10210 | 10127 | 10249 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 2.10% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 1.27% |
| Venerable Conservative Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup> | 2.49% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $159452 |
| Total Number of Portfolio Holdings | 4 |
| Total Advisory Fees Paid (thousands) | $26 |
| Portfolio Turnover Rate | 7% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i61fb3d310bcd235e31092151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ice1a1c59509d992f6fea7caf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.2% |
| Domestic Equities | 17.4% |
| International Equities | 7.5% |
| Other | (0.1)% |

---

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

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

---

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

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Conservative Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VCAVX

December 31, 2025

#### Venerable Conservative Appreciation Allocation Fund

#### Class V

#### VIAVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $17<sup>Footnote Reference(a)</sup> | 0.52%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i25f4d3d17b876e3d0470f625.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup>** | **Venerable Conservative Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup>** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10290 | 10127 | 10322 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 2.90% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 1.27% |
| Venerable Conservative Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup> | 3.22% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $483650 |
| Total Number of Portfolio Holdings | 4 |
| Total Advisory Fees Paid (thousands) | $78 |
| Portfolio Turnover Rate | 7% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7090c2b52e2ed9e56432ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i52cfe1b7e9c48961efc1453b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 60.2% |
| Domestic Equities | 27.8% |
| International Equities | 12.0% |

---

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

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

---

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

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Conservative Appreciation Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VIAVX

December 31, 2025

#### Venerable World Conservative Allocation Fund

#### Class V

#### VWCVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $2<sup>Footnote Reference(a)</sup> | 0.07%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i41d1a942ccd14c985b678ad8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup>** | **Venerable World Conservative Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup>** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10350 | 10127 | 10317 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 3.50% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 1.27% |
| Venerable World Conservative Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup> | 3.17% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $149304 |
| Total Number of Portfolio Holdings | 3 |
| Total Advisory Fees Paid (thousands) | $0 |
| Portfolio Turnover Rate | 8% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7090c2b52e2ed9e56432ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ia50b040dfed0093138294300.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 60.2% |
| International Equities | 39.8% |

---

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

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

---

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

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable World Conservative Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VWCVX

December 31, 2025

#### Venerable Moderate Allocation Fund

#### Class V

#### VMAVX

#### Annual Shareholder Report

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $18 | 0.17% |

---

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

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

![Growth of 10K Chart](icd1b0388e7e177532b19321e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **Russell 1000<sup>®</sup>Index<sup>Footnote Reference(a)</sup>** | **Venerable Moderate Performance Benchmark<sup>Footnote Reference(b)</sup>** |
| **9/4/2024** | 10000 | 10000 | 10000 |
| **12/31/2024** | 10390 | 10742 | 10333 |
| **12/31/2025** | 11704 | 12608 | 11719 |

---

# Annual Fund Performance\*

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class V | 12.64% | 12.62% |
| Russell 1000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.37% | 19.14% |
| Venerable Moderate Performance Benchmark<sup>Footnote Reference(b)</sup> | 13.41% | 12.73% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $2185412 |
| Total Number of Portfolio Holdings | 4 |
| Total Advisory Fees Paid (thousands) | $1119 |
| Portfolio Turnover Rate | 36% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7090c2b52e2ed9e56432ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ie4cab82014e436ee2cdbc7cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Domestic Equities | 59.9% |
| Fixed Income | 40.1% |

---

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

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

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;&nbsp;The Venerable Moderate Performance Benchmark consists of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index. |

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Moderate Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VMAVX

December 31, 2025

#### Venerable Moderate Appreciation Allocation Fund

#### Class V

#### VIIVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $16<sup>Footnote Reference(a)</sup> | 0.51%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i076f26dd2c1b32bbdd3fbda0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **MSCI World Index (Net)<sup>Footnote Reference(b)</sup>** | **Venerable Moderate Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup>** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10390 | 10606 | 10421 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 3.90% |
| MSCI World Index (Net)<sup>Footnote Reference(b)</sup> | 6.06% |
| Venerable Moderate Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup> | 4.21% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1008390 |
| Total Number of Portfolio Holdings | 4 |
| Total Advisory Fees Paid (thousands) | $161 |
| Portfolio Turnover Rate | 6% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7090c2b52e2ed9e56432ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i3ea6c5c4a006887b23a7bc9b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Domestic Equities | 42.0% |
| Fixed Income | 39.9% |
| International Equities | 18.1% |

---

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

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

---

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

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Moderate Appreciation Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VIIVX

December 31, 2025

#### Venerable World Moderate Allocation Fund

#### Class V

#### VWMVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $6<sup>Footnote Reference(a)</sup> | 0.19%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i4352f1f1238860612e624f98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **MSCI World Index (Net)<sup>Footnote Reference(b)</sup>** | **Venerable World Moderate Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup>** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10430 | 10606 | 10413 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 4.30% |
| MSCI World Index (Net)<sup>Footnote Reference(b)</sup> | 6.06% |
| Venerable World Moderate Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup> | 4.13% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $379975 |
| Total Number of Portfolio Holdings | 3 |
| Total Advisory Fees Paid (thousands) | $61 |
| Portfolio Turnover Rate | 6% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7090c2b52e2ed9e56432ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i4daf23e0b78bda0c498f6d81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 60.1% |
| Fixed Income | 39.9% |

---

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

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

---

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

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable World Moderate Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VWMVX

December 31, 2025

#### Venerable Appreciation Allocation Fund

#### Class V

#### VAAVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $16<sup>Footnote Reference(a)</sup> | 0.50%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](i4aeaadfcdb802343df43e9e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **MSCI World Index (Net)<sup>Footnote Reference(b)</sup>** | **Venerable Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup>** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10460 | 10606 | 10495 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 4.60% |
| MSCI World Index (Net)<sup>Footnote Reference(b)</sup> | 6.06% |
| Venerable Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup> | 4.95% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $1571790 |
| Total Number of Portfolio Holdings | 3 |
| Total Advisory Fees Paid (thousands) | $251 |
| Portfolio Turnover Rate | 6% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7090c2b52e2ed9e56432ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ie0e5b0048f2697b6f52488c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Domestic Equities | 52.5% |
| Fixed Income | 24.9% |
| International Equities | 22.6% |

---

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

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

---

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

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable Appreciation Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VAAVX

December 31, 2025

#### Venerable World Appreciation Allocation Fund

#### Class V

#### VEDVX

#### Annual Shareholder Report

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class V | $5<sup>Footnote Reference(a)</sup> | 0.16%<sup>Footnote Reference(a)</sup> |

---

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

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

![Growth of 10K Chart](ic93b177ef38d7ead2a689fdb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class V** | **MSCI World Index (Net)<sup>Footnote Reference(b)</sup>** | **Venerable World Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup>** |
| **9/5/2025** | 10000 | 10000 | 10000 |
| **12/31/2025** | 10500 | 10606 | 10485 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Class V | 5.00% |
| MSCI World Index (Net)<sup>Footnote Reference(b)</sup> | 6.06% |
| Venerable World Appreciation Allocation Fund Performance Composite Benchmark<sup>Footnote Reference(c)</sup> | 4.85% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $380212 |
| Total Number of Portfolio Holdings | 3 |
| Total Advisory Fees Paid (thousands) | $60 |
| Portfolio Turnover Rate | 5% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7090c2b52e2ed9e56432ef0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i85370c464e0d3bbb88f7269d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 75.2% |
| Fixed Income | 24.8% |

---

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

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

---

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

---

![Image](i8f0ff0382f11825c0c011999.jpg)

#### Venerable World Appreciation Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://docs.venerable.com/#/venerable-variable-insurance-trust](ie20444f5edabda922d50fe01.jpg)

Class V

Annual Shareholder Report

VEDVX

December 31, 2025

**Item 2. Code of Ethics.** 

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

**Item 3. Audit Committee Financial Expert.** 

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

**Item 4. Principal Accountant Fees and Services.** 

**Audit Fees**

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

2024 $169,000

2025 $645,610

**Audit-Related Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

2024 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None

2025 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None

**Tax Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

2024 $24,500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax compliance services

2025 $137,060&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax compliance services

**All Other Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

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

2024 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 $0

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

**Venerable Variable Insurance Trust**

**Audit and Non-Audit Services Pre-Approval Policy**

**Effective Date: November 19, 2024**

**I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Purpose.**

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

**II. &nbsp;&nbsp;&nbsp;&nbsp; Statement of Principles.** 

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

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

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

(c) Places the auditor in the position of auditing its own work; or

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

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

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

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

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

**III. &nbsp;&nbsp;&nbsp;&nbsp; Delegation.**

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

**IV. &nbsp;&nbsp;&nbsp;&nbsp; Audit Services.**

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

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

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

**V. &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Services.**

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

**VI. &nbsp;&nbsp;&nbsp;&nbsp; Tax Services.** 

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

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

**VII. All Other Services.** 

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

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

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

(b) Financial information system design and implementation

(c) Appraisal or valuation services, fairness opinions or contribution-in-kind reports

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

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

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

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

**VIII. De Minimis Waiver.**

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

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

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

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

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

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

**VIII. Pre-Approval Fee Levels or Budgeted Amounts.**

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

**IX. &nbsp;&nbsp;&nbsp;&nbsp; Procedures.**

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

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

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

**X. &nbsp;&nbsp;&nbsp;&nbsp; Additional Requirements.**

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

Footnotes

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

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

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

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

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

2024 $24,500

2025 $241,811

(h) Not applicable.

(i) Not applicable.

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

**Item 5. Audit Committee of Listed Registrants.** 

Not Applicable.

**Item 6. Schedules of Investments** 

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

(b) Not Applicable.

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

2025

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Venerable

Variable

Insurance

Trust

December

31,

2025

FUND

Venerable

US

Large

Cap

Core

Equity

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

US

Small

Cap

Fund

Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Small

Cap

Index

Fund

Venerable

International

Index

Fund

Venerable

Bond

Index

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

Conservative

Allocation

Fund

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

World

Conservative

Allocation

Fund

Venerable

Moderate

Allocation

Fund

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

World

Moderate

Allocation

Fund

Venerable

Appreciation

Allocation

Fund

Venerable

World

Appreciation

Allocation

Fund

Venerable

Variable

Insurance

Trust

Venerable

Variable

Insurance

Trust

is

a

series

investment

company

with

twenty-one

different

investment

portfolios

referred

to

as

Funds.

Page

Venerable

US

Large

Cap

Core

Equity

Fund

(Form

N-CSR

Item

7)

Venerable

US

Large

Cap

Strategic

Equity

Fund

(Form

N-CSR

Item

7)

Venerable

US

Small

Cap

Fund

(Form

N-CSR

Item

7)

Venerable

Emerging

Markets

Equity

Fund

(Form

N-CSR

Item

7)

Venerable

World

Equity

Fund

(Form

N-CSR

Item

7)

Venerable

High

Yield

Fund

(Form

N-CSR

Item

7)

Venerable

Strategic

Bond

Fund

(Form

N-CSR

Item

7)

Venerable

Large

Cap

Index

Fund

(Form

N-CSR

Item

7)

Venerable

Mid

Cap

Index

Fund

(Form

N-CSR

Item

7)

Venerable

Small

Cap

Index

Fund

(Form

N-CSR

Item

7)

Venerable

International

Index

Fund

(Form

N-CSR

Item

7)

Venerable

Bond

Index

Fund

(Form

N-CSR

Item

7)

Venerable

Intermediate

Corporate

Bond

Index

Fund

(Form

N-CSR

Item

7)

Venerable

Conservative

Allocation

Fund

(Form

N-CSR

Item

7)

Venerable

Conservative

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

Venerable

World

Conservative

Allocation

Fund

(Form

N-CSR

Item

7)

Venerable

Moderate

Allocation

Fund

(Form

N-CSR

Item

7)

Venerable

Moderate

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

Venerable

World

Moderate

Allocation

Fund

(Form

N-CSR

Item

7)

Venerable

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

Venerable

World

Appreciation

Allocation

Fund

(Form

N-CSR

Item

7)

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

Report

of

Independent

Registered

Public

Accounting

Firm

Tax

Information

Basis

for

Approval

of

Investment

Advisory

Contracts

(Form

N-CSR

Item

11)

Adviser,

Sub-Advisers

and

Service

Providers

Venerable

Variable

Insurance

Trust

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

Venerable

Variable

Insurance

Trust

(the

"Trust")

The

Trust's

investment

adviser

is

Venerable

Investment

Advisers,

LLC

(the

"Adviser").

The

Adviser

is

a

wholly-

owned

subsidiary

of

Venerable

Holdings,

Inc.

("Venerable").

Created

by

an

investor

group

led

by

affiliates

of

Apollo

Global

Management,

Inc.,

Crestview

Partners,

and

Reverence

Capital

Partners,

Venerable

owns

and

manages

legacy

variable

annuity

businesses

acquired

from

other

entities.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

The

Funds

are

distributed

by

Russell

Investments

Financial

Services,

LLC

(the

"Distributor")

(member

FINRA),

which

is

not

affiliated

with

the

Adviser.

The

Distributor

will

make

payments

to

financial

intermediaries,

including

to

Directed

Services

LLC

("DSL"),

an

affiliate

of

the

Adviser

to

the

Trust

which

will

provide

distribution-related

services

to

the

Trust.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 97.8%
Consumer

Discretionary

-

13.2%

Amazon.com,

Inc.(Æ)

103,083

23,794

AutoZone,

Inc.(Æ)

Axon

Enterprise,

Inc.(Æ)

714

Best

Buy

Co.,

Inc.

6,727

Carnival

Corp.

14,950

Charter

Communications,

Inc.

Class

A(Æ)

1,640

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

33,131

1,226

Comcast

Corp.

Class

A

23,518

703

Costco

Wholesale

Corp.

1,385

1,194

Coupang

,

Inc.(Æ)

34,304

809

Deckers

Outdoor

Corp.(Æ)

9,382

973

Dollar

General

Corp.

3,340

Domino's

Pizza,

Inc.

1,739

725

DR

Horton,

Inc.

13,623

1,962

Expedia

Group,

Inc.

1,331

Ford

Motor

Co.

40,526

532

Garmin,

Ltd.

1,016

General

Motors

Co.

69,327

5,638

Hilton

Worldwide

Holdings,

Inc.

1,472

Home

Depot,

Inc.

(The)

7,736

2,662

Lear

Corp.

5,622

644

Lennar

Corp.

Class

A

3,915

Leonardo

DRS,

Inc.

3,881

Lowe's

Cos.,

Inc.

19,902

4,800

Marriott

International,

Inc.

Class

A

3,471

1,077

McDonald's

Corp.

12,555

3,837

Netflix,

Inc.

Class

B(Æ)

24,372

2,285

NIKE,

Inc.

Class

B

28,825

1,836

NVR,

Inc.(Æ)

1,145

O'Reilly

Automotive,

Inc.(Æ)

26,006

2,372

Royal

Caribbean

Cruises,

Ltd.

1,996

557

RTX

Corp.

10,398

1,907

Starbucks

Corp.

4,162

Target

Corp.

19,958

1,951

Tesla,

Inc.(Æ)

14,574

6,554

TJX

Cos.,

Inc.

(The)

4,042

621

Walmart,

Inc.

62,439

6,956

Walt

Disney

Co.

(The)

38,111

4,336

Wayfair,

Inc.

Class

A(Æ)

1,632

Williams-Sonoma,

Inc.

4,339

775

Yum!

Brands,

Inc.

2,588

86,751

Consumer

Staples

-

2.2%

Altria

Group,

Inc.

8,250

Archer-Daniels-Midland

Co.

9,573

550

Church

&

Dwight

Co.,

Inc.

7,035

590

Clorox

Co.

(The)

3,976

Coca-Cola

Co.

(The)

9,673

676

General

Mills,

Inc.

6,913

Kenvue

,

Inc.

13,118

Kimberly-Clark

Corp.

2,847

Kroger

Co.

(The)

6,173

Mondelez

International,

Inc.

Class

A

77,941

4,196

Monster

Beverage

Corp.(Æ)

24,896

1,909

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
PepsiCo,

Inc.

5,167

742

Philip

Morris

International,

Inc.

5,511

884

Pilgrim's

Pride

Corp.

11,824

Procter

&

Gamble

Co.

(The)

6,734

965

Smithfield

Foods,

Inc.

7,279

Sysco

Corp.

4,906

Tyson

Foods,

Inc.

Class

A

15,786

925

14,519

Energy

-

2.9%

Baker

Hughes

Co.

102,457

4,666

Chevron

Corp.

4,867

742

Devon

Energy

Corp.

11,280

Eaton

Corp.

PLC

11,954

3,807

EOG

Resources,

Inc.

4,527

Exxon

Mobil

Corp.

34,540

4,157

ONEOK,

Inc.

4,667

Phillips

14,862

1,918

Schlumberger

NV

10,910

Valero

Energy

Corp.

10,831

1,763

Williams

Cos.,

Inc.

(The)

9,455

568

19,271

Financial

Services

-

14.6%

Aflac,

Inc.

6,058

668

Allstate

Corp.

(The)

1,846

Ally

Financial,

Inc.

21,960

995

American

Express

Co.

13,889

5,138

American

International

Group,

Inc.

18,571

1,589

American

Tower

Corp.(ö)

8,840

1,552

Ameriprise

Financial,

Inc.

3,028

1,485

Aon

PLC

Class

A

1,071

Arthur

J

Gallagher

&

Co.

12,618

3,265

Bank

of

America

Corp.

83,475

4,591

Bank

of

New

York

Mellon

Corp.

(The)

19,296

2,240

Berkshire

Hathaway,

Inc.

Class

B(Æ)

15,921

8,003

BlackRock,

Inc.

653

699

Blackstone,

Inc.

Class

A

19,731

3,041

BOK

Financial

Corp.

2,928

Brown

&

Brown,

Inc.

3,540

Camden

Property

Trust(ö)

9,810

1,080

Capital

One

Financial

Corp.

12,757

3,092

CBRE

Group,

Inc.

Class

A(Æ)

6,023

968

Charles

Schwab

Corp.

(The)

5,664

566

Chubb,

Ltd.

1,382

Citigroup,

Inc.

37,491

4,375

CME

Group,

Inc.

Class

A

1,772

CNA

Financial

Corp.

6,537

Corebridge

Financial,

Inc.

12,638

Essex

Property

Trust,

Inc.(ö)

4,306

1,127

Everest

Group,

Ltd.

2,365

803

Globe

Life,

Inc.

5,053

707

Goldman

Sachs

Group,

Inc.

(The)

1,185

1,042

Interactive

Brokers

Group,

Inc.

Class

A

25,374

1,632

Intercontinental

Exchange,

Inc.

20,495

3,319

Jefferies

Financial

Group,

Inc.

10,908

676

KKR

&

Co.,

Inc.

Class

A

2,986

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Marsh

&

McLennan

Cos.,

Inc.

2,400

Mastercard

,

Inc.

Class

A

15,768

9,002

MetLife,

Inc.

4,679

Millrose

Properties,

Inc.

Class

A(ö)

4,449

Morgan

Stanley

17,033

3,024

NU

Holdings,

Ltd.

Class

A(Æ)

62,933

1,054

Popular,

Inc.

1,689

Progressive

Corp.

(The)

8,850

2,015

Prologis,

Inc.(ö)

18,126

2,314

Prudential

Financial,

Inc.

10,694

1,207

Public

Storage(ö)

1,253

Realty

Income

Corp.(ö)

6,518

Reinsurance

Group

of

America,

Inc.

Class

A

5,665

1,153

Rocket

Cos.,

Inc.

Class

A

65,367

1,266

Travelers

Cos.,

Inc.

(The)

12,499

3,625

Truist

Financial

Corp.

9,067

US

Bancorp

25,449

1,358

VICI

Properties,

Inc.(ö)

11,647

Visa,

Inc.

Class

A

12,238

4,292

Wells

Fargo

&

Co.

63,288

5,898

Welltower

,

Inc.(ö)

2,534

95,334

Health

Care

-

10.0%

Abbott

Laboratories

5,959

747

AbbVie,

Inc.

15,835

3,618

Agilent

Technologies,

Inc.

2,467

Align

Technology,

Inc.(Æ)

4,758

743

Alnylam

Pharmaceuticals,

Inc.(Æ)

3,162

1,257

Amgen,

Inc.

1,154

Becton

Dickinson

&

Co.

1,874

Boston

Scientific

Corp.(Æ)

3,833

Bristol-Myers

Squibb

Co.

7,619

Cardinal

Health,

Inc.

1,660

Cencora

,

Inc.

Class

A

1,138

Centene

Corp.(Æ)

5,160

Cigna

Group

(The)

8,859

2,438

CVS

Health

Corp.

4,745

Danaher

Corp.

22,207

5,084

Dentsply

Sirona,

Inc.

27,387

DexCom

,

Inc.(Æ)

3,786

Edwards

Lifesciences

Corp.(Æ)

48,190

4,108

Elevance

Health,

Inc.

4,288

1,503

Eli

Lilly

&

Co.

5,433

5,839

GE

HealthCare

Technologies,

Inc.

10,347

849

Gilead

Sciences,

Inc.

5,321

653

Halozyme

Therapeutics,

Inc.(Æ)

2,973

HCA

Healthcare,

Inc.

819

Humana,

Inc.

Incyte

Corp.(Æ)

6,369

629

Intuitive

Surgical,

Inc.(Æ)

1,119

634

Johnson

&

Johnson

34,058

7,048

Labcorp

Holdings,

Inc.

8,882

2,228

McKesson

Corp.

3,324

2,727

Medtronic

PLC

50,325

4,834

Merck

&

Co.,

Inc.

8,813

928

Pfizer,

Inc.

15,262

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Quest

Diagnostics,

Inc.

1,837

Regeneron

Pharmaceuticals,

Inc.

4,788

3,696

ResMed

,

Inc.

1,288

Stryker

Corp.

14,764

5,189

Thermo

Fisher

Scientific,

Inc.

674

Ultragenyx

Pharmaceutical,

Inc.(Æ)

6,801

UnitedHealth

Group,

Inc.

2,400

792

Vertex

Pharmaceuticals,

Inc.(Æ)

6,239

2,829

West

Pharmaceutical

Services,

Inc.

1,837

505

Zoetis,

Inc.

Class

A

3,134

65,259

Materials

and

Processing

-

4.0%

Air

Products

and

Chemicals,

Inc.

1,343

Ball

Corp.

4,661

Carrier

Global

Corp.

19,370

1,024

Celanese

Corp.

Class

A

11,322

Copart

,

Inc.(Æ)

8,706

Crown

Holdings,

Inc.

10,735

1,105

Ecolab,

Inc.

2,011

528

Fastenal

Co.

16,129

647

Freeport-McMoRan,

Inc.

9,060

General

Electric

Co.

8,000

2,464

Huntsman

Corp.

24,238

James

Hardie

Industries

PLC(Æ)

13,566

Johnson

Controls

International

PLC

3,591

Linde

PLC

14,378

6,131

Masco

Corp.

15,093

958

Newmont

Corp.

7,797

779

Reliance,

Inc.

2,384

689

Sherwin-Williams

Co.

(The)

2,716

880

Solstice

Advanced

Materials

Inc.

2,478

Southern

Copper

Corp.

3,721

534

Trane

Technologies

PLC

6,240

2,429

Vulcan

Materials

Co.

14,029

4,001

Watsco

,

Inc.

1,200

Westlake

Corp.

6,205

25,964

Producer

Durables

-

9.0%

3M

Co.

4,351

697

AMETEK,

Inc.

12,241

2,513

Amphenol

Corp.

Class

A

45,640

6,168

AO

Smith

Corp.

2,846

Automatic

Data

Processing,

Inc.

6,850

1,762

Boeing

Co.

(The)(Æ)

1,797

Caterpillar,

Inc.

2,182

1,250

Cintas

Corp.

4,616

868

Comfort

Systems

USA,

Inc.

1,894

1,768

CSX

Corp.

11,573

Deere

&

Co.

4,691

2,184

Delta

Air

Lines,

Inc.

7,182

EMCOR

Group,

Inc.

1,898

1,161

Emerson

Electric

Co.

2,955

Expeditors

International

of

Washington,

Inc.

4,005

597

FedEx

Corp.

2,354

680

FTI

Consulting,

Inc.(Æ)

3,451

590

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Gartner,

Inc.(Æ)

1,171

GE

Vernova

,

Inc.

2,116

1,383

Graco

,

Inc.

9,750

799

HEICO

Corp.

3,641

1,178

Honeywell

International,

Inc.

9,912

1,934

Howmet

Aerospace,

Inc.

8,004

1,641

Huntington

Ingalls

Industries,

Inc.

1,929

656

Illinois

Tool

Works,

Inc.

1,507

Keysight

Technologies,

Inc.(Æ)

2,479

504

Landstar

System,

Inc.

4,290

616

Lockheed

Martin

Corp.

3,838

1,856

MasTec

,

Inc.(Æ)

3,359

730

Mettler

-Toledo

International,

Inc.(Æ)

1,349

1,881

Moody's

Corp.

6,577

3,360

Norfolk

Southern

Corp.

1,457

Northrop

Grumman

Corp.

5,814

3,315

Old

Dominion

Freight

Line,

Inc.

1,696

Otis

Worldwide

Corp.

15,471

1,351

PACCAR,

Inc.

5,128

562

Paychex,

Inc.

3,918

PayPal

Holdings,

Inc.

5,146

Quanta

Services,

Inc.

1,032

Republic

Services,

Inc.

Class

A

2,193

Rockwell

Automation,

Inc.

923

Rollins,

Inc.

4,124

Ryder

System,

Inc.

3,415

654

S&P

Global,

Inc.

986

515

Scotts

Miracle-

Gro

Co.

(The)

Class

A

7,539

Southwest

Airlines

Co.

28,094

1,161

Teledyne

Technologies,

Inc.(Æ)

824

Trade

Desk,

Inc.

(The)

Class

A(Æ)

2,356

TransDigm

Group,

Inc.

3,251

4,323

Union

Pacific

Corp.

2,018

United

Airlines,

Inc.(Æ)

4,367

United

Parcel

Service,

Inc.

Class

B

4,147

United

Rentals,

Inc.

739

598

Veralto

Corp.

10,598

1,057

Verisk

Analytics,

Inc.

Class

A

1,239

Waste

Management,

Inc.

2,266

Westinghouse

Air

Brake

Technologies

Corp.

1,831

59,285

Technology

-

39.2%

Accenture

PLC

Class

A

9,877

2,650

Adobe,

Inc.(Æ)

8,451

2,958

Airbnb,

Inc.

Class

A(Æ)

7,173

974

Alphabet,

Inc.

Class

A

47,748

14,945

Alphabet,

Inc.

Class

C

54,638

17,145

Analog

Devices,

Inc.

10,397

2,820

Apple,

Inc.

134,016

36,434

Applied

Materials,

Inc.

5,503

1,414

Arista

Networks,

Inc.(Æ)

24,042

3,150

Atlassian

Corp.

Class

A(Æ)

4,309

699

Autodesk,

Inc.(Æ)

1,445

Booking

Holdings,

Inc.

605

3,240

Broadcom,

Inc.

40,062

13,865

Broadridge

Financial

Solutions,

Inc.

1,539

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Cadence

Design

Systems,

Inc.(Æ)

7,028

2,197

Cisco

Systems,

Inc.

16,575

1,277

Cognizant

Technology

Solutions

Corp.

Class

A

8,732

725

Corteva

,

Inc.

5,234

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,686

790

Datadog

,

Inc.

Class

A(Æ)

2,558

DoorDash

,

Inc.

Class

A(Æ)

5,341

1,210

Dropbox,

Inc.

Class

A(Æ)

42,811

1,190

Fiserv,

Inc.(Æ)

5,696

Fortinet,

Inc.(Æ)

21,598

1,715

Hewlett

Packard

Enterprise

Co.

18,529

IBM

Corp.

4,979

1,475

Intel

Corp.(Æ)

18,782

693

Intuit,

Inc.

8,744

5,792

KLA

Corp.

967

1,175

Lam

Research

Corp.

18,856

3,228

Manhattan

Associates,

Inc.(Æ)

5,864

1,016

Maplebear

,

Inc.(Æ)

4,923

Match

Group,

Inc.

23,601

762

Meta

Platforms,

Inc.

Class

A

25,824

17,046

Micron

Technology,

Inc.

6,063

1,730

Microsoft

Corp.

71,690

34,671

Monolithic

Power

Systems,

Inc.

636

576

Motorola

Solutions,

Inc.

1,713

657

Nutanix

,

Inc.

Class

A(Æ)

12,045

623

NVIDIA

Corp.

215,282

40,150

NXP

Semiconductors

NV

23,246

5,046

ON

Semiconductor

Corp.(Æ)

6,959

Oracle

Corp.

31,891

6,216

Palantir

Technologies,

Inc.

Class

A(Æ)

7,835

1,393

Palo

Alto

Networks,

Inc.(Æ)

4,271

787

Pegasystems

,

Inc.

15,022

897

QUALCOMM,

Inc.

21,905

3,747

RingCentral,

Inc.

Class

A(Æ)

13,415

ROBLOX

Corp.

Class

A(Æ)

7,584

615

Roku,

Inc.(Æ)

7,716

837

Roper

Technologies,

Inc.

3,384

1,506

Salesforce,

Inc.

7,906

2,094

ServiceNow

,

Inc.(Æ)

24,095

3,691

Super

Micro

Computer,

Inc.(Æ)

9,751

Synopsys,

Inc.(Æ)

894

TE

Connectivity

PLC

2,592

590

Teradyne,

Inc.

9,620

1,862

Texas

Instruments,

Inc.

2,357

Tyler

Technologies,

Inc.(Æ)

758

Uber

Technologies,

Inc.(Æ)

7,618

622

VeriSign,

Inc.

6,281

1,526

Western

Digital

Corp.

4,629

797

Workday,

Inc.

Class

A(Æ)

1,710

Zscaler

,

Inc.(Æ)

2,501

563

256,889

Utilities

-

2.7%

American

Electric

Power

Co.,

Inc.

4,236

AT&T,

Inc.

36,198

899

ConocoPhillips

21,382

2,001

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Consolidated

Edison,

Inc.

3,799

Duke

Energy

Corp.

3,648

Entergy

Corp.

15,208

1,406

Exelon

Corp.

12,661

552

NextEra

Energy,

Inc.

70,828

5,686

Public

Service

Enterprise

Group,

Inc.

10,843

871

Sempra

4,896

Southern

Co.

(The)

25,572

2,230

T-Mobile

US,

Inc.

3,197

649

Verizon

Communications,

Inc.

20,664

842

WEC

Energy

Group,

Inc.

3,527

Xcel

Energy,

Inc.

5,364

17,629

#### Total

#### Common

#### Stocks
(cost

$617,592)

640,901

#### Short-Term

#### Investments

#### -

#### 2.1%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

13,841,129

13,841

#### Total

#### Short-Term

#### Investments
(cost

$13,841)

13,841

#### Total

#### Investments

#### -

#### 99.9%
(cost

$631,433)

654,742

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 0.1%
574

#### Net

#### Assets

#### -

#### 100.0%
655,316

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

USD

12,751

03/20/2026

Total

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Consumer

Discretionary

$

86,751

$

—

$

—

$

86,751

Consumer

Staples

14,519

—

—

14,519

Energy

19,271

—

—

19,271

Financial

Services

95,334

—

—

95,334

Health

Care

65,259

—

—

65,259

Materials

and

Processing

25,964

—

—

25,964

Producer

Durables

59,285

—

—

59,285

Technology

256,889

—

—

256,889

Utilities

17,629

—

—

17,629

Short-Term

Investments

13,841

—

—

13,841

Total

Investments

654,742

—

—

654,742

Derivatives

Assets

Futures

Contracts

—

—

Total

Derivatives

\*

$

$

—

$

—

$

\*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Brazil

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

1,053

0.2 Mexico

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

534

0.1 Netherlands

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

5,046

0.8 Puerto

Rico

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

—\*\*

South

Korea

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

809

0.1 Switzerland

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

590

0.1 United

States

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

646,500

98.6 Total

Investments

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

654,742

99.9 \*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

631,433

Investments,

at

fair

value

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

654,742

Receivables:

Dividends

and

interest

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

Investments

sold

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

807

Fund

shares

sold

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

From

broker(a)

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

829

Prepaid

expenses

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

Total

assets

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

656,979

#### Liabilities
Payables:

Investments

purchased

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

1,120

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Total

liabilities

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

1,663

#### Net

#### Assets

#### ...............................................................................................................................................................
$

655,316

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

25,598

Paid-in

capital

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

629,718

#### Net

#### Assets

#### ...............................................................................................................................................................
$

655,316

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

held

at

broker

for

futures

contracts

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

$

829

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

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

$

10.58 Class

I

—

Net

assets

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

$

655,315,901

Class

I

—

Shares

outstanding

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

61,926,196

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

2,763

Interest

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

Total

investment

income

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

2,771

#### Expenses
Advisory

fees

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

1,295

Administrative

fees

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Offering

fees

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

Miscellaneous

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

Expenses

before

reductions

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

1,635

Expense

reductions

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

(17) Net

expenses

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

1,618

Net

investment

income

(loss)

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

1,153

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

Futures

contracts

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

869

Net

realized

gain

(loss)

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

1,112

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

23,309

Futures

contracts

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

Net

change

in

unrealized

appreciation

(depreciation)

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

23,333

Net

realized

and

unrealized

gain

(loss)

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

24,445

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

25,598

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

August

8,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,153

Net

realized

gain

(loss)

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

1,112

Net

change

in

unrealized

appreciation

(depreciation)

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

23,333

Net

increase

(decrease)

in

net

assets

from

operations

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

25,598

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

629,718

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
655,316

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

655,316

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

66,319

$

675,660

Payments

for

shares

redeemed

(4,393)

(45,942)

Total

increase

(decrease)

61,926

$

629,718

(1) For

the

period

August

8,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Core

Equity

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### I

#### 12/31/25
(℔)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

.55

$

Total

from

Investment

Operations

.58

$

Net

Asset

Value,

End

of

Period

10.58 %

Total

Return

(ǿ)(±)

5.80 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 655,316

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.76

%

Expenses,

Net

(ɯ)(Ƃ)

.75

%

Net

Investment

Income

(ɯ)(Ƃ)

.53

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.7%
Consumer

Discretionary

-

13.3%

Amazon.com,

Inc.(Æ)

469,860

108,453

AutoNation,

Inc.(Æ)

1,943

Bath

&

Body

Works,

Inc.

38,505

773

Best

Buy

Co.,

Inc.

34,145

2,285

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

63,883

5,751

BorgWarner,

Inc.

6,558

Boyd

Gaming

Corp.

10,491

894

Carnival

Corp.

37,805

1,155

Charter

Communications,

Inc.

Class

A(Æ)

11,558

2,413

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

197,888

7,322

Comcast

Corp.

Class

A

133,443

3,989

Costco

Wholesale

Corp.

1,130

974

Crocs,

Inc.(Æ)

22,131

1,893

Curtiss-Wright

Corp.

1,445

797

Darden

Restaurants,

Inc.

3,644

671

Deckers

Outdoor

Corp.(Æ)

13,178

1,366

Dillard's,

Inc.

Class

A

Dollar

General

Corp.

20,073

2,665

Dollar

Tree,

Inc.(Æ)

36,405

4,478

DR

Horton,

Inc.

17,142

2,469

eBay,

Inc.

14,094

1,228

Expedia

Group,

Inc.

16,384

4,642

Ferguson

Enterprises,

Inc.

11,293

2,514

Ford

Motor

Co.

461,242

6,051

Fox

Corp.

Class

A

23,469

1,715

Gap,

Inc.

(The)

11,421

General

Motors

Co.

297,731

24,211

Genuine

Parts

Co.

4,373

538

Hasbro,

Inc.

3,401

Hilton

Worldwide

Holdings,

Inc.

45,452

13,056

Home

Depot,

Inc.

(The)

13,809

4,752

Las

Vegas

Sands

Corp.

11,952

778

Lennar

Corp.

Class

A

3,888

Lithia

Motors,

Inc.

Class

A

728

Lowe's

Cos.,

Inc.

24,826

5,987

Lululemon

Athletica

,

Inc.(Æ)

3,305

687

Macy's,

Inc.

78,104

1,722

Netflix,

Inc.

Class

B(Æ)

294,144

27,579

News

Corp.

Class

A

11,655

NIKE,

Inc.

Class

B

8,947

570

NVR,

Inc.(Æ)

554

Penske

Automotive

Group,

Inc.

1,944

PulteGroup,

Inc.

80,174

9,401

RTX

Corp.

73,711

13,519

Sensata

Technologies

Holding

PLC

17,897

596

Starbucks

Corp.

34,136

2,875

Tapestry,

Inc.

17,786

2,273

Tesla,

Inc.(Æ)

114,237

51,375

TJX

Cos.,

Inc.

(The)

32,298

4,961

Toll

Brothers,

Inc.

2,916

Ulta

Beauty,

Inc.(Æ)

3,888

2,352

Walmart,

Inc.

253,112

28,199

Walt

Disney

Co.

(The)

101,831

11,585

Warner

Bros.

Discovery,

Inc.(Æ)

24,844

716

Williams-Sonoma,

Inc.

11,033

1,970

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Wynn

Resorts,

Ltd.

8,785

1,057

378,874

Consumer

Staples

-

3.3%

Albertsons

Cos.,

Inc.

Class

A

176,076

3,023

Altria

Group,

Inc.

136,169

7,852

Archer-Daniels-Midland

Co.

78,192

4,495

BellRing

Brands,

Inc.(Æ)

18,248

Boston

Beer

Co.,

Inc.

(The)

Class

A(Æ)

19,912

3,885

Coca-Cola

Co.

(The)

190,121

13,291

Coca-Cola

Consolidated,

Inc.

5,643

865

Colgate-Palmolive

Co.

36,455

2,881

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

6,200

649

Hershey

Co.

(The)

4,230

770

Hormel

Foods

Corp.

2,425

Ingredion,

Inc.

1,942

JM

Smucker

Co.

(The)

729

Kenvue

,

Inc.

33,576

579

Keurig

Dr

Pepper,

Inc.

41,805

1,171

Kraft

Heinz

Co.

(The)

30,867

749

Kroger

Co.

(The)

84,973

5,309

Mondelez

International,

Inc.

Class

A

34,513

1,858

Monster

Beverage

Corp.(Æ)

120,362

9,228

PepsiCo,

Inc.

84,186

12,082

Philip

Morris

International,

Inc.

80,505

12,913

Procter

&

Gamble

Co.

(The)

49,474

7,090

Sysco

Corp.

14,816

1,092

Tyson

Foods,

Inc.

Class

A

8,747

513

91,126

Energy

-

2.6%

Antero

Resources

Corp.(Æ)

9,480

Baker

Hughes

Co.

28,424

1,294

Devon

Energy

Corp.

174,917

6,407

Diamondback

Energy,

Inc.

8,991

1,352

Eaton

Corp.

PLC

29,910

9,527

EOG

Resources,

Inc.

16,769

1,761

Exxon

Mobil

Corp.

286,892

34,525

First

Solar,

Inc.(Æ)

3,402

889

Halliburton

Co.

25,999

735

HF

Sinclair

Corp.

27,269

1,256

Kinder

Morgan,

Inc.

69,025

1,897

Marathon

Petroleum

Corp.

9,667

1,572

Phillips

12,637

1,631

Range

Resources

Corp.

7,279

TechnipFMC

PLC

11,181

Valero

Energy

Corp.

68,115

11,088

75,016

Financial

Services

-

15.5%

Aflac,

Inc.

14,094

1,554

Allstate

Corp.

(The)

14,248

2,966

Ally

Financial,

Inc.

5,830

American

Financial

Group,

Inc.

1,701

American

International

Group,

Inc.

286,762

24,532

Ameriprise

Financial,

Inc.

2,418

1,186

Arch

Capital

Group,

Ltd.

8,020

769

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Assurant,

Inc.

1,214

Assured

Guaranty,

Ltd.

6,353

571

Axis

Capital

Holdings,

Ltd.

43,102

4,616

Bank

of

America

Corp.

544,926

29,971

Bank

of

New

York

Mellon

Corp.

(The)

40,893

4,747

Berkshire

Hathaway,

Inc.

Class

B(Æ)

28,808

14,480

BlackRock,

Inc.

9,388

10,048

Capital

One

Financial

Corp.

82,633

20,027

CBRE

Group,

Inc.

Class

A(Æ)

49,031

7,884

Charles

Schwab

Corp.

(The)

149,576

14,944

Chubb,

Ltd.

10,450

3,262

Cincinnati

Financial

Corp.

4,130

675

Citigroup,

Inc.

298,451

34,826

Citizens

Financial

Group,

Inc.

9,478

554

Comerica,

Inc.

2,431

Commerce

Bancshares,

Inc.

2,946

Corebridge

Financial,

Inc.

14,337

Cullen/Frost

Bankers,

Inc.

1,215

East

West

Bancorp,

Inc.

2,916

Equinix

,

Inc.(ö)

4,137

3,170

Everest

Re

Group,

Ltd.

1,215

Extra

Space

Storage,

Inc.(ö)

9,472

1,233

F&G

Annuities

&

Life,

Inc.

Fidelity

National

Financial,

Inc.

5,884

Fifth

Third

Bancorp

12,637

592

First

Citizens

BancShares

,

Inc.

Class

A

610

First

Horizon

Corp.

9,476

Globe

Life,

Inc.

1,213

Goldman

Sachs

Group,

Inc.

(The)

30,560

26,862

Hartford

Insurance

Group,

Inc.

(The)

7,290

1,005

Invesco,

Ltd.

6,804

Jones

Lang

LaSalle,

Inc.(Æ)

1,457

JPMorgan

Chase

&

Co.

83,134

26,787

Loews

Corp.

5,588

588

M&T

Bank

Corp.

3,158

636

Markel

Group,

Inc.(Æ)

522

Marsh

&

McLennan

Cos.,

Inc.

40,780

7,565

Mastercard

,

Inc.

Class

A

52,971

30,240

MetLife,

Inc.

17,741

1,400

MGIC

Investment

Corp.

304,174

8,888

Morgan

Stanley

76,509

13,583

Northern

Trust

Corp.

5,105

697

Old

Republic

International

Corp.

6,315

PNC

Financial

Services

Group,

Inc.

(The)

8,507

1,776

Popular,

Inc.

728

Primerica,

Inc.

972

Principal

Financial

Group,

Inc.

5,834

515

Progressive

Corp.

(The)

11,180

2,546

Prologis,

Inc.(ö)

117,517

15,002

Prudential

Financial,

Inc.

7,769

877

Raymond

James

Financial,

Inc.

10,519

1,689

Rayonier,

Inc.(ö)

178,369

3,862

Regions

Financial

Corp.

19,443

527

Reinsurance

Group

of

America,

Inc.

Class

A

1,216

RenaissanceRe

Holdings,

Ltd.

11,185

3,145

Robinhood

Markets,

Inc.

Class

A(Æ)

8,317

941

SEI

Investments

Co.

119,423

9,795

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Simon

Property

Group,

Inc.(ö)

4,546

841

State

Street

Corp.

23,159

2,988

Stifel

Financial

Corp.

2,187

Sun

Communities,

Inc.(ö)

63,706

7,894

Synchrony

Financial

22,417

1,870

T

Rowe

Price

Group,

Inc.

82,241

8,420

Travelers

Cos.,

Inc.

(The)

8,993

2,608

Truist

Financial

Corp.

24,539

1,208

Unum

Group

4,130

US

Bancorp

29,406

1,569

VICI

Properties,

Inc.(ö)

236,364

6,647

Visa,

Inc.

Class

A

124,217

43,564

Voya

Financial,

Inc.

971

W.R.

Berkley

Corp.

9,722

682

Webster

Financial

Corp.

3,647

Wells

Fargo

&

Co.

130,062

12,122

Western

Alliance

Bancorp

1,458

Western

Union

Co.

(The)

155,943

1,452

Willis

Towers

Watson

PLC

2,187

719

Zions

Bancorp

NA

1,938

441,135

Health

Care

-

10.2%

Abbott

Laboratories

15,878

1,989

AbbVie,

Inc.

96,720

22,100

Alnylam

Pharmaceuticals,

Inc.(Æ)

3,183

1,266

Amgen,

Inc.

39,728

13,003

Biogen,

Inc.(Æ)

11,995

2,111

BioMarin

Pharmaceutical,

Inc.(Æ)

11,840

704

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

728

Boston

Scientific

Corp.(Æ)

13,234

1,262

Bristol-Myers

Squibb

Co.

77,433

4,177

Cardinal

Health,

Inc.

25,034

5,144

Cencora

,

Inc.

Class

A

6,075

2,052

Centene

Corp.(Æ)

70,401

2,897

Cigna

Group

(The)

8,263

2,274

Cooper

Cos,

Inc.

(The)(Æ)

2,186

CVS

Health

Corp.

32,567

2,585

Danaher

Corp.

5,341

1,223

Eli

Lilly

&

Co.

28,904

31,063

Encompass

Health

Corp.

971

Exelixis

,

Inc.(Æ)

73,785

3,234

GE

HealthCare

Technologies,

Inc.

8,020

658

Gilead

Sciences,

Inc.

92,766

11,386

Globus

Medical,

Inc.

Class

A(Æ)

15,486

1,352

Halozyme

Therapeutics,

Inc.(Æ)

21,457

1,444

HCA

Healthcare,

Inc.

14,381

6,714

Henry

Schein,

Inc.(Æ)

3,645

Humana,

Inc.

3,644

933

IDEXX

Laboratories,

Inc.(Æ)

16,881

11,421

Illumina,

Inc.(Æ)

16,274

2,134

Incyte

Corp.(Æ)

5,755

568

Insulet

Corp.(Æ)

2,097

596

Intuitive

Surgical,

Inc.(Æ)

37,967

21,503

Jazz

Pharmaceuticals

PLC(Æ)

8,574

1,458

Johnson

&

Johnson

96,005

19,868

Labcorp

Holdings,

Inc.

2,672

670

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
McKesson

Corp.

22,671

18,597

Medpace

Holdings,

Inc.(Æ)

7,767

4,362

Medtronic

PLC

58,278

5,598

Merck

&

Co.,

Inc.

47,786

5,030

Pfizer,

Inc.

95,942

2,389

Quest

Diagnostics,

Inc.

3,403

591

Regeneron

Pharmaceuticals,

Inc.

19,313

14,907

ResMed

,

Inc.

8,279

1,994

Royalty

Pharma

PLC

Class

A

7,526

Stryker

Corp.

19,994

7,027

Tenet

Healthcare

Corp.(Æ)

2,908

578

Thermo

Fisher

Scientific,

Inc.

45,318

26,260

United

Therapeutics

Corp.(Æ)

6,344

3,091

UnitedHealth

Group,

Inc.

35,359

11,672

Universal

Health

Services,

Inc.

Class

B

1,944

Veeva

Systems,

Inc.

Class

A(Æ)

5,583

1,246

Vertex

Pharmaceuticals,

Inc.(Æ)

20,037

9,084

Viatris

,

Inc.

35,719

Zimmer

Biomet

Holdings,

Inc.

6,075

546

292,699

Materials

and

Processing

-

3.4%

Acuity,

Inc.

971

Albemarle

Corp.

3,643

515

Alcoa

Corp.

8,017

Anglogold

Ashanti

PLC

10,074

859

Ball

Corp.

8,503

Builders

FirstSource

,

Inc.(Æ)

11,497

1,183

Celanese

Corp.

Class

A

19,959

844

CF

Industries

Holdings,

Inc.

74,057

5,728

Core

&

Main,

Inc.

Class

A(Æ)

5,834

Crown

Holdings,

Inc.

47,447

4,886

Fastenal

Co.

33,230

1,334

Freeport-McMoRan,

Inc.

233,686

11,869

General

Electric

Co.

44,291

13,643

Johnson

Controls

International

PLC

79,818

9,558

Linde

PLC

15,342

6,542

Masco

Corp.

6,555

Mohawk

Industries,

Inc.(Æ)

Mosaic

Co.

(The)

8,992

NewMarket

Corp.

1,061

729

Newmont

Corp.

81,966

8,184

Nucor

Corp.

7,039

1,148

Packaging

Corp.

of

America

2,674

551

PPG

Industries,

Inc.

6,562

672

Reliance,

Inc.

1,701

RPM

International,

Inc.

1,702

Sherwin-Williams

Co.

(The)

29,367

9,516

Southern

Copper

Corp.

14,964

2,147

Steel

Dynamics,

Inc.

5,347

906

Trane

Technologies

PLC

22,004

8,564

Vulcan

Materials

Co.

16,993

4,847

97,108

Producer

Durables

-

5.6%

3M

Co.

16,282

2,607

AECOM

1,457

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
AGCO

Corp.

2,429

Allison

Transmission

Holdings,

Inc.

Class

A

972

Amphenol

Corp.

Class

A

10,150

1,372

AO

Smith

Corp.

3,401

Avery

Dennison

Corp.

2,430

Block,

Inc.

Class

A(Æ)

26,032

1,694

Carlisle

Cos.,

Inc.

1,215

Caterpillar,

Inc.

11,723

6,716

Cintas

Corp.

14,545

2,735

CSX

Corp.

53,954

1,956

Cummins,

Inc.

6,913

3,529

Delta

Air

Lines,

Inc.

15,797

1,096

Dover

Corp.

2,672

522

FedEx

Corp.

41,490

11,985

Fortive

Corp.

46,996

2,595

GE

Vernova

,

Inc.

18,915

12,362

General

Dynamics

Corp.

24,855

8,368

Howmet

Aerospace,

Inc.

5,819

1,193

Huntington

Ingalls

Industries,

Inc.

1,214

Ingersoll

Rand,

Inc.

85,240

6,753

JB

Hunt

Transport

Services,

Inc.

22,077

4,290

L3Harris

Technologies,

Inc.

6,142

1,803

Lockheed

Martin

Corp.

4,621

2,235

MSC

Industrial

Direct

Co.,

Inc.

Class

A

12,903

1,085

Mueller

Industries,

Inc.

12,821

1,472

Northrop

Grumman

Corp.

17,075

9,736

Oshkosh

Corp.

6,472

813

PACCAR,

Inc.

16,283

1,783

Parker-Hannifin

Corp.

2,658

2,336

PayPal

Holdings,

Inc.

83,005

4,846

Regal

Rexnord

Corp.

1,944

Robert

Half,

Inc.

60,387

1,640

Rollins,

Inc.

30,472

1,829

S&P

Global,

Inc.

12,061

6,303

Snap-on,

Inc.

1,701

586

Southwest

Airlines

Co.

329,658

13,625

Textron,

Inc.

5,834

509

TopBuild

Corp.(Æ)

972

Toro

Co.

(The)

Union

Pacific

Corp.

17,911

4,143

United

Airlines,

Inc.(Æ)

27,182

3,039

United

Rentals,

Inc.

12,993

10,515

Veralto

Corp.

19,420

1,938

Vertiv

Holdings

Co.

Class

A

3,138

508

W.W.

Grainger,

Inc.

12,222

12,333

Waste

Connections,

Inc.

25,135

4,408

WESCO

International,

Inc.

1,458

160,289

Technology

-

39.3%

Accenture

PLC

Class

A

10,655

2,859

Adobe,

Inc.(Æ)

27,975

9,791

Advanced

Micro

Devices,

Inc.(Æ)

62,528

13,391

Airbnb,

Inc.

Class

A(Æ)

79,955

10,852

Allegion

PLC

13,317

2,120

Alphabet,

Inc.

Class

A

293,512

91,869

Alphabet,

Inc.

Class

C

92,360

28,983

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Analog

Devices,

Inc.

2,413

654

Apple,

Inc.

510,958

138,909

Applied

Materials,

Inc.

9,889

2,541

AppLovin

Corp.

Class

A(Æ)

12,966

8,737

Arista

Networks,

Inc.(Æ)

32,626

4,275

Astera

Labs,

Inc.(Æ)

3,350

557

Atlassian

Corp.

Class

A(Æ)

10,681

1,732

Autodesk,

Inc.(Æ)

11,065

3,275

Booking

Holdings,

Inc.

1,625

8,702

Broadcom,

Inc.

192,569

66,648

CACI

International,

Inc.

Class

A(Æ)

728

Cadence

Design

Systems,

Inc.(Æ)

31,785

9,935

CDW

Corp.

2,186

Cirrus

Logic,

Inc.(Æ)

17,434

2,066

Cisco

Systems,

Inc.

348,637

26,856

Cognizant

Technology

Solutions

Corp.

Class

A

15,066

1,250

Concentrix

Corp.

14,562

606

Corteva

,

Inc.

154,057

10,326

Datadog

,

Inc.

Class

A(Æ)

27,174

3,695

Dell

Technologies,

Inc.

Class

C

10,450

1,315

DocuSign,

Inc.(Æ)

19,031

1,302

Dropbox,

Inc.

Class

A(Æ)

186,639

5,189

Electronic

Arts,

Inc.

5,370

1,097

F5,

Inc.(Æ)

728

Fair

Isaac

Corp.(Æ)

3,350

5,664

Flextronics

International,

Ltd.(Æ)

9,125

551

Fortinet,

Inc.(Æ)

7,163

569

Gen

Digital,

Inc.

19,202

522

Genpact

,

Ltd.

28,295

1,324

HP,

Inc.

11,668

HubSpot

,

Inc.(Æ)

2,175

873

IBM

Corp.

8,304

2,460

Intel

Corp.(Æ)

19,012

702

Intuit,

Inc.

24,462

16,204

KLA

Corp.

3,208

3,898

Lam

Research

Corp.

85,807

14,688

Leidos

Holdings,

Inc.

3,888

701

Lyft,

Inc.

Class

A(Æ)

81,029

1,570

Manhattan

Associates,

Inc.(Æ)

6,611

1,146

Marvell

Technology,

Inc.

34,782

2,956

Match

Group,

Inc.

33,013

1,066

Meta

Platforms,

Inc.

Class

A

124,765

82,356

Micron

Technology,

Inc.

16,918

4,829

Microsoft

Corp.

332,888

160,991

Monolithic

Power

Systems,

Inc.

8,823

7,997

MSCI,

Inc.

Class

A

2,613

1,499

NetApp,

Inc.

6,075

651

NVIDIA

Corp.

1,066,436

198,890

ON

Semiconductor

Corp.(Æ)

12,394

671

Oracle

Corp.

109,669

21,376

Palantir

Technologies,

Inc.

Class

A(Æ)

35,799

6,363

Palo

Alto

Networks,

Inc.(Æ)

63,851

11,761

Paycom

Software,

Inc.

6,717

1,070

Pegasystems

,

Inc.

34,593

2,066

QUALCOMM,

Inc.

120,092

20,542

RingCentral,

Inc.

Class

A(Æ)

91,084

2,631

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Roku,

Inc.(Æ)

10,663

1,157

Salesforce,

Inc.

43,468

11,515

Seagate

Technology

Holdings

PLC

34,536

9,511

ServiceNow

,

Inc.(Æ)

93,051

14,254

Skyworks

Solutions,

Inc.

28,735

1,822

Spotify

Technology

SA(Æ)

11,407

6,624

Synopsys,

Inc.(Æ)

17,132

8,047

TD

SYNNEX

Corp.

2,421

TE

Connectivity

PLC

7,680

1,747

Teradata

Corp.(Æ)

76,764

2,337

Teradyne,

Inc.

4,578

886

Texas

Instruments,

Inc.

3,769

654

Twilio

,

Inc.

Class

A(Æ)

2,674

Uber

Technologies,

Inc.(Æ)

141,710

11,579

Ubiquiti,

Inc.

1,067

590

Western

Digital

Corp.

14,719

2,536

Zoom

Video

Communications,

Inc.

Class

A(Æ)

39,270

3,389

1,116,643

Utilities

-

3.5%

AES

Corp.

(The)

22,106

Alliant

Energy

Corp.

2,673

American

Electric

Power

Co.,

Inc.

20,817

2,400

Antero

Midstream

Corp.

14,827

APA

Corp.

204,068

4,992

AT&T,

Inc.

376,892

9,362

Cheniere

Energy,

Inc.

6,562

1,276

Civitas

Resources,

Inc.

43,157

1,169

ConocoPhillips

86,401

8,088

Consolidated

Edison,

Inc.

12,616

1,253

Constellation

Energy

Corp.

16,831

5,946

DTE

Energy

Co.

5,832

752

Duke

Energy

Corp.

36,757

4,308

Evergy

,

Inc.

7,046

511

Eversource

Energy

10,930

736

Exelon

Corp.

23,369

1,019

FirstEnergy

Corp.

17,986

805

National

Fuel

Gas

Co.

2,674

NextEra

Energy,

Inc.

136,127

10,928

NRG

Energy,

Inc.

59,376

9,455

Ovintiv

,

Inc.

8,016

PPL

Corp.

244,360

8,557

Public

Service

Enterprise

Group,

Inc.

63,653

5,111

Southern

Co.

(The)

28,556

2,490

T-Mobile

US,

Inc.

28,495

5,786

UGI

Corp.

2,187

Verizon

Communications,

Inc.

224,769

9,155

Vistra

Corp.

9,759

1,574

WEC

Energy

Group,

Inc.

16,948

1,787

98,825

#### Total

#### Common

#### Stocks
(cost

$2,194,849)

2,751,715

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Walgreens

Boots

Alliance,

Inc.(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

118,030

#### Total

#### Warrants

#### and

#### Rights
(cost

$63)

#### Short-Term

#### Investments

#### -

#### 3.1%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

87,086,956

87,087

#### Total

#### Short-Term

#### Investments
(cost

$87,087)

87,087

#### Total

#### Investments

#### -

#### 99.8%
(cost

$2,281,999)

2,838,865

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 0.2%
5,116

#### Net

#### Assets

#### -

#### 100.0%
2,843,981

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

USD

80,298

03/20/2026

Total

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Consumer

Discretionary

$

378,874

$

—

$

—

$

378,874

Consumer

Staples

,

—

—

,

Energy

75,016

—

—

75,016

Financial

Services

441,135

—

—

441,135

Health

Care

,

699

—

—

,

699

Materials

and

Processing

97,108

—

—

97,108

Producer

Durables

160,289

—

—

160,289

Technology

1,116,643

—

—

1,116,643

Utilities

98,82

—

—

98,82

Warrants

and

Rights

—

—

Short-Term

Investments

87,087

—

—

87,087

Total

Investments

2,838,802

—

2,838,865

Derivatives

Assets

Futures

Contracts

—

—

Total

Derivatives

\*

$

$

—

$

—

$

\*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Bermuda

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

3,145

0.1 Mexico

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

2,147

0.1 Puerto

Rico

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

—\*\*

South

Africa

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

859

—\*\*

Switzerland

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

1,747

0.1 United

Kingdom

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

—\*\*

United

States

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

2,830,378

99.5 Total

Investments

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

2,838,865

99.8 \*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

2,281,999

Investments,

at

fair

value

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

2,838,865

Cash

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

Receivables:

Dividends

and

interest

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

1,755

Investments

sold

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

1,023

Fund

shares

sold

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

From

broker(a)

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

5,742

Prepaid

expenses

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

Total

assets

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

2,847,604

#### Liabilities
Payables:

Fund

shares

redeemed

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

925

Accrued

fees

to

affiliates

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

1,966

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

603

Total

liabilities

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

3,623

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,843,981

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

737,099

Paid-in

capital

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

2,106,882

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,843,981

(a) Cash

collateral

held

at

broker

for

futures

contracts

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

$

,

742

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

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

$

12.35 Class

I

—

Net

assets

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

$

655,035,103

Class

I

—

Shares

outstanding

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

53,041,267

Net

asset

value

per

share:

Class

V

(#)

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

$

12.34 Class

V

—

Net

assets

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

$

2,188,946,187

Class

V

—

Shares

outstanding

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

177,447,111

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

,

638

Interest

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

Total

investment

income

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

,

798

#### Expenses
Advisory

fees

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

19,915

Administrative

fees

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

3,983

Distribution

fees

-

Class

V

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

6,570

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

31,077

Expense

reductions

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

(3,927)

Net

expenses

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

27,150

Net

investment

income

(loss)

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

,

648

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

,

Futures

contracts

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

5,161

Net

realized

gain

(loss)

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

,

516

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

318,9

Futures

contracts

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

1,503

Net

change

in

unrealized

appreciation

(depreciation)

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

320,4

Net

realized

and

unrealized

gain

(loss)

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

485,

981

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

502,629

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### Period

#### Ended

#### December

#### 31,

#### 2024
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

,

648

$

7,124

Net

realized

gain

(loss)

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

,

516

41,69

Net

change

in

unrealized

appreciation

(depreciation)

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

320,

236,56

Net

increase

(decrease)

in

net

assets

from

operations

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

502,629

285,389

#### Distributions
To

shareholders

Class

I

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

(19,701)

—

Class

V

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

(31,218)

—

Net

decrease

in

net

assets

from

distributions

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

(50,919)

—

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(1,299,610)

3,406,492

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(847,900)

3,691,881

#### Net

#### Assets
Beginning

of

period

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

3,691,881

—

End

of

period

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

$

2,843,981

$

3,691,881

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024
(1) #### Shares

#### Dollars

#### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

3,186

$

29,823

149,859

$

1,499,707

Proceeds

from

reinvestment

of

distributions

1,781

19,701

—

—

Payments

for

shares

redeemed

(83,397)

(965,270)

(18,387)

(196,737)

Net

increase

(decrease)

(78,430)

(915,746)

131,472

1,302,970

Class

V

Proceeds

from

shares

sold

(2) 113

1,153

229,324

2,294,720

Proceeds

from

reinvestment

of

distributions

2,822

31,218

—

—

Payments

for

shares

redeemed

(36,962)

(416,235)

(17,850)

(191,198)

Net

increase

(decrease)

(34,027)

(383,864)

211,474

2,103,522

Total

increase

(decrease)

(112,457)

$

(1,299,610)

342,946

$

3,406,492

(1) For

the

period

September

4,

2024

(commencement

of

operations)

to

December

31,

2024. (2) During

the

period

ended

December

31,

2024,

Venerable

US

Large

Cap

Strategic

Equity

Fund

received

securities

in

the

amount

of

$2,210,034

for

Class

V

to

satisfy

a

subscription-in-kind.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Large

Cap

Strategic

Equity

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### I

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

10.77 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.07

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.67 .75

$

Total

from

Investment

Operations

1.74 .77

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03)

—

$

Distributions

from

Net

Realized

Gain

(.13)

—

$

Total

Distributions

(.16)

—

$

Net

Asset

Value,

End

of

Period

12.35 10.77 %

Total

Return

(ǿ)(±)

16.28 7.70 –

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 655,035

1,415,577

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.74

.75

%

Expenses,

Net

(ɯ)(Ƃ)

.74

.75

%

Net

Investment

Income

(ɯ)

(Ƃ)

.

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### V

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

10.76 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.05

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.68 .74

$

Total

from

Investment

Operations

1.73 .76

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.02)

—

$

Distributions

from

Net

Realized

Gain

(.13)

—

$

Total

Distributions

(.15)

—

$

Net

Asset

Value,

End

of

Period

12.34 10.76 %

Total

Return

(ǿ)(±)

16.25 7.60 –

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 2,188,946

2,276,304

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

1.04 1.05 %

Expenses,

Net

(ɯ)(Ƃ)

.86

.86

%

Net

Investment

Income

(ɯ)(Ƃ)

.4

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.0%
Consumer

Discretionary

-

10.6%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

3,013

Academy

Sports

&

Outdoors,

Inc.

880

Adtalem

Global

Education,

Inc.(Æ)

4,077

Advance

Auto

Parts,

Inc.

6,420

Advanced

Energy

Industries,

Inc.

5,041

1,055

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)

5,895

American

Eagle

Outfitters,

Inc.

6,158

American

Public

Education,

Inc.(Æ)

9,137

Archer

Aviation,

Inc.

Class

A(Æ)

11,203

Asbury

Automotive

Group,

Inc.(Æ)

503

Atkore

,

Inc.

2,077

Atmus

Filtration

Technologies,

Inc.

1,399

Bel

Fuse,

Inc.

Class

B

Boot

Barn

Holdings,

Inc.(Æ)

2,924

516

Brinker

International,

Inc.(Æ)

1,275

Buckle,

Inc.

(The)

1,880

Camping

World

Holdings,

Inc.

Class

A

9,240

Capri

Holdings,

Ltd.(Æ)

9,149

Carter's,

Inc.

4,035

Cavco

Industries,

Inc.(Æ)

588

Central

Garden

&

Pet

Co.(Æ)

926

Central

Garden

&

Pet

Co.

Class

A(Æ)

1,340

Cinemark

Holdings,

Inc.

1,551

Citi

Trends,

Inc.(Æ)

891

Comtech

Telecommunications

Corp.(Æ)

35,321

Coursera,

Inc.(Æ)

7,716

CTS

Corp.

5,175

Dana,

Inc.

3,089

Designer

Brands,

Inc.

Class

A

8,398

Dillard's,

Inc.

Class

A

Enovix

Corp.(Æ)

5,105

FIGS,

Inc.

Class

A(Æ)

4,938

Flexsteel

Industries,

Inc.

808

Forestar

Group,

Inc.(Æ)

1,369

fuboTV

,

Inc.

Class

A(Æ)

8,189

Genius

Sports,

Ltd.(Æ)

4,941

Gentherm

,

Inc.(Æ)

7,190

G-III

Apparel

Group,

Ltd.

3,428

Group

Automotive,

Inc.

Hillenbrand,

Inc.

2,513

Hilton

Grand

Vacations,

Inc.(Æ)

1,823

Hims

&

Hers

Health,

Inc.(Æ)

8,286

Hovnanian

Enterprises,

Inc.

Class

A(Æ)

IAC,

Inc.(Æ)

6,169

IMAX

Corp.(Æ)

5,524

Intuitive

Machines,

Inc.(Æ)

3,997

J

Jill,

Inc.

12,146

JAKKS

Pacific,

Inc.

1,944

Joby

Aviation,

Inc.(Æ)

11,929

Johnson

Outdoors,

Inc.

Class

A

892

Kohl's

Corp.

5,717

Kontoor

Brands,

Inc.

1,037

Lakeland

Industries,

Inc.

17,590

Laureate

Education,

Inc.

Class

A(Æ)

2,105

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Leggett

&

Platt,

Inc.

5,291

Leonardo

DRS,

Inc.

4,733

Life

Time

Group

Holdings,

Inc.(Æ)

1,157

LifeMD

,

Inc.(Æ)

26,367

Lindblad

Expeditions

Holdings,

Inc.(Æ)

2,964

Lionsgate

Studios

Corp.(Æ)

31,738

Magnite

,

Inc.(Æ)

13,015

MarineMax

,

Inc.(Æ)

8,687

MasterCraft

Boat

Holdings,

Inc.(Æ)

2,629

Monarch

Casino

&

Resort,

Inc.

1,378

Nu

Skin

Enterprises,

Inc.

Class

A

4,539

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

1,970

OneWater

Marine,

Inc.

Class

A(Æ)

10,045

OptimizeRx

Corp.(Æ)

16,284

Papa

John's

International,

Inc.

780

Patrick

Industries,

Inc.

2,975

Peloton

Interactive,

Inc.

Class

A(Æ)

13,949

Perdoceo

Education

Corp.

1,013

Planet

Fitness,

Inc.

Class

A(Æ)

2,135

Polaris,

Inc.

3,633

QuinStreet

,

Inc.(Æ)

17,101

RCI

Hospitality

Holdings,

Inc.

2,897

RealReal

,

Inc.

(The)(Æ)

4,098

Red

Rock

Resorts,

Inc.

Class

A

2,247

REV

Group,

Inc.

2,315

Revolve

Group,

Inc.(Æ)

2,188

RH(Æ)

1,008

Rocket

Lab

Corp.(Æ)

3,404

Rush

Street

Interactive,

Inc.(Æ)

1,914

Sally

Beauty

Holdings,

Inc.(Æ)

4,867

Shake

Shack,

Inc.

Class

A(Æ)

863

Signet

Jewelers,

Ltd.

1,555

Sonic

Automotive,

Inc.

Class

A

1,158

Sphere

Entertainment

Co.(Æ)

1,158

Starz

Entertainment

Corp.(Æ)

8,639

Steven

Madden,

Ltd.

1,112

Stitch

Fix,

Inc.

Class

A(Æ)

6,590

Strata

Critical

Medical,

Inc.(Æ)

5,445

Stride,

Inc.(Æ)

1,206

Super

Group

SGHC,

Ltd.

7,807

Taylor

Morrison

Home

Corp.

Class

A(Æ)

686

Texas

Roadhouse,

Inc.

Class

A

1,487

Topgolf

Callaway

Brands

Corp.(Æ)

3,574

TripAdvisor,

Inc.(Æ)

2,396

Turtle

Beach

Corp.(Æ)

2,235

Udemy

,

Inc.(Æ)

15,441

Urban

Outfitters,

Inc.(Æ)

1,780

Vicor

Corp.(Æ)

1,362

Victoria's

Secret

&

Co.(Æ)

7,773

Visteon

Corp.

2,007

Wabash

National

Corp.

5,056

Winnebago

Industries,

Inc.

10,293

Ziff

Davis,

Inc.(Æ)

1,695

14,919

Consumer

Staples

-

0.9%

Beauty

Health

Co.

(The)(Æ)

39,654

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Cal-Maine

Foods,

Inc.

2,857

elf

Beauty,

Inc.(Æ)

1,363

Fresh

Del

Monte

Produce,

Inc.

1,948

Lifevantage

Corp.

11,158

Marzetti

,

Co.(The)

Medifast

,

Inc.(Æ)

8,231

MGP

Ingredients,

Inc.

1,699

National

Vision

Holdings,

Inc.(Æ)

1,670

Nature's

Sunshine

Products,

Inc.(Æ)

3,335

Quanex

Building

Products

Corp.

4,706

Seneca

Foods

Corp.

Class

A(Æ)

1,437

United

Natural

Foods,

Inc.(Æ)

2,501

USANA

Health

Sciences,

Inc.(Æ)

2,779

Warby

Parker,

Inc.

Class

A(Æ)

1,848

1,243

Energy

-

4.7%

Almonty

Industries,

Inc.(Æ)

17,259

Alpha

Metallurgical

Resources,

Inc.(Æ)

Ameresco

,

Inc.

Class

A(Æ)

7,739

Archrock

,

Inc.

15,647

Arq

,

Inc.(Æ)

32,281

Array

Technologies,

Inc.(Æ)

6,452

Centrus

Energy

Corp.

Class

A(Æ)

1,141

Cleanspark

,

Inc.(Æ)

3,678

DNOW,

Inc.(Æ)

28,341

Energy

Fuels,

Inc.(Æ)

11,302

Eos

Energy

Enterprises

Inc.(Æ)

4,909

Expro

Group

Holdings

NV(Æ)

8,339

Flotek

Industries,

Inc.(Æ)

2,135

Flowco

Holdings,

Inc.

Class

A

6,511

Fluence

Energy,

Inc.(Æ)

3,314

Forum

Energy

Technologies,

Inc.(Æ)

1,586

Green

Plains,

Inc.(Æ)

7,196

Hallador

Energy

Co.(Æ)

2,234

Helmerich

&

Payne,

Inc.

2,583

Kodiak

Gas

Services,

Inc.

6,550

Liberty

Energy,

Inc.

Class

A

17,074

Mammoth

Energy

Services,

Inc.(Æ)

72,088

Matador

Resources

Co.

2,172

Matrix

Service

Co.(Æ)

3,916

Murphy

Oil

Corp.

3,982

Noble

Corp.

PLC

2,592

NPK

International,

Inc.(Æ)

26,385

Oceaneering

International,

Inc.(Æ)

1,405

Ormat

Technologies,

Inc.

Par

Pacific

Holdings,

Inc.(Æ)

3,435

Patterson-UTI

Energy,

Inc.

20,555

Peabody

Energy

Corp.

3,596

Range

Resources

Corp.

1,859

Ranger

Energy

Services,

Inc.

Class

A

16,738

REX

American

Resources

Corp.(Æ)

2,133

Select

Water

Solutions,

Inc.

Class

A

34,948

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

33,847

Solaris

Energy

Infrastructure,

Inc.

Class

A

6,679

Sunrun

,

Inc.(Æ)

4,519

TETRA

Technologies,

Inc.(Æ)

41,013

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Transocean,

Ltd.(Æ)

27,060

Uranium

Energy

Corp.(Æ)

9,711

Valaris

,

Ltd.(Æ)

1,917

Warrior

Met

Coal,

Inc.

1,166

World

Kinect

Corp.

6,508

6,645

Financial

Services

-

17.8%

Abacus

Global

Management,

Inc.

29,198

Acadian

Asset

Management,

Inc.

3,671

Alexander

&

Baldwin,

Inc.(ö)

4,133

Alexander's,

Inc.(ö)

American

Assets

Trust,

Inc.(ö)

4,899

American

Healthcare

REIT,

Inc.(ö)

1,739

Ameris

Bancorp

1,978

Apartment

Investment

and

Management

Co.

Class

A(ö)

37,581

Apple

Hospitality

REIT,

Inc.(ö)

5,778

Applied

Digital

Corp.(Æ)

9,742

Arbor

Realty

Trust,

Inc.(ö)

3,156

Ares

Commercial

Real

Estate

Corp.(ö)

16,496

Armada

Hoffler

Properties,

Inc.(ö)

12,241

Artisan

Partners

Asset

Management,

Inc.

Class

A

14,132

576

Axos

Financial,

Inc.(Æ)

5,899

508

Banc

of

California,

Inc.

5,969

Banco

Latinoamericano

de

Comercio

Exterior

SA

Class

E

8,125

Bancorp,

Inc.

(The)(Æ)

7,063

Bank

of

Marin

Bancorp

3,178

BankUnited

,

Inc.

12,746

568

Bankwell

Financial

Group,

Inc.

1,931

BayCom

Corp.

9,161

BGC

Group,

Inc.

Class

A

6,627

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

2,131

Braemar

Hotels

&

Resorts,

Inc.(ö)

11,528

Bread

Financial

Holdings,

Inc.

1,328

BRT

Apartments

Corp.(ö)

4,773

Burford

Capital,

Ltd.

3,516

Business

First

Bancshares,

Inc.

11,714

Cadence

Bank

4,415

Capitol

Federal

Financial,

Inc.

10,705

Cathay

General

Bancorp

3,878

Chimera

Investment

Corp.(ö)

5,247

Cipher

Mining,

Inc.(Æ)

6,062

Citizens

Financial

Services,

Inc.

542

CNO

Financial

Group,

Inc.

4,024

Cohen

&

Steers,

Inc.

3,371

Community

Healthcare

Trust,

Inc.(ö)

5,568

Compass,

Inc.

Class

A(Æ)

6,491

COPT

Defense

Properties(ö)

4,437

Core

Scientific

Inc.(Æ)

5,388

Cushman

&

Wakefield,

Ltd.(Æ)

6,819

Customers

Bancorp,

Inc.(Æ)

3,492

CVB

Financial

Corp.

5,187

Dave,

Inc.(Æ)

1,023

Diamond

Hill

Investment

Group,

Inc.

747

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
DiamondRock

Hospitality

Co.(ö)

8,292

Dime

Community

Bancshares,

Inc.

7,891

Douglas

Emmett,

Inc.(ö)

9,899

eHealth,

Inc.(Æ)

8,627

Enact

Holdings,

Inc.

4,713

Encore

Capital

Group,

Inc.(Æ)

3,966

Enova

International,

Inc.(Æ)

2,990

Enterprise

Financial

Services

Corp.

862

Essent

Group,

Ltd.

5,648

Evercore

,

Inc.

Class

A

558

Farmland

Partners,

Inc.(ö)

25,879

Fidelis

Insurance

Holdings,

Ltd.

1,943

First

BanCorp

6,828

First

Financial

Bankshares

,

Inc.

3,547

First

Financial

Corp.

579

First

Interstate

BancSystem

,

Inc.

Class

A

4,967

First

Merchants

Corp.

1,894

Flagstar

Bank

NA

5,695

Flushing

Financial

Corp.

4,068

Franklin

Street

Properties

Corp.(ö)

20,113

FTAI

Infrastructure,

Inc.

54,811

Fulton

Financial

Corp.

12,657

Genworth

Financial,

Inc.

Class

A(Æ)

28,526

Gladstone

Land

Corp.(ö)

7,834

Global

Medical

REIT,

Inc.(ö)

1,951

Global

Net

Lease,

Inc.(ö)

8,358

Great

Southern

Bancorp,

Inc.

532

Grid

Dynamics

Holdings,

Inc.(Æ)

17,302

HA

Sustainable

Infrastructure

Capital,

Inc.

2,481

Hamilton

Insurance

Group,

Ltd.

Class

B(Æ)

2,475

Hancock

Whitney

Corp.

4,189

Heritage

Insurance

Holdings,

Inc.(Æ)

1,421

Hilltop

Holdings,

Inc.

9,640

Home

Bancorp,

Inc.

601

Home

BancShares

,

Inc.

7,970

Horace

Mann

Educators

Corp.

1,523

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

1,671

Hut

Corp.(Æ)

1,323

Independence

Realty

Trust,

Inc.(ö)

4,159

Innovative

Industrial

Properties,

Inc.(ö)

2,527

International

Bancshares

Corp.

2,376

Jackson

Financial,

Inc.

Class

A

2,218

JBG

Smith

Properties(ö)

10,275

Kearny

Financial

Corp.

5,205

Kennedy-Wilson

Holdings,

Inc.

11,536

Kingstone

Cos.,

Inc.

9,268

Kinsale

Capital

Group,

Inc.

Kite

Realty

Group

Trust(ö)

18,130

KKR

Real

Estate

Finance

Trust,

Inc.(ö)

3,746

Legalzoom.com,

Inc.(Æ)

11,569

Lemonade,

Inc.(Æ)

1,215

LendingClub

Corp.(Æ)

3,490

LiveRamp

Holdings,

Inc.(Æ)

8,249

LXP

Industrial

Trust(ö)

752

Macerich

Co.

(The)(ö)

3,896

Marex

Group

PLC

7,333

Mercury

General

Corp.

571

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
MidWestOne

Financial

Group,

Inc.

5,507

Moelis

&

Co.

Class

A

5,519

MVB

Financial

Corp.

3,347

National

Bank

Holdings

Corp.

Class

A

866

Navient

Corp.

10,387

Newmark

Group,

Inc.

Class

A

4,216

Nicolet

Bankshares

,

Inc.

NMI

Holdings,

Inc.

Class

A(Æ)

1,585

Northfield

Bancorp,

Inc.

5,799

OceanFirst

Financial

Corp.

5,244

OFG

Bancorp

1,878

Pagseguro

Digital,

Ltd.

Class

A

9,069

Palomar

Holdings,

Inc.(Æ)

742

Park

National

Corp.

719

Pathward

Financial,

Inc.

1,335

Pebblebrook

Hotel

Trust(ö)

7,379

Perella

Weinberg

Partners

24,048

Piper

Sandler

Cos.

1,645

559

PJT

Partners,

Inc.

Class

A

628

Plymouth

Industrial

REIT,

Inc.(ö)

3,054

PotlatchDeltic

Corp.(ö)

2,422

Preferred

Bank

1,094

Primis

Financial

Corp.

5,311

Progyny

,

Inc.(Æ)

3,350

Provident

Financial

Services,

Inc.

6,228

Radian

Group,

Inc.

10,735

RBB

Bancorp

3,646

Ready

Capital

Corp.(ö)

7,954

Redwood

Trust,

Inc.(ö)

12,545

Remitly

Global,

Inc.(Æ)

1,693

Resolute

Holdings

Management,

Inc.(Æ)

RLJ

Lodging

Trust(ö)

13,453

Ryman

Hospitality

Properties,

Inc.(ö)

1,007

Sabra

Health

Care

REIT,

Inc.(ö)

10,244

Seacoast

Banking

Corp.

of

Florida

11,080

Selectquote

,

Inc.(Æ)

16,621

ServisFirst

Bancshares,

Inc.

1,549

Sierra

Bancorp

1,856

SiriusPoint

,

Ltd.(Æ)

11,303

SITE

Centers

Corp.(ö)

16,059

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

5,276

SL

Green

Realty

Corp.(ö)

3,153

SR

Bancorp,

Inc.

5,493

St.

Joe

Co.

(The)

2,005

StepStone

Group,

Inc.

Class

A

7,634

Stock

Yards

Bancorp,

Inc.

648

StoneX

Group,

Inc.(Æ)

1,312

Summit

Hotel

Properties,

Inc.(ö)

7,335

Tanger

,

Inc.(ö)

980

TeraWulf

,

Inc.(Æ)

4,751

Terreno

Realty

Corp.(ö)

2,307

Texas

Capital

Bancshares,

Inc.(Æ)

3,159

TIC

Solutions,

Inc.(Æ)

15,371

Tompkins

Financial

Corp.

1,216

Towne

Bank

4,426

TriCo

Bancshares

958

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Trupanion

,

Inc.(Æ)

778

TrustCo

Bank

Corp.

863

Trustmark

Corp.

2,303

United

Bankshares

,

Inc.

980

United

Community

Banks,

Inc.

6,557

United

Fire

Group,

Inc.

2,123

Universal

Health

Realty

Income

Trust(ö)

1,167

Universal

Insurance

Holdings,

Inc.

2,051

Univest

Financial

Corp.

1,084

Upstart

Holdings,

Inc.(Æ)

1,928

Valley

National

Bancorp

22,328

Value

Line,

Inc.

1,119

Veris

Residential,

Inc.(ö)

9,217

Virtus

Investment

Partners,

Inc.

WaFd

,

Inc.

4,325

Walker

&

Dunlop,

Inc.

3,903

Washington

Trust

Bancorp,

Inc.

2,298

Waterstone

Financial,

Inc.

2,304

Western

New

England

Bancorp,

Inc.

4,464

Whitestone

REIT

Class

B(ö)

5,193

WisdomTree

,

Inc.

2,708

WSFS

Financial

Corp.

3,998

Xenia

Hotels

&

Resorts,

Inc.(ö)

6,788

25,126

Health

Care

-

16.8%

10X

Genomics,

Inc.

Class

A(Æ)

6,320

Acadia

Pharmaceuticals,

Inc.(Æ)

4,863

Accuray

,

Inc.(Æ)

21,766

AdaptHealth

Corp.(Æ)

3,581

Adaptive

Biotechnologies

Corp.(Æ)

6,602

ADMA

Biologics,

Inc.(Æ)

24,326

Akebia

Therapeutics,

Inc.(Æ)

11,997

Alignment

Healthcare,

Inc.(Æ)

14,946

Alkermes

PLC(Æ)

8,445

Alpha

Teknova

,

Inc.(Æ)

7,754

Alphatec

Holdings,

Inc.(Æ)

4,043

Amicus

Therapeutics,

Inc.(Æ)

16,810

Amneal

Pharmaceuticals,

Inc.(Æ)

3,870

Amphastar

Pharmaceuticals,

Inc.(Æ)

1,655

AngioDynamics

,

Inc.(Æ)

23,098

ANI

Pharmaceuticals,

Inc.(Æ)

762

Apogee

Therapeutics,

Inc.(Æ)

877

Apyx

Medical

Corp.(Æ)

25,941

Arcellx

,

Inc.(Æ)

1,214

Arcus

Biosciences,

Inc.(Æ)

1,860

Arcutis

Biotherapeutics

,

Inc.(Æ)

4,601

Ardelyx

,

Inc.(Æ)

5,119

Arrowhead

Pharmaceuticals,

Inc.(Æ)

4,074

Artivion

,

Inc.(Æ)

4,890

Astrana

Health,

Inc.(Æ)

7,424

AtriCure

,

Inc.(Æ)

2,170

Aurinia

Pharmaceuticals,

Inc.(Æ)

8,465

Avadel

Pharmaceuticals

PLC(Æ)

3,409

Avanos

Medical,

Inc.(Æ)

2,713

Aveanna

Healthcare

Holdings,

Inc.(Æ)

4,083

Axogen

,

Inc.(Æ)

2,103

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Axsome

Therapeutics,

Inc.(Æ)

2,611

Azenta

,

Inc.(Æ)

3,319

BioCryst

Pharmaceuticals,

Inc.(Æ)

15,607

BioLife

Solutions,

Inc.(Æ)

1,712

Biote

Corp.

Class

A(Æ)

11,768

Bioventus

,

Inc.

Class

A(Æ)

27,622

BridgeBio

Pharma,

Inc.(Æ)

8,566

655

BrightSpring

Health

Services,

Inc.(Æ)

3,252

CareDx

,

Inc.(Æ)

2,528

Castle

Biosciences,

Inc.(Æ)

1,562

Catalyst

Pharmaceuticals,

Inc.(Æ)

9,570

Celcuity

,

Inc.(Æ)

539

Ceribell

,

Inc.(Æ)

11,507

Cerus

Corp.(Æ)

29,623

CG

Oncology,

Inc.(Æ)

1,652

Clover

Health

Investments

Corp.(Æ)

12,312

Cogent

Biosciences,

Inc.(Æ)

3,295

Collegium

Pharmaceutical,

Inc.(Æ)

1,636

Colliers

International

Group,

Inc.

2,763

Concentra

Group

Holdings

Parent,

Inc.

7,900

CONMED

Corp.

1,483

CRISPR

Therapeutics

AG(Æ)

1,732

Cytek

Biosciences,

Inc.(Æ)

9,398

Cytokinetics,

Inc.(Æ)

2,776

Day

One

Biopharmaceuticals,

Inc.(Æ)

4,515

DocGo

,

Inc.(Æ)

71,415

Doximity

,

Inc.

Class

A(Æ)

5,093

Dynavax

Technologies

Corp.(Æ)

8,939

Edgewise

Therapeutics,

Inc.(Æ)

2,266

Electromed

,

Inc.(Æ)

1,895

Embecta

Corp.

3,285

Emergent

BioSolutions

,

Inc.(Æ)

6,072

Encompass

Health

Corp.

5,551

589

Enovis

Corp.

Class

W(Æ)

6,874

Ensign

Group,

Inc.

(The)

4,442

774

Establishment

Labs

Holdings,

Inc.(Æ)

643

Fortrea

Holdings,

Inc.(Æ)

3,268

GeneDx

Holdings

Corp.(Æ)

2,595

Geron

Corp.(Æ)

24,625

Glaukos

Corp.(Æ)

1,126

GRAIL,

Inc.(Æ)

782

Guardant

Health,

Inc.(Æ)

5,611

573

Haemonetics

Corp.(Æ)

1,734

Halozyme

Therapeutics,

Inc.(Æ)

5,318

Harmony

Biosciences

Holdings,

Inc.(Æ)

2,429

Harrow,

Inc.(Æ)

6,329

HealthEquity

,

Inc.(Æ)

1,927

ICU

Medical,

Inc.(Æ)

541

IDEAYA

Biosciences,

Inc.(Æ)

2,103

Indivior

PLC(Æ)

3,929

Innoviva

,

Inc.(Æ)

13,159

Insmed

,

Inc.(Æ)

1,913

iRadimed

Corp.

1,255

iRhythm

Holdings,

Inc.(Æ)

1,334

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

19,951

Keros

Therapeutics,

Inc.(Æ)

4,634

KORU

Medical

Systems,

Inc.(Æ)

8,269

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Krystal

Biotech,

Inc.(Æ)

937

Kura

Oncology,

Inc.(Æ)

7,040

Kymera

Therapeutics,

Inc.(Æ)

2,792

Lantheus

Holdings,

Inc.(Æ)

2,087

LeMaitre

Vascular,

Inc.

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

581

LivaNova

PLC(Æ)

2,780

Madrigal

Pharmaceuticals,

Inc.(Æ)

1,179

687

MannKind

Corp.(Æ)

11,650

Medpace

Holdings,

Inc.(Æ)

853

Merit

Medical

Systems,

Inc.(Æ)

4,225

MiMedx

Group,

Inc.(Æ)

19,554

Mineralys

Therapeutics,

Inc.(Æ)

939

Mirum

Pharmaceuticals,

Inc.(Æ)

2,353

Monte

Rosa

Therapeutics,

Inc.(Æ)

4,396

Myriad

Genetics,

Inc.(Æ)

24,188

Neogen

Corp.(Æ)

5,961

Niagen

Bioscience,

Inc.(Æ)

6,482

Novocure

,

Ltd.(Æ)

3,364

Nuvalent

,

Inc.

Class

A(Æ)

2,874

Omnicell

,

Inc.(Æ)

2,243

Option

Care

Health,

Inc.(Æ)

2,264

Orthofix

Medical,

Inc.(Æ)

2,422

Oscar

Health,

Inc.

Class

A(Æ)

2,982

Pacira

BioSciences

,

Inc.(Æ)

1,262

Pediatrix

Medical

Group,

Inc.(Æ)

3,398

Phibro

Animal

Health

Corp.

Class

A

1,017

Phreesia

,

Inc.(Æ)

4,211

Praxis

Precision

Medicines,

Inc.(Æ)

Prestige

Consumer

Healthcare,

Inc.(Æ)

1,125

Privia

Health

Group,

Inc.(Æ)

13,048

PROCEPT

BioRobotics

Corp.(Æ)

1,812

Protagonist

Therapeutics,

Inc.(Æ)

2,934

PTC

Therapeutics,

Inc.(Æ)

3,323

Puma

Biotechnology,

Inc.(Æ)

9,339

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

6,275

QuidelOrtho

Corp.(Æ)

1,707

RadNet

,

Inc.(Æ)

7,035

502

Rhythm

Pharmaceuticals,

Inc.(Æ)

4,397

Rigel

Pharmaceuticals,

Inc.(Æ)

1,659

Sanara

Medtech

,

Inc.(Æ)

2,481

Scholar

Rock

Holding

Corp.(Æ)

1,285

Schrodinger,

Inc.(Æ)

4,540

Select

Medical

Holdings

Corp.

16,517

Septerna

,

Inc.(Æ)

2,376

SI-BONE,

Inc.(Æ)

2,092

SIGA

Technologies,

Inc.

4,900

Soleno

Therapeutics,

Inc.(Æ)

805

Sophia

Genetics

SA(Æ)

5,516

Stoke

Therapeutics,

Inc.(Æ)

2,251

Supernus

Pharmaceuticals,

Inc.(Æ)

1,527

Tactile

Systems

Technology,

Inc.(Æ)

2,649

Talkspace

,

Inc.(Æ)

35,622

Tandem

Diabetes

Care,

Inc.(Æ)

17,015

Tarsus

Pharmaceuticals,

Inc.(Æ)

877

Teladoc

Health,

Inc.(Æ)

10,021

Teleflex,

Inc.

1,870

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Terns

Pharmaceuticals,

Inc.(Æ)

2,416

TG

Therapeutics,

Inc.(Æ)

3,547

Theravance

Biopharma,

Inc.(Æ)

13,538

TransMedics

Group,

Inc.(Æ)

1,063

Travere

Therapeutics,

Inc.(Æ)

2,888

Twist

Bioscience

Corp.(Æ)

2,583

UFP

Technologies,

Inc.(Æ)

1,118

Varex

Imaging

Corp.(Æ)

18,167

Vaxcyte

,

Inc.(Æ)

3,686

Vera

Therapeutics,

Inc.(Æ)

1,463

Veracyte

,

Inc.(Æ)

3,328

Vericel

Corp.(Æ)

2,498

Waystar

Holding

Corp.(Æ)

3,289

Xenon

Pharmaceuticals,

Inc.(Æ)

2,770

Xeris

Biopharma

Holdings,

Inc.(Æ)

5,505

Zymeworks

,

Inc.(Æ)

3,417

23,715

Materials

and

Processing

-

8.2%

Aspen

Aerogels,

Inc.(Æ)

5,875

ATI,

Inc.(Æ)

2,944

Avient

Corp.

2,485

Balchem

Corp.

532

Belden,

Inc.

Boise

Cascade

Co.

1,784

Cabot

Corp.

1,151

Caledonia

Mining

Corp.

PLC

3,298

Carpenter

Technology

Corp.

2,337

736

Century

Aluminum

Co.(Æ)

1,552

Chemours

Co.

(The)

6,467

Coeur

Mining,

Inc.(Æ)

21,107

Commercial

Metals

Co.

7,762

537

Compass

Minerals

International,

Inc.(Æ)

2,200

Constellium

SE(Æ)

2,354

Core

Molding

Technologies,

Inc.(Æ)

1,698

Fabrinet

(Æ)

1,938

882

Ferroglobe

PLC

29,926

Gibraltar

Industries,

Inc.(Æ)

3,842

Global

Industrial

Co.

2,765

Griffon

Corp.

1,622

H.B.

Fuller

Co.

539

Hawkins,

Inc.

Healthcare

Services

Group,

Inc.(Æ)

13,263

Hecla

Mining

Co.

15,921

Hudson

Technologies,

Inc.(Æ)

6,936

Ingevity

Corp.(Æ)

7,662

Installed

Building

Products,

Inc.

2,459

638

Interface,

Inc.

Class

A

2,521

Intrepid

Potash,

Inc.(Æ)

6,613

Ivanhoe

Electric,

Inc.(Æ)

4,404

Knife

River

Corp.(Æ)

Koppers

Holdings,

Inc.

1,180

Legence

Corp.

Class

A(Æ)

5,128

LSI

Industries,

Inc.

7,675

Mativ

Holdings,

Inc.

5,512

Metallus

,

Inc.(Æ)

9,983

Modine

Manufacturing

Co.(Æ)

3,725

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Mueller

Water

Products,

Inc.

Class

A

2,517

NovaGold

Resources,

Inc.(Æ)

5,013

NWPX

Infrastructure,

Inc.(Æ)

5,128

Olympic

Steel,

Inc.

1,769

Omega

Flex,

Inc.

1,361

OPENLANE,

Inc.(Æ)

2,314

Perimeter

Solutions,

Inc.(Æ)

4,939

Quaker

Chemical

Corp.

741

Ranpak

Holdings

Corp.(Æ)

25,284

Resideo

Technologies,

Inc.(Æ)

10,429

Rush

Enterprises,

Inc.

Class

A

3,278

Rush

Enterprises,

Inc.

Class

B

1,626

ScanSource

,

Inc.(Æ)

1,295

Sensient

Technologies

Corp.

1,459

SiteOne

Landscape

Supply,

Inc.(Æ)

1,642

SmartRent

,

Inc.(Æ)

32,842

SPX

Technologies,

Inc.(Æ)

3,605

721

SSR

Mining,

Inc.(Æ)

5,958

Sylvamo

Corp.

2,856

Tecnoglass

,

Inc.

831

ThredUp

,

Inc.

Class

A(Æ)

3,032

Tredegar

Corp.(Æ)

4,281

UFP

Industries,

Inc.

641

United

States

Lime

&

Minerals,

Inc.

VSE

Corp.

4,481

774

Worthington

Enterprises,

Inc.

1,499

11,556

Producer

Durables

-

18.2%

AAR

Corp.(Æ)

4,322

Aebi

Schmidt

Holding

AG

16,813

AeroVironment

,

Inc.(Æ)

1,344

Alarm.com

Holdings,

Inc.(Æ)

592

Allegiant

Travel

Co.

Class

A(Æ)

1,309

Allient

,

Inc.

1,745

American

Superconductor

Corp.(Æ)

4,456

AMN

Healthcare

Services,

Inc.(Æ)

4,300

Amprius

Technologies,

Inc.(Æ)

4,386

Applied

Industrial

Technologies,

Inc.

1,695

ArcBest

Corp.

826

Ardmore

Shipping

Corp.

13,262

Argan

,

Inc.

ASGN,

Inc.(Æ)

1,947

Astec

Industries,

Inc.

1,839

Astronics

Corp.(Æ)

8,637

AZZ,

Inc.

1,516

Babcock

&

Wilcox

Enterprises,

Inc.(Æ)

6,252

Badger

Meter,

Inc.

671

Bloom

Energy

Corp.

Class

A(Æ)

10,430

906

Blue

Bird

Corp.(Æ)

1,414

Brink's

Co.

(The)

BWX

Technologies,

Inc.

729

Cactus,

Inc.

Class

A

4,479

Casella

Waste

Systems,

Inc.

Class

A(Æ)

1,688

CECO

Environmental

Corp.(Æ)

7,261

Champion

Homes,

Inc.(Æ)

4,840

Cimpress

PLC(Æ)

1,376

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Clean

Energy

Fuels

Corp.(Æ)

14,995

Comfort

Systems

USA,

Inc.

847

791

Concrete

Pumping

Holdings,

Inc.

23,248

Construction

Partners,

Inc.

Class

A(Æ)

6,126

665

CoreCivic

,

Inc.(Æ)

1,719

Costamare

,

Inc.

5,271

Crane

Co.

1,695

Cross

Country

Healthcare,

Inc.(Æ)

8,644

CryoPort

,

Inc.(Æ)

3,359

CSW

Industrials,

Inc.

DHI

Group,

Inc.(Æ)

11,874

DHT

Holdings,

Inc.

7,557

Ducommun,

Inc.(Æ)

3,289

Dycom

Industries,

Inc.(Æ)

1,954

660

EnerSys

1,628

Enpro

,

Inc.

ESCO

Technologies,

Inc.

Euronet

Worldwide,

Inc.(Æ)

2,665

Federal

Signal

Corp.

5,126

557

Fluor

Corp.(Æ)

2,688

Forrester

Research,

Inc.(Æ)

6,691

Franklin

Covey

Co.(Æ)

8,061

Frontdoor

,

Inc.(Æ)

1,452

FTAI

Aviation,

Ltd.

1,477

GEO

Group,

Inc.

(The)(Æ)

1,842

Helios

Technologies,

Inc.

6,810

Herc

Holdings,

Inc.

Class

W

Hertz

Global

Holdings,

Inc.(Æ)

5,641

HNI

Corp.

1,690

Hub

Group,

Inc.

Class

A

5,412

Huron

Consulting

Group,

Inc.(Æ)

4,446

769

I3

Verticals,

Inc.

Class

A(Æ)

8,967

ICF

International,

Inc.

IES

Holdings,

Inc.(Æ)

1,268

indie

Semiconductor,

Inc.

Class

A(Æ)

36,983

Information

Services

Group,

Inc.

13,997

International

Seaways,

Inc.

1,079

Itron

,

Inc.(Æ)

2,337

Janus

International

Group,

Inc.(Æ)

19,401

JBT

Marel

Corp.

1,553

Kadant

,

Inc.

Kelly

Services,

Inc.

Class

A

5,982

Kennametal,

Inc.

2,446

Kforce

,

Inc.

5,675

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

13,033

989

LCI

Industries

581

Limbach

Holdings,

Inc.(Æ)

2,185

Liquidity

Services,

Inc.(Æ)

2,207

Luxfer

Holdings

PLC

-

ADR

23,655

Marten

Transport,

Ltd.

6,068

Materion

Corp.

2,971

Matson,

Inc.

627

Maximus,

Inc.

1,487

Mayville

Engineering

Co.,

Inc.(Æ)

13,179

Mercury

Systems,

Inc.(Æ)

6,887

503

Mesa

Laboratories,

Inc.

537

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Microvast

Holdings,

Inc.(Æ)

12,295

Mirion

Technologies,

Inc.(Æ)

10,096

Mistras

Group,

Inc.(Æ)

28,302

Mitek

Systems,

Inc.(Æ)

3,381

Montrose

Environmental

Group,

Inc.(Æ)

10,733

Moog,

Inc.

Class

A

937

MYR

Group,

Inc.(Æ)

NANO

Nuclear

Energy,

Inc.(Æ)

1,059

Navigator

Holdings,

Ltd.

16,872

Nextpower

,

Inc.

Class

A(Æ)

4,264

Nexxen

International,

Ltd.(Æ)

8,602

NuScale

Power

Corp.(Æ)

2,832

Orion

Group

Holdings,

Inc.(Æ)

37,164

OSI

Systems,

Inc.(Æ)

Payoneer

Global,

Inc.(Æ)

12,601

Pitney

Bowes,

Inc.

5,856

Powell

Industries,

Inc.

Power

Solutions

International,

Inc.(Æ)

Primoris

Services

Corp.

3,949

Proficient

Auto

Logistics,

Inc.(Æ)

17,645

Proto

Labs,

Inc.(Æ)

1,984

PureCycle

Technologies,

Inc.(Æ)

2,521

Quad/Graphics,

Inc.

7,377

Radiant

Logistics,

Inc.(Æ)

31,132

RBC

Bearings,

Inc.(Æ)

1,483

665

Riot

Platforms,

Inc.(Æ)

4,504

Robert

Half,

Inc.

6,440

RXO,

Inc.(Æ)

10,228

Sabre

Corp.(Æ)

52,573

Scorpio

Tankers,

Inc.

3,818

Sezzle

,

Inc.(Æ)

555

SkyWest,

Inc.(Æ)

1,356

Sterling

Infrastructure,

Inc.(Æ)

1,510

StoneCo

,

Ltd.

Class

A(Æ)

7,191

Strattec

Security

Corp.(Æ)

637

Sun

Country

Airlines

Holdings,

Inc.(Æ)

2,879

Teekay

Corp.,

Ltd.

6,324

Teekay

Tankers,

Ltd.

Class

A

653

Terex

Corp.

1,289

Thermon

Group

Holdings,

Inc.(Æ)

2,108

Tidewater,

Inc.(Æ)

1,411

Titan

International,

Inc.(Æ)

13,031

Titan

Machinery,

Inc.(Æ)

13,258

TriNet

Group,

Inc.

TrueBlue

,

Inc.(Æ)

22,120

TTM

Technologies,

Inc.(Æ)

3,002

Tutor

Perini

Corp.

2,085

V2X,

Inc.(Æ)

4,573

Vishay

Precision

Group,

Inc.(Æ)

4,581

Watts

Water

Technologies,

Inc.

Class

A

1,220

Werner

Enterprises,

Inc.

2,492

WESCO

International,

Inc.

890

Willdan

Group,

Inc.(Æ)

538

Xerox

Holdings

Corp.

8,869

Xometry

,

Inc.

Class

A(Æ)

1,086

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Zurn

Elkay

Water

Solutions

Corp.

6,331

25,801

Technology

-

16.5%

8x8,

Inc.(Æ)

16,138

A10

Networks,

Inc.

15,366

ACI

Worldwide,

Inc.(Æ)

12,452

595

ACM

Research,

Inc.

Class

A(Æ)

1,250

ACV

Auctions,

Inc.

Class

A(Æ)

22,650

Adeia

,

Inc.

5,039

ADTRAN

Holdings,

Inc.(Æ)

28,350

Agilysys

,

Inc.(Æ)

3,507

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

6,408

Ambarella

,

Inc.(Æ)

1,432

Amentum

Holdings,

Inc.(Æ)

10,449

Amkor

Technology,

Inc.

8,136

Appian

Corp.

Class

A(Æ)

3,244

Applied

Optoelectronics,

Inc.(Æ)

10,010

Arlo

Technologies,

Inc.(Æ)

17,450

Arteris

,

Inc.(Æ)

4,476

Asana,

Inc.

Class

A(Æ)

4,588

AvePoint

,

Inc.(Æ)

2,277

Aviat

Networks,

Inc.(Æ)

14,367

Axcelis

Technologies,

Inc.(Æ)

3,316

Bandwidth,

Inc.

Class

A(Æ)

2,403

Blackbaud

,

Inc.(Æ)

1,487

Blackline,

Inc.(Æ)

880

Blend

Labs,

Inc.

Class

A(Æ)

30,534

Box,

Inc.

Class

A(Æ)

4,740

Braze,

Inc.

Class

A(Æ)

1,100

Bumble,

Inc.

Class

A(Æ)

6,135

C3.ai,

Inc.

Class

A(Æ)

2,144

Calix,

Inc.(Æ)

2,378

Camtek

,

Ltd.(Æ)

3,064

Cantaloupe,

Inc.(Æ)

5,409

Cargurus

,

Inc.(Æ)

4,334

Cerence

,

Inc.(Æ)

3,570

CI&T,

Inc.

Class

A(Æ)

15,892

Clear

Secure,

Inc.

Class

A

3,080

Clearfield,

Inc.(Æ)

3,145

Cohu

,

Inc.(Æ)

12,199

Commerce.com,

Inc.(Æ)

11,109

CommVault

Systems,

Inc.(Æ)

2,206

Corsair

Gaming,

Inc.(Æ)

5,444

Credo

Technology

Group

Holding,

Ltd.(Æ)

7,317

1,053

Cricut

,

Inc.

Class

A

12,030

CS

Disco,

Inc.(Æ)

5,866

CSG

Systems

International,

Inc.

959

Daktronics,

Inc.(Æ)

1,963

Descartes

Systems

Group,

Inc.

(The)(Æ)

4,864

Diebold

Nixdorf,

Inc.(Æ)

627

Digi

International,

Inc.(Æ)

8,230

DigitalBridge

Group,

Inc.

4,844

DigitalOcean

Holdings,

Inc.(Æ)

5,111

Diodes,

Inc.(Æ)

1,877

Domo,

Inc.

Class

B(Æ)

3,819

D-Wave

Quantum,

Inc.(Æ)

7,052

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
EchoStar

Corp.

Class

A(Æ)

3,319

EPAM

Systems,

Inc.(Æ)

1,079

ePlus

,

Inc.

763

EverQuote

,

Inc.

Class

A(Æ)

9,310

Expensify,

Inc.

Class

A(Æ)

17,301

Extreme

Networks,

Inc.(Æ)

4,562

Fastly

,

Inc.

Class

A(Æ)

4,485

Five9,

Inc.(Æ)

1,626

FormFactor

,

Inc.(Æ)

10,591

591

Freshworks

,

Inc.

Class

A(Æ)

8,547

Gilat

Satellite

Networks,

Ltd.(Æ)

23,281

Globalstar

,

Inc.(Æ)

1,774

Groupon,

Inc.(Æ)

1,482

IBEX

Holdings,

Ltd.(Æ)

2,009

Ichor

Holdings,

Ltd.(Æ)

9,119

Identiv

,

Inc.(Æ)

23,890

IDT

Corp.

Class

B

1,338

Impinj

,

Inc.(Æ)

700

Innodata,

Inc.(Æ)

825

Inseego

Corp.(Æ)

10,418

Insight

Enterprises,

Inc.(Æ)

Intapp

,

Inc.(Æ)

2,252

InterDigital

,

Inc.

1,250

inTEST

Corp.(Æ)

19,565

IonQ

,

Inc.(Æ)

11,176

501

IPG

Photonics

Corp.(Æ)

2,627

Kaltura

,

Inc.(Æ)

25,772

Kimball

Electronics,

Inc.(Æ)

3,144

Knowles

Corp.(Æ)

12,902

Kopin

Corp.(Æ)

88,869

Kulicke

&

Soffa

Industries,

Inc.

5,104

Kyndryl

Holdings,

Inc.(Æ)

9,230

Life360,

Inc.(Æ)

Marqeta

,

Inc.

Class

A(Æ)

6,223

MediaAlpha

,

Inc.

Class

A(Æ)

2,667

Napco

Security

Technologies,

Inc.

1,641

NCR

Atleos

Corp.(Æ)

8,165

NCR

Voyix

Corp.(Æ)

13,828

NetScout

Systems,

Inc.(Æ)

2,093

nLight

,

Inc.(Æ)

9,688

Nova,

Ltd.(Æ)

2,338

768

ON24,

Inc.(Æ)

12,032

Onto

Innovation,

Inc.(Æ)

633

Ooma

,

Inc.(Æ)

9,484

Ouster,

Inc.(Æ)

1,193

Pagaya

Technologies,

Ltd.

Class

A(Æ)

979

PagerDuty

,

Inc.(Æ)

4,474

Parsons

Corp.(Æ)

4,282

Pegasystems

,

Inc.

5,938

Penguin

Solutions,

Inc.(Æ)

12,866

Photronics

,

Inc.(Æ)

2,643

Planet

Labs

PBC(Æ)

6,530

Playstudios

,

Inc.(Æ)

107,732

Playtika

Holding

Corp.

9,198

Plexus

Corp.(Æ)

Porch

Group,

Inc.(Æ)

2,380

Power

Integrations,

Inc.

2,045

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Powerfleet

,

Inc.(Æ)

38,612

Preformed

Line

Products

Co.

PubMatic,

Inc.

Class

A(Æ)

9,862

Q2

Holdings,

Inc.(Æ)

1,203

Qualys

,

Inc.(Æ)

1,665

Quantum

Computing,

Inc.(Æ)

2,215

Rambus,

Inc.(Æ)

5,484

504

Rapid7,

Inc.(Æ)

2,959

Red

Violet,

Inc.

661

Ribbon

Communications,

Inc.(Æ)

66,235

Rigetti

Computing,

Inc.(Æ)

7,236

Sanmina

Corp.(Æ)

1,984

Semtech

Corp.(Æ)

1,966

Silicon

Laboratories,

Inc.(Æ)

984

SiTime

Corp.(Æ)

1,178

Sonos

,

Inc.(Æ)

16,625

SoundHound

AI,

Inc.

Class

A(Æ)

7,685

Sprinklr

,

Inc.

Class

A(Æ)

7,685

Sprout

Social,

Inc.

Class

A(Æ)

6,495

SPS

Commerce,

Inc.(Æ)

619

Stratasys

,

Ltd.(Æ)

12,894

Synaptics

,

Inc.(Æ)

699

Tenable

Holdings,

Inc.(Æ)

5,775

Ultra

Clean

Holdings,

Inc.(Æ)

14,106

Upwork

,

Inc.(Æ)

5,162

Varonis

Systems,

Inc.(Æ)

2,942

Veeco

Instruments,

Inc.(Æ)

10,376

Veritone

,

Inc.(Æ)

18,325

Vertex,

Inc.

Class

A(Æ)

3,723

Viant

Technology,

Inc.

Class

A(Æ)

19,531

Viasat

,

Inc.(Æ)

2,401

Viavi

Solutions,

Inc.

Class

W(Æ)

4,372

Vistance

Networks,

Inc.(Æ)

5,476

Weave

Communications,

Inc.(Æ)

4,277

Workiva

,

Inc.(Æ)

1,856

Yelp,

Inc.

Class

A(Æ)

4,800

Yext

,

Inc.(Æ)

4,780

Zeta

Global

Holdings

Corp.

Class

A(Æ)

5,582

23,376

Utilities

-

2.3%

American

States

Water

Co.

2,172

ATN

International,

Inc.

4,144

Avista

Corp.

945

Black

Hills

Corp.

1,231

Brookfield

Infrastructure

Corp.

Class

A

1,559

California

Resources

Corp.

3,950

California

Water

Service

Group

899

CNX

Resources

Corp.(Æ)

2,641

Comstock

Resources,

Inc.(Æ)

8,583

Consolidated

Water

Co.,

Ltd.

2,874

Genie

Energy,

Ltd.

Class

B

5,677

Golar

LNG,

Ltd.

1,447

Hawaiian

Electric

Industries,

Inc.(Æ)

2,839

Lumen

Technologies,

Inc.(Æ)

29,357

Magnolia

Oil

&

Gas

Corp.

Class

A

9,772

Middlesex

Water

Co.

1,471

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Northern

Oil

and

Gas,

Inc.

8,193

Northwestern

Energy

Group,

Inc.

1,130

Oklo

,

Inc.(Æ)

2,745

ONE

Gas,

Inc.

1,333

Otter

Tail

Corp.

1,166

Portland

General

Electric

Co.

1,838

SandRidge

Energy,

Inc.

19,226

Spire,

Inc.

790

Talen

Energy

Corp.(Æ)

Talos

Energy,

Inc.(Æ)

21,501

Telephone

and

Data

Systems,

Inc.

2,759

3,326

#### Total

#### Common

#### Stocks
(cost

$131,336)

135,707

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Akero

Therapeutics,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

1,808

#### Total

#### Warrants

#### and

#### Rights
(cost

$1)

#### Short-Term

#### Investments

#### -

#### 3.4%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

4,828,157

4,828

#### Total

#### Short-Term

#### Investments
(cost

$4,828)

4,828

#### Total

#### Investments

#### -

#### 99.4%
(cost

$136,165)

140,536

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 0.6%
801

#### Net

#### Assets

#### -

#### 100.0%
141,337

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

Russell

2000

Micro

E-Mini

Index

Futures

USD

4,372

03/20/2026

(101) Total

Futures

Contracts

(å)

(101) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Consumer

Discretionary

$

14,919

$

—

$

—

$

14,919

Consumer

Staples

1,243

—

—

1,243

Energy

6,645

—

—

6,645

Financial

Services

25,126

—

—

25,126

Health

Care

23,715

—

—

23,715

Materials

and

Processing

11,556

—

—

11,556

Producer

Durables

25,801

—

—

25,801

Technology

23,376

—

—

23,376

Utilities

3,326

—

—

3,326

Warrants

and

Rights

—

—

Short-Term

Investments

4,828

—

—

4,828

Total

Investments

140,535

—

140,536

Derivatives

Liabilities

Futures

Contracts

(101) —

—

(101) Total

Derivatives

\*

$

(101) $

—

$

—

$

(101) \*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Bermuda

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

0.1 Brazil

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

0.2 Cameroon

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

—\*\*

Canada

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

1,772

1.2 China

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

0.1 Costa

Rica

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

—\*\*

Guernsey

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

0.1 Ireland

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

0.2 Israel

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

1,451

1.0 Monaco

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

0.2 Panama

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

0.3 Puerto

Rico

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

0.1 Singapore

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

0.2 South

Africa

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

0.1 Sweden

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

0.2 Switzerland

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

0.2 Thailand

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

882

0.6 United

Kingdom

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

835

0.6 United

States

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

132,901

94.0 Total

Investments

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

140,536

99.4 \*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

136,165

Investments,

at

fair

value

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

140,536

Cash

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

Receivables:

Dividends

and

interest

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

Investments

sold

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

Fund

shares

sold

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

502

From

broker(a)

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

Prepaid

expenses

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

Total

assets

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

141,636

#### Liabilities
Payables:

Investments

purchased

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

141,337

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

3,700

Paid-in

capital

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

137,637

#### Net

#### Assets

#### ...............................................................................................................................................................
$

141,337

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

held

at

broker

for

futures

contracts

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

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

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

$

10.25 Class

V

—

Net

assets

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

$

141,337,159

Class

V

—

Shares

outstanding

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

13,782,983

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

547

Interest

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

Total

investment

income

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

550

#### Expenses
Advisory

fees

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

Administrative

fees

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

Distribution

fees

-

Class

V

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Offering

fees

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

Miscellaneous

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

Expenses

before

reductions

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

605

Expense

reductions

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

(241) Net

expenses

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

Net

investment

income

(loss)

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

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(881) Futures

contracts

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

Net

realized

gain

(loss)

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

(756) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

4,371

Futures

contracts

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

(101) Net

change

in

unrealized

appreciation

(depreciation)

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

4,270

Net

realized

and

unrealized

gain

(loss)

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

3,514

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

3,700

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

Net

realized

gain

(loss)

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

(756) Net

change

in

unrealized

appreciation

(depreciation)

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

4,270

Net

increase

(decrease)

in

net

assets

from

operations

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

3,700

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

137,637

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
141,337

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

141,337

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

14,803

$

148,047

Payments

for

shares

redeemed

(1,020)

(10,410)

Total

increase

(decrease)

13,783

$

137,637

(1) For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

US

Small

Cap

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

S

hare

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(℈)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.0

$

Net

Realized

and

Unrealized

Gain

(Loss)

.2

$

Total

from

Investment

Operations

.25

$

Net

Asset

Value,

End

of

Period

10.25 %

Total

Return

(ǿ)(±)

2.50 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 141,337

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

1.41 %

Expenses,

Net

(ɯ)(Ƃ)

.85

%

Net

Investment

Income

(ɯ)(Ƃ)

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### s

#### hares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.3%
Austria

-

0.2%

Erste

Group

Bank

AG

2,187

Brazil

-

5.6%

Allos

SA

7,377

Ambev

SA

182,529

Axia

Energia

22,370

B3

SA

-

Brasil

Bolsa

Balcao

155,429

Banco

Bradesco

SA

13,225

Banco

BTG

Pactual

SA

17,338

Banco

do

Brasil

SA

64,916

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

5,488

Cosan

SA

147,154

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

18,557

Embraer

SA

36,567

591

Embraer

SA

-

ADR

1,834

Equatorial

Energia

SA

14,051

Hypera

SA

55,089

Itau

Unibanco

Holding

SA

-

ADR

45,010

Localiza

Rent

a

Car

SA

33,993

Lojas

Renner

SA

103,941

LWSA

SA(Þ)

17,543

Magazine

Luiza

SA

81,840

MBRF

Global

Foods

Company

SA

4,087

MercadoLibre

,

Inc.(Æ)

584

Natura

Cosmeticos

SA(Æ)

71,242

NU

Holdings,

Ltd.

Class

A(Æ)

77,986

1,306

Petroleo

Brasileiro

SA

-

ADR

3,665

Raia

Drogasil

SA

48,260

Rede

D'Or

Sao

Luiz

SA(Þ)

16,400

Sendas

Distribuidora

SA

12,794

TIM

SA

8,167

TOTVS

SA

2,477

Vale

SA

37,573

Vale

SA

Class

B

-

ADR

24,642

WEG

SA

55,654

XP,

Inc.

Class

A

6,838

7,835

Canada

-

0.7%

Barrick

Mining

Corp.

9,878

Capstone

Mining

Corp.(Æ)

16,136

Parex

Resources,

Inc.

24,736

924

Chile

-

0.0%

Latam

Airlines

Group

SA

3,046,306

China

-

25.3%

AAC

Technologies

Holdings,

Inc.

11,500

Agricultural

Bank

of

China,

Ltd.

Class

H

248,000

Akeso

,

Inc.

Class

B(Æ)(Þ)

4,000

Alibaba

Group

Holding,

Ltd.

171,800

3,144

Alibaba

Group

Holding,

Ltd.

-

ADR

535

Aluminum

Corp.

of

China,

Ltd.

Class

A

226,000

Aluminum

Corp.

of

China,

Ltd.

Class

H

100,000

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Anta

Sports

Products,

Ltd.

29,200

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

3,849

Baidu,

Inc.

Class

A(Æ)

67,750

1,110

Bank

of

China,

Ltd.

Class

H

580,000

Bank

of

Communications

Co.,

Ltd.

Class

H

103,000

Bank

of

Ningbo

Co.,

Ltd.

Class

A

8,600

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

103,400

Bilibili

,

Inc.

Class

Z(Æ)

7,840

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

247,500

BYD

Co.,

Ltd.

Class

H

26,600

China

CITIC

Bank

Corp.,

Ltd.

Class

H

96,000

China

Construction

Bank

Corp.

Class

H

755,000

744

China

CSSC

Holdings,

Ltd.

Class

A

36,200

China

Galaxy

Securities

Co.,

Ltd.

Class

H

43,000

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

130,000

China

Mengniu

Dairy

Co.,

Ltd.

250,000

China

Merchants

Bank

Co.,

Ltd.

Class

A

14,300

China

Merchants

Bank

Co.,

Ltd.

Class

H

87,500

592

China

Minsheng

Banking

Corp.,

Ltd.

Class

A

239,400

China

Overseas

Land

&

Investment,

Ltd.

256,000

China

Petroleum

&

Chemical

Corp.

Class

H

268,000

China

Resources

Land,

Ltd.

86,000

China

Shenhua

Energy

Co.,

Ltd.

Class

H

39,000

China

Tower

Corp.,

Ltd.

Class

H(Þ)

52,000

China

Yangtze

Power

Co.,

Ltd.

Class

A

17,000

Chow

Tai

Fook

Jewellery

Group,

Ltd.

96,400

CITIC

Securities

Co.,

Ltd.

Class

A

55,450

CITIC,

Ltd.

48,000

Consun

Pharmaceutical

Group,

Ltd.

9,000

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

18,002

942

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

7,698

DiDi

Global,

Inc.

-

ADR(Æ)

42,547

Dongyue

Group

24,000

Eastroc

Beverage

Group

Co.,

Ltd.

Class

A

5,200

ENN

Energy

Holdings,

Ltd.

9,300

Eoptolink

Technology

Inc.,

Ltd.

Class

A

3,200

Fujian

Star-net

Communication

Co.,

Ltd.

Class

A

14,600

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

23,000

GDS

Holdings,

Ltd.

Class

A(Æ)

17,400

Geely

Automobile

Holdings,

Ltd.

68,000

Great

Wall

Motor

Co.,

Ltd.

Class

H

92,000

Guoquan

Food

(Shanghai)

Co.,

Ltd.

Class

H

64,800

Guosen

Securities

Co.,

Ltd.

Class

A

20,300

Guoyuan

Securities

Co.,

Ltd.

Class

A

63,900

H

World

Group,

Ltd.

57,200

Haier

Smart

Home

Co.,

Ltd.

Class

H

173,000

538

Hansoh

Pharmaceutical

Group

Co.,

Ltd.

(Þ)

22,000

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Hisense

Visual

Technology

Co.,

Ltd.

Class

A

4,900

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

47,500

Huatai

Securities

Co.,

Ltd.

Class

H(Þ)

24,200

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

575,000

Innovent

Biologics,

Inc.(Æ)(Þ)

20,500

JD

Health

International,

Inc.(Æ)(Þ)

18,150

JD.com,

Inc.

-

ADR

5,050

JD.com,

Inc.

Class

A

33,700

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

H(Æ)

21,000

Kanzhun

,

Ltd.

-

ADR

8,656

Kingsoft

Corp.,

Ltd.

8,600

Kuaishou

Technology(Þ)

13,400

Kweichow

Moutai

Co.,

Ltd.

Class

A

800

Laopu

Gold

Co.,

Ltd.

Class

H

1,900

Lenovo

Group,

Ltd.

80,000

Lens

Technology

Co.,

Ltd.

Class

H

35,000

LexinFintech

Holdings,

Ltd.

-

ADR

10,593

Li

Ning

Co.,

Ltd.

128,500

Longfor

Group

Holdings,

Ltd.(Þ)

162,000

Meituan

Class

B(Æ)(Þ)

22,100

NetEase

,

Inc.

5,700

NetEase

,

Inc.

-

ADR

3,078

Nexteer

Automotive

Group,

Ltd.

16,000

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

23,800

PDD

Holdings,

Inc.

-

ADR(Æ)

3,032

People's

Insurance

Co.

Group

of

China,

Ltd.

(The)

Class

H

103,000

PetroChina

Co.,

Ltd.

Class

H

200,000

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

148,000

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

157,000

1,321

Pop

Mart

International

Group,

Ltd.(Þ)

9,800

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

92,000

Prosus

NV

4,517

Qifu

Technology,

Inc.

-

ADR

5,026

Ruijie

Networks

Co.,

Ltd.

Class

A

3,819

SAIC

Motor

Corp.,

Ltd.

Class

A

72,900

Sany

Heavy

Industry

Co.,

Ltd.

Class

H(Æ)

40,349

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

273,600

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

A

152,900

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

H(Þ)

32,800

Shenzhou

International

Group

Holdings,

Ltd.

11,300

Sieyuan

Electric

Co.,

Ltd.

Class

A

4,700

Sino

Biopharmaceutical,

Ltd.

300,000

Sunny

Optical

Technology

Group

Co.,

Ltd.

50,000

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
SY

Holdings

Group,

Ltd.(Þ)

21,000

Tencent

Holdings,

Ltd.

77,200

5,916

Tencent

Music

Entertainment

Group

-

ADR

4,775

Trip.com

Group,

Ltd.

2,250

Trip.com

Group,

Ltd.

-

ADR

1,037

Vipshop

Holdings,

Ltd.

-

ADR

4,893

Weichai

Power

Co.,

Ltd.

Class

H

116,000

Western

Mining

Co.,

Ltd.

Class

A

51,700

Wilmar

International,

Ltd.

97,300

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

43,400

547

Wuxi

Biologics

Cayman,

Inc.(Æ)(Þ)

39,000

Xiaomi

Corp.

Class

B(Æ)(Þ)

190,000

959

Xinxing

Ductile

Iron

Pipes

Co.,

Ltd.

Class

A

47,900

Xinyi

Glass

Holdings,

Ltd.

215,000

Yadea

Group

Holdings,

Ltd.(Þ)

28,000

Yum

China

Holdings,

Inc.

4,100

Zhejiang

China

Commodities

City

Group

Co.,

Ltd.

Class

A

80,500

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

Class

H(Æ)(Þ)

23,400

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

83,300

Zhejiang

NHU

Co.,

Ltd.

Class

A

47,600

Zhongsheng

Group

Holdings,

Ltd.

109,000

Zijin

Mining

Group

Co.,

Ltd.

Class

A

29,300

Zijin

Mining

Group

Co.,

Ltd.

Class

H

170,000

768

ZTO

Express

(Cayman),

Inc.

13,150

ZTO

Express

(Cayman),

Inc.

-

ADR

13,693

35,491

Colombia

-

0.3%

Grupo

Cibest

SA

-

ADR

5,717

Czech

Republic

-

0.1%

CEZ

AS

1,586

Germany

-

0.1%

Siemens

Energy

AG

685

Greece

-

0.5%

Alpha

Bank

SA

78,293

Eurobank

SA

42,665

National

Bank

of

Greece

SA

10,027

Piraeus

Bank

SA(Æ)

9,814

731

Hong

Kong

-

1.2%

AIA

Group,

Ltd.

60,200

618

ASMPT,

Ltd.

21,900

Damai

Entertainment

Holdings,

Ltd.(Æ)

400,000

Hong

Kong

Exchanges

&

Clearing,

Ltd.

5,500

WH

Group,

Ltd.(Þ)

278,000

Zijin

Gold

International

Co.,

Ltd.(Æ)

10,299

1,674

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Hungary

-

0.5%

OTP

Bank

PLC

6,043

647

India

-

11.2%

Apollo

Hospitals

Enterprise,

Ltd.

4,705

Asian

Paints,

Ltd.

3,958

Axis

Bank,

Ltd.

31,246

Bajaj

Finance,

Ltd.(Æ)

46,713

513

Bank

of

Baroda

14,201

Bharat

Electronics,

Ltd.

155,355

690

Bharat

Petroleum

Corp.,

Ltd.

13,558

Bharti

Airtel,

Ltd.

70,941

1,664

Britannia

Industries,

Ltd.

1,224

BSE,

Ltd.

5,520

Canara

Bank

67,473

Central

Depository

Services

India,

Ltd.(Þ)

768

Cipla

,

Ltd.

8,853

Divi's

Laboratories,

Ltd.

1,408

DLF,

Ltd.

15,848

Dr

Reddy's

Laboratories,

Ltd.

6,887

Eternal,

Ltd.(Æ)

54,518

GE

Vernova

T&D

India,

Ltd.

1,627

GMR

Infrastructure,

Ltd.(Æ)

135,083

Godrej

Properties,

Ltd.(Æ)

3,025

Grasim

Industries,

Ltd.

3,209

HCL

Technologies,

Ltd.

15,779

HDFC

Asset

Management

Co.,

Ltd.(Þ)

5,697

HDFC

Bank,

Ltd.

142,236

1,572

HDFC

Bank,

Ltd.

-

ADR

1,975

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

32,632

Hero

MotoCorp,

Ltd.

1,919

Hindustan

Aeronautics,

Ltd.(Þ)

4,864

Hindustan

Petroleum

Corp.,

Ltd.

12,884

Hindustan

Unilever,

Ltd.

6,965

Hindustan

Zinc,

Ltd.

27,233

Hitachi

Energy

India,

Ltd.

ICICI

Bank,

Ltd.

30,218

ICICI

Bank,

Ltd.

-

ADR

12,389

Indian

Hotels

Co.,

Ltd.

(The)

13,163

Indian

Oil

Corp.,

Ltd.

24,506

Infosys,

Ltd.

15,374

Infosys,

Ltd.

-

ADR

14,427

ITC,

Ltd.

13,920

JSW

Energy,

Ltd.

25,192

JSW

Infrastructure,

Ltd.

42,255

JSW

Steel,

Ltd.

7,207

Kotak

Mahindra

Bank,

Ltd.

5,617

Kwality

Wall's

India,

Ltd.(Æ)(Š)

6,965

Larsen

&

Toubro,

Ltd.

5,352

LIC

Housing

Finance,

Ltd.

2,121

Lupin

,

Ltd.

6,721

Lodha

Developers,

Ltd.(Þ)

764

Mahindra

&

Mahindra,

Ltd.

16,624

686

MakeMyTrip

,

Ltd.(Æ)

Marico,

Ltd.

2,651

Maruti

Suzuki

India,

Ltd.

998

Max

Healthcare

Institute,

Ltd.

1,651

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Multi

Commodity

Exchange

of

India,

Ltd.

795

National

Aluminium

Co.,

Ltd.

42,378

Paradeep

Phosphates,

Ltd.(Þ)

40,820

Petronet

LNG,

Ltd.

53,902

Phoenix

Mills,

Ltd.

(The)

8,042

Power

Finance

Corp.,

Ltd.

5,116

Power

Grid

Corp.

of

India,

Ltd.

54,824

Reliance

Industries,

Ltd.

35,666

623

Shriram

Finance,

Ltd.

23,880

Siemens

Energy

India,

Ltd.(Æ)

3,167

State

Bank

of

India

3,833

Strides

Arcolab

,

Ltd.

1,998

Sun

Pharmaceutical

Industries,

Ltd.

14,053

Tata

Global

Beverages,

Ltd.

6,999

Tata

Motors,

Ltd.

16,087

Tech

Mahindra,

Ltd.

6,272

Titan

Co.,

Ltd.

3,927

TVS

Motor

Co.,

Ltd.

7,395

UltraTech

Cement,

Ltd.

1,296

UPL,

Ltd.

74,313

658

Vedanta,

Ltd.

9,920

15,739

Indonesia

-

1.5%

Aneka

Tambang

Tbk

PT

364,100

Astra

International

Tbk

PT

987,180

Bank

Central

Asia

Tbk

PT

737,200

Bank

Mandiri

Persero

Tbk

PT

2,053,500

628

Bank

Rakyat

Indonesia

Persero

Tbk

PT

811,000

Telkom

Indonesia

Persero

Tbk

PT

2,098,328

2,063

Kazakhstan

-

0.2%

Kaspi.KZ

JSC

-

ADR

4,502

Kuwait

-

0.2%

Kuwait

Finance

House

36,099

National

Bank

of

Kuwait

SAKP

53,013

Macao

-

0.5%

Galaxy

Entertainment

Group,

Ltd.

122,000

599

Sands

China,

Ltd.

60,400

751

Malaysia

-

0.5%

Gamuda

Berhad

53,000

Malayan

Banking

BHD

70,600

My

EG

Services

BHD

65,900

Public

Bank

Bhd

342,600

Sunway

Construction

Group

Bhd

9,000

656

Mexico

-

2.2%

America

Movil

SAB

de

CV

295,913

Fresnillo

PLC

21,126

941

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

3,576

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

4,557

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

59,180

549

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

123,595

Southern

Copper

Corp.

1,901

Ternium

SA

-

ADR

2,973

Wal-Mart

de

Mexico

SAB

de

CV

167,402

522

3,135

Netherlands

-

0.1%

ASML

Holding

NV

Class

G

Peru

-

0.4%

Credicorp

,

Ltd.

1,834

526

Philippines

-

0.5%

Ayala

Land,

Inc.

491,100

BDO

Unibank

,

Inc.

115,310

International

Container

Terminal

Services,

Inc.

26,150

701

Poland

-

1.0%

Allegro.eu

SA(Æ)(Þ)

10,760

Bank

Polska

Kasa

Opieki

SA

1,918

Dino

Polska

SA(Æ)(Þ)

23,848

KGHM

Polska

Miedz

SA(Æ)

672

ORLEN

SA

12,848

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

10,445

Powszechny

Zaklad

Ubezpieczen

SA

17,023

1,433

Qatar

-

0.2%

Qatar

National

Bank

QPSC

43,904

Saudi

Arabia

-

1.8%

Al

Babtain

Power

&

Telecommunication

Co.

1,260

Al

Rajhi

Bank

31,303

814

Almarai

Co.

JSC

5,777

Banque

Saudi

Fransi

4,714

Co.

for

Co-operative

Insurance

(The)

Etihad

Etisalat

Co.

15,763

Ridyadh

Cables

Group

Co.

1,161

Riyad

Bank

8,459

SABIC

Agri

-Nutrients

Co.

2,750

Saudi

Arabian

Mining

Co.(Æ)

7,694

Saudi

Arabian

Oil

Co.(Þ)

26,708

Saudi

Awwal

Bank

16,421

Saudi

National

Bank

(The)

52,950

535

Saudi

Telecom

Co.

18,058

2,574

Singapore

-

0.5%

DBS

Group

Holdings,

Ltd.

1,500

Grab

Holdings,

Ltd.

Class

A(Æ)

53,790

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Sea,

Ltd.

-

ADR(Æ)

2,775

688

South

Africa

-

3.0%

Absa

Group,

Ltd.

21,107

Anglogold

Ashanti

PLC

12,078

1,030

Bid

Corp.,

Ltd.

3,972

Bidvest

Group,

Ltd.

(The)

15,225

Discovery,

Ltd.

6,410

FirstRand,

Ltd.

52,568

Foschini

Group,

Ltd.

(The)

19,143

Gold

Fields,

Ltd.

15,946

695

Gold

Fields,

Ltd.

-

ADR

8,983

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

6,709

Naspers,

Ltd.

Class

N

4,159

Sanlam,

Ltd.

21,216

Shoprite

Holdings,

Ltd.

-

ADR

5,926

Sibanye

Stillwater,

Ltd.(Æ)

107,832

4,235

South

Korea

-

15.2%

Amorepacific

Corp.

3,071

APR

Corp.(Æ)

Celltrion

,

Inc.

1,591

Cosmax

,

Inc.(Æ)

611

Coupang

,

Inc.(Æ)

9,740

DB

Insurance

Co.,

Ltd.

1,269

Hana

Financial

Group,

Inc.

9,455

617

Hankook

Tire

&

Technology

Co.,

Ltd.

8,642

Hanwha

Aerospace

Co.,

Ltd.(Æ)

554

HD

Hyundai

Electric

Co.,

Ltd.

978

526

HD

Hyundai

Heavy

Industries

Co.,

Ltd.

1,585

558

HD

Hyundai

Marine

Solution

Co.,

Ltd.

963

Hyundai

Engineering

&

Construction

Co.,

Ltd.

3,011

Hyundai

Heavy

Industries

Co.,

Ltd.

1,467

Hyundai

Mobis

Co.,

Ltd.

2,002

519

Hyundai

Motor

Co.

2,681

549

Hyundai

Robotics

Co.,

Ltd.

1,667

Hyundai

Rotem

Co.,

Ltd.

1,178

Kakao

Corp.

2,138

KB

Financial

Group,

Inc.

8,538

738

Korea

Electric

Power

Corp.(Æ)

19,909

647

KT&G

Corp.

2,511

LG

Electronics,

Inc.

Class

H

1,106

Meritz

Financial

Group,

Inc.

955

NAVER

Corp.

1,017

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

Samsung

C&T

Corp.

1,002

Samsung

Electro-Mechanics

Co.,

Ltd.(Æ)

5,177

910

Samsung

Electronics

Co.,

Ltd.

67,615

5,635

Samsung

Episholdings

Co.,

Ltd.(Æ)

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

973

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

20,720

Samsung

Securities

Co.,

Ltd.

1,879

Samyang

Foods

Co.,

Ltd.

Shinhan

Financial

Group

Co.,

Ltd.

12,339

658

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
SK

Hynix,

Inc.

9,599

4,347

S-Oil

Corp.(Æ)

4,641

Sung

Kwang

Bend

Co.,

Ltd.

3,505

Woori

Financial

Group,

Inc.

18,343

21,242

Taiwan

-

16.9%

Accton

Technology

Corp.

29,000

1,086

Arcadyan

Technology

Corp.

8,000

Asia

Vital

Components

Co.,

Ltd.

4,000

ASPEED

Technology,

Inc.

2,000

Asustek

Computer,

Inc.

1,121

Bizlink

Holding,

Inc.

21,000

1,002

Chailease

Holding

Co.,

Ltd.

18,000

Chunghwa

Telecom

Co.,

Ltd.

42,000

Compal

Electronics,

Inc.

198,000

CTBC

Financial

Holding

Co.,

Ltd.

95,000

Delta

Electronics,

Inc.

45,000

1,369

E.Sun

Financial

Holding

Co.,

Ltd.

115,000

Elite

Material

Co.,

Ltd.

3,000

Fubon

Financial

Holding

Co.,

Ltd.

72,675

Globalwafers

Co.,

Ltd.

30,000

Hiwin

Technologies

Corp.

46,000

Hon

Hai

Precision

Industry

Co.,

Ltd.

168,000

1,221

International

Games

System

Co.,

Ltd.

1,000

KGI

Financial

Holding

Co.,

Ltd.

288,000

Largan

Precision

Co.,

Ltd.

5,000

Lite-On

Technology

Corp.

24,000

MediaTek

,

Inc.

29,000

1,314

Novatek

Microelectronics

Corp.

7,000

Realtek

Semiconductor

Corp.

18,000

Sunonwealth

Electric

Machine

Industry

Co.,

Ltd.

6,000

Taiwan

Mobile

Co.,

Ltd.

21,000

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

261,000

12,751

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

3,027

920

Uni

-President

Enterprises

Corp.

57,000

Winbond

Electronics

Corp.(Æ)

17,000

Yuanta

Financial

Holding

Co.,

Ltd.

126,000

23,630

Thailand

-

2.1%

Advanced

Info

Service

PCL

-

NVDR

47,800

Bangkok

Bank

PCL

-

NVDR

48,400

Bangkok

Dusit

Medical

Services

PCL

–

NVDR

125,800

Charoen

Pokphand

Foods

PCL

-

NVDR

170,000

CP

ALL

PCL

-

NVDR

142,500

Gulf

Development

PCL

-

NVDR(Æ)

13,800

Indorama

Ventures

PCL

-

NVDR

179,400

Kasikornbank

PCL

-

NVDR

50,300

PTT

Exploration

&

Production

PCL

–

NVDR

9,200

PTT

Oil

&

Retail

Business

PCL

-

NVDR

647,600

PTT

PCL

-

NVDR

117,800

SCB

X

PCL

-

NVDR

55,400

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Siam

Cement

PCL

(The)

-

NVDR

38,300

Srisawad

Corp.

PCL

-

NVDR

335,700

Thai

Beverage

PCL

631,900

2,932

Turkey

-

0.6%

Akbank

TAS

121,860

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

64,961

BIM

Birlesik

Magazalar

AS

3,534

Migros

Ticaret

AS

3,011

Turk

Hava

Yollari

AO

7,820

Turkcell

Iletisim

Hizmetleri

AS

55,998

Turkiye

Petrol

Rafinerileri

AS

24,993

909

United

Arab

Emirates

-

1.3%

Abu

Dhabi

Commercial

Bank

PJSC

23,243

Aldar

Properties

PJSC

65,086

Emaar

Development

PJSC

11,474

Emaar

Properties

PJSC

195,365

747

Emirates

Telecommunications

Group

Co.

PJSC

38,182

First

Abu

Dhabi

Bank

PJSC

80,794

Parkin

Co.

PJSC

28,927

Salik

Co.

PJSC

65,120

1,771

United

Kingdom

-

0.2%

HSBC

Holdings

PLC

3,306

Investec

PLC

23,963

United

States

-

0.7%

BeOne

Medicines,

Ltd.

-

ADR(Æ)

703

BeOne

Medicines,

Ltd.

Class

H(Æ)

4,200

Cognizant

Technology

Solutions

Corp.

Class

A

4,272

Freeport-McMoRan,

Inc.

4,417

Globant

SA(Æ)

1,235

971

#### Total

#### Common

#### Stocks
(cost

$125,944)

133,438

#### Preferred

#### Stocks

#### -

#### 1.2%
Brazil

-

1.1%

Axia

Energia

0.000%

(Æ)

5,879

Banco

Bradesco

SA

7.805%

(Ÿ)

161,631

540

Cia

Energetica

de

Minas

Gerais

15.143%

(Ÿ)

138,875

Itau

Unibanco

Holding

SA

6.890%

(Ÿ)

41,361

Localiza

Rent

a

Car

SA

0.000%

(Æ)

1,307

Metalurgica

Gerdau

SA

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $3.226%

(Ÿ)

22,339

Petroleo

Brasileiro

SA

-

Petrobras

9.554%

(Ÿ)

53,212

1,517

South

Korea

-

0.1%

Samsung

Electronics

Co.,

Ltd.

1.434%

(Ÿ)

2,405

#### Total

#### Preferred

#### Stocks
(cost

$1,567)

1,665

#### Short-Term

#### Investments

#### -

#### 4.4%
United

States

-

4.4%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

6,190,594

6,190

#### Total

#### Short-Term

#### Investments
(cost

$6,190)

6,190

#### Total

#### Investments

#### -

#### 100.9%
(cost

$133,701)

141,293

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.9%)
(1,270)

#### Net

#### Assets

#### -

#### 100.0%
140,023

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

IFSC

NIFTY

Index

Futures

USD

1,471

01/27/2026

(6) MSCI

Emerging

Markets

Index

Futures

USD

5,787

03/20/2026

Contracts

to

Sell

MSCI

Korea

Index

Futures

USD

1,543

03/20/2026

(155) Total

Futures

Contracts

(å)

(35) #### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

1,369

INR

124,000

03/18/26

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Forward

Foreign

Currency

Exchange

Contracts

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Austria

$

—

$

$

—

$

Brazil

2,806

5,029

—

7,835

Canada

924

—

—

924

Chile

—

—

China

2,453

33,038

—

35,491

Colombia

—

—

Czech

Republic

—

—

Germany

—

—

Greece

—

731

—

731

Hong

Kong

—

1,674

—

1,674

Hungary

—

647

—

647

India

721

15,015

15,739

Indonesia

—

2,063

—

2,063

Kazakhstan

—

—

Kuwait

—

—

Macao

—

751

—

751

Malaysia

—

656

—

656

Mexico

2,194

941

—

3,135

Netherlands

—

—

Peru

526

—

—

526

Philippines

—

701

—

701

Poland

—

1,433

—

1,433

Qatar

—

—

Saudi

Arabia

—

2,574

—

2,574

Singapore

622

—

688

South

Africa

1,556

2,679

—

4,235

South

Korea

20,933

—

21,242

Taiwan

920

22,710

—

23,630

Thailand

—

2,932

—

2,932

Turkey

—

909

—

909

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
United

Arab

Emirates

$

—

$

1,771

$

—

$

1,771

United

Kingdom

—

—

United

States

873

—

971

Preferred

Stocks

1,602

—

1,665

Short-Term

Investments

6,190

—

—

6,190

Total

Investments

21,070

120,220

141,293

Derivatives

Assets

Futures

Contracts

—

—

Forward

Foreign

Currency

Exchange

Contracts

—

—

Liabilities

Futures

Contracts

(161) —

—

(161) Total

Derivatives

\*

$

(35) $

$

—

$

(33) \*

Futures

and

forward

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

23,337

16.7 Consumer

Staples

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

5,597

4.0 Energy

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

4,389

3.1 Financial

Services

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

31,480

22.5 Health

Care

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

4,398

3.1 Materials

and

Processing

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

10,564

7.5 Producer

Durables

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

10,279

7.4 Technology

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

38,648

27.6 Utilities

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

4,746

3.4 #### Preferred

#### Stocks
Energy

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

0.2 Financial

Services

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

836

0.6 Materials

and

Processing

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

—\*\*

Producer

Durables

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

—\*\*

Technology

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

0.1 Utilities

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

0.3 #### Short-Term

#### Investments

#### .............................................................
6,190

4.4 Total

Investments

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

141,293

100.9 \*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

133,701

Investments,

at

fair

value

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

141,293

Foreign

currency

holdings(^)

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

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

Foreign

capital

gains

taxes

recoverable

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

From

broker(a)

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

Prepaid

expenses

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

Total

assets

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

142,

#### Liabilities
Payables:

Fund

shares

redeemed

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

2,068

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Total

liabilities

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

2,2

#### Net

#### Assets

#### ...............................................................................................................................................................
$

140,023

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

7,8

Paid-in

capital

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

132,

#### Net

#### Assets

#### ...............................................................................................................................................................
$

140,023

(^)

&nbsp;&nbsp;&nbsp;&nbsp;Foreign

currency

holdings

-

cost

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

$

(a) Cash

collateral

held

at

broker

for

futures

contracts

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

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

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

$

10.57 Class

V

—

Net

assets

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

$

140,023,455

Class

V

—

Shares

outstanding

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

13,249,282

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

989

Interest

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

Less

foreign

taxes

withheld

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

(91) Total

investment

income

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

900

#### Expenses
Advisory

fees

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

Administrative

fees

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

Distribution

fees

-

Class

V

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Offering

fees

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

Miscellaneous

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

Expenses

before

reductions

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

662

Expense

reductions

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

(60) Net

expenses

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

602

Net

investment

income

(loss)

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

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(196) Futures

contracts

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

Forward

foreign

currency

exchange

contracts

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

(26) Foreign

currency-related

transactions

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

(6) Net

realized

gain

(loss)

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

(61) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

7,592

Futures

contracts

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

(35) Forward

foreign

currency

exchange

contracts

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

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

7,568

Net

realized

and

unrealized

gain

(loss)

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

7,507

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

7,805

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

Net

realized

gain

(loss)

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

(61) Net

change

in

unrealized

appreciation

(depreciation)

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

7,568

Net

increase

(decrease)

in

net

assets

from

operations

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

7,805

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

132,218

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
140,023

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

140,023

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

14,202

$

142,081

Payments

for

shares

redeemed

(95

3)

(9,863)

Total

increase

(decrease)

13,249

$

132,218

(1) For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Emerging

Markets

Equity

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(℈)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

.55

$

Total

from

Investment

Operations

.57

$

Net

Asset

Value,

End

of

Period

10.57 %

Total

Return

(ǿ)(±)

5.70 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 140,023

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

1.58 %

Expenses,

Net

(ɯ)(Ƃ)

1.44 %

Net

Investment

Income

(ɯ)(Ƃ)

.71

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### s

#### hares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.8%
Australia

-

0.5%

BHP

Group,

Ltd.

64,340

1,941

Glencore

PLC

19,404

IGO,

Ltd.(Æ)

40,003

Perseus

Mining,

Ltd.

39,400

QBE

Insurance

Group,

Ltd.

60,315

799

Regis

Resources,

Ltd.

87,188

Rio

Tinto

PLC

14,529

1,159

South32,

Ltd.

Class

B

339,942

807

Technology

One,

Ltd.

14,604

5,887

Austria

-

0.3%

ams-OSRAM

AG(Æ)

18,834

BAWAG

Group

AG(Þ)

955

Erste

Group

Bank

AG

18,814

2,263

Mondi

PLC

64,189

783

3,373

Belgium

-

0.2%

Ageas

SA

19,642

1,377

Proximus

SADP

35,281

Umicore

SA

6,912

1,815

Brazil

-

0.7%

Ambev

SA

468,300

1,179

Banco

Bradesco

SA

-

ADR

579,839

1,931

Lojas

Renner

SA

247,600

606

MercadoLibre,

Inc.(Æ)

829

1,670

Natura

Cosmeticos

SA(Æ)

346,800

Telefonica

Brasil

SA

185,418

1,106

Ultrapar

Participacoes

SA

153,500

585

Wheaton

Precious

Metals

Corp.

2,636

7,859

Canada

-

2.0%

Air

Canada

Class

B(Æ)

25,632

Alimentation

Couche-Tard,

Inc.

11,783

644

Atco,

Ltd.

Class

I

3,289

Bank

of

Montreal

6,736

875

Bank

of

Nova

Scotia

(The)

10,824

798

Barrick

Mining

Corp.

53,898

2,348

Boardwalk

Real

Estate

Investment

Trust(ö)

2,134

Cameco

Corp.

Class

A

3,403

Canadian

Imperial

Bank

of

Commerce

10,342

938

Canadian

Natural

Resources,

Ltd.

22,123

749

Centerra

Gold,

Inc.

10,850

CGI,

Inc.

4,723

Constellation

Software,

Inc.

683

Dollarama,

Inc.

8,895

1,330

Enbridge,

Inc.

16,086

770

George

Weston,

Ltd.

6,162

Gibson

Energy,

Inc.

6,009

Hudbay

Minerals,

Inc.

8,340

iA

Financial

Corp.,

Inc.

1,472

Intact

Financial

Corp.

2,233

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Kinross

Gold

Corp.

72,940

2,054

Loblaw

Cos.,

Ltd.

13,568

613

Manulife

Financial

Corp.

21,458

779

MDA

Space,

Ltd.(Æ)

13,831

National

Bank

of

Canada

4,528

569

Nutrien,

Ltd.

11,376

702

Royal

Bank

of

Canada

7,821

1,333

Shopify,

Inc.

Class

A(Æ)

8,496

1,368

Stantec,

Inc.

9,825

927

Suncor

Energy,

Inc.

15,198

675

TC

Energy

Corp.

11,537

635

Wesdome

Gold

Mines,

Ltd.(Æ)

7,896

WSP

Global,

Inc.

2,783

504

22,549

China

-

1.8%

Alibaba

Group

Holding,

Ltd.

200,400

3,668

Alibaba

Group

Holding,

Ltd.

-

ADR

7,034

1,031

Baidu,

Inc.

Class

A(Æ)

87,500

1,434

China

Mengniu

Dairy

Co.,

Ltd.

213,000

Kuaishou

Technology(Þ)

144,300

1,176

PDD

Holdings,

Inc.

-

ADR(Æ)

15,695

1,780

Tencent

Holdings,

Ltd.

69,900

5,356

Trip.com

Group,

Ltd.

-

ADR

65,112

4,682

Yangzijiang

Shipbuilding

Holdings,

Ltd.

219,600

595

20,129

Denmark

-

0.7%

Demant

A/S(Æ)

9,841

DSV

A/S

3,402

856

Genmab

A/S(Æ)

1,399

Novo

Nordisk

A/S

Class

B

99,662

5,080

Pandora

A/S

2,882

Sydbank

A/S

1,445

Zealand

Pharma

A/S(Æ)

1,720

7,273

Finland

-

0.3%

Nokia

Oyj

251,831

1,631

Nordea

Bank

Abp

46,086

869

Wartsila

OYJ

Abp

Class

B

8,921

2,816

France

-

4.5%

Accor

SA

18,483

1,047

Air

Liquide

SA

Class

A

4,382

825

Airbus

SE

16,734

3,882

Arkema

SA

7,575

AXA

SA

46,281

2,226

BNP

Paribas

SA

80,681

7,634

Capgemini

SE

5,537

917

Carrefour

SA

72,618

1,211

Cie

de

Saint-Gobain

SA

13,171

1,337

Cie

Generale

des

Etablissements

Michelin

SCA

26,836

890

Credit

Agricole

SA

8,653

Eiffage

SA

854

Engie

SA

127,025

3,340

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
EssilorLuxottica

SA

6,743

2,132

Forvia

SE(Æ)

9,359

Gaztransport

Et

Technigaz

SA

2,240

Hermes

International

934

Legrand

SA

8,719

1,296

L'Oreal

SA

1,747

750

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,356

4,038

Orange

SA

183,010

3,054

Pernod

Ricard

SA

9,066

776

Renault

SA

18,418

762

Safran

SA

777

SCOR

SE

3,390

Societe

Generale

SA

69,356

5,588

TotalEnergies

SE

56,567

3,687

Valeo

SE

76,916

1,049

Vinci

SA

6,457

907

49,991

Germany

-

2.8%

Allianz

SE

2,654

1,217

Aumovio

SE(Æ)

5,205

BASF

SE

29,168

1,524

Bayerische

Motoren

Werke

AG

6,236

682

Continental

AG

10,411

831

Daimler

Truck

Holding

AG

78,676

3,450

Deutsche

Post

AG

15,343

840

Deutsche

Telekom

AG

17,925

581

Evonik

Industries

AG

52,992

832

Fresenius

SE

&

Co.

KGaA

43,677

2,514

Heidelberg

Materials

AG

4,299

1,126

Infineon

Technologies

AG

30,677

1,359

LEG

Immobilien

SE

1,691

Mercedes-Benz

Group

AG

14,756

1,041

Merck

KGaA

5,791

831

Muenchener

Rueckversicherungs-

Gesellschaft

AG

2,695

1,780

Rheinmetall

AG

1,129

2,070

SAP

SE

8,350

2,043

Scout24

SE(Þ)

1,755

Siemens

AG

7,899

2,218

Siemens

Energy

AG

1,858

Siemens

Healthineers

AG(Þ)

27,004

1,417

Symrise

AG

51,404

4,160

Wacker

Chemie

AG

1,316

31,449

Hong

Kong

-

1.0%

AIA

Group,

Ltd.

422,600

4,341

ASMPT,

Ltd.

71,900

715

CK

Asset

Holdings,

Ltd.

177,000

892

Hong

Kong

Exchanges

&

Clearing,

Ltd.

10,300

538

Prudential

PLC

226,359

3,493

Techtronic

Industries

Co.,

Ltd.

41,500

WH

Group,

Ltd.(Þ)

716,000

797

Yue

Yuen

Industrial

Holdings,

Ltd.

50,500

11,356

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
India

-

0.4%

HDFC

Bank,

Ltd.

-

ADR

124,636

4,554

Indonesia

-

0.1%

Bank

Negara

Indonesia

Persero

Tbk

PT

2,531,100

663

Ireland

-

0.6%

AerCap

Holdings

NV

6,564

943

AIB

Group

PLC

217,594

2,338

Bank

of

Ireland

Group

PLC

95,647

1,830

Flutter

Entertainment

PLC(Æ)

5,082

1,102

6,213

Israel

-

0.2%

Bank

Leumi

Le-Israel

BM

44,504

981

Check

Point

Software

Technologies,

Ltd.

(Æ)

5,454

1,012

Delek

Group,

Ltd.

579

Phoenix

Financial,

Ltd.

7,764

Wix.com,

Ltd.(Æ)

1,718

2,648

Italy

-

0.9%

BPER

Banca

SpA

129,918

1,757

Eni

SpA

95,703

1,815

Generali

18,678

784

Ryanair

Holdings

PLC

-

ADR

18,664

1,347

UniCredit

SpA

53,093

4,408

10,111

Japan

-

4.5%

Advantest

Corp.

8,800

1,111

Alfresa

Holdings

Corp.

27,900

Alps

Alpine

Co.,

Ltd.

14,800

Amada

Co.,

Ltd.

33,000

Bridgestone

Corp.

42,600

958

Chiba

Bank,

Ltd.

(The)

121,800

1,354

Dai-ichi

Life

Holdings,

Inc.

75,300

625

Dentsu,

Inc.

43,800

930

Eisai

Co.,

Ltd.

16,900

501

Fast

Retailing

Co.,

Ltd.

2,600

943

Hakuhodo

DY

Holdings,

Inc.

50,600

Hino

Motors,

Ltd.(Æ)

69,100

Hitachi,

Ltd.

81,000

2,513

Honda

Motor

Co.,

Ltd.

94,200

922

Horiba,

Ltd.

5,100

520

Hoya

Corp.

22,500

3,408

Isuzu

Motors,

Ltd.

10,100

ITOCHU

Corp.

77,000

972

Japan

Airlines

Co.,

Ltd.

27,900

519

Japan

Post

Insurance

Co.,

Ltd.

Class

A

49,700

1,491

JGC

Holdings

Corp.

46,400

564

KDDI

Corp.

48,600

841

Keyence

Corp.

8,200

2,971

Koito

Manufacturing

Co.,

Ltd.

61,200

905

Kubota

Corp.

98,100

1,385

MISUMI

Group,

Inc.

7,300

Mitsubishi

Estate

Co.,

Ltd.

60,900

1,483

Mitsubishi

Gas

Chemical

Co.,

Inc.

35,000

635

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
MS&AD

Insurance

Group

Holdings,

Inc.

13,900

Nikon

Corp.

33,900

Nintendo

Co.,

Ltd.

8,400

567

Nissan

Motor

Co.,

Ltd.(Æ)

236,700

588

Nomura

Holdings,

Inc.

28,800

NTT,

Inc.

701,800

708

Ono

Pharmaceutical

Co.,

Ltd.

21,300

Persol

Holdings

Co.,

Ltd.

349,100

647

Recruit

Holdings

Co.,

Ltd.

14,700

839

Resona

Holdings,

Inc.

172,000

1,631

Rinnai

Corp.

22,700

575

Rohm

Co.,

Ltd.

82,100

1,166

Sanrio

Co.,

Ltd.

5,200

Sega

Sammy

Holdings,

Inc.

19,400

Shionogi

&

Co.,

Ltd.

19,800

Sompo

Holdings,

Inc.

3,300

Sony

Group

Corp.

46,500

1,189

Stanley

Electric

Co.,

Ltd.

22,900

Subaru

Corp.

47,500

1,020

Sumitomo

Heavy

Industries,

Ltd.

16,000

Sumitomo

Mitsui

Financial

Group,

Inc.

80,100

2,578

Sumitomo

Mitsui

Trust

Holdings,

Inc.

58,700

1,784

Sumitomo

Rubber

Industries,

Ltd.

30,300

T&D

Holdings,

Inc.

87,600

2,019

Taiheiyo

Cement

Corp.

11,900

Takeda

Pharmaceutical

Co.,

Ltd.

28,200

876

THK

Co.,

Ltd.

15,200

Tokio

Marine

Holdings,

Inc.

39,200

1,455

Tsuruha

Holdings,

Inc.

40,800

749

Yamato

Holdings

Co.,

Ltd.

51,900

731

50,707

Luxembourg

-

0.0%

RTL

Group

SA

7,677

Macao

-

0.0%

MGM

China

Holdings,

Ltd.

72,000

Mexico

-

0.1%

America

Movil

SAB

de

CV

-

ADR

63,042

1,303

Netherlands

-

2.5%

ABN

AMRO

Bank

NV(Þ)

74,371

2,596

Adyen

NV(Æ)(Þ)

752

1,207

AMG

Critical

Materials

NV

3,285

Argenx

SE(Æ)

1,264

1,064

ASM

International

NV

ASML

Holding

NV

3,058

3,269

Heineken

NV

27,355

2,238

ING

Groep

NV

237,354

6,672

Koninklijke

Ahold

Delhaize

NV

20,177

827

Koninklijke

Heijmans

NV

1,918

Koninklijke

Philips

NV

66,561

1,801

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

9,697

NN

Group

NV

28,945

2,228

NXP

Semiconductors

NV

609

Randstad

NV

21,133

803

Universal

Music

Group

NV

146,839

3,836

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
VEON,

Ltd.

-

ADR(Æ)

5,128

27,567

Norway

-

0.0%

Kongsberg

Gruppen

ASA

6,566

Nordic

Semiconductor

ASA(Æ)

7,095

Norsk

Hydro

ASA

19,888

Singapore

-

0.3%

DBS

Group

Holdings,

Ltd.

22,000

963

Singapore

Technologies

Engineering,

Ltd.

117,300

765

United

Overseas

Bank,

Ltd.

47,300

1,288

3,016

South

Africa

-

0.3%

Anglo

American

PLC

21,166

872

MTN

Group,

Ltd.

141,676

1,448

Old

Mutual,

Ltd.

1,011,188

910

3,230

South

Korea

-

1.3%

Coway

Co.,

Ltd.(Æ)

4,547

Hankook

Tire

&

Technology

Co.,

Ltd.

9,698

Hyundai

Mobis

Co.,

Ltd.

5,621

1,456

KB

Financial

Group,

Inc.

16,020

1,385

KT

Corp.

-

ADR

56,723

1,076

Samsung

Electronics

Co.,

Ltd.

67,911

5,660

Shinhan

Financial

Group

Co.,

Ltd.

52,373

2,795

SK

Hynix,

Inc.

572

SK

Telecom

Co.,

Ltd.

26,748

993

14,290

Spain

-

0.7%

Banco

Bilbao

Vizcaya

Argentaria

SA

41,802

978

Banco

de

Sabadell

SA

51,594

Banco

Santander

SA

65,534

769

Iberdrola

SA

46,545

1,008

Industria

de

Diseno

Textil

SA

79,825

5,258

Unicaja

Banco

SA(Þ)

39,719

8,344

Sweden

-

0.3%

Boliden

AB(Æ)

2,101

SKF

AB

Class

B

52,846

1,405

Telefonaktiebolaget

LM

Ericsson

Class

B

142,815

1,394

2,915

Switzerland

-

1.4%

ABB,

Ltd.

32,446

2,399

Accelleron

Industries

AG

4,563

Adecco

Group

AG

23,720

689

Galderma

Group

AG

5,947

1,207

Logitech

International

SA

3,553

Sonova

Holding

AG

1,305

Swatch

Group

AG

(The)

Class

B

5,236

1,111

TE

Connectivity

PLC

4,827

1,098

UBS

Group

AG

164,803

7,618

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Zurich

Insurance

Group

AG

1,126

855

16,030

Taiwan

-

2.5%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

78,000

3,811

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

81,047

24,629

28,440

Thailand

-

0.3%

Kasikornbank

PCL

-

NVDR

457,700

2,826

SCB

X

PCL

-

NVDR

23,000

2,927

Turkey

-

0.0%

Coca-Cola

Icecek

AS

95,238

United

Kingdom

-

4.4%

3i

Group

PLC

16,234

706

AstraZeneca

PLC

14,616

2,692

AstraZeneca

PLC

-

ADR

25,509

2,345

BAE

Systems

PLC

27,115

623

Barclays

PLC

102,031

648

Beazley

PLC

23,410

British

American

Tobacco

PLC

84,403

4,784

British

Land

Co.

PLC

(The)(ö)

142,349

770

BT

Group

PLC

555,748

1,374

Burberry

Group

PLC(Æ)

50,072

853

CK

Hutchison

Holdings,

Ltd.

Class

B

145,000

988

Compass

Group

PLC

85,355

2,716

DCC

PLC

13,138

817

Drax

Group

PLC

28,833

easyJet

PLC

191,026

1,309

Hikma

Pharmaceuticals

PLC

10,247

HSBC

Holdings

PLC

217,523

3,410

Intermediate

Capital

Group

PLC

3,707

International

Consolidated

Airlines

Group

SA

33,141

J

Sainsbury

PLC

128,091

564

Kingfisher

PLC

233,581

979

Klarna

Group

PLC(Æ)

22,265

644

Land

Securities

Group

PLC(ö)

101,939

848

Lloyds

Banking

Group

PLC

2,455,195

3,236

NatWest

Group

PLC

462,049

4,030

Reckitt

Benckiser

Group

PLC

22,074

1,787

RELX

PLC

101,714

4,114

Standard

Chartered

PLC

159,584

3,897

Tate

&

Lyle

PLC

91,106

Unilever

PLC

41,443

2,710

Unite

Group

PLC

(The)(ö)

31,473

Vodafone

Group

PLC

196,159

WPP

PLC

157,311

711

49,600

United

States

-

59.2%

Abbott

Laboratories

10,292

1,289

AbbVie,

Inc.

13,820

3,158

Accenture

PLC

Class

A

19,975

5,359

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Acuity,

Inc.

Adobe,

Inc.(Æ)

7,090

2,481

ADT,

Inc.

30,758

Advanced

Micro

Devices,

Inc.(Æ)

4,672

1,001

Aegon,

Ltd.

50,965

Aflac,

Inc.

6,160

679

Airbnb,

Inc.

Class

A(Æ)

38,348

5,205

Allstate

Corp.

(The)

2,242

Alphabet,

Inc.

Class

A

43,526

13,624

Alphabet,

Inc.

Class

C

109,866

34,476

Altria

Group,

Inc.

15,820

912

Amazon.com,

Inc.(Æ)

126,730

29,252

Ameren

Corp.

4,752

American

Electric

Power

Co.,

Inc.

6,985

805

American

Express

Co.

3,484

1,289

American

International

Group,

Inc.

5,166

American

Tower

Corp.(ö)

1,456

Ameriprise

Financial,

Inc.

513

AMETEK,

Inc.

2,156

Amgen,

Inc.

2,182

714

Amphenol

Corp.

Class

A

14,549

1,966

Analog

Devices,

Inc.

996

Aon

PLC

Class

A

1,637

578

AP

Moller

-

Maersk

A/S

Class

B

719

Apple,

Inc.

143,793

39,092

Applied

Materials,

Inc.

33,006

8,482

AppLovin

Corp.

Class

A(Æ)

2,118

1,427

Aptiv

PLC(Æ)

2,372

Arch

Capital

Group,

Ltd.

6,745

647

Arista

Networks,

Inc.(Æ)

23,793

3,118

Arthur

J

Gallagher

&

Co.

2,090

541

Assurant,

Inc.

519

AT&T,

Inc.

47,993

1,192

Atlassian

Corp.

Class

A(Æ)

1,947

Autodesk,

Inc.(Æ)

5,914

1,751

Automatic

Data

Processing,

Inc.

2,396

616

AutoZone,

Inc.(Æ)

Axis

Capital

Holdings,

Ltd.

1,122

Axon

Enterprise,

Inc.(Æ)

1,003

570

Baker

Hughes

Co.

69,439

3,162

Bank

of

America

Corp.

94,204

5,181

Bank

of

New

York

Mellon

Corp.

(The)

7,953

923

Becton

Dickinson

&

Co.

3,285

638

Berkshire

Hathaway,

Inc.

Class

B(Æ)

5,072

2,549

BioMarin

Pharmaceutical,

Inc.(Æ)

3,698

BlackRock,

Inc.

Blackstone,

Inc.

Class

A

7,303

1,126

Booking

Holdings,

Inc.

1,000

5,355

BorgWarner,

Inc.

2,475

Boston

Scientific

Corp.(Æ)

23,374

2,229

BP

PLC

372,944

2,165

Bristol-Myers

Squibb

Co.

44,176

2,383

Broadcom,

Inc.

44,903

15,541

Broadridge

Financial

Solutions,

Inc.

2,154

Brown

&

Brown,

Inc.

7,905

630

Cadence

Design

Systems,

Inc.(Æ)

2,682

838

Capital

One

Financial

Corp.

22,544

5,464

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Cardinal

Health,

Inc.

6,884

1,415

Carnival

Corp.

23,635

722

Cboe

Global

Markets,

Inc.

2,534

636

CBRE

Group,

Inc.

Class

A(Æ)

673

Cencora,

Inc.

Class

A

1,856

627

Charles

Schwab

Corp.

(The)

64,669

6,461

Chevron

Corp.

10,691

1,629

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

92,491

3,422

Chubb,

Ltd.

2,825

882

Church

&

Dwight

Co.,

Inc.

5,958

500

Cigna

Group

(The)

15,052

4,143

Cintas

Corp.

5,707

1,073

Cisco

Systems,

Inc.

27,041

2,083

Citigroup,

Inc.

13,240

1,545

CME

Group,

Inc.

Class

A

24,078

6,575

CMS

Energy

Corp.

6,728

Coca-Cola

Co.

(The)

12,846

898

Cognizant

Technology

Solutions

Corp.

Class

A

14,348

1,191

Comcast

Corp.

Class

A

39,103

1,169

ConocoPhillips

11,333

1,061

Consolidated

Edison,

Inc.

6,699

665

Copart,

Inc.(Æ)

13,508

529

Costco

Wholesale

Corp.

4,280

3,691

CRH

PLC

5,177

646

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

2,116

992

Crown

Castle,

Inc.(ö)

2,218

Cummins,

Inc.

1,507

769

Curtiss-Wright

Corp.

737

CVS

Health

Corp.

12,111

961

Danaher

Corp.

8,617

1,973

Deckers

Outdoor

Corp.(Æ)

1,696

Delta

Air

Lines,

Inc.

44,479

3,087

Devon

Energy

Corp.

9,044

DexCom,

Inc.(Æ)

46,982

3,118

Diamondback

Energy,

Inc.

4,281

644

Dollar

General

Corp.

4,391

583

DoorDash,

Inc.

Class

A(Æ)

3,837

869

Dover

Corp.

2,686

524

DR

Horton,

Inc.

4,930

710

DTE

Energy

Co.

3,958

510

Duke

Energy

Corp.

4,440

520

Dynatrace,

Inc.(Æ)

4,112

Eaton

Corp.

PLC

1,063

eBay,

Inc.

8,237

717

Ecolab,

Inc.

2,759

724

Edwards

Lifesciences

Corp.(Æ)

6,701

571

Elastic

NV(Æ)

1,192

Electronic

Arts,

Inc.

2,594

530

Elevance

Health,

Inc.

11,395

3,995

Eli

Lilly

&

Co.

5,940

6,384

EMCOR

Group,

Inc.

747

EOG

Resources,

Inc.

6,536

686

EQT

Corp.

10,868

583

Equifax,

Inc.

16,998

3,688

Eversource

Energy

8,248

555

Exelon

Corp.

17,853

778

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Exxon

Mobil

Corp.

19,596

2,358

FactSet

Research

Systems,

Inc.

1,366

Fastenal

Co.

19,448

780

FedEx

Corp.

3,381

977

Fiserv,

Inc.(Æ)

3,727

Ford

Motor

Co.

51,185

672

Fortinet,

Inc.(Æ)

5,547

Fox

Corp.

Class

B

1,936

Garmin,

Ltd.

3,760

763

GE

Vernova,

Inc.

2,240

1,464

General

Dynamics

Corp.

12,750

4,292

General

Electric

Co.

4,740

1,460

General

Mills,

Inc.

11,761

547

General

Motors

Co.

17,819

1,449

Gilead

Sciences,

Inc.

10,419

1,279

GoDaddy,

Inc.

Class

A(Æ)

2,039

Goldman

Sachs

Group,

Inc.

(The)

2,948

2,591

GSK

PLC

179,017

4,399

Haleon

PLC

1,108,000

5,607

Halozyme

Therapeutics,

Inc.(Æ)

1,450

Hartford

Insurance

Group,

Inc.

(The)

5,529

762

HCA

Healthcare,

Inc.

17,280

8,067

Hershey

Co.

(The)

3,199

582

Hewlett

Packard

Enterprise

Co.

24,442

587

Holcim

AG(Æ)

9,288

911

Home

Depot,

Inc.

(The)

5,724

1,970

Honeywell

International,

Inc.

6,499

1,268

Host

Hotels

&

Resorts,

Inc.(ö)

11,814

HubSpot,

Inc.(Æ)

1,446

580

IBM

Corp.

2,028

601

IDEXX

Laboratories,

Inc.(Æ)

933

631

Illinois

Tool

Works,

Inc.

2,460

606

Incyte

Corp.(Æ)

2,406

Insulet

Corp.(Æ)

Intercontinental

Exchange,

Inc.

3,557

576

Intuit,

Inc.

5,744

3,805

Intuitive

Surgical,

Inc.(Æ)

4,084

2,313

Iridium

Communications,

Inc.

5,144

Johnson

&

Johnson

12,211

2,527

JPMorgan

Chase

&

Co.

16,941

5,459

Keurig

Dr

Pepper,

Inc.

14,318

Keysight

Technologies,

Inc.(Æ)

2,145

Kimberly-Clark

Corp.

4,668

Kraft

Heinz

Co.

(The)

20,183

Kroger

Co.

(The)

9,907

619

Lam

Research

Corp.

12,213

2,091

Lennar

Corp.

Class

A

4,704

Linde

PLC

13,933

5,941

Lockheed

Martin

Corp.

1,298

628

Loews

Corp.

3,546

Lowe's

Cos.,

Inc.

2,420

584

LPL

Financial

Holdings,

Inc.

1,617

578

Lyft,

Inc.

Class

A(Æ)

7,698

Marathon

Petroleum

Corp.

3,311

538

Marsh

&

McLennan

Cos.,

Inc.

2,695

500

Marvell

Technology,

Inc.

1,266

Mastercard,

Inc.

Class

A

24,539

14,009

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
McDonald's

Corp.

2,858

873

McKesson

Corp.

1,883

1,545

Medpace

Holdings,

Inc.(Æ)

Medtronic

PLC

11,262

1,082

Merck

&

Co.,

Inc.

27,722

2,918

Meta

Platforms,

Inc.

Class

A

37,322

24,636

MetLife,

Inc.

5,491

Microchip

Technology,

Inc.

1,685

Micron

Technology,

Inc.

7,400

2,112

Microsoft

Corp.

75,745

36,632

Monolithic

Power

Systems,

Inc.

759

688

Monster

Beverage

Corp.(Æ)

18,568

1,424

Moody's

Corp.

986

504

Morgan

Stanley

5,905

1,048

Motorola

Solutions,

Inc.

1,736

665

MSCI,

Inc.

Class

A

Nasdaq,

Inc.

2,070

Nestle

SA

29,662

2,948

Netflix,

Inc.

Class

B(Æ)

38,884

3,646

Newmont

Corp.

15,627

1,560

NIKE,

Inc.

Class

B

7,568

NMI

Holdings,

Inc.

Class

A(Æ)

5,364

Northrop

Grumman

Corp.

4,484

2,557

Novartis

AG

31,480

4,349

NRG

Energy,

Inc.

4,035

643

Nucor

Corp.

4,470

729

Nutanix,

Inc.

Class

A(Æ)

4,657

nVent

Electric

PLC

2,706

NVIDIA

Corp.

192,067

35,820

NVR,

Inc.(Æ)

613

ON

Semiconductor

Corp.(Æ)

13,290

720

Oracle

Corp.

3,957

771

O'Reilly

Automotive,

Inc.(Æ)

8,604

785

PACCAR,

Inc.

7,737

847

Palantir

Technologies,

Inc.

Class

A(Æ)

14,893

2,647

Palo

Alto

Networks,

Inc.(Æ)

4,572

842

Parker-Hannifin

Corp.

2,454

2,157

Paychex,

Inc.

5,414

607

PayPal

Holdings,

Inc.

3,344

PepsiCo,

Inc.

12,367

1,775

Pfizer,

Inc.

34,993

871

PG&E

Corp.

22,166

Philip

Morris

International,

Inc.

6,875

1,103

Phillips

4,651

600

PNC

Financial

Services

Group,

Inc.

(The)

2,517

525

Procter

&

Gamble

Co.

(The)

20,995

3,009

Progressive

Corp.

(The)

4,090

931

Public

Storage(ö)

1,864

PulteGroup,

Inc.

4,552

534

QUALCOMM,

Inc.

17,153

2,934

Quest

Diagnostics,

Inc.

2,721

Ralph

Lauren

Corp.

Class

A

722

Realty

Income

Corp.(ö)

9,988

563

Regeneron

Pharmaceuticals,

Inc.

1,855

1,432

Reinsurance

Group

of

America,

Inc.

Class

A

893

Republic

Services,

Inc.

Class

A

2,694

571

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
ResMed,

Inc.

1,874

Roche

Holding

AG

16,113

6,659

Rockwell

Automation,

Inc.

779

Rollins,

Inc.

8,518

511

Roper

Technologies,

Inc.

1,316

586

Ross

Stores,

Inc.

3,487

628

RTX

Corp.

14,354

2,633

Ryman

Hospitality

Properties,

Inc.(ö)

2,312

S&P

Global,

Inc.

1,131

591

Salesforce,

Inc.

15,134

4,009

Sanofi

SA

35,275

3,422

Schneider

Electric

SE

22,785

6,245

Seagate

Technology

Holdings

PLC

21,394

5,892

ServiceNow,

Inc.(Æ)

16,865

2,584

Shell

PLC

130,315

4,787

Skyworks

Solutions,

Inc.

1,454

Snap-on,

Inc.

1,643

566

Snowflake,

Inc.

Class

A(Æ)

2,022

Solstice

Advanced

Materials

Inc.(Æ)

1,759

Southern

Co.

(The)

5,663

Spotify

Technology

SA(Æ)

2,571

1,493

Sprouts

Farmers

Market,

Inc.(Æ)

3,821

SS&C

Technologies

Holdings,

Inc.

5,744

502

Starbucks

Corp.

10,729

903

Stryker

Corp.

1,522

535

Super

Micro

Computer,

Inc.(Æ)

18,550

543

Synopsys,

Inc.(Æ)

6,368

2,991

Sysco

Corp.

7,451

549

Target

Corp.

6,642

649

Taylor

Morrison

Home

Corp.

Class

A(Æ)

1,868

Teledyne

Technologies,

Inc.(Æ)

1,052

537

Tesla,

Inc.(Æ)

13,389

6,021

Texas

Instruments,

Inc.

3,461

600

Textron,

Inc.

3,131

Thermo

Fisher

Scientific,

Inc.

1,681

974

TJX

Cos.,

Inc.

(The)

15,941

2,449

T-Mobile

US,

Inc.

7,686

1,561

Toast,

Inc.

Class

A(Æ)

14,502

515

Trane

Technologies

PLC

3,382

1,316

TransDigm

Group,

Inc.

3,533

4,698

Travelers

Cos.,

Inc.

(The)

1,760

511

Truist

Financial

Corp.

11,458

564

Uber

Technologies,

Inc.(Æ)

81,937

6,695

Ulta

Beauty,

Inc.(Æ)

2,100

1,271

Union

Pacific

Corp.

2,627

608

United

Airlines,

Inc.(Æ)

25,379

2,838

United

Parcel

Service,

Inc.

Class

B

9,394

932

United

Rentals,

Inc.

706

571

UnitedHealth

Group,

Inc.

22,148

7,311

US

Bancorp

10,294

549

US

Foods

Holding

Corp.(Æ)

1,940

Valero

Energy

Corp.

5,095

829

Veeva

Systems,

Inc.

Class

A(Æ)

2,358

526

VeriSign,

Inc.

3,386

823

Verisk

Analytics,

Inc.

Class

A

2,347

525

Verizon

Communications,

Inc.

32,234

1,313

Vertex

Pharmaceuticals,

Inc.(Æ)

10,006

4,536

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Vertiv

Holdings

Co.

Class

A

14,672

2,377

VICI

Properties,

Inc.(ö)

28,015

788

Viking

Holdings,

Ltd.(Æ)

18,226

1,302

Visa,

Inc.

Class

A

14,735

5,168

Vistra

Corp.

693

W.R.

Berkley

Corp.

5,403

W.W.

Grainger,

Inc.

609

615

Walmart,

Inc.

21,163

2,358

Walt

Disney

Co.

(The)

9,321

1,060

Waste

Management,

Inc.

14,169

3,113

WEC

Energy

Group,

Inc.

4,847

511

Welltower,

Inc.(ö)

7,833

1,454

Western

Digital

Corp.

7,786

1,341

Williams

Cos.,

Inc.

(The)

10,241

616

Workday,

Inc.

Class

A(Æ)

2,581

554

Xcel

Energy,

Inc.

7,071

522

Yelp,

Inc.

Class

A(Æ)

3,705

Yum!

Brands,

Inc.

3,610

546

Zebra

Technologies

Corp.

Class

A(Æ)

814

Zoetis,

Inc.

Class

A

7,852

988

Zscaler,

Inc.(Æ)

2,059

663,436

#### Total

#### Common

#### Stocks
(cost

$1,004,482)

1,061,467

#### Preferred

#### Stocks

#### -

#### 0.3%
Brazil

-

0.0%

Raizen

SA

0.000%

(Æ)

1,009,900

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.852%

(Ÿ)

9,082

742

Volkswagen

AG

6.208%

(Ÿ)

20,424

2,484

3,226

#### Total

#### Preferred

#### Stocks
(cost

$3,437)

3,374

#### Short-Term

#### Investments

#### -

#### 3.5%
United

States

-

3.5%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

39,546,596

39,547

#### Total

#### Short-Term

#### Investments
(cost

$39,547)

39,547

#### Total

#### Investments

#### -

#### 98.6%
(cost

$1,047,466)

1,104,388

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 1.4%
15,521

#### Net

#### Assets

#### -

#### 100.0%
1,119,909

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

USD

151,290

03/20/2026

(446) S&P/TSX

Index

Futures

CAD

18,991

03/19/2026

SPI

Index

Futures

AUD

20,822

03/19/2026

TOPIX

Index

Futures

JPY

1,501,940

03/12/2026

Contracts

to

Sell

CAC40

Euro

Index

Futures

EUR

13,209

01/16/2026

(55) DAX

Index

Futures

EUR

12,345

03/20/2026

(144) EURO

STOXX

Index

Futures

EUR

7,827

03/20/2026

(113) FTSE

Index

Futures

GBP

23,361

03/20/2026

(546) FTSE/MIB

Index

Futures

EUR

4,280

03/20/2026

(80) IBEX

Index

Futures

EUR

5,011

01/16/2026

(129) MSCI

Emerging

Markets

Index

Futures

641

USD

45,235

03/20/2026

(821) OMXS30

Index

Futures

SEK

35,901

01/16/2026

(102) Total

Futures

Contracts

(å)

(2,236)

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

5,738

AUD

8,634

03/18/26

Bank

of

America

SEK

1,700

USD

03/18/26

(2) Goldman

Sachs

USD

1,283

CAD

1,770

03/18/26

Goldman

Sachs

USD

2,348

JPY

364,220

03/18/26

(9) Goldman

Sachs

EUR

10,420

USD

12,187

03/18/26

(100) Goldman

Sachs

GBP

5,520

USD

7,352

03/18/26

(87) HSBC

USD

1,285

CAD

1,770

03/18/26

HSBC

USD

2,347

JPY

364,220

03/18/26

(7) HSBC

EUR

10,420

USD

12,187

03/18/26

(100) HSBC

GBP

5,520

USD

7,353

03/18/26

(86) Morgan

Stanley

USD

1,283

CAD

1,770

03/18/26

Morgan

Stanley

USD

2,349

JPY

364,220

03/18/26

(10) Morgan

Stanley

EUR

10,420

USD

12,194

03/18/26

(93) Morgan

Stanley

GBP

5,520

USD

7,358

03/18/26

(82) Standard

Chartered

USD

1,285

CAD

1,770

03/18/26

Standard

Chartered

USD

2,345

JPY

364,220

03/18/26

(6) Standard

Chartered

EUR

10,420

USD

12,187

03/18/26

(100) Standard

Chartered

GBP

5,520

USD

7,348

03/18/26

(91) Westpac

USD

1,285

CAD

1,770

03/18/26

Westpac

USD

2,350

JPY

364,220

03/18/26

(10) Westpac

EUR

10,420

USD

12,194

03/18/26

(92) Westpac

GBP

5,520

USD

7,362

03/18/26

(78) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Forward

Foreign

Currency

Exchange

Contracts

(879) #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Australia

$

—

$

5,887

$

—

$

5,887

Austria

—

3,373

—

3,373

Belgium

—

1,815

—

1,815

Brazil

3,910

3,949

—

7,859

Canada

22,549

—

—

22,549

China

7,493

12,636

—

20,129

Denmark

—

7,273

—

7,273

Finland

—

2,816

—

2,816

France

—

49,991

—

49,991

Germany

—

31,449

—

31,449

Hong

Kong

—

11,356

—

11,356

India

4,554

—

—

4,554

Indonesia

—

663

—

663

Ireland

943

5,270

—

6,213

Israel

1,191

1,457

—

2,648

Italy

1,347

8,764

—

10,111

Japan

—

50,707

—

50,707

Luxembourg

—

—

Macao

—

—

Mexico

1,303

—

—

1,303

Netherlands

556

27,011

—

27,567

Norway

—

—

Singapore

—

3,016

—

3,016

South

Africa

—

3,230

—

3,230

South

Korea

1,076

13,214

—

14,290

Spain

—

8,344

—

8,344

Sweden

—

2,915

—

2,915

Switzerland

1,098

14,932

—

16,030

Taiwan

24,629

3,811

—

28,440

Thailand

—

2,927

—

2,927

Turkey

—

—

United

Kingdom

2,989

46,611

—

49,600

United

States

620,832

42,604

—

663,436

Preferred

Stocks

—

3,374

—

3,374

Short-Term

Investments

39,547

—

—

39,547

Total

Investments

734,017

370,371

—

1,104,388

Derivatives

Assets

Futures

Contracts

—

—

Forward

Foreign

Currency

Exchange

Contracts

—

—

Liabilities

Futures

Contracts

(2,43

6)

—

—

(2,43

6)

Forward

Foreign

Currency

Exchange

Contracts

—

(953) —

(953) Total

Derivatives

\*

$

(2,236)

$

(879) $

—

$

(3,11

5)

\*

Futures

and

forward

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

136,289

12.2 Consumer

Staples

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

,

3. 8

Energy

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

33,311

3.0 Financial

Services

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

210,729

18.8 Health

Care

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

,

668

10. 4

Materials

and

Processing

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

41,742

3.7 Producer

Durables

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

88,616

7.9 Technology

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

363,251

32.5 Utilities

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

28,368

2.5 #### Preferred

#### Stocks
Consumer

Discretionary

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

2,484

0.2 Consumer

Staples

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

742

0.1 Utilities

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

—\*\*

#### Short-Term

#### Investments

#### .............................................................
39,547

3.5 Total

Investments

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

1,104,388

98.6 \*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

1,047,466

Investments,

at

fair

value

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

1,104,388

Foreign

currency

holdings(^)

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

1,830

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

842

Fund

shares

sold

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

Foreign

capital

gains

taxes

recoverable

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

From

broker(a)

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

,

689

Prepaid

expenses

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

Total

assets

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

1,126

,

#### Liabilities
Payables:

Fund

shares

redeemed

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

3,340

Accrued

fees

to

affiliates

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

806

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

953

Total

liabilities

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

6,

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,119,909

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

63,23

Paid-in

capital

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

1,056,67

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,119,909

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

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

$

1,826

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

held

at

broker

for

futures

contracts

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

$

,

689

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

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

$

10.63 Class

I

—

Net

assets

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

$

573,888,082

Class

I

—

Shares

outstanding

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

53,975,289

Net

asset

value

per

share:

Class

V

(#)

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

$

10.64 Class

V

—

Net

assets

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

$

546,020,479

Class

V

—

Shares

outstanding

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

51,337,338

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

,

Interest

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

Less

foreign

taxes

withheld

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

(316) Total

investment

income

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

6,03

#### Expenses
Advisory

fees

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

2,600

Administrative

fees

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

Distribution

fees

-

Class

V

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Offering

fees

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

Miscellaneous

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

Expenses

before

reductions

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

3,653

Expense

reductions

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

(615) Net

expenses

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

3,038

Net

investment

income

(loss)

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

2,99

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

5,856

Futures

contracts

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

Forward

foreign

currency

exchange

contracts

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

Foreign

currency-related

transactions

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

(31

2)

Net

realized

gain

(loss)

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

6,42

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

56,922

Futures

contracts

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

(2,236)

Forward

foreign

currency

exchange

contracts

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

(879) Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

53,81

Net

realized

and

unrealized

gain

(loss)

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

60,2

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

63,23

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

2,99

Net

realized

gain

(loss)

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

6,42

Net

change

in

unrealized

appreciation

(depreciation)

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

53,81

Net

increase

(decrease)

in

net

assets

from

operations

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

63,23

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

1,056,675

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,119,909

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

1,119,909

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

57,982

$

579,827

Payments

for

shares

redeemed

(4,007)

(41,638)

Net

increase

(decrease)

53,975

538,189

Class

V

Proceeds

from

shares

sold

(2) 55,871

565,407

Payments

for

shares

redeemed

(4,533)

(46,921)

Net

increase

(decrease)

51,338

518,486

Total

increase

(decrease)

105,313

$

1,056,675

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. (2) During

the

period

ended

December

31,

2025,

Venerable

World

Equity

Fund

received

securities

in

the

amount

of

$305,374

for

Class

V

to

satisfy

a

subscription-in-kind.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Equity

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### I

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

.60

$

Total

from

Investment

Operations

.6

$

Net

Asset

Value,

End

of

Period

10.6 3

%

Total

Return

(ǿ)

(±)

6. 3

–

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 573

,

888

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.

%

Expenses,

Net

(ɯ)(Ƃ)

.

%

Net

Investment

Income

(ɯ)(Ƃ)

.8

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

.6

$

Total

from

Investment

Operations

.64

$

Net

Asset

Value,

End

of

Period

10.64 %

Total

Return

(ǿ)

(±)

6.40 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 546,021

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

1. 21

%

Expenses,

Net

(ɯ)(Ƃ)

.8

%

Net

Investment

Income

(ɯ)(Ƃ)

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 98.1%
Corporate

Bonds

and

Notes

-

96.4%

Consumer

Discretionary

-

25.1%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

6.125%

due

06/15/29

(Þ)

4,000

4,112

American

Axle

&

Manufacturing,

Inc.

6.375%

due

10/15/32

(Þ)

1,445

1,472

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

4.625%

due

04/01/30

(Þ)

2,400

2,288

6.875%

due

08/01/33

(Þ)

1,655

1,658

Banjay

Entertainment

SAS

8.125%

due

05/01/29

(Þ)

5,100

5,288

Beach

Acquisition

Bidco

LLC

10.000%

due

07/15/33

(Þ)

5,175

5,689

Caesars

Entertainment,

Inc.

4.625%

due

10/15/29

(Þ)

1,400

1,344

Carnival

Corp.

5.750%

due

03/15/30

(Þ)

3,600

3,706

5.750%

due

08/01/32

(Þ)

3,725

3,827

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.375%

due

06/01/29

(Þ)

4,900

4,845

4.500%

due

08/15/30

(Þ)

3,500

3,297

4.500%

due

06/01/33

(Þ)

4,000

3,504

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

6.750%

due

09/15/32

(Þ)

4,755

4,932

Clear

Channel

Outdoor

Holdings,

Inc.

7.500%

due

06/01/29

(Þ)

1,900

1,887

7.875%

due

04/01/30

(Þ)

3,400

3,586

7.500%

due

03/15/33

(Þ)

1,900

2,013

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.000%

due

09/15/29

(Þ)

5,400

5,735

CSC

Holdings

LLC

3.375%

due

02/15/31

(Þ)

2,400

1,453

Directv

Financing

LLC

8.875%

due

02/01/30

(Þ)

1,900

1,925

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

5.875%

due

08/15/27

(Þ)

1,066

1,072

Dornoch

Debt

Merger

Sub,

Inc.

6.625%

due

10/15/29

(Þ)

7,400

6,423

Dream

Finders

Homes,

Inc.

8.250%

due

08/15/28

(Þ)

2,700

2,780

EW

Scripps

Co.

(The)

9.875%

due

08/15/30

(Þ)

3,500

3,494

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%

due

01/15/29

(Þ)

2,000

1,943

6.750%

due

01/15/30

(Þ)

5,600

5,319

FirstCash,

Inc.

4.625%

due

09/01/28

(Þ)

1,500

1,489

6.875%

due

03/01/32

(Þ)

3,700

3,854

Forestar

Group,

Inc.

6.500%

due

03/15/33

(Þ)

1,910

1,945

Forvia

SE

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $6.750%

due

09/15/33

(Þ)

1,705

1,754

Gates

Corp.

6.875%

due

07/01/29

(Þ)

5,800

6,027

Great

Canadian

Gaming

Corp.

8.750%

due

11/15/29

(Þ)

3,000

3,033

IHO

Verwaltungs

GmbH

7.750%

due

11/15/30

(Þ)

800

838

8.000%

due

11/15/32

(Þ)

1,400

1,475

K. Hovnanian

Enterprises,

Inc.

8.000%

due

04/01/31

(Þ)

720

734

8.375%

due

10/01/33

(Þ)

1,080

1,097

LGI

Homes,

Inc.

8.750%

due

12/15/28

(Þ)

2,400

2,504

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

8.250%

due

04/15/30

(Þ)

5,000

5,217

NCL

Corp.,

Ltd.

7.750%

due

02/15/29

(Þ)

2,000

2,130

6.750%

due

02/01/32

(Þ)

2,100

2,151

6.250%

due

09/15/33

(Þ)

1,490

1,490

Newell

Brands,

Inc.

8.500%

due

06/01/28

(Þ)

1,200

1,257

6.375%

due

05/15/30

6.625%

due

05/15/32

3,750

3,626

Nissan

Motor

Co.,

Ltd.

8.125%

due

07/17/35

(Þ)

2,105

2,242

OneSky

Flight

LLC

8.875%

due

12/15/29

(Þ)

1,375

1,473

OUTFRONT

Media

Capital

LLC

/

OUTFRONT

Media

Capital

Corp.

4.625%

due

03/15/30

(Þ)

4,105

4,006

PetSmart

LLC

/

PetSmart

Finance

Corp.

7.500%

due

09/15/32

(Þ)

1,980

2,013

Qnity

Electronics,

Inc.

5.750%

due

08/15/32

(Þ)

4,885

5,004

6.250%

due

08/15/33

(Þ)

920

955

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

6.250%

due

10/15/30

(Þ)

1,330

1,357

Royal

Caribbean

Cruises,

Ltd.

6.000%

due

02/01/33

(Þ)

3,300

3,393

Taylor

Morrison

Communities,

Inc.

5.750%

due

11/15/32

(Þ)

1,295

1,332

Under

Armour,

Inc.

7.250%

due

07/15/30

(Þ)

930

933

Univision

Communications,

Inc.

9.375%

due

08/01/32

(Þ)

1,310

1,409

Viking

Cruises,

Ltd.

7.000%

due

02/15/29

(Þ)

3,900

3,910

9.125%

due

07/15/31

(Þ)

900

963

5.875%

due

10/15/33

(Þ)

1,390

1,413

VZ

Secured

Financing

BV

7.500%

due

01/15/33

(Þ)

3,340

3,382

WarnerMedia

Holdings,

Inc.

Series

\*

4.054%

due

03/15/29

2,460

2,380

5.050%

due

03/15/42

1,675

1,183

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Wayfair

LLC

7.250%

due

10/31/29

(Þ)

800

833

7.750%

due

09/15/30

(Þ)

1,500

1,596

6.750%

due

11/15/32

(Þ)

3,015

3,105

White

Cap

Supply

Holdings

LLC

7.375%

due

11/15/30

(Þ)

1,540

1,592

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.125%

due

02/15/31

(Þ)

4,000

4,335

ZF

North

America

Capital,

Inc.

6.875%

due

04/23/32

(Þ)

2,855

2,773

176,088

Consumer

Staples

-

6.4%

Bausch

&

Lomb

Escrow

Corp.

8.375%

due

10/01/28

(Þ)

3,400

3,543

Chobani

Holdco

II

LLC

8.750%

due

10/01/29

(Þ)

1,279

1,370

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

7.625%

due

07/01/29

(Þ)

1,900

1,977

EquipmentShare.com,

Inc.

9.000%

due

05/15/28

(Þ)

3,035

3,157

8.625%

due

05/15/32

(Þ)

1,865

1,970

8.000%

due

03/15/33

(Þ)

1,500

1,572

Froneri

Lux

FinCo

SARL

6.000%

due

08/01/32

(Þ)

4,320

4,378

Grand

Canyon

University

5.125%

due

10/01/28

5,700

5,680

Opal

Bidco

SAS

6.500%

due

03/31/32

(Þ)

3,600

3,687

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

3,800

3,757

RR

Donnelley

&

Sons

Co.

9.500%

due

08/01/29

(Þ)

5,650

5,859

Veritiv

Operating

Co.

10.500%

due

11/30/30

(Þ)

4,350

4,682

VM

Consolidated,

Inc.

5.500%

due

04/15/29

(Þ)

3,100

3,101

44,733

Energy

-

10.4%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

3,200

3,243

Calumet

Specialty

Products

Partners,

LP

/

Calumet

Finance

Corp.

8.125%

due

01/15/27

(Þ)

1,600

1,602

Coronado

Finance

Pty,

Ltd.

9.250%

due

10/01/29

(Þ)

2,050

1,872

Crescent

Energy

Finance

LLC

7.375%

due

01/15/33

(Þ)

3,410

3,238

8.375%

due

01/15/34

(Þ)

4,085

4,051

Expand

Energy

Corp.

6.750%

due

04/15/29

(Þ)

4,300

4,326

Hess

Midstream

Operations,

LP

6.500%

due

06/01/29

(Þ)

2,165

2,241

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

7.250%

due

02/15/35

(Þ)

3,000

2,851

Kinetik

Holdings,

LP

5.875%

due

06/15/30

(Þ)

3,300

3,328

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Kodiak

Gas

Services

LLC

7.250%

due

02/15/29

(Þ)

2,600

2,701

6.500%

due

10/01/33

(Þ)

850

868

6.750%

due

10/01/35

(Þ)

1,500

1,542

Martin

Midstream

Partners,

LP

/

Martin

Midstream

Finance

Corp.

11.500%

due

02/15/28

(Þ)

2,600

2,696

Nabors

Industries,

Inc.

9.125%

due

01/31/30

(Þ)

2,000

2,102

8.875%

due

08/15/31

(Þ)

3,600

3,493

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%

due

02/15/28

500

Sunoco,

LP

6.250%

due

07/01/33

(Þ)

2,150

2,202

Tranocean

Aquila,

Ltd.

8.000%

due

09/30/28

(Þ)

940

963

Transocean

International,

Ltd.

8.250%

due

05/15/29

(Þ)

600

603

8.750%

due

02/15/30

(Þ)

975

1,018

8.500%

due

05/15/31

(Þ)

1,500

1,484

7.875%

due

10/15/32

(Þ)

6.800%

due

03/15/38

2,300

1,977

Transocean

Titan

Financing,

Ltd.

8.375%

due

02/01/28

(Þ)

567

579

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

1,700

1,597

4.125%

due

08/15/31

(Þ)

2,200

2,002

Venture

Global

LNG,

Inc.

8.125%

due

06/01/28

(Þ)

1,500

1,525

9.500%

due

02/01/29

(Þ)

2,400

2,491

8.375%

due

06/01/31

(Þ)

3,900

3,879

Venture

Global

Plaquemines

LNG

LLC

6.750%

due

1/15/36

(Þ)

2,950

3,019

6.125%

due

12/15/30

(Þ)

7.500%

due

05/01/33

(Þ)

850

919

6.500%

due

01/15/34

(Þ)

975

998

6.500%

due

06/15/34

(Þ)

7.750%

due

05/01/35

(Þ)

850

931

Vital

Energy,

Inc.

7.875%

due

04/15/32

(Þ)

1,800

1,774

Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

696

713

6.750%

due

10/15/33

(Þ)

3,065

3,138

73,348

Financial

Services

-

15.7%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

8.500%

due

06/15/29

(Þ)

1,300

1,361

7.500%

due

11/06/30

(Þ)

1,400

1,458

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%

due

04/15/28

(Þ)

1,700

1,731

7.000%

due

01/15/31

(Þ)

3,700

3,839

7.375%

due

10/01/32

(Þ)

1,400

1,454

Asurion

LLC

and

Asurion

Co.-Issuer,

Inc.

8.000%

due

12/31/32

(Þ)

2,560

2,658

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
CrossCountry

Intermediate

HoldCo

LLC

6.500%

due

10/01/30

(Þ)

2,060

2,103

6.750%

due

12/01/32

(Þ)

2,930

2,978

Encore

Capital

Group,

Inc.

9.250%

due

04/01/29

(Þ)

1,300

1,372

8.500%

due

05/15/30

(Þ)

3,800

4,080

Freedom

Mortgage

Holdings

LLC

9.250%

due

02/01/29

(Þ)

4,200

4,404

8.375%

due

04/01/32

(Þ)

500

528

7.875%

due

04/01/33

(Þ)

1,855

1,922

GGAM

Finance,

Ltd.

8.000%

due

06/15/28

(Þ)

1,400

1,484

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

3.750%

due

12/15/27

(Þ)

3,450

3,361

Iron

Mountain,

Inc.

7.000%

due

02/15/29

(Þ)

1,400

1,438

5.625%

due

07/15/32

(Þ)

6,500

6,392

Jane

Street

Group

/

JSG

Finance,

Inc.

4.500%

due

11/15/29

(Þ)

900

885

6.125%

due

11/01/32

(Þ)

3,100

3,156

6.750%

due

05/01/33

(Þ)

4,000

4,174

Jefferson

Capital

Holdings

LLC

9.500%

due

02/15/29

(Þ)

3,200

3,362

8.250%

due

05/15/30

(Þ)

2,500

2,623

Millrose

Properties,

Inc.

6.375%

due

08/01/30

(Þ)

6,495

6,643

6.250%

due

09/15/32

(Þ)

1,005

1,015

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

8.500%

due

02/15/32

(Þ)

4,000

4,274

OneMain

Finance

Corp.

5.375%

due

11/15/29

1,300

1,301

7.125%

due

11/15/31

1,400

1,462

6.500%

due

03/15/33

1,560

1,573

Osaic

Holdings,

Inc.

8.000%

due

08/01/33

(Þ)

4,515

4,678

Pebblebrook

Hotel,

LP

/

PEB

Finance

Corp.

6.375%

due

10/15/29

(Þ)

700

715

PHH

Escrow

Issuer

LLC/PHH

Corp.

9.875%

due

11/01/29

(Þ)

4,100

4,253

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

5.000%

due

10/01/29

(Þ)

3,700

3,480

8.875%

due

01/31/30

(Þ)

1,400

1,454

RHP

Hotel

Properties,

LP

/

RHP

Finance

Corp.

7.250%

due

07/15/28

(Þ)

3,700

3,813

6.500%

due

04/01/32

(Þ)

1,800

1,867

6.500%

due

06/15/33

(Þ)

1,050

1,089

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.625%

due

03/01/29

(Þ)

4,300

4,154

Stonex

Escrow

Issuer

LLC

6.875%

due

07/15/32

(Þ)

2,360

2,447

StoneX

Group,

Inc.

7.875%

due

03/01/31

(Þ)

3,600

3,817

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

4,100

4,021

XHR,

LP

6.625%

due

05/15/30

(Þ)

800

824

109,950

Health

Care

-

8.0%

CHS/Community

Health

Systems,

Inc.

6.000%

due

01/15/29

(Þ)

3,000

2,998

10.875%

due

01/15/32

(Þ)

3,690

4,033

Concenta

Escrow

Issuer

Corp.

6.875%

due

07/15/32

(Þ)

3,800

3,981

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

6,400

6,228

Endo

Finance

Holdings,

Inc.

8.500%

due

04/15/31

(Þ)

3,400

3,595

GENMAB

Finance

LLC

6.250%

due

12/15/32

(Þ)

2,250

2,306

7.250%

due

12/15/33

(Þ)

2,250

2,363

Grifols

SA

4.750%

due

10/15/28

(Þ)

4,300

4,247

Insulet

Corp.

6.500%

due

04/01/33

(Þ)

3,355

3,493

IQVIA,

Inc.

6.250%

due

06/01/32

(Þ)

4,300

4,496

Kedrion

SpA

6.500%

due

09/01/29

(Þ)

7,500

7,388

MPH

Acquisition

Holdings

LLC

5.750%

due

12/31/30

(Þ)

1,378

1,217

11.500%

due

12/31/30

(Þ)

593

629

6.750%

due

03/31/31

(Þ)

3,255

2,813

Tenet

Healthcare

Corp.

6.125%

due

06/15/30

3,800

3,892

6.750%

due

05/15/31

1,500

1,560

6.000%

due

11/15/33

(Þ)

700

721

55,960

Materials

and

Processing

-

7.2%

Cerdia

Finanz

GMBH

9.375%

due

10/03/31

(Þ)

2,224

2,304

Cleveland-Cliffs,

Inc.

7.000%

due

03/15/32

(Þ)

1,800

1,845

7.625%

due

01/15/34

(Þ)

1,790

1,874

Clydesdale

Acquisition

Holdings,

Inc.

6.750%

due

04/15/32

(Þ)

3,300

3,397

Commercial

Metals

Co.

5.750%

due

11/15/33

(Þ)

1,055

1,079

6.000%

due

12/15/35

(Þ)

2,110

2,163

Constellium

SE

3.750%

due

04/15/29

(Þ)

5,100

4,924

6.375%

due

08/15/32

(Þ)

2,600

2,682

Element

Solutions,

Inc.

3.875%

due

09/01/28

(Þ)

3,300

3,228

FMC

Corp.

8.450%

due

11/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.366%)(Ê)

1,800

1,427

GPD

Cos.,

Inc.

12.500%

due

12/31/29

(Þ)

3,140

1,593

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Graham

Packaging

Co.,

Inc.

7.125%

due

08/15/28

(Þ)

1,300

1,300

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

1,400

1,356

JH

North

America

Holdings,

Inc.

5.875%

due

01/31/31

(Þ)

Magnera

Corp.

4.750%

due

11/15/29

(Þ)

1,500

1,388

Mauser

Packaging

Solutions

Holding

Co.

9.250%

due

04/15/30

(Þ)

900

868

Mineral

Resources,

Ltd.

7.000%

due

04/01/31

(Þ)

1,405

1,465

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

3,500

3,383

6.875%

due

01/30/30

(Þ)

1,300

1,349

6.375%

due

08/15/33

(Þ)

Rain

Carbon,

Inc.

12.250%

due

09/01/29

(Þ)

3,900

4,056

Solstice

Advanced

Materials,

Inc.

5.625%

due

09/30/33

(Þ)

2,990

3,018

Toucan

FinCo,

Ltd./Toucan

FinCo

Can,

Inc./Toucan

FinCo

US

LLC

9.500%

due

05/15/30

(Þ)

5,400

5,394

50,892

Producer

Durables

-

11.3%

Arcosa,

Inc.

4.375%

due

04/15/29

(Þ)

4,000

3,930

6.875%

due

08/15/32

(Þ)

2,700

2,846

ATS

Corp.

4.125%

due

12/15/28

(Þ)

3,800

3,703

Axon

Enterprise,

Inc.

6.250%

due

03/15/33

(Þ)

900

936

Calderys

Financing

LLC

11.250%

due

06/01/28

(Þ)

3,200

3,398

Cornerstone

Building

Brands,

Inc.

6.125%

due

01/15/29

(Þ)

2,400

1,221

Efesto

Bidco

SPA/

Efesto

US

LLC

Series

XR

7.500%

due

02/15/32

(Þ)

5,450

5,515

Esab

Corp.

6.250%

due

04/15/29

(Þ)

2,600

2,676

First

Student

Bidco,

Inc.

4.000%

due

07/31/29

(Þ)

2,000

1,942

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

6.750%

due

04/01/32

(Þ)

5,300

5,430

Quikrete

Holdings,

Inc.

6.375%

due

03/01/32

(Þ)

1,650

1,717

6.750%

due

03/01/33

(Þ)

1,100

1,149

Smyrna

Ready

Mix

Concrete

LLC

8.875%

due

11/15/31

(Þ)

2,000

2,140

TransDigm,

Inc.

6.000%

due

01/15/33

(Þ)

635

650

6.750%

due

01/31/34

(Þ)

5,060

5,275

TTM

Technologies,

Inc.

4.000%

due

03/01/29

(Þ)

6,300

6,153

Waste

Pro

USA,

Inc.

7.000%

due

02/01/33

(Þ)

2,000

2,063

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Watco

Cos.

LLC

/

Watco

Finance

Corp.

7.125%

due

08/01/32

(Þ)

6,415

6,717

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

6.750%

due

01/15/34

(Þ)

4,680

4,739

Weekly

Homes

LLC

/

Weekley

Finance

Corp.

4.875%

due

09/15/28

(Þ)

1,600

1,577

WESCO

Distribution,

Inc.

6.375%

due

03/15/33

(Þ)

3,250

3,391

Wrangler

Holdco

Corp.

6.625%

due

04/01/32

(Þ)

6,000

6,278

XPO,

Inc.

7.125%

due

02/01/32

(Þ)

5,400

5,682

79,128

Technology

-

6.5%

CACI

International,

Inc.

6.375%

due

06/15/33

(Þ)

3,650

3,778

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

7.000%

due

06/15/27

(Þ)

2,400

2,397

6.500%

due

07/01/32

(Þ)

3,300

3,090

Flutter

Treasury

DAC

5.875%

due

06/04/31

(Þ)

2,250

2,282

Fortress

Intermediate

3,

Inc.

7.500%

due

06/01/31

(Þ)

7,200

7,515

Gen

Digital,

Inc.

6.250%

due

04/01/33

(Þ)

1,400

1,442

Gray

Media,

Inc.

5.375%

due

11/15/31

(Þ)

1,100

825

9.625%

due

07/15/32

(Þ)

2,465

2,559

7.250%

due

08/15/33

(Þ)

1,330

1,360

McAfee

Corp.

7.375%

due

02/15/30

(Þ)

4,900

4,276

McGraw-Hill

Education,

Inc.

7.375%

due

09/01/31

(Þ)

4,600

4,849

Rocket

Software,

Inc.

6.500%

due

02/15/29

(Þ)

1,400

1,373

Seagate

Data

Storage

Technology

Pte,

Ltd.

5.875%

due

07/15/30

(Þ)

2,600

2,683

Sinclair

Television

Group,

Inc.

8.125%

due

02/15/33

(Þ)

3,250

3,398

ViaSat,

Inc.

7.500%

due

05/30/31

(Þ)

4,325

4,111

45,938

Utilities

-

5.8%

APLD

Compute

Co.

LLC

9.250%

due

12/15/30

(Þ)

4,845

4,752

Atlantica

Sustainable

Infrastructure,

Ltd.

4.125%

due

06/15/28

(Þ)

2,902

2,828

California

Buyer,

Ltd.

/

Atlantica

Sustainable

Infrastructure

PLC

6.375%

due

02/15/32

(Þ)

2,250

2,253

Cipher

Compute

LLC

7.125%

due

11/15/30

(Þ)

1,805

1,841

Leeward

Renewable

Energy

Operations

LLC

4.250%

due

07/01/29

(Þ)

5,800

5,504

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Maya

SAS

7.000%

due

04/15/32

(Þ)

3,775

3,892

NRG

Energy,

Inc.

5.750%

due

07/15/29

(Þ)

2,000

2,010

6.000%

due

01/15/36

(Þ)

4,935

5,002

Talen

Energy

Supply

LLC

8.625%

due

06/01/30

(Þ)

2,300

2,436

6.250%

due

02/01/34

(Þ)

1,455

1,484

6.500%

due

02/01/36

(Þ)

955

988

Vistra

Operations

Co.

LLC

7.750%

due

10/15/31

(Þ)

4,800

5,090

WULF

Compute

LLC

7.750%

due

10/15/30

(Þ)

2,700

2,781

40,861

676,898

United

States

Government

Agencies

-

1.7%

Federal

Home

Loan

Bank

Discount

Notes

3.511%

due

01/02/26

(ž)

11,834

11,831

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$681,388)

688,729

#### Number

#### of

#### S

#### hares

#### Preferred

#### Stocks

#### -

#### 0.1%
Consumer

Discretionary

-

0.1%

Boeing

Co.

(The)

6.000%

due

10/15/27

11,000

760

#### Total

#### Preferred

#### Stocks
(cost

$550)

760

#### Total

#### Investments

#### -

#### 98.2%
(cost

$681,938)

689,489

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 1.8%
12,645

#### Net

#### Assets

#### -

#### 100.0%
702,134

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

$

—

$

676,898

$

—

$

676,898

United

States

Government

Agencies

—

11,831

—

11,831

Preferred

Stocks

760

—

—

760

Total

Investments

$

760

$

688,729

$

—

$

689,489

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

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

3,337

.5

Canada

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

22,520

.2

Denmark

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

4,670

.7

France

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

18,020

.6

Germany

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

7,389

.0

Ireland

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

3,766

.5

Italy

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

12,903

.8

Japan

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

2,242

.3

Netherlands

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

3,382

.5

Spain

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

7,075

.0

United

Kingdom

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

12,365

.8

United

States

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

591,820

.3

Total

Investments

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

689,489

.2

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

681,938

Investments,

at

fair

value

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

689,489

Cash

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

Receivables:

Dividends

and

interest

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

12,745

Fund

shares

sold

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

Prepaid

expenses

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

Total

assets

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

702,749

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

615

#### Net

#### Assets

#### ...............................................................................................................................................................
$

702,134

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

7,103

Paid-in

capital

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

695,031

#### Net

#### Assets

#### ...............................................................................................................................................................
$

702,134

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

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

$

10.13 Class

I

—

Net

assets

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

$

591,620,464

Class

I

—

Shares

outstanding

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

58,421,354

Net

asset

value

per

share:

Class

V

(#)

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

$

10.13 Class

V

—

Net

assets

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

$

110,513,471

Class

V

—

Shares

outstanding

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

10,911,489

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

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

$

41,758

Dividends

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

Total

investment

income

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

41,787

#### Expenses
Advisory

fees

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

3,974

Administrative

fees

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

734

Distribution

fees

-

Class

V

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

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

5,204

Expense

reductions

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

(428) Net

expenses

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

4,776

Net

investment

income

(loss)

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

37,011

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(3,887)

Net

realized

gain

(loss)

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

(3,887)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

15,292

Net

change

in

unrealized

appreciation

(depreciation)

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

15,292

Net

realized

and

unrealized

gain

(loss)

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

11,405

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

48,416

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### Period

#### Ended

#### December

#### 31,

#### 2024
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

37,011

$

11,282

Net

realized

gain

(loss)

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

(3,887)

(370) Net

change

in

unrealized

appreciation

(depreciation)

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

15,292

(7,741)

Net

increase

(decrease)

in

net

assets

from

operations

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

48,416

3,171

#### Distributions
To

shareholders

Class

I

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

(29,610)

(6,246)

Class

V

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

(7,037)

(1,591)

Net

decrease

in

net

assets

from

distributions

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

(36,647)

(7,837)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

93,060

601,971

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
104,829

597,305

#### Net

#### Assets
Beginning

of

period

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

597,305

—

End

of

period

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

$

702,134

$

597,305

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024
(1) #### Shares

#### Dollars

#### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

15,60

$

157,253

,

$

,2

Proceeds

from

reinvestment

of

distributions

2,974

29,610

627

,

Payments

for

shares

redeemed

(8,231)

(81,861)

(2,875)

(28

,

683)

Net

increase

(decrease)

10,3

105,002

,

,

841

Class

V

Proceeds

from

shares

sold

1,378

,

969

,

699

Proceeds

from

reinvestment

of

distributions

707

7,037

1,

591

Payments

for

shares

redeemed

(2,045)

(20,35

7)

(1

,

017)

(1

,

0)

Net

increase

(decrease)

(1,201)

(11,94

2)

,

,

Total

increase

(decrease)

9,14

$

93,0

,

$

,

971

(1) For

the

period

September

4,

2024

(commencement

of

operations)

to

December

31,

2024. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

High

Yield

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### High

#### Yield

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### I

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

9.92 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.60

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

.22

(.14)

$

Total

from

Investment

Operations

.82

.05

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.61)

(.13)

$

Total

Distributions

(.61)

(.13)

$

Net

Asset

Value,

End

of

Period

10.13 9.92 %

Total

Return

(ǿ)(±)

8.52 .47

–

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 591,620

477,090

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.80

.83

%

Expenses,

Net

(ɯ)(Ƃ)

.80

.80

%

Net

Investment

Income

(ɯ)(Ƃ)

6.04 5

.8

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### V

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

9.93 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.61

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

.20

(.13)

$

Total

from

Investment

Operations

.81

.06

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.61)

(.13)

$

Total

Distributions

(.61)

(.13)

$

Net

Asset

Value,

End

of

Period

10.13 9.93 %

Total

Return

(ǿ)(±)

8.49 .59

–

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 110,514

120,215

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

1.09 1.13 %

Expenses,

Net

(ɯ)(Ƃ)

.72

.72

%

Net

Investment

Income

(ɯ)(Ƃ)

6.12 5

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 116.9%
Asset-Backed

Securities

-

7.9%

522

Funding

CLO,

Ltd.

Series

2024-6A

Class

A1R2

5.060%

due

10/23/34

(CME

Term

SOFR

Month

+

1.200%)(Ê)(Þ)

5,490

5,493

Aaset

Trust

Series

2019-2

Class

A

3.376%

due

10/16/39

(Þ)

AGL

CLO,

Ltd.

Series

2024-33A

Class

A1

5.220%

due

07/21/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

1,630

1,632

Angel

Oak

Mortgage

Trust

Series

2025-HB1

Class

A1

5.872%

due

02/25/55

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

934

940

Basswood

Park

CLO,

Ltd.

Series

2025-1A

Class

AR

4.914%

due

04/20/34

(CME

Term

SOFR

Month

+

1.030%)(Ê)(Þ)

1,950

1,950

Battalion

CLO,

Ltd.

Series

2025-10A

Class

A1R3

4.871%

due

01/24/35

(CME

Term

SOFR

Month

+

1.140%)(Ê)(Þ)

3,700

3,703

Birch

Grove

CLO,

Ltd.

Series

2024-8A

Class

A1

5.514%

due

04/20/37

(CME

Term

SOFR

Month

+

1.630%)(Ê)(Þ)

3,000

3,010

Black

Diamond

CLO,

Ltd.

Series

2024-1A

Class

A1

5.508%

due

10/25/37

(CME

Term

SOFR

Month

+

1.650%)(Ê)(Þ)

5,000

5,010

BlueMountain

CLO,

Ltd.

Series

2025-31A

Class

A2R

5.546%

due

04/19/34

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

5,100

5,103

BRAVO

Residential

Funding

Trust

Series

2025-HE1

Class

A1

5.224%

due

09/25/72

(SOFR

Day

Average

+

1.350%)(Ê)(Þ)

2,175

2,174

CarMax

Auto

Owner

Trust

Series

2025-2

Class

A2A

4.590%

due

07/17/28

2,135

2,141

CarVal

CLO,

Ltd.

Series

2024-1A

Class

A1R

5.324%

due

07/20/37

(CME

Term

SOFR

Month

+

1.440%)(Ê)(Þ)

1,920

1,926

Chase

Auto

Owner

Trust

Series

2024-3A

Class

A3

5.220%

due

07/25/29

(Þ)

2,081

2,104

CIFC

Funding,

Ltd.

Series

2021-4A

Class

A1A2

5.216%

due

04/20/34

(CME

Term

SOFR

Month

+

1.332%)(Ê)(Þ)

1,000

1,000

Compass

Datacenters

Issuer

II

LLC

Series

2024-2A

Class

A1

5.022%

due

08/25/49

(Þ)

3,127

3,135

Series

2025-2A

Class

A1

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.926%

due

11/25/50

(Þ)

1,058

1,051

Dryden

CLO,

Ltd.

Series

2025-75A

Class

AR3

4.913%

due

04/14/34

(CME

Term

SOFR

Month

+

1.040%)(Ê)(Þ)

9,300

9,304

Elmwood

CLO,

Ltd.

Series

2024-1A

Class

A1RR

5.404%

due

04/20/37

(CME

Term

SOFR

Month

+

1.520%)(Ê)(Þ)

5,180

5,192

Empower

CLO,

Ltd.

Series

2024-1A

Class

A1

6.226%

due

04/25/37

(CME

Term

SOFR

Month

+

1.600%)(Ê)(Þ)

1,750

1,754

FIGRE

Trust

Series

2025-HE3

Class

A

5.560%

due

05/25/55

(~)(Ê)(Þ)

1,155

1,167

Series

2025-HE4

Class

A

5.408%

due

07/25/55

(~)(Ê)(Þ)

3,472

3,495

Ford

Credit

Auto

Owner

Trust

Series

2021-2

Class

C

2.110%

due

05/15/34

(Þ)

1,870

1,833

Series

2022-1

Class

A

3.880%

due

11/15/34

(Þ)

1,065

1,065

Series

2024-1

Class

A

4.870%

due

08/15/36

(~)(Ê)(Þ)

3,560

3,648

GM

Financial

Revolving

Receivables

Trust

Series

2024-1

Class

A

4.980%

due

12/11/36

(Þ)

5,693

5,854

Hardee's

Funding

LLC

Series

2024-1A

Class

A2

7.253%

due

03/20/54

(Þ)

3,439

3,556

Hyundai

Auto

Receivables

Trust

Series

2025-B

Class

A3

4.360%

due

12/17/29

7,058

7,124

Series

2025-C

Class

A2B

4.334%

due

07/17/28

(SOFR

Day

Average

+

0.350%)(Ê)

7,573

7,574

JPMorgan

Mortgage

Trust

Series

2024-CES1

Class

A1A

5.919%

due

06/25/54

(~)(Ê)(Þ)

732

736

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(~)(Ê)(Þ)

6,254

6,295

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

4,132

3,942

Magnetite

CLO,

Ltd.

Series

2024-17A

Class

AR2

5.384%

due

04/20/37

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

870

872

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-1

Class

A4

4.310%

due

04/16/29

5,848

5,873

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.

Series

2022-51A

Class

AR

5.140%

due

10/23/36

(CME

Term

SOFR

Month

+

1.280%)(Ê)(Þ)

1,800

1,800

Northwoods

Capital,

Ltd.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Series

2021-25A

Class

B1R

5.484%

due

07/20/34

(CME

Term

SOFR

Month

+

1.600%)(Ê)(Þ)

5,630

5,630

Oaktree

CLO,

Ltd.

Series

2024-25A

Class

A

5.875%

due

04/20/37

(CME

Term

SOFR

Month

+

1.550%)(Ê)(Þ)

4,800

4,811

Ocean

Trails

CLO,

Ltd.

Series

2020-10A

Class

AR2

5.205%

due

10/15/34

(CME

Term

SOFR

Month

+

1.300%)(Ê)(Þ)

1,250

1,249

OHA

Credit

Funding,

Ltd.

Series

2024-18A

Class

A1

5.384%

due

04/20/37

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

2,050

2,055

RR,

Ltd.

Series

2021-16A

Class

A1R

4.955%

due

07/15/36

(CME

Term

SOFR

Month

+

1.050%)(Ê)(Þ)

1,180

1,180

Towd

Point

Mortgage

Trust

Series

2024-CES4

Class

A1

5.122%

due

09/25/64

(~)(Ê)(Þ)

2,094

2,095

USB

Auto

Owner

Trust

Series

2025-1A

Class

A3

4.490%

due

06/17/30

(Þ)

4,074

4,115

Whitebox

CLO,

Ltd.

Series

2024-3A

Class

A1R

5.175%

due

10/15/35

(CME

Term

SOFR

Month

+

1.270%)(Ê)(Þ)

4,700

4,700

Woodmont

Trust

Series

2024-12A

Class

A1R

5.258%

due

10/25/32

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

3,306

3,309

Zais

CLO,

Ltd.

Series

2025-16A

Class

A1R2

5.014%

due

10/20/34

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

2,500

2,496

143,531

Corporate

Bonds

and

Notes

-

31.1%

Consumer

Discretionary

-

3.5%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

4,795

4,522

1.800%

due

02/10/31

(Þ)

AS

Mileage

Plan

IP,

Ltd.

5.021%

due

10/20/29

(Þ)

2,350

2,370

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

5,345

5,260

5.750%

due

03/15/30

(Þ)

1,840

1,894

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.200%

due

03/15/28

900

895

5.050%

due

03/30/29

3,300

3,339

2.800%

due

04/01/31

900

810

4.400%

due

04/01/33

1,350

1,274

6.550%

due

06/01/34

1,250

1,316

6.484%

due

10/23/45

500

5.750%

due

04/01/48

4.800%

due

03/01/50

1,420

1,068

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $3.900%

due

06/01/52

1,230

794

5.500%

due

04/01/63

1,050

829

Comcast

Corp.

3.400%

due

04/01/30

970

941

3.750%

due

04/01/40

2,150

1,771

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

3,000

3,018

Dick's

Sporting

Goods,

Inc.

3.150%

due

01/15/32

2,520

2,317

4.100%

due

01/15/52

3,050

2,229

DR

Horton,

Inc.

5.000%

due

10/15/34

1,175

1,188

Ford

Motor

Co.

6.100%

due

08/19/32

1,380

1,422

Ford

Motor

Credit

Co.

LLC

4.950%

due

05/28/27

2,790

2,799

7.350%

due

03/06/30

4,320

4,636

General

Motors

Co.

5.600%

due

10/15/32

500

523

General

Motors

Financial

Co.,

Inc.

4.200%

due

10/27/28

610

611

2.350%

due

01/08/31

1,000

899

5.450%

due

09/06/34

945

959

Home

Depot,

Inc.

(The)

2.700%

due

04/15/30

970

918

Hyundai

Capital

America

5.300%

due

01/08/30

(Þ)

3,500

3,605

5.400%

due

06/24/31

(Þ)

1,800

1,862

5.400%

due

06/23/32

(Þ)

Las

Vegas

Sands

Corp.

6.000%

due

08/15/29

890

929

Paramount

Global

3.700%

due

06/01/28

790

772

4.950%

due

01/15/31

2,010

1,929

Tapestry,

Inc.

5.100%

due

03/11/30

1,132

1,162

5.500%

due

03/11/35

1,376

1,408

Series

.

3.050%

due

03/15/32

Time

Warner

Cable

LLC

7.300%

due

07/01/38

1,760

1,887

63,882

Consumer

Staples

-

2.0%

Altria

Group,

Inc.

4.800%

due

02/14/29

5.800%

due

02/14/39

1,000

1,030

BAT

Capital

Corp.

4.625%

due

03/22/33

4,670

4,638

4.390%

due

08/15/37

1,271

1,169

Haleon

US

Capital

LLC

3.375%

due

03/24/29

1,000

976

3.625%

due

03/24/32

2,000

1,903

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

3.000%

due

02/02/29

2,500

2,408

5.950%

due

04/20/35

(Þ)

3,340

3,510

Kellanova

4.500%

due

04/01/46

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Kenvue

,

Inc.

4.850%

due

05/22/32

3,380

3,454

Kraft

Heinz

Foods

Co.

6.875%

due

01/26/39

645

721

4.625%

due

10/01/39

645

590

5.000%

due

06/04/42

1,750

1,606

Kroger

Co.

(The)

5.000%

due

09/15/34

1,000

1,006

Mars,

Inc.

3.200%

due

04/01/30

(Þ)

530

510

5.000%

due

03/01/32

(Þ)

5.200%

due

03/01/35

(Þ)

1,620

1,664

2.375%

due

07/16/40

(Þ)

660

5.650%

due

05/01/45

(Þ)

1,040

1,049

5.700%

due

05/01/55

(Þ)

2,010

2,008

5.800%

due

05/01/65

(Þ)

Philip

Morris

International,

Inc.

4.875%

due

02/13/29

810

829

4.375%

due

04/30/30

3,645

3,668

5.125%

due

02/13/31

5.250%

due

02/13/34

1,090

1,127

4.500%

due

03/20/42

Pilgrim's

Pride

Corp.

3.500%

due

03/01/32

36,438

Energy

-

3.5%

Aker

BP

ASA

5.800%

due

10/01/54

(Þ)

2,400

2,183

Cameron

LNG

LLC

2.902%

due

07/15/31

(Þ)

2,000

1,848

Cheniere

Energy

Partners,

LP

4.000%

due

03/01/31

3.250%

due

01/31/32

1,850

1,707

Columbia

Pipelines

Operating

Co.

LLC

6.036%

due

11/15/33

(Þ)

1,560

1,670

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

2,000

1,964

4.375%

due

01/15/28

1,800

1,796

4.900%

due

06/01/44

1,000

797

Coterra

Energy,

Inc.

3.900%

due

05/15/27

3,400

3,389

5.600%

due

03/15/34

2,000

2,063

Devon

Energy

Corp.

5.200%

due

09/15/34

2,000

1,993

5.750%

due

09/15/54

3,840

3,536

Energy

Transfer,

LP

5.250%

due

04/15/29

900

925

3.750%

due

05/15/30

2,000

1,947

5.550%

due

05/15/34

3,600

3,702

6.250%

due

04/15/49

1,700

1,684

EQT

Corp.

7.000%

due

02/01/30

1,000

1,087

MPLX,

LP

4.000%

due

03/15/28

1,870

1,867

2.650%

due

08/15/30

2,080

1,927

4.700%

due

04/15/48

1,050

873

Occidental

Petroleum

Corp.

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $5.200%

due

08/01/29

2,200

2,253

7.875%

due

09/15/31

690

789

6.600%

due

03/15/46

3,360

3,460

ONEOK,

Inc.

5.550%

due

11/01/26

900

910

5.800%

due

11/01/30

870

917

6.625%

due

09/01/53

Targa

Resources

Corp.

6.500%

due

03/30/34

3,330

3,638

4.950%

due

04/15/52

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

2,000

1,887

Transcontinental

Gas

Pipe

Line

Co.

LLC

5.100%

due

03/15/36

(Þ)

1,140

1,149

Viper

Energy

Partners

LLC

4.900%

due

08/01/30

945

956

5.700%

due

08/01/35

954

970

Western

Midstream

Operating,

LP

4.050%

due

02/01/30

1,500

1,470

5.250%

due

02/01/50

630

540

Williams

Cos.,

Inc.

(The)

3.500%

due

11/15/30

1,000

960

2.600%

due

03/15/31

2,100

1,918

5.150%

due

03/15/34

2,700

2,747

5.100%

due

09/15/45

1,000

919

63,582

Financial

Services

-

10.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%

due

10/29/26

2,820

2,783

3.000%

due

10/29/28

2,100

2,036

3.300%

due

01/30/32

1,680

1,555

American

Express

Co.

5.532%

due

04/25/30

(SOFR

+

1.090%)(Ê)

880

918

American

Tower

Corp.

4.900%

due

03/15/30

1,115

1,139

4.700%

due

12/15/32

690

691

Aon

North

America,

Inc.

5.450%

due

03/01/34

3,600

3,743

Arthur

J

Gallagher

&

Co.

4.850%

due

12/15/29

900

921

Aviation

Capital

Group

LLC

5.125%

due

04/10/30

(Þ)

2,170

2,203

Avolon

Holdings

Funding,

Ltd.

5.750%

due

11/15/29

(Þ)

2,102

2,183

Banco

Santander

SA

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.000%)(Ê)

2,800

2,802

Bank

of

America

Corp.

3.419%

due

12/20/28

(CME

Term

SOFR

Month

+

1.302%)(Ê)

7,710

7,620

2.592%

due

04/29/31

(SOFR

+

2.150%)(Ê)

2,630

2,451

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

4,460

4,450

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.200%)(Ê)

6,640

5,835

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.432%)(Ê)

770

761

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.050%)(Ê)

1,960

1,911

Barclays

PLC

5.367%

due

02/25/31

(SOFR

+

1.230%)(Ê)

2,065

2,134

Brown

&

Brown,

Inc.

4.900%

due

06/23/30

1,883

1,910

5.250%

due

06/23/32

673

688

5.550%

due

06/23/35

905

929

CaixaBank

SA

4.634%

due

07/03/29

(SOFR

+

1.140%)(Ê)(Þ)

3,000

3,029

5.673%

due

03/15/30

(SOFR

+

1.780%)(Ê)(Þ)

2,250

2,336

Capital

One

Financial

Corp.

4.493%

due

09/11/31

(SOFR

+

1.250%)(Ê)

1,255

1,252

Series

.

7.624%

due

10/30/31

(SOFR

+

3.070%)(Ê)

2,050

2,316

Citigroup,

Inc.

3.520%

due

10/27/28

(CME

Term

SOFR

Month

+

1.413%)(Ê)

2,550

2,528

3.980%

due

03/20/30

(CME

Term

SOFR

Month

+

1.600%)(Ê)

4,730

4,687

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

6,390

5,800

3.785%

due

03/17/33

(SOFR

+

1.939%)(Ê)

3,960

3,773

6.125%

due

08/25/36

700

746

8.125%

due

07/15/39

Series

GG

6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.890%)(Ê)(ƒ)

3,298

3,372

Cooperatieve

Rabobank

UA

3.649%

due

04/06/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.220%)(Ê)(Þ)

850

846

3.758%

due

04/06/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.420%)(Ê)(Þ)

1,000

947

Series

BKNT

3.750%

due

07/21/26

Credit

Agricole

SA

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.644%)(Ê)(Þ)

780

772

Crown

Castle,

Inc.

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.900%

due

09/01/29

2,300

2,334

Danske

Bank

A/S

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.750%)(Ê)(Þ)

2,000

2,004

Goldman

Sachs

Group,

Inc.

(The)

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

1,130

1,123

3.814%

due

04/23/29

(CME

Term

SOFR

Month

+

1.420%)(Ê)

6,650

6,610

6.750%

due

10/01/37

610

682

2.908%

due

07/21/42

(SOFR

+

1.472%)(Ê)

1,490

1,093

5.150%

due

05/22/45

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

7,620

6,826

HSBC

Holdings

PLC

2.804%

due

05/24/32

(SOFR

+

1.187%)(Ê)

2,130

1,947

Jefferies

Financial

Group,

Inc.

Series

MTN

4.500%

due

09/15/26

2,640

2,636

JPMorgan

Chase

&

Co.

4.452%

due

12/05/29

(CME

Term

SOFR

Month

+

1.592%)(Ê)

4,000

4,041

2.545%

due

11/08/32

(SOFR

+

1.180%)(Ê)

5,800

5,232

5.576%

due

07/23/36

(SOFR

+

1.635%)(Ê)

730

757

Series

.

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

2,700

2,515

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

4.375%

due

03/22/28

550

553

LPL

Holdings,

Inc.

6.750%

due

11/17/28

2,730

2,914

5.200%

due

03/15/30

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

2,200

2,304

6.500%

due

03/26/31

(Þ)

945

1,011

Morgan

Stanley

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.430%)(Ê)

Series

.

4.994%

due

04/12/29

(SOFR

+

1.380%)(Ê)

905

923

Series

GMTN

3.772%

due

01/24/29

(CME

Term

SOFR

Month

+

1.402%)(Ê)

1,300

1,293

4.431%

due

01/23/30

(CME

Term

SOFR

Month

+

1.890%)(Ê)

900

905

2.699%

due

01/22/31

(SOFR

+

1.143%)(Ê)

6,200

5,818

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

1,550

1,376

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
PNC

Financial

Services

Group,

Inc.

(The)

5.582%

due

06/12/29

(SOFR

+

1.841%)(Ê)

1,500

1,555

5.373%

due

07/21/36

(SOFR

+

1.417%)(Ê)

500

515

Toronto-Dominion

Bank

(The)

4.456%

due

06/08/32

Truist

Financial

Corp.

Series

MTN

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

1,270

1,280

UBS

Group

AG

4.751%

due

05/12/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.750%)(Ê)(Þ)

3,700

3,729

4.194%

due

04/01/31

(SOFR

+

3.730%)(Ê)(Þ)

2,620

2,595

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

4,170

3,868

US

Bancorp

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

1,780

1,850

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

870

928

VICI

Properties,

LP

5.125%

due

11/15/31

2,000

2,026

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.750%

due

02/15/27

(Þ)

2,350

2,336

Wells

Fargo

&

Co.

5.499%

due

01/23/35

(SOFR

+

1.780%)(Ê)

10,750

11,207

Series

MTN

3.584%

due

05/22/28

(CME

Term

SOFR

Month

+

1.572%)(Ê)

1,910

1,897

2.879%

due

10/30/30

(CME

Term

SOFR

Month

+

1.432%)(Ê)

3,390

3,227

3.350%

due

03/02/33

(SOFR

+

1.500%)(Ê)

4,140

3,861

4.750%

due

12/07/46

1,240

1,089

181,303

Health

Care

-

2.7%

AbbVie,

Inc.

3.200%

due

11/21/29

5,340

5,180

Amgen,

Inc.

5.250%

due

03/02/33

1,800

1,865

5.650%

due

03/02/53

1,800

1,766

Bristol-Myers

Squibb

Co.

5.550%

due

02/22/54

1,240

1,219

Cigna

Group

(The)

2.375%

due

03/15/31

1,310

1,186

4.800%

due

08/15/38

1,930

1,850

4.900%

due

12/15/48

1,000

891

CVS

Health

Corp.

4.300%

due

03/25/28

1,550

1,556

3.750%

due

04/01/30

2,130

2,079

2.125%

due

09/15/31

970

852

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.780%

due

03/25/38

2,560

2,418

5.125%

due

07/20/45

1,630

1,473

5.050%

due

03/25/48

3,050

2,692

HCA,

Inc.

3.500%

due

09/01/30

2,000

1,924

4.600%

due

11/15/32

1,035

1,027

Humana,

Inc.

3.125%

due

08/15/29

4,000

3,835

2.150%

due

02/03/32

500

Merck

&

Co.,

Inc.

4.450%

due

12/04/32

550

551

4.750%

due

12/04/35

890

888

Novartis

Capital

Corp.

4.100%

due

11/05/30

3,965

3,962

Royalty

Pharma

PLC

5.150%

due

09/02/29

2,250

2,312

5.200%

due

09/25/35

1,495

1,504

Solventum

Corp.

5.400%

due

03/01/29

UnitedHealth

Group,

Inc.

2.000%

due

05/15/30

780

711

3.250%

due

05/15/51

2,510

1,697

Zoetis,

Inc.

5.000%

due

08/17/35

4,160

4,207

48,501

Materials

and

Processing

-

0.5%

Anglo

American

Capital

PLC

4.750%

due

04/10/27

(Þ)

796

802

AptarGroup,

Inc.

4.750%

due

03/30/31

1,160

1,169

Carlisle

Cos.,

Inc.

5.250%

due

09/15/35

850

868

Georgia-Pacific

LLC

4.950%

due

06/30/32

(Þ)

2,110

2,169

Glencore

Funding

LLC

4.000%

due

03/27/27

(Þ)

2,800

2,797

2.625%

due

09/23/31

(Þ)

1,500

1,351

9,156

Producer

Durables

-

1.7%

Amphenol

Corp.

4.400%

due

02/15/33

2,125

2,103

Avolon

Holdings

Funding,

Ltd.

4.900%

due

10/10/30

(Þ)

2,110

2,123

BAE

Systems

PLC

5.125%

due

03/26/29

(Þ)

2,250

2,314

5.300%

due

03/26/34

(Þ)

3,415

3,537

Boeing

Co.

(The)

3.200%

due

03/01/29

1,220

1,183

6.298%

due

05/01/29

1,670

1,774

3.600%

due

05/01/34

810

736

3.500%

due

03/01/39

5,505

4,493

6.875%

due

03/15/39

1,800

2,025

3.900%

due

05/01/49

1,657

1,234

Burlington

Northern

Santa

Fe

LLC

5.550%

due

03/15/56

1,010

997

Howmet

Aerospace,

Inc.

4.550%

due

11/15/32

635

638

5.950%

due

02/01/37

2,150

2,323

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
L3Harris

Technologies,

Inc.

4.854%

due

04/27/35

560

559

RTX

Corp.

4.125%

due

11/16/28

Vertiv

Group

Corp.

4.125%

due

11/15/28

(Þ)

2,356

2,326

Waste

Connections,

Inc.

5.000%

due

03/01/34

1,830

1,867

30,633

Technology

-

2.0%

Broadcom,

Inc.

4.150%

due

11/15/30

950

946

3.469%

due

04/15/34

5,000

4,568

3.137%

due

11/15/35

(Þ)

3,300

2,844

Foundry

JV

Holdco

LLC

5.900%

due

01/25/30

(Þ)

1,800

1,884

5.500%

due

01/25/31

(Þ)

630

651

6.150%

due

01/25/32

(Þ)

1,120

1,187

5.900%

due

01/25/33

(Þ)

955

1,000

Gartner,

Inc.

3.625%

due

06/15/29

(Þ)

2,450

2,365

Intel

Corp.

4.150%

due

08/05/32

2,925

2,822

5.200%

due

02/10/33

630

642

Micron

Technology,

Inc.

5.300%

due

01/15/31

830

860

5.875%

due

02/09/33

1,770

1,882

Motorola

Solutions,

Inc.

4.850%

due

08/15/30

2.300%

due

11/15/30

5.200%

due

08/15/32

1,566

1,615

MSCI,

Inc.

3.625%

due

09/01/30

(Þ)

3,312

3,166

Oracle

Corp.

4.450%

due

09/26/30

1,115

1,090

4.800%

due

09/26/32

1,495

1,444

6.900%

due

11/09/52

750

742

5.375%

due

09/27/54

550

Paychex,

Inc.

5.100%

due

04/15/30

2,565

2,640

Synopsys,

Inc.

5.150%

due

04/01/35

2,000

2,032

5.700%

due

04/01/55

35,796

Utilities

-

5.1%

Alexander

Funding

Trust

II

7.467%

due

07/31/28

(Þ)

1,055

1,123

American

Electric

Power

Co.,

Inc.

Series

C

5.800%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.128%)(Ê)

2,510

2,492

Series

D

6.050%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.940%)(Ê)

835

821

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

2,150

1,934

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
AT&T,

Inc.

2.550%

due

12/01/33

2,230

1,904

5.550%

due

08/15/41

910

904

3.500%

due

09/15/53

2,540

1,702

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

1,800

1,835

Constellation

Energy

Generation

LLC

6.125%

due

01/15/34

2,150

2,331

Dominion

Energy,

Inc.

6.200%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.006%)(Ê)

1,225

1,233

DTE

Electric

Co.

5.250%

due

05/15/35

2,155

2,217

Duke

Energy

Corp.

3.150%

due

08/15/27

1,000

989

Duke

Energy

Indiana

LLC

5.400%

due

04/01/53

900

856

Duke

Energy

Ohio,

Inc.

5.250%

due

04/01/33

900

932

Enel

Finance

International

NV

4.375%

due

09/30/30

(Þ)

2,115

2,107

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

5,000

4,983

Series

C

4.850%

due

07/15/47

820

723

FirstEnergy

Transmission

LLC

4.550%

due

01/15/30

930

937

5.000%

due

01/15/35

2,000

2,006

NextEra

Energy

Capital

Holdings,

Inc.

5.300%

due

03/15/32

4,445

4,634

5.900%

due

03/15/55

1,330

1,348

Northern

States

Power

Co.

5.050%

due

05/15/35

2,330

2,376

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

2,450

2,367

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

2,000

1,939

2.500%

due

02/01/31

1,000

900

5.800%

due

05/15/34

2,600

2,703

3.300%

due

08/01/40

1,500

1,138

3.500%

due

08/01/50

1,300

879

PG&E

Recovery

Funding

LLC

Series

5.256%

due

01/15/40

4,900

5,019

Rogers

Communications,

Inc.

5.300%

due

02/15/34

1,000

1,008

Southern

California

Edison

Co.

Series

C

4.125%

due

03/01/48

Southern

Co.

Gas

Capital

Corp.

4.950%

due

09/15/34

2,300

2,308

Southern

Power

Co.

Series

A

4.250%

due

10/01/30

750

749

Series

B

4.900%

due

10/01/35

1,355

1,341

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
T-Mobile

USA,

Inc.

3.875%

due

04/15/30

4,330

4,256

2.250%

due

11/15/31

2,750

2,437

5.150%

due

04/15/34

1,440

1,472

4.375%

due

04/15/40

1,210

1,085

3.300%

due

02/15/51

Verizon

Communications,

Inc.

3.875%

due

02/08/29

1.750%

due

01/20/31

3,340

2,939

4.750%

due

01/15/33

1,565

1,564

4.500%

due

08/10/33

1,230

1,210

4.780%

due

02/15/35

2,790

2,747

5.401%

due

07/02/37

(Þ)

770

779

3.850%

due

11/01/42

3,290

2,640

4.000%

due

03/22/50

790

602

5.875%

due

11/30/55

680

672

Virginia

Electric

and

Power

Co.

Series

C

4.900%

due

09/15/35

3,630

3,616

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

2,400

2,383

4.600%

due

10/15/30

(Þ)

2,745

2,742

92,672

561,963

Mortgage-Backed

Securities

-

46.3%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.437%

due

12/05/38

(~)(Ê)(Þ)

5,000

5,401

Angel

Oak

Mortgage

Trust

Series

2022-3

Class

A1

4.000%

due

01/25/67

(Þ)

3,474

3,372

Series

2022-3

Class

A3

4.116%

due

01/25/67

(~)(Ê)(Þ)

1,088

1,025

ARES

Commercial

Mortgage

Trust

Series

2024-IND2

Class

A

5.193%

due

10/15/34

(CME

Term

SOFR

Month

+

1.443%)(Ê)(Þ)

5,000

5,000

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2025-5YR15

Class

XA

Interest

Only

STRIPS

1.221%

due

07/15/58

(~)(Ê)

7,369

Barclays

Commercial

Mortgage

Trust

Series

2019-C5

Class

C

3.710%

due

11/15/52

2,172

1,926

Series

2023-C19

Class

XA

Interest

Only

STRIPS

0.809%

due

04/15/56

(~)(Ê)

37,739

1,176

Series

2024-5C31

Class

XA

Interest

Only

STRIPS

1.061%

due

12/15/57

(~)(Ê)

22,753

832

Series

2025-5C33

Class

XA

Interest

Only

STRIPS

0.817%

due

03/15/58

(~)(Ê)

25,037

729

Benchmark

Mortgage

Trust

Series

2019-B13

Class

A2

2.889%

due

08/15/57

1,376

1,313

Series

2024-V12

Class

XA

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Interest

Only

STRIPS

0.847%

due

12/15/57

(~)(Ê)

26,576

779

Series

2025-V15

Class

XA

Interest

Only

STRIPS

1.119%

due

06/15/58

(~)(Ê)

35,335

1,552

Series

2025-V18

Class

XA

Interest

Only

STRIPS

1.258%

due

10/15/58

(~)(Ê)(Þ)

16,227

855

BMO

Mortgage

Trust

Series

2024-5C8

Class

XA

Interest

Only

STRIPS

1.021%

due

12/15/57

(~)(Ê)

27,856

1,030

BRAVO

Residential

Funding

Trust

Series

2023-NQM4

Class

A1

6.435%

due

05/25/63

(~)(Ê)(Þ)

4,932

4,949

Series

2023-NQM6

Class

A1

6.602%

due

09/25/63

(~)(Ê)(Þ)

1,581

1,592

Series

2023-NQM8

Class

A1

6.394%

due

10/25/63

(~)(Ê)(Þ)

2,743

2,762

Series

2024-NQM5

Class

A1

5.803%

due

06/25/64

(~)(Ê)(Þ)

5,185

5,230

BX

Commercial

Mortgage

Trust

Series

2021-PAC

Class

A

4.554%

due

10/15/36

(CME

Term

SOFR

Month

+

0.804%)(Ê)(Þ)

5,000

4,983

Series

2021-XL2

Class

A

4.553%

due

10/15/38

(CME

Term

SOFR

Month

+

0.803%)(Ê)(Þ)

1,228

1,226

Series

2023-XL3

Class

A

5.512%

due

12/09/40

(CME

Term

SOFR

Month

+

1.761%)(Ê)(Þ)

3,580

3,579

BX

Trust

Series

2025-VOLT

Class

A

5.450%

due

12/15/44

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

1,157

1,157

Chase

Home

Lending

Mortgage

Trust

Series

2025-3

Class

A11

5.174%

due

02/25/56

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

1,256

1,257

Series

2025-7

Class

A11

5.274%

due

05/25/56

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

742

745

Series

2025-10

Class

A11

5.174%

due

07/25/56

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

824

826

Citigroup

Mortgage

Loan

Trust

Series

2025-4

Class

A28

5.174%

due

10/25/55

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

2,498

2,498

COLT

Mortgage

Loan

Trust

Series

2024-2

Class

A1

6.125%

due

04/25/69

(~)(Ê)(Þ)

4,489

4,535

COMM

Mortgage

Trust

Series

2014-CR14

Class

B

3.553%

due

02/10/47

(~)(Ê)

1,406

1,381

Series

2015-CR22

Class

B

3.926%

due

03/10/48

(~)(Ê)

1,720

1,663

Series

2015-LC19

Class

C

4.418%

due

02/10/48

(~)(Ê)

554

532

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
CoreVest

American

Finance,

Ltd.

Series

2025-RRTL1

Class

A1

5.684%

due

05/28/40

(~)(Ê)(Þ)

640

645

Cross

Mortgage

Trust

Series

2024-H1

Class

A1

6.085%

due

12/25/68

(~)(Ê)(Þ)

1,127

1,136

CSTL

Commercial

Mortgage

Trust

Series

2025-GATE2

Class

A

4.561%

due

11/10/42

(~)(Ê)(Þ)

2,522

2,515

Ellington

Financial

Mortgage

Trust

Series

2025-NQM4

Class

A1F

5.074%

due

09/25/70

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

2,064

2,070

Fannie

Mae

2.000%

due

2042

19,508

17,112

2.000%

due

2046

13,428

10,968

2.500%

due

2051

12,607

10,731

3.000%

due

2052

35,050

31,681

5.500%

due

2052

4,999

5,144

4.500%

due

2053

4,717

4,650

6.000%

due

2054

18,893

19,451

Year

TBA(Ï)

1.500%

8,000

7,236

2.000%

11,500

10,648

2.500%

4,000

3,784

4.500%

500

500

5.000%

5,000

5,066

Year

TBA(Ï)

2.000%

16,200

13,101

2.500%

39,060

33,039

3.500%

24,080

22,258

4.000%

21,000

19,918

4.500%

13,430

13,106

5.000%

22,940

22,879

5.500%

76,360

77,421

6.000%

28,800

29,562

6.500%

78,000

81,069

Series

2024-440

Class

C50

Interest

Only

STRIPS

4.500%

due

10/25/53

8,971

2,006

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2016-C07

Class

2M2

8.339%

due

05/25/29

(USD

Month

SOFR

+

4.350%)(Ê)

681

700

Series

2022-R02

Class

2M1

5.074%

due

01/25/42

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

Series

2023-R01

Class

1M1

6.274%

due

12/25/42

(SOFR

Day

Average

+

2.400%)(Ê)(Þ)

1,871

1,909

Series

2023-R02

Class

1M1

6.174%

due

01/25/43

(SOFR

Day

Average

+

2.300%)(Ê)(Þ)

Series

2023-R06

Class

1M2

6.574%

due

07/25/43

(SOFR

Day

Average

+

2.700%)(Ê)(Þ)

4,000

4,105

Series

2025-R01

Class

1A1

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.824%

due

01/25/45

(SOFR

Day

Average

+

0.950%)(Ê)(Þ)

1,434

1,433

Series

2025-R01

Class

1M1

4.974%

due

01/25/45

(SOFR

Day

Average

+

1.100%)(Ê)(Þ)

1,126

1,127

Series

2025-R02

Class

1A1

4.874%

due

02/25/45

(SOFR

Day

Average

+

1.000%)(Ê)(Þ)

1,838

1,838

Series

2025-R04

Class

1A1

4.874%

due

05/25/45

(SOFR

Day

Average

+

1.000%)(Ê)(Þ)

1,040

1,041

Series

2025-R04

Class

1M1

5.074%

due

05/25/45

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

2,544

2,546

Fannie

Mae

REMICS

Series

2024-22

Class

FG

5.074%

due

05/25/54

(SOFR

Day

Average

+

1.200%)(Ê)

7,009

7,043

Series

2024-39

Class

DF

4.974%

due

06/25/54

(SOFR

Day

Average

+

1.100%)(Ê)

6,963

6,984

Series

2024-98

Class

FA

5.024%

due

12/25/53

(SOFR

Day

Average

+

1.150%)(Ê)

3,045

3,057

Series

2024-105

Class

KF

4.874%

due

01/25/55

(SOFR

Day

Average

+

1.000%)(Ê)

5,626

5,642

Series

2025-41

Class

FA

5.024%

due

06/25/54

(SOFR

Day

Average

+

1.150%)(Ê)

4,027

4,044

Freddie

Mac

2.000%

due

2051

47,315

38,548

2.500%

due

2051

16,477

14,181

Freddie

Mac

REMICS

Series

2024-5420

Class

CF

4.824%

due

06/25/54

(SOFR

Day

Average

+

0.950%)(Ê)

2,869

2,882

Series

2025-5510

Class

FK

4.974%

due

02/25/55

(SOFR

Day

Average

+

1.100%)(Ê)

6,293

6,311

Series

2025-5517

Class

FH

5.024%

due

03/25/55

(SOFR

Day

Average

+

1.150%)(Ê)

6,133

6,159

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA7

Class

M1

4.724%

due

11/25/41

(SOFR

Day

Average

+

0.850%)(Ê)(Þ)

1,008

1,007

Series

2024-DNA3

Class

M2

5.324%

due

10/25/44

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

920

919

Series

2025-DNA2

Class

A1

4.974%

due

05/25/45

(SOFR

Day

Average

+

1.100%)(Ê)(Þ)

1,451

1,453

Series

2025-DNA3

Class

M1

4.974%

due

09/25/45

(SOFR

Day

Average

+

1.100%)(Ê)(Þ)

2,461

2,463

Series

2025-DNA4

Class

M1

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.974%

due

10/25/45

(SOFR

Day

Average

+

1.100%)(Ê)(Þ)

1,200

1,200

Ginnie

Mae

II

2.000%

due

2051

15,016

12,443

2.500%

due

2052

9,120

7,750

3.000%

due

2053

10,533

9,504

3.500%

due

2053

10,832

10,050

5.500%

due

2053

8,518

8,778

6.000%

due

2053

4,871

5,041

4.500%

due

2054

9,498

9,265

Year

TBA(Ï)

2.000%

3,200

2,650

2.500%

13,010

11,225

4.000%

8,140

7,683

5.000%

14,000

13,961

5.500%

10,000

10,094

6.500%

4,000

4,134

Government

National

Mortgage

Association

Series

2024-151

Class

FH

4.948%

due

09/20/54

(SOFR

Day

Average

+

1.030%)(Ê)

4,519

4,529

GS

Mortgage

Securities

Trust

Series

2014-GC24

Class

AS

4.162%

due

09/10/47

(~)(Ê)

1,404

1,370

HOMES

Trust

Series

2024-NQM1

Class

A1

5.915%

due

07/25/69

(~)(Ê)(Þ)

1,046

1,055

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2014-C23

Class

B

4.536%

due

09/15/47

(~)(Ê)

1,692

1,652

Series

2016-JP3

Class

AS

3.144%

due

08/15/49

1,750

1,696

Series

2016-JP3

Class

B

3.397%

due

08/15/49

(~)(Ê)

1,008

953

LHOME

Mortgage

Trust

Series

2025-RTL2

Class

A1

5.612%

due

04/25/40

(~)(Ê)(Þ)

1,024

1,032

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C10

Class

B

3.952%

due

07/15/46

(~)(Ê)

1,305

1,193

Series

2015-C27

Class

AS

4.068%

due

12/15/47

Series

2025-5C2

Class

XA

Interest

Only

STRIPS

1.250%

due

11/15/58

(~)(Ê)

32,191

1,709

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2024-INV2

Class

A1

6.500%

due

02/25/54

(~)(Ê)(Þ)

2,358

2,406

Multifamily

Housing

Mortgage

Trust

Series

2024-FL16

Class

A

5.275%

due

11/18/39

(CME

Term

SOFR

Month

+

1.541%)(Ê)(Þ)

4,220

4,225

NJ

Trust

Series

2023-GSP

Class

A

6.481%

due

01/06/29

(~)(Ê)(Þ)

5,000

5,235

OBX

Trust

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Series

2023-NQM4

Class

A1

6.113%

due

03/25/63

(~)(Ê)(Þ)

1,005

1,006

Series

2024-NQM3

Class

A1

6.129%

due

12/25/63

(~)(Ê)(Þ)

2,236

2,255

Series

2024-NQM8

Class

A1

6.233%

due

05/25/64

(~)(Ê)(Þ)

4,228

4,280

Series

2024-NQM13

Class

A1

5.116%

due

06/25/64

(Þ)

2,322

2,327

Series

2025-J2

Class

AF

5.174%

due

09/25/55

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

1,103

1,103

Onity

Loan

Investment

Trust

Series

2025-HB1

Class

A

3.000%

due

06/25/38

(~)(Ê)(Þ)

1,018

1,001

ONNI

Commercial

Mortgage

Trust

Series

2024-APT

Class

A

5.567%

due

07/15/39

(~)(Ê)(Þ)

4,460

4,543

PRKCM

Trust

Series

2024-AFC1

Class

A1

6.333%

due

03/25/59

(~)(Ê)(Þ)

2,259

2,277

RCKT

Mortgage

Trust

Series

2024-INV1

Class

A1

6.500%

due

06/25/54

(~)(Ê)(Þ)

1,132

1,157

SG

Capital

Partners

LLC

Series

2022-1

Class

A1

3.166%

due

03/27/62

(~)(Ê)(Þ)

1,264

1,219

SHRN

Trust

Series

2025-MF18

Class

A

4.950%

due

10/15/40

(CME

Term

SOFR

Month

+

1.200%)(Ê)(Þ)

2,840

2,841

SMRT

Trust

Series

2022-MINI

Class

A

4.751%

due

01/15/39

(CME

Term

SOFR

Month

+

1.000%)(Ê)(Þ)

5,000

4,990

Station

Place

Securitization

Trust

Series

2025-1

Class

A

4.851%

due

07/23/26

(CME

Term

SOFR

Month

+

0.900%)(Ê)(Þ)

5,911

5,911

Series

2025-3

Class

A

4.630%

due

09/23/26

(CME

Term

SOFR

Month

+

0.900%)(Ê)(Þ)

5,890

5,828

Series

2025-7

Class

A

4.630%

due

11/24/26

(CME

Term

SOFR

Month

+

0.900%)(Ê)(Þ)

6,408

6,408

Sunway

Real

Estate

Investment

Trust

Series

2021-PALM

Class

A

4.454%

due

10/15/34

(CME

Term

SOFR

Month

+

0.704%)(Ê)(Þ)

5,000

4,983

Toorak

Mortgage

Trust

Series

2025-RRTL1

Class

A1

5.524%

due

02/25/40

(~)(Ê)(Þ)

680

683

Verus

Securitization

Trust

Series

2023-3

Class

A1

5.930%

due

03/25/68

(~)(Ê)(Þ)

1,031

1,031

Series

2023-6

Class

A1

6.665%

due

09/25/68

(~)(Ê)(Þ)

865

872

Series

2024-4

Class

A1

6.218%

due

06/25/69

(~)(Ê)(Þ)

2,664

2,696

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-C32

Class

B

4.684%

due

01/15/59

(~)(Ê)

2,973

2,918

Series

2024-C63

Class

A5

5.309%

due

08/15/57

5,000

5,172

WFRBS

Commercial

Mortgage

Trust

Series

2014-C23

Class

B

4.279%

due

10/15/57

(~)(Ê)

1,133

1,099

835,539

United

States

Government

Treasuries

-

31.6%

United

States

Treasury

Notes

0.500%

due

08/31/27

115,776

110,240

3.625%

due

08/31/29

167,517

167,517

3.500%

due

11/30/30

23,670

23,439

4.250%

due

11/15/34

102,914

104,088

4.250%

due

08/15/35

710

716

4.000%

due

11/15/35

9,840

9,706

2.875%

due

08/15/45

60,159

45,185

4.875%

due

08/15/45

1.625%

due

11/15/50

181,619

95,549

4.750%

due

08/15/55

13,370

13,174

570,008

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$2,112,845)

2,111,041

#### Short-Term

#### Investments

#### -

#### 3.5%
Agree,

LP

3.081%

due

01/05/26

(ç)(Þ)(ž)

4,375

4,373

AvalonBay

Communities,

Inc.

3.235%

due

01/06/26

(ç)(Þ)(ž)

4,645

4,642

Aviation

Capital

Group

LLC

3.041%

due

01/05/26

(Þ)(ž)

12,175

12,170

Energy

Transfer,

LP

1.905%

due

01/02/26

(ç)(Þ)(ž)

3,890

3,890

Mid-America

Apartments,

LP

3.193%

due

01/06/26

(Þ)(ž)

5,000

4,997

Plains

All

American

Pipeline,

LP

3.210%

due

01/06/26

(ç)(Þ)(ž)

4,385

4,383

Sempra

3.193%

due

01/06/26

(Þ)(ž)

5,750

5,747

H2

#### Number

#### of

#### Shares
H2

State

Street

Institutional

U.S.

Government

Money

Market

Fund

16,612,536

16,613

H2

#### Principal

#### Amount

#### $
H2

WEC

Energy

Group,

Inc.

3.177%

due

01/06/26

(Þ)(ž)

6,500

6,496

#### Total

#### Short-Term

#### Investments
(cost

$63,311)

63,311

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $

#### Total

#### Investments

#### -

#### 120.4%
(cost

$2,176,156)

2,174,352

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (20.4)%
(368,041)

#### Net

#### Assets

#### -

#### 100.0%
1,806,311

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

143,531

$

—

$

143,531

Corporate

Bonds

and

Notes

—

561,963

—

561,963

Mortgage-Backed

Securities

—

835,539

—

835,539

United

States

Government

Treasuries

—

570,008

—

570,008

Short-Term

Investments

16,61

46,69

—

63,311

Total

Investments

$

16,61

$

2,157,7

$

—

$

2,174,352

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

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

4,148

.2

Bermuda

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

2,055

.1

Canada

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

4,009

.2

Cayman

Islands

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

57,799

.2

Denmark

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

2,004

.1

France

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

772

—

\*\*

Ireland

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

10,680

.6

Italy

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

2,107

.1

Jersey

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

11,746

.7

Netherlands

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

2,191

.1

Norway

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

2,183

.1

South

Africa

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

802

.1

Spain

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

8,167

.5

Switzerland

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

10,192

.6

United

Kingdom

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

20,008

.1

United

States

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

2,035,489

.7

Total

Investments

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

2,174,352

.4

\*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

2,176,156

Investments,

at

fair

value

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

2,174,352

Receivables:

Dividends

and

interest

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

14,254

Investments

sold

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

11,763

Fund

shares

sold

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

8,187

Prepaid

expenses

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

Total

assets

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

2,208,563

#### Liabilities
Payables:

Due

to

broker(a)

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

527

Investments

purchased

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

400,571

Accrued

fees

to

affiliates

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

1,073

Other

accrued

expenses

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

Total

liabilities

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

402,252

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,806,311

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(37,071)

Paid-in

capital

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

1,843,382

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,806,311

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

due

to

broker

for

TBAs

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

$

527

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

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

$

9.81 Class

I

—

Net

assets

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

$

619,252,977

Class

I

—

Shares

outstanding

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

63,092,884

Net

asset

value

per

share:

Class

V

(#)

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

$

9.81 Class

V

—

Net

assets

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

$

1,187,057,844

Class

V

—

Shares

outstanding

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

120,954,815

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

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

$

81,668

Dividends

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

1,252

Total

investment

income

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

82,920

#### Expenses
Advisory

fees

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

7,913

Administrative

fees

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

2,110

Distribution

fees

-

Class

V

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

3,766

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

14,171

Expense

reductions

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

(1,153)

Net

expenses

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

13,018

Net

investment

income

(loss)

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

69,902

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(12,175)

Futures

contracts

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

721

Net

realized

gain

(loss)

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

(11,454)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

58,795

Net

change

in

unrealized

appreciation

(depreciation)

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

58,795

Net

realized

and

unrealized

gain

(loss)

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

47,341

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

117,243

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### Period

#### Ended

#### December

#### 31,

#### 2024
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

69,902

$

22,537

Net

realized

gain

(loss)

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

(11,454)

(30,151)

Net

change

in

unrealized

appreciation

(depreciation)

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

58,795

(60,599)

Net

increase

(decrease)

in

net

assets

from

operations

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

117,243

(68,213)

#### Distributions
To

shareholders

Class

I

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

(20,440)

(4,373)

Class

V

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

(49,954)

(11,334)

Net

decrease

in

net

assets

from

distributions

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

(70,394)

(15,707)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(22,456)

1,865,838

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
24,393

1,781,918

#### Net

#### Assets
Beginning

of

period

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

1,781,918

—

End

of

period

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

$

1,806,311

$

1,781,918

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024
(1) #### Shares

#### Dollars

#### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

22,951

$

223,978

50,473

$

504,742

Proceeds

from

reinvestment

of

distributions

2,110

20,440

4,373

Payments

for

shares

redeemed

(11,889)

(115,156)

(1,003)

(9,795)

Net

increase

(decrease)

13,172

129,262

49,920

499,320

Class

V

Proceeds

from

shares

sold

2,244

21,954

154,009

1,540,154

Proceeds

from

reinvestment

of

distributions

5,164

49,954

1,166

11,334

Payments

for

shares

redeemed

(23,030)

(223,626)

(18,598)

(184,970)

Net

increase

(decrease)

(15,622)

(151,718)

136,577

1,366,518

Total

increase

(decrease)

(2,450)

$

(22,456)

186,497

$

1,865,838

(1) For

the

period

September

4,

2024

(commencement

of

operations)

to

December

31,

2024. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Strategic

Bond

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### I

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

9.56 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.40

.13

$

Net

Realized

and

Unrealized

Gain

(Loss)

.25

(.48)

$

Total

from

Investment

Operations

.65

(.35)

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.40)

(.09)

$

Total

Distributions

(.40)

(.09)

$

Net

Asset

Value,

End

of

Period

9.81 9.56 %

Total

Return

(ǿ)

(±)

6.98 (3.54)

–

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 619,253

477,066

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.59

.60

%

Expenses,

Net

(ɯ)

(Ƃ)

.59

.60

%

Net

Investment

Income

(ɯ)

(Ƃ)

4.1 0

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### V

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

9.55 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.38

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

.26

(.49)

$

Total

from

Investment

Operations

.64

(.37)

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.38)

(.08)

$

Total

Distributions

(.38)

(.08)

$

Net

Asset

Value,

End

of

Period

9.81 9.55 %

Total

Return

(ǿ)

(±)

6.87 (3.68)

–

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 1,187,058

1,304,852

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.89

.90

%

Expenses,

Net

(ɯ)

(Ƃ)

.80

.80

%

Net

Investment

Income

(ɯ)

(Ƃ)

3.9 2

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.1%
Consumer

Discretionary

-

13.5%

Amazon.com,

Inc.(Æ)

772,309

178,264

AutoZone,

Inc.(Æ)

1,329

4,507

Axon

Enterprise,

Inc.(Æ)

6,283

3,568

Best

Buy

Co.,

Inc.

15,615

1,045

Carnival

Corp.

87,406

2,669

Carvana

Co.(Æ)

11,228

4,738

Charter

Communications,

Inc.

Class

A(Æ)

6,988

1,459

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

105,003

3,885

Comcast

Corp.

Class

A

288,479

8,623

Costco

Wholesale

Corp.

35,117

30,283

Darden

Restaurants,

Inc.

9,236

1,700

Deckers

Outdoor

Corp.(Æ)

11,785

1,222

Dollar

General

Corp.

17,487

2,322

Dollar

Tree,

Inc.(Æ)

15,402

1,895

Domino's

Pizza,

Inc.

2,479

1,033

DR

Horton,

Inc.

22,026

3,172

eBay,

Inc.

36,298

3,162

Expedia

Group,

Inc.

9,392

2,661

FactSet

Research

Systems,

Inc.

3,046

884

Ford

Motor

Co.

309,638

4,062

Fox

Corp.

Class

A

16,536

1,208

Fox

Corp.

Class

B

11,500

747

Garmin,

Ltd.

13,098

2,657

General

Motors

Co.

74,084

6,025

Genuine

Parts

Co.

11,321

1,392

Hasbro,

Inc.

10,723

879

Hilton

Worldwide

Holdings,

Inc.

18,456

5,302

Home

Depot,

Inc.

(The)

78,829

27,125

Hubbell,

Inc.

Class

B

4,279

1,900

Las

Vegas

Sands

Corp.

24,158

1,572

Lennar

Corp.

Class

A

17,392

1,788

Live

Nation

Entertainment,

Inc.(Æ)

12,814

1,826

Lowe's

Cos.,

Inc.

44,068

10,627

Lululemon

Athletica

,

Inc.(Æ)

8,777

1,824

Marriott

International,

Inc.

Class

A

17,680

5,485

McDonald's

Corp.

56,525

17,276

MGM

Resorts

International(Æ)

16,436

600

Netflix,

Inc.

Class

B(Æ)

336,572

31,557

News

Corp.

Class

A

30,301

791

News

Corp.

Class

B

9,439

NIKE,

Inc.

Class

B

94,123

5,997

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

37,851

845

NVR,

Inc.(Æ)

1,648

Omnicom

Group,

Inc.

25,399

2,051

O'Reilly

Automotive,

Inc.(Æ)

67,204

6,130

Paramount

Skydance

Corp.

Class

B

25,939

PulteGroup,

Inc.

15,477

1,815

Ralph

Lauren

Corp.

Class

A

3,074

1,087

Ross

Stores,

Inc.

25,900

4,666

Royal

Caribbean

Cruises,

Ltd.

20,064

5,596

RTX

Corp.

106,027

19,445

Starbucks

Corp.

90,007

7,580

Tapestry,

Inc.

16,250

2,076

Target

Corp.

36,094

3,528

Tesla,

Inc.(Æ)

222,960

100,270

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
TJX

Cos.,

Inc.

(The)

88,624

13,614

TKO

Group

Holdings,

Inc.

5,264

1,100

Tractor

Supply

Co.

42,671

2,134

Ulta

Beauty,

Inc.(Æ)

3,620

2,190

Walmart,

Inc.

347,661

38,733

Walt

Disney

Co.

(The)

141,753

16,127

Warner

Bros.

Discovery,

Inc.(Æ)

196,641

5,667

Williams-Sonoma,

Inc.

9,671

1,727

Wynn

Resorts,

Ltd.

6,942

835

Yum!

Brands,

Inc.

22,048

3,335

630,559

Consumer

Staples

-

3.0%

Altria

Group,

Inc.

133,451

7,695

Archer-Daniels-Midland

Co.

38,697

2,225

Brown-Forman

Corp.

Class

B

14,183

Bunge

Global

SA

10,748

957

Campbell's

Co.

(The)

15,842

Church

&

Dwight

Co.,

Inc.

19,067

1,599

Clorox

Co.

(The)

9,955

1,004

Coca-Cola

Co.

(The)

306,815

21,449

Colgate-Palmolive

Co.

64,202

5,073

Conagra

Brands,

Inc.

38,594

668

Constellation

Brands,

Inc.

Class

A

11,500

1,587

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

19,257

2,017

General

Mills,

Inc.

42,476

1,975

Hershey

Co.

(The)

11,925

2,170

Hormel

Foods

Corp.

23,464

556

JM

Smucker

Co.

(The)

8,684

849

Kenvue

,

Inc.

154,609

2,667

Keurig

Dr

Pepper,

Inc.

109,389

3,064

Kimberly-Clark

Corp.

26,729

2,697

Kraft

Heinz

Co.

(The)

67,685

1,641

Kroger

Co.

(The)

48,321

3,019

McCormick

&

Co.,

Inc.

20,102

1,369

Molson

Coors

Beverage

Co.

Class

B

13,787

644

Mondelez

International,

Inc.

Class

A

102,772

5,532

Monster

Beverage

Corp.(Æ)

56,606

4,340

PepsiCo,

Inc.

108,748

15,608

Philip

Morris

International,

Inc.

123,299

19,777

Procter

&

Gamble

Co.

(The)

185,529

26,588

Sysco

Corp.

37,933

2,795

Tyson

Foods,

Inc.

Class

A

23,016

1,349

141,726

Energy

-

2.8%

Baker

Hughes

Co.

78,319

3,567

Chevron

Corp.

150,282

22,904

Coterra

Energy,

Inc.

62,099

1,634

Devon

Energy

Corp.

49,808

1,824

Diamondback

Energy,

Inc.

14,943

2,246

Eaton

Corp.

PLC

30,613

9,751

EOG

Resources,

Inc.

43,374

4,555

Equities

Corp.

49,576

2,657

Exxon

Mobil

Corp.

334,858

40,297

First

Solar,

Inc.(Æ)

8,513

2,224

Halliburton

Co.

66,826

1,889

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Kinder

Morgan,

Inc.

155,340

4,270

Marathon

Petroleum

Corp.

23,868

3,882

Occidental

Petroleum

Corp.

57,085

2,347

ONEOK,

Inc.

50,028

3,677

Phillips

32,104

4,143

Schlumberger

NV

118,522

4,549

Targa

Resources

Corp.

17,095

3,154

Texas

Pacific

Land

Corp.

4,716

1,355

Valero

Energy

Corp.

24,218

3,942

Williams

Cos.,

Inc.

(The)

96,739

5,815

130,682

Financial

Services

-

14.2%

Aflac,

Inc.

37,464

4,131

Alexandria

Real

Estate

Equities,

Inc.(ö)

12,538

614

Allstate

Corp.

(The)

20,933

4,357

American

Express

Co.

42,663

15,783

American

International

Group,

Inc.

42,843

3,665

American

Tower

Corp.(ö)

37,095

6,513

Ameriprise

Financial,

Inc.

7,465

3,660

Aon

PLC

Class

A

17,081

6,028

Apollo

Global

Management,

Inc.

36,555

5,292

Arch

Capital

Group,

Ltd.

28,669

2,750

Ares

Management

Corp.

Class

A

16,284

2,632

Arthur

J

Gallagher

&

Co.

20,361

5,269

Assurant,

Inc.

4,157

1,001

AvalonBay

Communities,

Inc.(ö)

11,452

2,076

Bank

of

America

Corp.

533,385

29,336

Bank

of

New

York

Mellon

Corp.

(The)

55,370

6,428

Berkshire

Hathaway,

Inc.

Class

B(Æ)

145,695

73,234

BlackRock,

Inc.

11,324

12,121

Blackstone,

Inc.

Class

A

58,379

8,999

Brown

&

Brown,

Inc.

23,735

1,892

BXP,

Inc.(ö)

11,701

790

Camden

Property

Trust(ö)

8,699

958

Capital

One

Financial

Corp.

50,286

12,187

Cboe

Global

Markets,

Inc.

8,415

2,112

CBRE

Group,

Inc.

Class

A(Æ)

23,217

3,733

Charles

Schwab

Corp.

(The)

132,624

13,250

Chubb,

Ltd.

29,061

9,071

Cincinnati

Financial

Corp.

12,594

2,057

Citigroup,

Inc.

142,034

16,574

Citizens

Financial

Group,

Inc.

34,727

2,028

CME

Group,

Inc.

Class

A

28,539

7,793

Coinbase

Global,

Inc.

Class

A(Æ)

17,954

4,060

Crown

Castle,

Inc.(ö)

34,594

3,074

Digital

Realty

Trust,

Inc.(ö)

25,468

3,940

Equinix

,

Inc.(ö)

7,747

5,935

Equity

Residential(ö)

27,995

1,765

Erie

Indemnity

Co.

Class

A

2,039

584

Essex

Property

Trust,

Inc.(ö)

5,117

1,339

Everest

Group,

Ltd.

3,414

1,159

Extra

Space

Storage,

Inc.(ö)

17,103

2,227

Federal

Realty

Investment

Trust(ö)

6,237

629

Fifth

Third

Bancorp

53,315

2,496

Franklin

Resources,

Inc.

24,672

589

Globe

Life,

Inc.

6,593

922

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Goldman

Sachs

Group,

Inc.

(The)

23,822

20,940

Hartford

Insurance

Group,

Inc.

(The)

22,337

3,078

Healthpeak

Properties,

Inc.(ö)

55,970

900

Host

Hotels

&

Resorts,

Inc.(ö)

50,767

900

Huntington

Bancshares,

Inc.

123,365

2,140

Interactive

Brokers

Group,

Inc.

Class

A

35,850

2,305

Intercontinental

Exchange,

Inc.

45,343

7,344

Invesco,

Ltd.

36,298

954

Invitation

Homes,

Inc.(ö)

45,431

1,263

Iron

Mountain,

Inc.(ö)

23,788

1,973

JPMorgan

Chase

&

Co.

216,145

69,646

KeyCorp

75,110

1,550

Kimco

Realty

Corp.(ö)

54,569

1,106

KKR

&

Co.,

Inc.

Class

A

54,342

6,927

Loews

Corp.

13,700

1,443

M&T

Bank

Corp.

12,415

2,501

Marsh

&

McLennan

Cos.,

Inc.

38,943

7,225

Mastercard

,

Inc.

Class

A

65,105

37,167

MetLife,

Inc.

44,375

3,503

Mid-America

Apartment

Communities,

Inc.

(ö)

9,429

1,310

Morgan

Stanley

96,076

17,056

Nasdaq,

Inc.

36,003

3,497

Northern

Trust

Corp.

15,010

2,050

PNC

Financial

Services

Group,

Inc.

(The)

31,163

6,505

Principal

Financial

Group,

Inc.

16,317

1,439

Progressive

Corp.

(The)

46,103

10,499

Prologis,

Inc.(ö)

73,514

9,385

Prudential

Financial,

Inc.

27,963

3,156

Public

Storage(ö)

12,545

3,255

Raymond

James

Financial,

Inc.

14,089

2,263

Realty

Income

Corp.(ö)

72,633

4,094

Regency

Centers

Corp.(ö)

13,292

918

Regions

Financial

Corp.

70,886

1,921

Robinhood

Markets,

Inc.

Class

A(Æ)

61,237

6,926

SBA

Communications

Corp.(ö)

8,432

1,631

Simon

Property

Group,

Inc.(ö)

26,092

4,830

State

Street

Corp.

22,178

2,861

Synchrony

Financial

28,598

2,386

T

Rowe

Price

Group,

Inc.

17,453

1,787

Travelers

Cos.,

Inc.

(The)

17,712

5,138

Truist

Financial

Corp.

102,423

5,040

UDR,

Inc.(ö)

24,542

900

US

Bancorp

123,256

6,577

Ventas,

Inc.(ö)

36,108

2,794

VICI

Properties,

Inc.(ö)

85,929

2,416

Visa,

Inc.

Class

A

134,008

46,998

W.R.

Berkley

Corp.

24,343

1,707

Wells

Fargo

&

Co.

249,244

23,230

Welltower

,

Inc.(ö)

54,494

10,115

Weyerhaeuser

Co.(ö)

58,724

1,391

Willis

Towers

Watson

PLC

7,599

2,497

664,490

Health

Care

-

9.4%

Abbott

Laboratories

138,228

17,319

AbbVie,

Inc.

139,931

31,973

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Agilent

Technologies,

Inc.

22,574

3,072

Align

Technology,

Inc.(Æ)

5,423

847

Amgen,

Inc.

42,758

13,995

Baxter

International,

Inc.

41,340

790

Becton

Dickinson

&

Co.

22,770

4,419

Biogen,

Inc.(Æ)

11,646

2,050

Bio-

Techne

Corp.

12,750

750

Boston

Scientific

Corp.(Æ)

116,522

11,110

Bristol-Myers

Squibb

Co.

161,244

8,697

Cardinal

Health,

Inc.

18,970

3,898

Cencora

,

Inc.

Class

A

15,245

5,149

Centene

Corp.(Æ)

37,574

1,546

Charles

River

Laboratories

International,

Inc.(Æ)

3,910

780

Cigna

Group

(The)

21,206

5,837

Cooper

Cos,

Inc.

(The)(Æ)

16,056

1,316

CVS

Health

Corp.

100,744

7,995

Danaher

Corp.

49,915

11,427

DaVita,

Inc.(Æ)

2,984

DexCom

,

Inc.(Æ)

31,149

2,067

Edwards

Lifesciences

Corp.(Æ)

46,505

3,965

Elevance

Health,

Inc.

17,646

6,186

Eli

Lilly

&

Co.

63,072

67,782

GE

HealthCare

Technologies,

Inc.

36,165

2,966

Gilead

Sciences,

Inc.

97,528

11,971

HCA

Healthcare,

Inc.

12,684

5,922

Henry

Schein,

Inc.(Æ)

7,946

601

Hologic

,

Inc.(Æ)

18,103

1,348

Humana,

Inc.

9,685

2,481

IDEXX

Laboratories,

Inc.(Æ)

6,334

4,285

Incyte

Corp.(Æ)

13,202

1,304

Insulet

Corp.(Æ)

5,713

1,624

Intuitive

Surgical,

Inc.(Æ)

28,131

15,932

IQVIA

Holdings,

Inc.(Æ)

13,692

3,086

Johnson

&

Johnson

190,763

39,478

Labcorp

Holdings,

Inc.

6,602

1,656

McKesson

Corp.

9,853

8,082

Medtronic

PLC

100,766

9,680

Merck

&

Co.,

Inc.

197,073

20,744

Moderna

,

Inc.(Æ)

27,509

811

Molina

Healthcare,

Inc.(Æ)

4,306

747

Pfizer,

Inc.

447,053

11,132

Quest

Diagnostics,

Inc.

8,883

1,541

Regeneron

Pharmaceuticals,

Inc.

7,997

6,173

ResMed

,

Inc.

11,590

2,792

Revvity

,

Inc.

9,448

914

Solventum

Corp.(Æ)

11,941

946

STERIS

PLC

7,825

1,984

Stryker

Corp.

27,261

9,581

Thermo

Fisher

Scientific,

Inc.

29,832

17,286

UnitedHealth

Group,

Inc.

71,729

23,678

Universal

Health

Services,

Inc.

Class

B

4,386

956

Vertex

Pharmaceuticals,

Inc.(Æ)

20,134

9,128

Viatris

,

Inc.

93,857

1,168

Waters

Corp.(Æ)

4,793

1,821

West

Pharmaceutical

Services,

Inc.

5,853

1,610

Zimmer

Biomet

Holdings,

Inc.

16,124

1,450

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Zoetis,

Inc.

Class

A

35,207

4,430

442,617

Materials

and

Processing

-

2.9%

Air

Products

and

Chemicals,

Inc.

17,680

4,367

Albemarle

Corp.

9,579

1,355

Amcor

PLC

187,721

1,566

Ball

Corp.

21,620

1,145

Builders

FirstSource

,

Inc.(Æ)

9,101

937

Carrier

Global

Corp.

63,550

3,358

CF

Industries

Holdings,

Inc.

12,385

958

Copart

,

Inc.(Æ)

71,656

2,805

CRH

PLC

53,223

6,642

Dow,

Inc.

57,694

1,349

DuPont

de

Nemours,

Inc.

33,263

1,337

Ecolab,

Inc.

20,285

5,325

Fastenal

Co.

91,158

3,658

Freeport-McMoRan,

Inc.

114,059

5,793

General

Electric

Co.

83,769

25,803

International

Flavors

&

Fragrances,

Inc.

20,360

1,372

International

Paper

Co.

41,947

1,652

Johnson

Controls

International

PLC

48,533

5,812

Lennox

International,

Inc.

2,603

1,264

Linde

PLC

37,075

15,809

LyondellBasell

Industries

NV

Class

A

20,944

907

Martin

Marietta

Materials,

Inc.

4,858

3,025

Masco

Corp.

17,041

1,082

Mosaic

Co.

(The)

25,832

622

Newmont

Corp.

87,029

8,690

Nucor

Corp.

18,172

2,964

Packaging

Corp.

of

America

7,274

1,500

Pool

Corp.

2,741

627

PPG

Industries,

Inc.

18,176

1,862

Qnity

Electronics,

Inc.

16,632

1,358

Sherwin-Williams

Co.

(The)

18,366

5,951

Smurfit

WestRock

PLC

42,004

1,624

Steel

Dynamics,

Inc.

10,897

1,847

Trane

Technologies

PLC

17,626

6,860

Vulcan

Materials

Co.

10,642

3,035

134,261

Producer

Durables

-

7.1%

3M

Co.

42,191

6,755

AMETEK,

Inc.

18,345

3,766

Amphenol

Corp.

Class

A

96,955

13,102

AO

Smith

Corp.

9,199

615

Aptiv

PLC(Æ)

17,539

1,334

Automatic

Data

Processing,

Inc.

32,161

8,273

Avery

Dennison

Corp.

6,347

1,154

Block,

Inc.

Class

A(Æ)

43,659

2,842

Boeing

Co.

(The)(Æ)

61,862

13,431

Caterpillar,

Inc.

37,108

21,258

CH

Robinson

Worldwide,

Inc.

9,602

1,544

Cintas

Corp.

27,199

5,115

Comfort

Systems

USA,

Inc.

2,794

2,608

Corpay

,

Inc.(Æ)

5,613

1,689

CoStar

Group,

Inc.(Æ)

34,106

2,293

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
CSX

Corp.

148,099

5,369

Cummins,

Inc.

10,945

5,587

Deere

&

Co.

19,951

9,289

Delta

Air

Lines,

Inc.

51,527

3,576

Dover

Corp.

11,041

2,156

EMCOR

Group,

Inc.

3,606

2,206

Emerson

Electric

Co.

44,592

5,918

Equifax,

Inc.

9,715

2,108

Expeditors

International

of

Washington,

Inc.

10,782

1,607

FedEx

Corp.

17,259

4,985

Fortive

Corp.

25,224

1,393

Gartner,

Inc.(Æ)

5,723

1,444

GE

Vernova

,

Inc.

21,540

14,078

Generac

Holdings,

Inc.(Æ)

4,776

651

General

Dynamics

Corp.

20,056

6,752

Global

Payments,

Inc.

19,273

1,492

Honeywell

International,

Inc.

50,267

9,807

Howmet

Aerospace,

Inc.

31,922

6,545

Huntington

Ingalls

Industries,

Inc.

3,198

1,087

IDEX

Corp.

5,944

1,058

Illinois

Tool

Works,

Inc.

21,073

5,190

Ingersoll

Rand,

Inc.

28,549

2,262

Jacobs

Solutions,

Inc.

9,496

1,258

JB

Hunt

Transport

Services,

Inc.

5,964

1,159

Keysight

Technologies,

Inc.(Æ)

13,862

2,817

L3Harris

Technologies,

Inc.

14,863

4,363

Lamb

Weston

Holdings,

Inc.

11,477

Lockheed

Martin

Corp.

16,169

7,820

Mettler

-Toledo

International,

Inc.(Æ)

1,622

2,261

Moody's

Corp.

12,222

6,244

Nordson

Corp.

4,417

1,062

Norfolk

Southern

Corp.

17,823

5,146

Northrop

Grumman

Corp.

10,662

6,080

Old

Dominion

Freight

Line,

Inc.

14,685

2,303

Otis

Worldwide

Corp.

30,944

2,703

PACCAR,

Inc.

41,595

4,555

Parker-Hannifin

Corp.

10,020

8,807

Paychex,

Inc.

26,104

2,928

PayPal

Holdings,

Inc.

74,291

4,337

Pentair

PLC

13,343

1,389

Quanta

Services,

Inc.

11,838

4,996

Republic

Services,

Inc.

Class

A

16,122

3,417

Rockwell

Automation,

Inc.

8,932

3,475

Rollins,

Inc.

23,809

1,429

S&P

Global,

Inc.

24,572

12,841

Snap-on,

Inc.

4,246

1,463

Southwest

Airlines

Co.

41,068

1,697

Stanley

Black

&

Decker,

Inc.

12,599

936

Teledyne

Technologies,

Inc.(Æ)

3,775

1,928

Textron,

Inc.

13,993

1,220

Trade

Desk,

Inc.

(The)

Class

A(Æ)

35,395

1,344

TransDigm

Group,

Inc.

4,464

5,936

Trimble,

Inc.(Æ)

18,902

1,481

Union

Pacific

Corp.

46,631

10,787

United

Airlines,

Inc.(Æ)

25,712

2,875

United

Parcel

Service,

Inc.

Class

B

58,489

5,801

United

Rentals,

Inc.

5,053

4,089

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Veralto

Corp.

19,979

1,993

Verisk

Analytics,

Inc.

Class

A

11,246

2,516

W.W.

Grainger,

Inc.

3,496

3,528

Waste

Management,

Inc.

29,361

6,451

Westinghouse

Air

Brake

Technologies

Corp.

13,769

2,939

Xylem,

Inc.

19,605

2,670

Zebra

Technologies

Corp.

Class

A(Æ)

4,092

994

332,858

Technology

-

43.0%

Accenture

PLC

Class

A

49,280

13,222

Adobe,

Inc.(Æ)

33,225

11,628

Advanced

Micro

Devices,

Inc.(Æ)

128,512

27,522

Airbnb,

Inc.

Class

A(Æ)

34,087

4,626

Akamai

Technologies,

Inc.(Æ)

11,650

1,016

Allegion

PLC

6,915

1,101

Alphabet,

Inc.

Class

A

462,074

144,629

Alphabet,

Inc.

Class

C

369,236

115,866

Analog

Devices,

Inc.

39,007

10,579

Apple,

Inc.

1,173,201

318,946

Applied

Materials,

Inc.

63,256

16,256

AppLovin

Corp.

Class

A(Æ)

21,506

14,491

Arista

Networks,

Inc.(Æ)

81,038

10,618

Autodesk,

Inc.(Æ)

16,995

5,031

Booking

Holdings,

Inc.

2,547

13,640

Broadcom,

Inc.

374,855

129,737

Broadridge

Financial

Solutions,

Inc.

9,430

2,105

Cadence

Design

Systems,

Inc.(Æ)

21,586

6,747

CDW

Corp.

10,550

1,437

Cisco

Systems,

Inc.

312,874

24,101

Cognizant

Technology

Solutions

Corp.

Class

A

38,788

3,219

Corning,

Inc.

61,915

5,421

Corteva

,

Inc.

53,948

3,616

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

19,590

9,183

Datadog

,

Inc.

Class

A(Æ)

25,671

3,491

Dayforce

,

Inc.(Æ)

12,862

890

Dell

Technologies,

Inc.

Class

C

24,087

3,032

DoorDash

,

Inc.

Class

A(Æ)

29,307

6,637

Electronic

Arts,

Inc.

17,837

3,645

EPAM

Systems,

Inc.(Æ)

4,534

929

F5,

Inc.(Æ)

4,626

1,181

Fair

Isaac

Corp.(Æ)

1,907

3,224

Fidelity

National

Information

Services,

Inc.

41,498

2,758

Fiserv,

Inc.(Æ)

42,700

2,868

Fortinet,

Inc.(Æ)

50,181

3,985

Gen

Digital,

Inc.

44,514

1,210

GoDaddy

,

Inc.

Class

A(Æ)

10,732

1,332

Hewlett

Packard

Enterprise

Co.

105,696

2,539

HP,

Inc.

75,619

1,685

IBM

Corp.

73,791

21,858

Intel

Corp.(Æ)

355,966

13,135

Intuit,

Inc.

22,148

14,671

Jabil,

Inc.

8,640

1,970

Jack

Henry

&

Associates,

Inc.

5,921

1,081

KLA

Corp.

10,378

12,610

Lam

Research

Corp.

99,744

17,074

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Leidos

Holdings,

Inc.

10,334

1,864

Match

Group,

Inc.

19,815

640

Meta

Platforms,

Inc.

Class

A

172,885

114,120

Microchip

Technology,

Inc.

43,458

2,769

Micron

Technology,

Inc.

88,587

25,284

Microsoft

Corp.

590,095

285,382

Monolithic

Power

Systems,

Inc.

3,802

3,446

Motorola

Solutions,

Inc.

13,236

5,074

MSCI,

Inc.

Class

A

5,967

3,423

NetApp,

Inc.

16,115

1,726

NVIDIA

Corp.

1,929,422

359,837

NXP

Semiconductors

NV

19,964

4,333

ON

Semiconductor

Corp.(Æ)

31,938

1,729

Oracle

Corp.

133,544

26,029

Palantir

Technologies,

Inc.

Class

A(Æ)

181,361

32,237

Palo

Alto

Networks,

Inc.(Æ)

54,305

10,003

Paycom

Software,

Inc.

3,880

618

PTC,

Inc.(Æ)

9,510

1,657

QUALCOMM,

Inc.

85,016

14,542

Roper

Technologies,

Inc.

8,545

3,804

Salesforce,

Inc.

75,734

20,063

Sandisk

Corp.(Æ)

11,107

2,637

Seagate

Technology

Holdings

PLC

16,876

4,648

ServiceNow

,

Inc.(Æ)

82,615

12,656

Skyworks

Solutions,

Inc.

12,077

766

Super

Micro

Computer,

Inc.(Æ)

40,781

1,194

Synopsys,

Inc.(Æ)

14,652

6,882

Take-Two

Interactive

Software,

Inc.(Æ)

13,730

3,515

TE

Connectivity

PLC

23,473

5,340

Teradyne,

Inc.

12,627

2,444

Texas

Instruments,

Inc.

72,186

12,524

Tyler

Technologies,

Inc.(Æ)

3,437

1,560

Uber

Technologies,

Inc.(Æ)

164,970

13,480

VeriSign,

Inc.

6,767

1,644

Western

Digital

Corp.

27,142

4,676

Workday,

Inc.

Class

A(Æ)

17,103

3,673

2,012,761

Utilities

-

3.2%

AES

Corp.

(The)

57,954

831

Alliant

Energy

Corp.

20,918

1,360

Ameren

Corp.

21,781

2,175

American

Electric

Power

Co.,

Inc.

42,476

4,898

American

Water

Works

Co.,

Inc.

15,714

2,051

APA

Corp.

28,817

705

AT&T,

Inc.

562,903

13,982

Atmos

Energy

Corp.

12,753

2,138

CenterPoint

Energy,

Inc.

52,596

2,016

CMS

Energy

Corp.

24,318

1,701

ConocoPhillips

98,115

9,184

Consolidated

Edison,

Inc.

29,047

2,885

Constellation

Energy

Corp.

24,714

8,731

Dominion

Energy,

Inc.

67,602

3,961

DTE

Energy

Co.

16,720

2,157

Duke

Energy

Corp.

61,597

7,220

Edison

International

30,993

1,860

Entergy

Corp.

35,463

3,278

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Evergy

,

Inc.

18,728

1,358

Eversource

Energy

29,482

1,985

Exelon

Corp.

80,225

3,497

Expand

Energy

Corp.

18,338

2,024

FirstEnergy

Corp.

41,283

1,848

NextEra

Energy,

Inc.

163,579

13,132

NiSource,

Inc.

38,323

1,600

NRG

Energy,

Inc.

15,371

2,448

PG&E

Corp.

177,015

2,845

Pinnacle

West

Capital

Corp.

9,619

853

PPL

Corp.

59,561

2,086

Public

Service

Enterprise

Group,

Inc.

39,648

3,184

Sempra

51,833

4,576

Southern

Co.

(The)

87,388

7,620

T-Mobile

US,

Inc.

38,171

7,750

Verizon

Communications,

Inc.

334,945

13,642

Vistra

Corp.

25,301

4,082

WEC

Energy

Group,

Inc.

25,947

2,736

Xcel

Energy,

Inc.

46,983

3,470

151,869

#### Total

#### Common

#### Stocks
(cost

$3,845,667)

4,641,823

#### Short-Term

#### Investments

#### -

#### 0.9%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

42,759,999

42,760

#### Total

#### Short-Term

#### Investments
(cost

$42,760)

42,760

#### Total

#### Investments

#### -

#### 100.0%
(cost

$3,888,427)

4,684,583

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(230) #### Net

#### Assets

#### -

#### 100.0%
4,684,353

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

S&P

500

E-Mini

Index

Futures

USD

41,355

03/20/2026

Total

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Consumer

Discretionary

$

630,559

$

—

$

—

$

630,559

Consumer

Staples

141,726

—

—

141,726

Energy

130,682

—

—

130,682

Financial

Services

664,490

—

—

664,490

Health

Care

442,617

—

—

442,617

Materials

and

Processing

134,261

—

—

134,261

Producer

Durables

332,858

—

—

332,858

Technology

2,012,761

—

—

2,012,761

Utilities

151,869

—

—

151,869

Short-Term

Investments

42,760

—

—

42,760

Total

Investments

4,684,583

—

—

4,684,583

Derivatives

Assets

Futures

Contracts

—

—

Total

Derivatives

\*

$

$

—

$

—

$

\*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Netherlands

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

4,333

.1

Switzerland

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

5,340

.1

United

States

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

4,674,910

.8

Total

Investments

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

4,684,583

.0

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

3,888,427

Investments,

at

fair

value

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

4,684,583

Cash

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

Receivables:

Dividends

and

interest

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

2,558

Fund

shares

sold

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

From

broker(a)

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

2,688

Prepaid

expenses

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

Total

assets

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

4,689,875

#### Liabilities
Payables:

Fund

shares

redeemed

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

3,329

Accrued

fees

to

affiliates

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

1,632

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Total

liabilities

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

5,522

#### Net

#### Assets

#### ...............................................................................................................................................................
$

4,684,353

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

861,673

Paid-in

capital

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

3,822,680

#### Net

#### Assets

#### ...............................................................................................................................................................
$

4,684,353

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

held

at

broker

for

futures

contracts

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

$

2,688

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

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

$

10.59 Class

I

—

Net

assets

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

$

1,411,849,473

Class

I

—

Shares

outstanding

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

133,322,242

Net

asset

value

per

share:

Class

V

(#)

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

$

12.66 Class

V

—

Net

assets

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

$

3,272,503,911

Class

V

—

Shares

outstanding

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

258,590,506

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

47,230

Interest

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

Total

investment

income

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

47,340

#### Expenses
Advisory

fees

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

5,557

Administrative

fees

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

3,705

Distribution

fees

-

Class

V

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

9,755

Professional

fees

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

19,770

Expense

reductions

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

(1,935)

Net

expenses

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

17,835

Net

investment

income

(loss)

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

29,505

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

32,207

Futures

contracts

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

3,151

Net

realized

gain

(loss)

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

35,358

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

534,133

Futures

contracts

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

1,197

Net

change

in

unrealized

appreciation

(depreciation)

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

535,330

Net

realized

and

unrealized

gain

(loss)

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

570,688

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

600,193

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### Period

#### Ended

#### December

#### 31,

#### 2024
(2) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

,

505

$

9,393

Net

realized

gain

(loss)

................................................................................................................

35,

24,711

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

535

,

260,869

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

600,193

294,973

#### Distributions
To

shareholders

Class

V

.....................................................................................................................................

(33,493)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(33,493)

—

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

756,342

3,066,338

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,323,042

3,361,311

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

3,361,311

—

End

of

period

......................................................................................................................................

$

4,684,353

$

3,361,311

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

I(1)

Proceeds

from

shares

sold

144,170

$

1,441,723

—

$

—

Payments

for

shares

redeemed

(10,848)

(113,220)

—

—

Net

increase

(decrease)

133,322

1,328,503

—

—

Class

V(2)

Proceeds

from

shares

sold

(3) 575

6,044

333,094

3,332,843

Proceeds

from

reinvestment

of

distributions

2,982

33,493

—

—

Payments

for

shares

redeemed

(53,312)

(611,698)

(24,748)

(266,505)

Net

increase

(decrease)

(49,755)

(572,161)

308,346

3,066,338

Total

increase

(decrease)

83,567

$

756,342

308,346

$

3,066,338

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. (2) For

the

period

September

4,

2024

(commencement

of

operations)

to

December

31,

2024. (3) During

the

period

ended

December

31,

2024,

Venerable

Large

Cap

Index

Fund

received

securities

in

the

amount

of

$3,256,163

to

satisfy

a

subscription-in-kind.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Large

Cap

Index

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### I

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

.56

$

Total

from

Investment

Operations

.59

$

Net

Asset

Value,

End

of

Period

10.59 %

Total

Return

(ǿ)(±)

5.90 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 1,411,849

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.28

%

Expenses,

Net

(ɯ)

.28

%

Net

Investment

Income

(ɯ)

.86

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### V

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

10.90 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.09

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

1. 78

.87

$

Total

from

Investment

Operations

1. 87

.90

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.03)

—

$

Distributions

from

Net

Realized

Gain

(.08)

—

$

Total

Distributions

(.11)

—

$

Net

Asset

Value,

End

of

Period

.

10.90 %

Total

Return

(ǿ)(±)

17.30 9.00 –

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 3,272,504

3,361,311

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)

.57

.58

%

Expenses,

Net

(ɯ)(Ƃ)

.51

.51

%

Net

Investment

Income

(ɯ)(Ƃ)

.79

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 98.8%
Consumer

Discretionary

-

15.3%

Amer

Sports,

Inc.(Æ)

12,576

API

Group

Corp.(Æ)

31,149

1,192

AutoNation,

Inc.(Æ)

2,316

Avis

Budget

Group,

Inc.(Æ)

1,467

Axon

Enterprise,

Inc.(Æ)

6,283

3,568

Bath

&

Body

Works,

Inc.

18,500

Best

Buy

Co.,

Inc.

16,343

1,094

Birkenstock

Holding

PLC(Æ)

4,627

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

11,048

995

BorgWarner,

Inc.

18,184

819

Boyd

Gaming

Corp.

4,808

Bright

Horizons

Family

Solutions,

Inc.(Æ)

4,791

Brunswick

Corp.

5,691

Burlington

Stores,

Inc.(Æ)

5,295

1,529

Caesars

Entertainment,

Inc.(Æ)

17,390

CarMax,

Inc.(Æ)

12,504

Carnival

Corp.

91,375

2,791

Carvana

Co.(Æ)

11,415

4,817

Cava

Group,

Inc.(Æ)

8,410

Charter

Communications,

Inc.

Class

A(Æ)

7,057

1,473

Chewy,

Inc.

Class

A(Æ)

18,174

601

Choice

Hotels

International,

Inc.

2,350

Churchill

Downs,

Inc.

5,411

616

Columbia

Sportswear

Co.

2,260

Coupang

,

Inc.(Æ)

110,478

2,606

Crocs,

Inc.(Æ)

4,578

Curtiss-Wright

Corp.

3,179

1,753

Darden

Restaurants,

Inc.

9,880

1,818

Deckers

Outdoor

Corp.(Æ)

12,437

1,289

Dick's

Sporting

Goods,

Inc.

5,355

1,060

Dillard's,

Inc.

Class

A

Dollar

General

Corp.

18,602

2,470

Dollar

Tree,

Inc.(Æ)

16,262

2,000

Domino's

Pizza,

Inc.

2,682

1,118

DR

Horton,

Inc.

22,216

3,200

DraftKings

,

Inc.

Class

A(Æ)

40,091

1,382

Duolingo

,

Inc.(Æ)

3,162

555

Dutch

Bros,

Inc.

Class

A(Æ)

10,049

615

eBay,

Inc.

38,148

3,323

Expedia

Group,

Inc.

9,889

2,802

FactSet

Research

Systems,

Inc.

3,169

920

Ferguson

Enterprises,

Inc.

16,269

3,622

Five

Below,

Inc.(Æ)

4,493

846

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

8,970

546

Flutter

Entertainment

PLC(Æ)

13,334

2,867

Ford

Motor

Co.

327,774

4,300

Fox

Corp.

Class

A

17,689

1,293

Fox

Corp.

Class

B

12,440

808

Freshpet

,

Inc.(Æ)

4,135

GameStop

Corp.

Class

A(Æ)

34,200

687

Gap,

Inc.

(The)

19,387

Garmin,

Ltd.

13,781

2,795

Genuine

Parts

Co.

11,574

1,423

Grand

Canyon

Education,

Inc.(Æ)

2,418

Harley-Davidson,

Inc.

9,689

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Hasbro,

Inc.

11,260

923

Hilton

Worldwide

Holdings,

Inc.

19,251

5,530

Hubbell,

Inc.

Class

B

4,524

2,009

Hyatt

Hotels

Corp.

Class

A

3,390

544

IAC,

Inc.(Æ)

5,837

Karman

Holdings

Inc.(Æ)

4,292

Las

Vegas

Sands

Corp.

26,304

1,712

Lear

Corp.

4,497

515

Lennar

Corp.

Class

A

17,324

1,781

Lennar

Corp.

Class

B

829

Leonardo

DRS,

Inc.

6,571

Liberty

Broadband

Corp.

Class

A(Æ)

1,438

Liberty

Broadband

Corp.

Class

C(Æ)

9,431

Liberty

Global,

Ltd.

Class

A(Æ)

14,540

Liberty

Global,

Ltd.

Class

C(Æ)

12,177

Liberty

Live

Holdings,

Inc.

Class

A(Æ)

1,711

Liberty

Live

Holdings,

Inc.

Class

C(Æ)

3,976

Liberty

Media

Corp.

Class

A(Æ)

1,972

Liberty

Media

Corp.

Class

C(Æ)

17,698

1,743

Lithia

Motors,

Inc.

Class

A

2,013

669

Live

Nation

Entertainment,

Inc.(Æ)

13,209

1,882

Lucid

Group,

Inc.(Æ)

10,795

Lululemon

Athletica

,

Inc.(Æ)

8,779

1,824

Macy's,

Inc.

22,993

507

Madison

Square

Garden

Sports

Corp.

Class

A(Æ)

1,399

Mattel,

Inc.(Æ)

27,060

537

MGM

Resorts

International(Æ)

17,271

630

New

York

Times

Co.

(The)

Class

A

13,391

930

Newell

Brands,

Inc.

36,223

News

Corp.

Class

A

31,585

825

News

Corp.

Class

B

10,949

Nexstar

Media

Group,

Inc.

Class

A

2,366

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

36,896

824

nVent

Electric

PLC

13,590

1,386

NVR,

Inc.(Æ)

1,685

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

5,153

565

Omnicom

Group,

Inc.

26,717

2,157

On

Holding

AG

Class

A(Æ)

18,381

854

Penn

Entertainment,

Inc.(Æ)

12,961

Penske

Automotive

Group,

Inc.

1,607

Planet

Fitness,

Inc.

Class

A(Æ)

7,002

760

PulteGroup,

Inc.

16,406

1,924

PVH

Corp.

4,020

QXO,

Inc.(Æ)

51,484

993

Ralph

Lauren

Corp.

Class

A

3,198

1,131

RB

Global,

Inc.

15,674

1,612

Restaurant

Brands

International,

Inc.

27,361

1,867

RH(Æ)

1,327

Rivian

Automotive,

Inc.

Class

A(Æ)

65,456

1,290

Rocket

Lab

Corp.(Æ)

34,968

2,439

Ross

Stores,

Inc.

27,029

4,869

Royal

Caribbean

Cruises,

Ltd.

21,340

5,952

Sensata

Technologies

Holding

PLC

12,224

Service

Corp.

International

11,863

925

SharkNinja

,

Inc.(Æ)

6,980

781

Sirius

Xm

Holdings,

Inc.

16,494

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Somnigroup

International,

Inc.

16,870

1,506

Tapestry,

Inc.

17,497

2,236

Texas

Roadhouse,

Inc.

Class

A

5,590

928

Thor

Industries,

Inc.

4,291

TKO

Group

Holdings,

Inc.

5,820

1,216

Toll

Brothers,

Inc.

8,151

1,102

Tractor

Supply

Co.

44,927

2,247

Travel

+

Leisure

Co.

5,176

Ulta

Beauty,

Inc.(Æ)

3,814

2,308

Under

Armour

,

Inc.

Class

A(Æ)

16,409

Under

Armour

,

Inc.

Class

C(Æ)

16,312

Vail

Resorts,

Inc.

3,022

Valvoline,

Inc.(Æ)

11,042

VF

Corp.

29,592

535

Viking

Holdings,

Ltd.(Æ)

14,688

1,049

Warner

Bros.

Discovery,

Inc.(Æ)

195,462

5,633

Wayfair,

Inc.

Class

A(Æ)

8,006

804

Wendy's

Co.

(The)

14,213

Whirlpool

Corp.

4,661

Williams-Sonoma,

Inc.

10,014

1,788

Wingstop

,

Inc.

2,315

552

Wyndham

Hotels

&

Resorts,

Inc.

6,244

Wynn

Resorts,

Ltd.

6,435

774

YETI

Holdings,

Inc.(Æ)

7,169

Yum!

Brands,

Inc.

23,570

3,566

Zillow

Group,

Inc.(Æ)

13,745

938

Zillow

Group,

Inc.

Class

A(Æ)

4,335

162,639

Consumer

Staples

-

3.9%

Albertsons

Cos.,

Inc.

Class

A

33,939

583

Aramark

Services,

Inc.

21,989

811

Archer-Daniels-Midland

Co.

40,413

2,323

BellRing

Brands,

Inc.(Æ)

10,589

Boston

Beer

Co.,

Inc.

(The)

Class

A(Æ)

709

Brown-Forman

Corp.

Class

A

3,789

Brown-Forman

Corp.

Class

B

12,834

Bunge

Global

SA

11,354

1,011

Campbell's

Co.

(The)

16,337

Casey's

General

Stores,

Inc.

3,125

1,727

Celsius

Holdings,

Inc.(Æ)

13,841

633

Church

&

Dwight

Co.,

Inc.

20,293

1,702

Clorox

Co.

(The)

10,421

1,051

Coca-Cola

Consolidated,

Inc.

4,777

732

Conagra

Brands,

Inc.

39,713

687

Constellation

Brands,

Inc.

Class

A

12,216

1,685

Coty,

Inc.

Class

A(Æ)

29,999

elf

Beauty,

Inc.(Æ)

4,758

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

20,720

2,170

Flowers

Foods,

Inc.

16,223

General

Mills,

Inc.

45,695

2,125

Hershey

Co.

(The)

12,271

2,233

Hormel

Foods

Corp.

24,387

578

Ingredion,

Inc.

5,382

593

JM

Smucker

Co.

(The)

8,763

857

Kenvue

,

Inc.

160,632

2,771

Kraft

Heinz

Co.

(The)

72,194

1,751

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Kroger

Co.

(The)

51,269

3,203

McCormick

&

Co.,

Inc.

21,128

1,439

Molson

Coors

Beverage

Co.

Class

B

13,997

653

Performance

Food

Group

Co.(Æ)

12,858

1,156

Pilgrim's

Pride

Corp.

3,594

Post

Holdings,

Inc.(Æ)

4,193

Primo

Brands

Corp.

Class

A

22,310

Reynolds

Consumer

Products,

Inc.

4,737

Seaboard

Corp.

Smithfield

Foods,

Inc.

3,925

Sprouts

Farmers

Market,

Inc.(Æ)

8,167

651

Sysco

Corp.

40,475

2,983

Tyson

Foods,

Inc.

Class

A

23,657

1,387

US

Foods

Holding

Corp.(Æ)

19,161

1,443

42,095

Energy

-

4.8%

Antero

Resources

Corp.(Æ)

24,175

833

Baker

Hughes

Co.

83,275

3,792

Coterra

Energy,

Inc.

63,787

1,679

Devon

Energy

Corp.

52,573

1,926

Diamondback

Energy,

Inc.

15,847

2,382

Enphase

Energy,

Inc.(Æ)

11,060

Equities

Corp.

52,513

2,815

First

Solar,

Inc.(Æ)

8,568

2,238

Halliburton

Co.

70,861

2,003

HF

Sinclair

Corp.

13,329

614

Kinder

Morgan,

Inc.

163,168

4,486

Marathon

Petroleum

Corp.

25,791

4,194

Matador

Resources

Co.

9,842

NOV,

Inc.

31,483

Occidental

Petroleum

Corp.

59,627

2,452

ONEOK,

Inc.

52,666

3,871

Phillips

34,195

4,413

Range

Resources

Corp.

19,694

694

Targa

Resources

Corp.

17,936

3,309

TechnipFMC

PLC

33,981

1,514

Texas

Pacific

Land

Corp.

4,815

1,383

Valero

Energy

Corp.

25,670

4,179

Viper

Energy,

Inc.

Class

A

14,218

549

Weatherford

International

PLC

5,989

51,059

Financial

Services

-

20.2%

Affiliated

Managers

Group,

Inc.

2,350

677

Affirm

Holdings,

Inc.(Æ)

22,679

1,688

AGNC

Investment

Corp.(ö)

87,607

939

Agree

Realty

Corp.(ö)

9,033

651

Air

Lease

Corp.

Class

A

8,778

564

Alexandria

Real

Estate

Equities,

Inc.(ö)

14,313

700

Allstate

Corp.

(The)

22,147

4,610

Ally

Financial,

Inc.

23,494

1,064

American

Financial

Group,

Inc.

5,521

755

American

Homes

Rent

Class

A(ö)

29,088

934

Americold

Realty

Trust,

Inc.(ö)

24,773

Ameriprise

Financial,

Inc.

7,851

3,850

Annaly

Capital

Management,

Inc.(ö)

57,713

1,290

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Arch

Capital

Group,

Ltd.

30,118

2,889

Ares

Management

Corp.

Class

A

15,911

2,572

Assurant,

Inc.

4,285

1,032

Assured

Guaranty,

Ltd.

3,860

AvalonBay

Communities,

Inc.(ö)

11,867

2,152

Axis

Capital

Holdings,

Ltd.

6,330

678

Bank

of

New

York

Mellon

Corp.

(The)

58,921

6,840

Bank

OZK

8,992

Blue

Owl

Capital,

Inc.

50,904

760

BOK

Financial

Corp.

1,941

Brighthouse

Financial,

Inc.(Æ)

4,966

Brixmor

Property

Group,

Inc.(ö)

25,404

666

Brown

&

Brown,

Inc.

24,386

1,944

BXP,

Inc.(ö)

13,393

904

Camden

Property

Trust(ö)

9,152

1,007

Carlyle

Group,

Inc.

(The)

22,020

1,302

Cboe

Global

Markets,

Inc.

8,850

2,221

CBRE

Group,

Inc.

Class

A(Æ)

25,060

4,029

Cincinnati

Financial

Corp.

13,025

2,127

Circle

Internet

Group,

Inc.(Æ)

4,058

Citizens

Financial

Group,

Inc.

36,774

2,148

Clarivate

PLC(Æ)

30,762

CNA

Financial

Corp.

1,818

Coinbase

Global,

Inc.

Class

A(Æ)

18,813

4,254

Columbia

Banking

System,

Inc.

24,698

690

Comerica,

Inc.

10,758

935

Commerce

Bancshares,

Inc.

10,903

571

Corebridge

Financial,

Inc.

22,548

680

Cousins

Properties,

Inc.(ö)

14,499

Credit

Acceptance

Corp.(Æ)

Crown

Castle,

Inc.(ö)

36,687

3,260

CubeSmart

(ö)

18,878

681

Cullen/Frost

Bankers,

Inc.

5,010

634

Digital

Realty

Trust,

Inc.(ö)

29,054

4,495

East

West

Bancorp,

Inc.

11,523

1,295

EastGroup

Properties,

Inc.(ö)

4,462

795

EPR

Properties(ö)

6,483

Equitable

Holdings,

Inc.

25,342

1,208

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

16,192

981

Equity

Residential(ö)

32,025

2,019

Essex

Property

Trust,

Inc.(ö)

5,318

1,392

Evercore

,

Inc.

Class

A

3,117

1,061

Everest

Group,

Ltd.

3,551

1,205

Extra

Space

Storage,

Inc.(ö)

17,814

2,320

F&G

Annuities

&

Life,

Inc.

1,318

Federal

Realty

Investment

Trust(ö)

7,098

715

Fidelity

National

Financial,

Inc.

21,983

1,200

Fifth

Third

Bancorp

56,292

2,635

First

American

Financial

Corp.

8,118

First

Citizens

BancShares

,

Inc.

Class

A

764

1,640

First

Hawaiian,

Inc.

10,880

First

Horizon

Corp.

42,809

1,023

First

Industrial

Realty

Trust,

Inc.(ö)

10,785

618

FNB

Corp.

29,915

512

Franklin

Resources,

Inc.

25,903

619

Freedom

Holding

Corp.(Æ)

1,533

Gaming

and

Leisure

Properties,

Inc.(ö)

22,877

1,022

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Globe

Life,

Inc.

6,722

940

Hamilton

Lane,

Inc.

Class

A

3,359

Hanover

Insurance

Group,

Inc.

(The)

3,019

552

Hartford

Insurance

Group,

Inc.

(The)

23,753

3,273

Healthcare

Realty

Trust,

Inc.(ö)

27,654

Healthpeak

Properties,

Inc.(ö)

58,610

942

Highwoods

Properties,

Inc.(ö)

9,212

Host

Hotels

&

Resorts,

Inc.(ö)

57,966

1,028

Houlihan

Lokey

,

Inc.

Class

A

4,513

786

Howard

Hughes

Holdings,

Inc.(Æ)

2,688

Huntington

Bancshares,

Inc.

130,850

2,270

Invesco,

Ltd.

30,368

798

Invitation

Homes,

Inc.(ö)

51,056

1,419

Iron

Mountain,

Inc.(ö)

24,809

2,058

Janus

Henderson

Group

PLC

10,472

Jefferies

Financial

Group,

Inc.

12,777

792

Jones

Lang

LaSalle,

Inc.(Æ)

3,989

1,342

Kemper

Corp.

5,312

KeyCorp

78,907

1,629

Kilroy

Realty

Corp.(ö)

9,885

Kimco

Realty

Corp.(ö)

56,514

1,146

Kinsale

Capital

Group,

Inc.

1,846

722

Lamar

Advertising

Co.

Class

A(ö)

7,388

935

Lazard,

Inc.

7,753

Lincoln

National

Corp.

14,351

639

Lineage,

Inc.(ö)

6,137

Loews

Corp.

14,258

1,501

LPL

Financial

Holdings,

Inc.

6,732

2,404

M&T

Bank

Corp.

12,981

2,615

Markel

Group,

Inc.(Æ)

1,054

2,266

Medical

Properties

Trust,

Inc.(ö)

43,347

MGIC

Investment

Corp.

18,563

542

Mid-America

Apartment

Communities,

Inc.

(ö)

9,800

1,361

Millrose

Properties,

Inc.

Class

A(ö)

13,046

Morningstar,

Inc.

1,924

Nasdaq,

Inc.

38,249

3,715

National

Storage

Affiliates

Trust(ö)

6,118

NIQ

Global

Intelligence

PLC(Æ)

4,240

NNN

REIT,

Inc.(ö)

15,757

624

Northern

Trust

Corp.

15,862

2,167

Old

Republic

International

Corp.

19,069

870

Omega

Healthcare

Investors,

Inc.(ö)

24,281

1,077

OneMain

Holdings,

Inc.

10,036

678

Park

Hotels

&

Resorts,

Inc.(ö)

17,063

Pinnacle

Financial

Partners,

Inc.

6,429

613

Popular,

Inc.

5,629

701

Primerica,

Inc.

2,752

711

Principal

Financial

Group,

Inc.

18,383

1,622

Prosperity

Bancshares,

Inc.

7,707

533

Prudential

Financial,

Inc.

29,573

3,338

Raymond

James

Financial,

Inc.

15,059

2,418

Rayonier,

Inc.(ö)

14,109

Realty

Income

Corp.(ö)

77,345

4,360

Regency

Centers

Corp.(ö)

15,272

1,054

Regions

Financial

Corp.

74,695

2,024

Reinsurance

Group

of

America,

Inc.

Class

A

5,577

1,135

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
RenaissanceRe

Holdings,

Ltd.

3,895

1,095

Rexford

Industrial

Realty,

Inc.(ö)

19,780

766

Rithm

Capital

Corp.(ö)

44,586

RLI

Corp.

6,895

Robinhood

Markets,

Inc.

Class

A(Æ)

62,338

7,050

Rocket

Cos.,

Inc.

Class

A

78,565

1,521

Ryan

Specialty

Holdings,

Inc.

Class

A

8,848

SBA

Communications

Corp.(ö)

9,076

1,756

SEI

Investments

Co.

8,680

712

Shift4

Payments,

Inc.

Class

A(Æ)

5,503

Simon

Property

Group,

Inc.(ö)

27,192

5,033

SLM

Corp.

17,623

SoFi

Technologies,

Inc.(Æ)

102,374

2,680

SouthState

Bank

Corp.

8,369

788

STAG

Industrial,

Inc.(ö)

15,731

578

Starwood

Property

Trust,

Inc.(ö)

29,724

535

State

Street

Corp.

23,533

3,036

Stifel

Financial

Corp.

8,448

1,058

Sun

Communities,

Inc.(ö)

10,543

1,306

Synchrony

Financial

30,396

2,536

Synovus

Financial

Corp.

11,686

585

T

Rowe

Price

Group,

Inc.

18,497

1,894

TFS

Financial

Corp.

4,553

TPG,

Inc.

11,251

718

Tradeweb

Markets,

Inc.

Class

A

9,843

1,058

UDR,

Inc.(ö)

27,934

1,025

Unum

Group

14,246

1,104

UWM

Holdings

Corp.

13,633

Ventas,

Inc.(ö)

39,553

3,061

VICI

Properties,

Inc.(ö)

89,315

2,512

Virtu

Financial,

Inc.

Class

A

7,010

Vornado

Realty

Trust(ö)

14,863

Voya

Financial,

Inc.

8,104

604

W.R.

Berkley

Corp.

24,214

1,698

Webster

Financial

Corp.

13,961

879

Western

Alliance

Bancorp

9,002

757

Western

Union

Co.

(The)

27,171

Weyerhaeuser

Co.(ö)

60,478

1,433

White

Mountains

Insurance

Group,

Ltd.

Willis

Towers

Watson

PLC

8,078

2,654

Wintrust

Financial

Corp.

5,506

770

WP

Carey,

Inc.(ö)

18,327

1,179

XP,

Inc.

Class

A

33,820

554

Zions

Bancorp

NA

12,098

708

215,257

Health

Care

-

9.6%

Acadia

Healthcare

Co.,

Inc.(Æ)

7,906

Agilent

Technologies,

Inc.

24,094

3,278

Align

Technology,

Inc.(Æ)

5,718

893

Alnylam

Pharmaceuticals,

Inc.(Æ)

10,696

4,253

Apellis

Pharmaceuticals,

Inc.(Æ)

9,368

Avantor

,

Inc.(Æ)

55,126

632

Baxter

International,

Inc.

42,745

817

Biogen,

Inc.(Æ)

12,353

2,174

BioMarin

Pharmaceutical,

Inc.(Æ)

15,856

942

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

1,609

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Bio-

Techne

Corp.

13,076

769

Bruker

Corp.

8,697

Cardinal

Health,

Inc.

20,045

4,119

Caris

Life

Sciences,

Inc.(Æ)

1,995

Cencora

,

Inc.

Class

A

15,428

5,211

Centene

Corp.(Æ)

41,422

1,705

Certara

,

Inc.(Æ)

10,534

Charles

River

Laboratories

International,

Inc.(Æ)

4,071

812

Chemed

Corp.

1,210

518

Cooper

Cos,

Inc.

(The)(Æ)

16,836

1,380

Corcept

Therapeutics,

Inc.(Æ)

7,800

DaVita,

Inc.(Æ)

3,166

Dentsply

Sirona,

Inc.

17,303

DexCom

,

Inc.(Æ)

32,622

2,165

Doximity

,

Inc.

Class

A(Æ)

11,485

509

Elanco

Animal

Health,

Inc.(Æ)

41,064

929

Encompass

Health

Corp.

8,423

894

Envista

Holdings

Corp.(Æ)

14,589

Exact

Sciences

Corp.(Æ)

15,728

1,597

Exelixis

,

Inc.(Æ)

22,201

973

GE

HealthCare

Technologies,

Inc.

38,682

3,173

Globus

Medical,

Inc.

Class

A(Æ)

9,362

817

Halozyme

Therapeutics,

Inc.(Æ)

10,222

688

Henry

Schein,

Inc.(Æ)

9,118

689

Hologic

,

Inc.(Æ)

18,861

1,405

Humana,

Inc.

10,207

2,614

IDEXX

Laboratories,

Inc.(Æ)

6,721

4,547

Illumina,

Inc.(Æ)

12,951

1,699

Incyte

Corp.(Æ)

13,368

1,320

Insmed

,

Inc.(Æ)

17,655

3,073

Inspire

Medical

Systems,

Inc.(Æ)

2,486

Insulet

Corp.(Æ)

5,915

1,681

Ionis

Pharmaceuticals,

Inc.(Æ)

13,217

1,046

IQVIA

Holdings,

Inc.(Æ)

14,283

3,220

Jazz

Pharmaceuticals

PLC(Æ)

4,907

834

Labcorp

Holdings,

Inc.

7,066

1,773

Masimo

Corp.(Æ)

3,788

Medpace

Holdings,

Inc.(Æ)

1,879

1,055

Moderna

,

Inc.(Æ)

29,586

872

Molina

Healthcare,

Inc.(Æ)

4,475

777

Natera

,

Inc.(Æ)

10,964

2,512

Neurocrine

Biosciences,

Inc.(Æ)

8,179

1,160

Organon

&

Co.

22,565

Penumbra,

Inc.(Æ)

3,121

970

Perrigo

Co.

PLC

11,837

QIAGEN

NV

17,784

800

Quest

Diagnostics,

Inc.

9,426

1,636

Repligen

Corp.(Æ)

4,394

720

ResMed

,

Inc.

12,345

2,974

Revolution

Medicines,

Inc.(Æ)

14,641

1,166

Revvity

,

Inc.

9,835

952

Roivant

Sciences,

Ltd.(Æ)

32,921

714

Royalty

Pharma

PLC

Class

A

31,949

1,234

Sarepta

Therapeutics,

Inc.(Æ)

8,059

Solventum

Corp.(Æ)

12,572

996

Sotera

Health

Co.(Æ)

17,413

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
STERIS

PLC

8,302

2,105

Summit

Therapeutics,

Inc.(Æ)

10,150

Teleflex,

Inc.

3,722

Tempus

AI,

Inc.(Æ)

8,104

Tenet

Healthcare

Corp.(Æ)

7,269

1,444

Ultragenyx

Pharmaceutical,

Inc.(Æ)

7,805

United

Therapeutics

Corp.(Æ)

3,579

1,744

Universal

Health

Services,

Inc.

Class

B

4,534

988

Veeva

Systems,

Inc.

Class

A(Æ)

12,482

2,786

Viatris

,

Inc.

97,902

1,219

Viking

Therapeutics,

Inc.(Æ)

9,468

Waters

Corp.(Æ)

4,970

1,888

West

Pharmaceutical

Services,

Inc.

6,053

1,665

Zimmer

Biomet

Holdings,

Inc.

16,525

1,486

102,702

Materials

and

Processing

-

6.7%

AAON,

Inc.

5,660

Acuity,

Inc.

2,629

947

Advanced

Drainage

Systems,

Inc.

5,896

854

Albemarle

Corp.

9,943

1,406

Alcoa

Corp.

21,556

1,145

ATI,

Inc.(Æ)

11,376

1,306

Amcor

PLC

194,861

1,625

Anglogold

Ashanti

PLC

42,570

3,630

AptarGroup,

Inc.

5,458

666

Armstrong

World

Industries,

Inc.

3,588

686

Ashland,

Inc.

3,821

Axalta

Coating

Systems,

Ltd.(Æ)

18,383

594

Ball

Corp.

23,370

1,238

Builders

FirstSource

,

Inc.(Æ)

9,144

941

Carpenter

Technology

Corp.

4,069

1,281

Celanese

Corp.

Class

A

9,696

CF

Industries

Holdings,

Inc.

13,586

1,051

Cleveland-Cliffs,

Inc.(Æ)

47,226

627

Core

&

Main,

Inc.

Class

A(Æ)

15,840

823

Crown

Holdings,

Inc.

9,792

1,008

Darling

Ingredients,

Inc.(Æ)

13,180

Dow,

Inc.

59,045

1,380

DuPont

de

Nemours,

Inc.

34,929

1,404

Eagle

Materials,

Inc.

2,709

560

Eastman

Chemical

Co.

9,664

617

Element

Solutions,

Inc.

18,977

Fastenal

Co.

96,419

3,869

Fermi,

Inc.(Æ)

3,025

FMC

Corp.

10,782

Fortune

Brands

Innovations,

Inc.

10,194

510

Graphic

Packaging

Holding

Co.

24,639

Hayward

Holdings,

Inc.(Æ)

17,243

Huntsman

Corp.

14,280

International

Flavors

&

Fragrances,

Inc.

21,378

1,441

International

Paper

Co.

44,317

1,746

ITT,

Inc.

7,132

1,237

James

Hardie

Industries

PLC(Æ)

12,703

Lennox

International,

Inc.

2,650

1,287

LKQ

Corp.

21,703

655

Louisiana-Pacific

Corp.

5,310

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
LyondellBasell

Industries

NV

Class

A

21,658

938

Martin

Marietta

Materials,

Inc.

5,071

3,158

Masco

Corp.

17,840

1,132

MDU

Resources

Group,

Inc.

17,620

Mohawk

Industries,

Inc.(Æ)

4,323

Mosaic

Co.

(The)

26,601

641

MP

Materials

Corp.(Æ)

11,009

556

NewMarket

Corp.

514

Nucor

Corp.

19,428

3,169

Olin

Corp.

9,977

Owens

Corning

7,083

793

Packaging

Corp.

of

America

7,370

1,520

Pool

Corp.

2,786

637

PPG

Industries,

Inc.

19,233

1,971

Qnity

Electronics,

Inc.

17,465

1,426

Reliance,

Inc.

4,464

1,290

Royal

Gold,

Inc.

6,930

1,540

RPM

International,

Inc.

10,749

1,118

Sealed

Air

Corp.

12,290

509

Silgan

Holdings,

Inc.

7,677

Simpson

Manufacturing

Co.,

Inc.

3,530

570

SiteOne

Landscape

Supply,

Inc.(Æ)

3,725

Smurfit

WestRock

PLC

44,040

1,703

Sonoco

Products

Co.

8,555

Steel

Dynamics,

Inc.

11,716

1,985

Timken

Co.

(The)

5,269

Trex

Co.,

Inc.(Æ)

9,272

Valmont

Industries,

Inc.

1,656

666

Vulcan

Materials

Co.

11,179

3,188

Watsco

,

Inc.

2,943

992

Westlake

Corp.

2,903

71,205

Producer

Durables

-

16.4%

ADT,

Inc.

43,020

AECOM

11,151

1,063

AGCO

Corp.

5,227

545

Alaska

Air

Group,

Inc.(Æ)

9,683

Allison

Transmission

Holdings,

Inc.

Class

A

7,157

701

American

Airlines

Group,

Inc.(Æ)

54,416

834

AMETEK,

Inc.

19,416

3,986

AO

Smith

Corp.

9,608

643

Applied

Industrial

Technologies,

Inc.

3,180

817

Aptiv

PLC(Æ)

18,125

1,379

Aurora

Innovation,

Inc.(Æ)

88,244

Avery

Dennison

Corp.

6,582

1,197

Block,

Inc.

Class

A(Æ)

45,167

2,940

Booz

Allen

Hamilton

Holding

Corp.

Class

A

10,244

864

BWX

Technologies,

Inc.

7,613

1,316

Carlisle

Cos.,

Inc.

3,498

1,119

CH

Robinson

Worldwide,

Inc.

9,794

1,574

Clean

Harbors,

Inc.(Æ)

4,227

991

CNH

Industrial

NV

73,160

675

Comfort

Systems

USA,

Inc.

2,942

2,746

Corpay

,

Inc.(Æ)

5,747

1,729

CoStar

Group,

Inc.(Æ)

35,292

2,373

Crane

Co.

4,106

757

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Cummins,

Inc.

11,592

5,917

Delta

Air

Lines,

Inc.

55,128

3,826

Donaldson

Co.,

Inc.

9,784

867

Dover

Corp.

11,466

2,239

EMCOR

Group,

Inc.

3,740

2,288

Equifax,

Inc.

10,303

2,236

Esab

Corp.

4,797

536

Euronet

Worldwide,

Inc.(Æ)

3,524

Everus

Construction

Group,

Inc.(Æ)

4,287

ExlService

Holdings,

Inc.(Æ)

13,329

566

Expeditors

International

of

Washington,

Inc.

11,439

1,705

Flowserve

Corp.

10,871

754

Fortive

Corp.

26,790

1,479

FTAI

Aviation,

Ltd.

8,477

1,669

FTI

Consulting,

Inc.(Æ)

2,714

Gartner,

Inc.(Æ)

6,252

1,577

Gates

Industrial

Corp.

PLC(Æ)

21,369

Generac

Holdings,

Inc.(Æ)

4,873

665

Gentex

Corp.

19,059

Global

Payments,

Inc.

20,373

1,577

Graco

,

Inc.

14,038

1,151

GXO

Logistics,

Inc.(Æ)

9,556

503

H&R

Block,

Inc.

11,175

HEICO

Corp.

3,589

1,161

HEICO

Corp.

Class

A

6,341

1,601

Hexcel

Corp.

6,604

Howmet

Aerospace,

Inc.

33,777

6,925

Huntington

Ingalls

Industries,

Inc.

3,298

1,122

IDEX

Corp.

6,392

1,137

Ingersoll

Rand,

Inc.

33,574

2,660

Jacobs

Solutions,

Inc.

9,933

1,316

JB

Hunt

Transport

Services,

Inc.

6,550

1,273

Keysight

Technologies,

Inc.(Æ)

14,549

2,956

Kirby

Corp.(Æ)

4,658

513

Knight-Swift

Transportation

Holdings,

Inc.

13,266

694

L3Harris

Technologies,

Inc.

15,674

4,601

Lamb

Weston

Holdings,

Inc.

11,367

Landstar

System,

Inc.

2,919

Lincoln

Electric

Holdings,

Inc.

4,573

1,096

Littelfuse

,

Inc.

2,066

523

Loar

Holdings,

Inc.(Æ)

3,706

ManpowerGroup

,

Inc.

4,002

MarketAxess

Holdings,

Inc.

3,069

556

MasTec

,

Inc.(Æ)

5,259

1,143

Mettler

-Toledo

International,

Inc.(Æ)

1,737

2,422

Middleby

Corp.

(The)(Æ)

4,022

598

MSA

Safety,

Inc.

3,117

MSC

Industrial

Direct

Co.,

Inc.

Class

A

3,819

Mueller

Industries,

Inc.

9,169

1,053

Murphy

USA,

Inc.

1,515

611

Nordson

Corp.

4,551

1,094

Old

Dominion

Freight

Line,

Inc.

15,688

2,460

Oshkosh

Corp.

5,336

670

Otis

Worldwide

Corp.

32,952

2,878

Paychex,

Inc.

27,272

3,059

Paylocity

Holding

Corp.(Æ)

3,792

578

Pentair

PLC

13,657

1,422

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Quanta

Services,

Inc.

12,389

5,229

QuantumScape

Corp.(Æ)

35,815

Ralliant

Corp.

9,537

RBC

Bearings,

Inc.(Æ)

2,621

1,175

Regal

Rexnord

Corp.

5,511

773

Robert

Half,

Inc.

8,592

Rockwell

Automation,

Inc.

9,570

3,723

Rollins,

Inc.

23,420

1,406

Ryder

System,

Inc.

3,380

647

Saia,

Inc.(Æ)

2,218

724

Schneider

National,

Inc.

Class

B

4,490

Scotts

Miracle-

Gro

Co.

(The)

Class

A

3,794

Snap-on,

Inc.

4,277

1,474

Southwest

Airlines

Co.

39,313

1,625

StandardAero

,

Inc.(Æ)

12,310

Stanley

Black

&

Decker,

Inc.

12,897

958

Teledyne

Technologies,

Inc.(Æ)

3,880

1,982

Tetra

Tech,

Inc.

22,120

742

Textron,

Inc.

14,822

1,292

Toast,

Inc.

Class

A(Æ)

38,069

1,352

TopBuild

Corp.(Æ)

2,402

1,002

Toro

Co.

(The)

8,394

661

Trade

Desk,

Inc.

(The)

Class

A(Æ)

37,733

1,432

TransUnion

16,265

1,395

Trimble,

Inc.(Æ)

20,055

1,571

U-Haul

Holding

Co.(Æ)

9,192

United

Airlines,

Inc.(Æ)

27,496

3,075

United

Rentals,

Inc.

5,388

4,361

Veralto

Corp.

20,160

2,012

Verisk

Analytics,

Inc.

Class

A

11,827

2,646

Vertiv

Holdings

Co.

Class

A

32,012

5,186

Vontier

Corp.

12,325

W.W.

Grainger,

Inc.

3,700

3,733

WESCO

International,

Inc.

4,055

992

Westinghouse

Air

Brake

Technologies

Corp.

14,346

3,062

WEX,

Inc.(Æ)

2,861

Willscot

Holdings

Corp.

15,460

Woodward,

Inc.

5,002

1,512

XPO,

Inc.(Æ)

9,693

1,317

Xylem,

Inc.

20,576

2,802

Zebra

Technologies

Corp.

Class

A(Æ)

4,281

1,040

174,455

Technology

-

15.0%

Akamai

Technologies,

Inc.(Æ)

12,134

1,059

Allegion

PLC

7,252

1,155

Allegro

MicroSystems

,

Inc.(Æ)

10,694

Amdocs,

Ltd.

9,210

741

Amentum

Holdings,

Inc.(Æ)

13,835

Amkor

Technology,

Inc.

9,616

Appfolio

,

Inc.

Class

A(Æ)

1,851

Arrow

Electronics,

Inc.(Æ)

4,351

AST

SpaceMobile

,

Inc.(Æ)

18,584

1,350

Astera

Labs,

Inc.(Æ)

10,490

1,745

Avnet,

Inc.

6,947

Bentley

Systems,

Inc.

Class

B

13,257

506

BILL

Holdings,

Inc.(Æ)

6,797

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Broadridge

Financial

Solutions,

Inc.

9,854

2,199

Bullish(Æ)

2,792

CACI

International,

Inc.

Class

A(Æ)

1,836

978

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

47,603

CDW

Corp.

10,969

1,494

Ciena

Corp.(Æ)

11,928

2,790

Cirrus

Logic,

Inc.(Æ)

4,392

520

Cloudflare

,

Inc.

Class

A(Æ)

26,473

5,219

Cognex

Corp.

14,129

508

Cognizant

Technology

Solutions

Corp.

Class

A

40,810

3,387

Coherent

Corp.(Æ)

13,118

2,421

Concentrix

Corp.

3,940

Confluent,

Inc.

Class

A(Æ)

23,324

705

Corning,

Inc.

65,789

5,760

Corteva

,

Inc.

57,656

3,865

Crane

NXT

Co.

4,255

Datadog

,

Inc.

Class

A(Æ)

26,346

3,583

Dayforce

,

Inc.(Æ)

12,995

899

DocuSign,

Inc.(Æ)

16,912

1,157

Dolby

Laboratories,

Inc.

Class

A

5,254

DoubleVerify

Holdings,

Inc.(Æ)

11,765

Dropbox,

Inc.

Class

A(Æ)

15,818

DXC

Technology

Co.(Æ)

15,590

Dynatrace

,

Inc.(Æ)

24,828

1,076

Elastic

NV(Æ)

7,641

576

Electronic

Arts,

Inc.

21,103

4,312

Entegris

,

Inc.

12,676

1,068

EPAM

Systems,

Inc.(Æ)

4,570

936

Etsy,

Inc.(Æ)

8,394

F5,

Inc.(Æ)

4,803

1,226

Fair

Isaac

Corp.(Æ)

1,975

3,339

Fidelity

National

Information

Services,

Inc.

44,518

2,959

Figure

Technology

Solutions,

Inc.

Class

A(Æ)

2,931

Flex,

Ltd.(Æ)

31,139

1,881

Frontier

Communications

Parent,

Inc.(Æ)

20,559

783

GCI

Liberty,

Inc.

Class

A(Æ)

GCI

Liberty,

Inc.

Class

C(Æ)

1,946

Gen

Digital,

Inc.

46,291

1,259

Genpact

,

Ltd.

13,563

634

Gitlab

,

Inc.

Class

A(Æ)

11,421

GLOBALFOUNDRIES,

Inc.(Æ)

8,927

Globant

SA(Æ)

3,752

GoDaddy

,

Inc.

Class

A(Æ)

11,470

1,423

Guidewire

Software,

Inc.(Æ)

6,997

1,406

Hewlett

Packard

Enterprise

Co.

110,876

2,663

HP,

Inc.

78,704

1,754

HubSpot

,

Inc.(Æ)

4,300

1,726

Ingram

Micro

Holding,

Corp.

1,783

IPG

Photonics

Corp.(Æ)

2,171

Jabil,

Inc.

8,920

2,034

Jack

Henry

&

Associates,

Inc.

6,126

1,118

KBR,

Inc.

10,827

Kyndryl

Holdings,

Inc.(Æ)

19,493

518

Lattice

Semiconductor

Corp.(Æ)

11,333

834

Leidos

Holdings,

Inc.

10,783

1,945

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Lumentum

Holdings,

Inc.

Class

E(Æ)

5,798

2,137

Lyft,

Inc.

Class

A(Æ)

33,203

643

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,268

902

Manhattan

Associates,

Inc.(Æ)

5,059

877

Maplebear

,

Inc.(Æ)

14,521

653

Match

Group,

Inc.

20,391

658

Microchip

Technology,

Inc.

44,574

2,840

Millicom

International

Cellular

SA

8,642

MKS

Instruments,

Inc.

5,648

903

MongoDB,

Inc.(Æ)

6,658

2,794

Monolithic

Power

Systems,

Inc.

3,895

3,530

MSCI,

Inc.

Class

A

6,150

3,528

nCino

,

Inc.(Æ)

9,264

NetApp,

Inc.

16,662

1,784

Nutanix

,

Inc.

Class

A(Æ)

21,494

1,111

Okta

,

Inc.(Æ)

13,920

1,204

ON

Semiconductor

Corp.(Æ)

34,491

1,868

Onto

Innovation,

Inc.(Æ)

4,098

647

Parsons

Corp.(Æ)

4,585

Paycom

Software,

Inc.

4,282

682

Pegasystems

,

Inc.

7,324

Pinterest,

Inc.

Class

A(Æ)

49,280

1,276

Procore

Technologies,

Inc.(Æ)

9,562

696

PTC,

Inc.(Æ)

10,069

1,754

Pure

Storage,

Inc.

Class

A(Æ)

26,230

1,758

Qorvo

,

Inc.(Æ)

7,145

604

Reddit

,

Inc.

Class

A(Æ)

10,482

2,410

RingCentral,

Inc.

Class

A(Æ)

6,957

ROBLOX

Corp.

Class

A(Æ)

52,365

4,243

Roku,

Inc.(Æ)

10,886

1,181

Rubrik

,

Inc.

Class

A(Æ)

11,297

864

SailPoint

,

Inc.(Æ)

5,224

Samsara,

Inc.

Class

A(Æ)

26,365

935

Sandisk

Corp.(Æ)

11,346

2,693

Science

Applications

International

Corp.

4,084

SentinelOne

,

Inc.

Class

A(Æ)

24,557

Skyworks

Solutions,

Inc.

12,610

800

SS&C

Technologies

Holdings,

Inc.

17,647

1,543

Super

Micro

Computer,

Inc.(Æ)

43,385

1,270

Take-Two

Interactive

Software,

Inc.(Æ)

15,392

3,941

TD

SYNNEX

Corp.

6,452

969

Teradata

Corp.(Æ)

8,272

Teradyne,

Inc.

13,213

2,558

Trump

Media

&

Technology

Group

Corp.

(Æ)

14,280

Twilio

,

Inc.

Class

A(Æ)

11,956

1,701

Tyler

Technologies,

Inc.(Æ)

3,640

1,652

Ubiquiti,

Inc.

UiPath

,

Inc.

Class

A(Æ)

34,276

562

Unity

Software,

Inc.(Æ)

26,769

1,182

Universal

Display

Corp.

3,698

VeriSign,

Inc.

7,123

1,731

Western

Digital

Corp.

28,717

4,947

Zoom

Video

Communications,

Inc.

Class

A(Æ)

22,206

1,916

ZoomInfo

Technologies,

Inc.

Class

A(Æ)

22,399

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Zscaler

,

Inc.(Æ)

8,250

1,856

160,089

Utilities

-

6.9%

AES

Corp.

(The)

59,198

849

Alliant

Energy

Corp.

21,430

1,393

Ameren

Corp.

22,818

2,279

American

Water

Works

Co.,

Inc.

16,411

2,142

Antero

Midstream

Corp.

28,185

501

APA

Corp.

29,592

724

Atmos

Energy

Corp.

13,381

2,243

Brookfield

Renewable

Corp.

11,382

CenterPoint

Energy,

Inc.

55,096

2,112

Cheniere

Energy,

Inc.

18,003

3,500

Chord

Energy

Corp.

4,924

Civitas

Resources,

Inc.

8,018

Clearway

Energy,

Inc.

Class

A

3,009

Clearway

Energy,

Inc.

Class

C

7,068

CMS

Energy

Corp.

25,154

1,759

Consolidated

Edison,

Inc.

30,479

3,027

DT

Midstream,

Inc.

8,579

1,027

DTE

Energy

Co.

17,521

2,260

Edison

International

32,239

1,935

Entergy

Corp.

37,756

3,490

Essential

Utilities,

Inc.

23,635

907

Evergy

,

Inc.

19,204

1,392

Eversource

Energy

31,066

2,092

Exelon

Corp.

84,911

3,701

Expand

Energy

Corp.

19,198

2,119

FirstEnergy

Corp.

46,399

2,077

IDACORP,

Inc.

4,543

575

Iridium

Communications,

Inc.

8,244

National

Fuel

Gas

Co.

7,557

605

NiSource,

Inc.

39,791

1,662

NRG

Energy,

Inc.

16,087

2,562

OGE

Energy

Corp.

16,762

716

Ovintiv

,

Inc.

21,600

846

Permian

Resources

Corp.

56,898

798

PG&E

Corp.

185,383

2,979

Pinnacle

West

Capital

Corp.

9,941

882

PPL

Corp.

62,582

2,192

Public

Service

Enterprise

Group,

Inc.

42,214

3,390

Talen

Energy

Corp.(Æ)

3,786

1,419

UGI

Corp.

17,943

672

Vistra

Corp.

28,394

4,581

WEC

Energy

Group,

Inc.

27,007

2,848

Xcel

Energy,

Inc.

49,710

3,671

73,508

#### Total

#### Common

#### Stocks
(cost

$1,051,259)

1,053,009

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Short-Term

#### Investments

#### -

#### 0.8%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

8,773,447

8,773

#### Total

#### Short-Term

#### Investments
(cost

$8,773)

8,773

#### Total

#### Investments

#### -

#### 99.6%
(cost

$1,060,032)

1,061,782

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 0.4%
3,760

#### Net

#### Assets

#### -

#### 100.0%
1,065,542

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

S&P

MidCap

E-Mini

Index

Futures

USD

7,315

03/20/2026

(113) Total

Futures

Contracts

(å)

(113) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Consumer

Discretionary

$

162,639

$

—

$

—

$

162,639

Consumer

Staples

42,095

—

—

42,095

Energy

51,059

—

—

51,059

Financial

Services

215,257

—

—

215,257

Health

Care

102,702

—

—

102,702

Materials

and

Processing

71,205

—

—

71,205

Producer

Durables

174,455

—

—

174,455

Technology

160,089

—

—

160,089

Utilities

73,508

—

—

73,508

Short-Term

Investments

8,773

—

—

8,773

Total

Investments

1,061,782

—

—

1,061,782

Derivatives

Liabilities

Futures

Contracts

(113) —

—

(113) Total

Derivatives

\*

$

(113) $

—

$

—

$

(113) \*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Belgium

..............................................................................................

—\*\*

Bermuda

.............................................................................................

1,095

0.1 Brazil

..................................................................................................

554

0.1 Canada

................................................................................................

3,916

0.4 Cayman

Islands

..................................................................................

—\*\*

Finland

...............................................................................................

—\*\*

Germany

.............................................................................................

—\*\*

Guatemala

..........................................................................................

0.1 #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Ireland

................................................................................................

2,867

0.3 Japan

..................................................................................................

—\*\*

Kazakhstan

.........................................................................................

—\*\*

Puerto

Rico

.........................................................................................

701

0.1 South

Africa

.......................................................................................

3,630

0.3 South

Korea

.......................................................................................

2,606

0.2 Switzerland

........................................................................................

854

0.1 United

Kingdom

.................................................................................

1,514

0.1 United

States

......................................................................................

1,042,036

97.8 Total

Investments

...............................................................................

1,061,782

99.6 \*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,060,032

Investments,

at

fair

value

.............................................................................................................................................................

1,061,782

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,032

Fund

shares

sold

...............................................................................................................................................................

2,884

From

broker(a)

.................................................................................................................................................................

506

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,066,265

#### Liabilities
Payables:

Accrued

fees

to

affiliates

..................................................................................................................................................

559

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

liabilities

...........................................................................................................................................................

723

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,065,542

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

1,320

Paid-in

capital

..............................................................................................................................................................................

1,064,222

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,065,542

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

506

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.01 Class

V

—

Net

assets

...........................................................................................................................................................

$

1,065,541,523

Class

V

—

Shares

outstanding

............................................................................................................................................

106,459,851

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

5,207

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

5,214

#### Expenses
Advisory

fees

...................................................................................................................................................................

841

Administrative

fees

..........................................................................................................................................................

Distribution

fees

-

Class

V

...............................................................................................................................................

970

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

2,272

Expense

reductions

..........................................................................................................................................................

(171) Net

expenses

................................................................................................................................................................................

2,101

Net

investment

income

(loss)

.......................................................................................................................................................

3,113

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(3,841)

Futures

contracts

..............................................................................................................................................................

(242) Net

realized

gain

(loss)

................................................................................................................................................................

(4,083)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

1,750

Futures

contracts

..............................................................................................................................................................

(113) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

1,637

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(2,446)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

667

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

3,

Net

realized

gain

(loss)

................................................................................................................

(4,

083)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

1,

637

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

667

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

1,064,875

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,065,542

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

1,065,542

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

(2) 113,544

$

1,135,443

Payments

for

shares

redeemed

(7,084)

(70,568)

Total

increase

(decrease)

106,460

$

1,064,875

(1) For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. (2) During

the

period

ended

December

31,

2025,

Venerable

Mid

Cap

Index

Fund

received

securities

in

the

amount

of

$1,076,514

to

satisfy

a

subscription-in-kind.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Mid

Cap

Index

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(℈)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.02)

$

Total

from

Investment

Operations

.01

$

Net

Asset

Value,

End

of

Period

10.01 %

Total

Return

(ǿ)(±)

.10

–

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 1,065,542

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.70

%

Expenses,

Net

(ɯ)(Ƃ)

.65

%

Net

Investment

Income

(ɯ)(Ƃ)

.96

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 98.0%
Consumer

Discretionary

-

10.7%

1-800-Flowers.com,

Inc.

Class

A(Æ)

1,815

Abercrombie

&

Fitch

Co.

Class

A(Æ)

3,695

Academy

Sports

&

Outdoors,

Inc.

5,291

Accel

Entertainment,

Inc.(Æ)

4,054

Acushnet

Holdings

Corp.

2,189

Adtalem

Global

Education,

Inc.(Æ)

2,832

Advance

Auto

Parts,

Inc.

4,786

Advanced

Energy

Industries,

Inc.

2,985

625

AerSale

Corp.(Æ)

2,664

AIRO

Group

Holdings,

Inc.(Æ)

599

Alliance

Laundry

Holdings,

Inc.(Æ)

3,467

AMC

Entertainment

Holdings,

Inc.

Class

A(Æ)

36,058

AMC

Networks,

Inc.

Class

A(Æ)

2,675

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)

9,582

American

Eagle

Outfitters,

Inc.

12,642

American

Outdoor

Brands,

Inc.(Æ)

1,018

American

Public

Education,

Inc.(Æ)

1,441

America's

Car-Mart,

Inc.(Æ)

620

Archer

Aviation,

Inc.

Class

A(Æ)

49,468

Arena

Group

Holdings,

Inc.

(The)(Æ)

1,069

Asbury

Automotive

Group,

Inc.(Æ)

1,541

Atkore,

Inc.

2,669

Atlanta

Braves

Holdings,

Inc.

Class

A(Æ)

560

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

3,677

Atmus

Filtration

Technologies,

Inc.

6,657

Bally's

Corp.(Æ)

607

BARK,

Inc.(Æ)

8,840

Barnes

&

Noble

Education,

Inc.(Æ)

1,240

Bassett

Furniture

Industries,

Inc.

675

Beazer

Homes

USA,

Inc.(Æ)

2,191

Bed

Bath

&

Beyond,

Inc.(Æ)

4,557

Bel

Fuse,

Inc.

Class

A

Bel

Fuse,

Inc.

Class

B

824

Biglari

Holdings,

Inc.

Class

B(Æ)

BJ's

Restaurants,

Inc.(Æ)

1,608

Black

Rock

Coffee

Bar,

Inc.

Class

A(Æ)

1,297

Bloomin'

Brands,

Inc.

6,958

BlueLinx

Holdings,

Inc.(Æ)

644

Boot

Barn

Holdings,

Inc.(Æ)

2,455

Boston

Omaha

Corp.

Class

A(Æ)

1,804

Brightstar

Lottery

PLC

8,320

Brinker

International,

Inc.(Æ)

3,533

507

Buckle,

Inc.

(The)

2,520

Build-A-Bear

Workshop,

Inc.

Class

A

1,030

Byrna

Technologies,

Inc.(Æ)

1,500

Cable

One,

Inc.

Cadre

Holdings,

Inc.

2,257

Caleres,

Inc.

2,736

Camping

World

Holdings,

Inc.

Class

A

4,992

Capri

Holdings,

Ltd.(Æ)

9,282

Carriage

Services,

Inc.

Class

A

1,176

Carter's,

Inc.

2,822

Cavco

Industries,

Inc.(Æ)

607

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Central

Garden

&

Pet

Co.(Æ)

769

Central

Garden

&

Pet

Co.

Class

A(Æ)

4,025

Century

Communities,

Inc.

2,067

Cheesecake

Factory,

Inc.

(The)

3,665

Cinemark

Holdings,

Inc.

8,244

Citi

Trends,

Inc.(Æ)

Clarus

Corp.

2,445

Cooper-Standard

Holdings,

Inc.(Æ)

1,402

Coursera,

Inc.(Æ)

11,460

Cracker

Barrel

Old

Country

Store,

Inc.

1,841

CTS

Corp.

2,330

CuriosityStream,

Inc.

2,647

Dana,

Inc.

9,335

Dave

&

Buster's

Entertainment,

Inc.(Æ)

2,253

Denny's

Corp.(Æ)

4,176

Designer

Brands,

Inc.

Class

A

2,665

Dine

Brands

Global,

Inc.

1,266

Douglas

Dynamics,

Inc.

1,877

Dream

Finders

Homes,

Inc.

Class

A(Æ)

2,501

Driven

Brands

Holdings,

Inc.(Æ)

4,948

El

Pollo

Loco

Holdings,

Inc.(Æ)

2,193

Enerpac

Tool

Group

Corp.

4,212

Enovix

Corp.(Æ)

13,648

Entravision

Communications

Corp.

Class

A

5,153

Envela

Corp.(Æ)

551

Ermenegildo

Zegna

NV

5,118

Escalade,

Inc.

838

Ethan

Allen

Interiors,

Inc.

1,924

EVE

Holding,

Inc.(Æ)

7,597

EVgo,

Inc.(Æ)

10,618

EW

Scripps

Co.

(The)

Class

A(Æ)

5,206

Falcon's

Beyond

Global,

Inc.

Class

A(Æ)

1,154

Faraday

Future

Intelligent

Electric,

Inc.(Æ)

7,372

FIGS,

Inc.

Class

A(Æ)

7,013

Firefly

Aerospace,

Inc.(Æ)

1,703

First

Watch

Restaurant

Group,

Inc.(Æ)

3,825

FirstCash

Holdings,

Inc.

3,130

Flexsteel

Industries,

Inc.

Forestar

Group,

Inc.(Æ)

1,602

fuboTV,

Inc.

Class

A(Æ)

27,643

Funko,

Inc.

Class

A(Æ)

2,880

Gaia,

Inc.(Æ)

1,411

Gambling.com

Group,

Ltd.(Æ)

1,364

Genesco,

Inc.(Æ)

842

Genius

Sports,

Ltd.(Æ)

17,447

Gentherm,

Inc.(Æ)

2,412

G-III

Apparel

Group,

Ltd.

2,880

Global

Business

Travel

Group

I(Æ)

10,351

Golden

Entertainment,

Inc.

1,618

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

20,820

Graham

Holdings

Co.

Class

B

Gray

Media,

Inc.

7,284

Green

Brick

Partners,

Inc.(Æ)

2,493

Group

Automotive,

Inc.

976

Hamilton

Beach

Brands

Holding

Co.

Class

A

596

Haverty

Furniture

Cos.,

Inc.

1,117

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
HealthStream,

Inc.

1,885

Hillenbrand,

Inc.

5,633

Hilton

Grand

Vacations,

Inc.(Æ)

4,719

Hims

&

Hers

Health,

Inc.(Æ)

16,250

528

Hovnanian

Enterprises,

Inc.

Class

A(Æ)

iHeartMedia,

Inc.

Class

A(Æ)

9,877

IMAX

Corp.(Æ)

3,493

Intuitive

Machines,

Inc.(Æ)

8,673

J

Jill,

Inc.

607

Jack

in

the

Box,

Inc.

1,553

JAKKS

Pacific,

Inc.

738

Joby

Aviation,

Inc.(Æ)

38,542

509

Johnson

Outdoors,

Inc.

Class

A

KB

Home

5,011

KinderCare

Learning

Cos.,

Inc.(Æ)

2,612

Kohl's

Corp.

8,700

Kontoor

Brands,

Inc.

4,395

Kura

Sushi

USA,

Inc.

Class

A(Æ)

520

Lakeland

Industries,

Inc.

759

Lands'

End,

Inc.(Æ)

728

Laureate

Education,

Inc.

Class

A(Æ)

10,076

La-Z-Boy,

Inc.

Class

Z

3,290

Leggett

&

Platt,

Inc.

10,573

LGI

Homes,

Inc.(Æ)

1,613

Liberty

Latin

America,

Ltd.

Class

A(Æ)

2,419

Liberty

Latin

America,

Ltd.

Class

C(Æ)

10,391

Life

Time

Group

Holdings,

Inc.(Æ)

11,982

LifeMD,

Inc.(Æ)

3,050

Lincoln

Educational

Services

Corp.(Æ)

2,455

Lindblad

Expeditions

Holdings,

Inc.(Æ)

3,118

Lionsgate

Studios

Corp.(Æ)

16,241

LiveWire

Group,

Inc.(Æ)

3,042

M/I

Homes,

Inc.(Æ)

2,082

Madison

Square

Garden

Entertainment

Corp.(Æ)

3,163

Magnite,

Inc.(Æ)

11,095

Malibu

Boats,

Inc.

Class

A(Æ)

1,566

Marcus

Corp.

(The)

1,967

Marine

Products

Corp.

729

MarineMax,

Inc.(Æ)

1,571

Marriott

Vacations

Worldwide

Corp.

2,210

MasterCraft

Boat

Holdings,

Inc.(Æ)

1,350

Matthews

International

Corp.

Class

A

2,472

McGraw

Hill,

Inc.(Æ)

2,013

Meritage

Homes

Corp.

5,524

MicroVision,

Inc.(Æ)

20,319

Mister

Car

Wash,

Inc.(Æ)

8,217

Monarch

Casino

&

Resort,

Inc.

1,012

Monro,

Inc.

2,475

Motorcar

Parts

of

America,

Inc.(Æ)

1,082

Movado

Group,

Inc.

1,261

M-Tron

Industries,

Inc.(Æ)

National

Presto

Industries,

Inc.

Neonode

Inc.(Æ)

870

Nerdy,

Inc.(Æ)

4,790

Newsmax,

Inc.(Æ)

3,764

Nu

Skin

Enterprises,

Inc.

Class

A

4,050

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
OneSpaWorld

Holdings,

Ltd.

7,561

OneWater

Marine,

Inc.

Class

A(Æ)

926

OptimizeRx

Corp.(Æ)

1,431

Optimum

Communications,

Inc.

Class

A(Æ)

21,655

Outdoor

Holding

Co.(Æ)

7,283

Oxford

Industries,

Inc.

1,171

Papa

John's

International,

Inc.

2,592

Patrick

Industries,

Inc.

2,589

Peloton

Interactive,

Inc.

Class

A(Æ)

30,044

Perdoceo

Education

Corp.

4,905

Petco

Health

&

Wellness

Co.,

Inc.(Æ)

6,502

Phoenix

Education

Partners,

Inc.

Polaris,

Inc.

4,254

Portillo's,

Inc.

Class

A(Æ)

4,675

PriceSmart,

Inc.

2,047

QuinStreet,

Inc.(Æ)

4,508

RCI

Hospitality

Holdings,

Inc.

681

RealReal,

Inc.

(The)(Æ)

7,892

Red

Rock

Resorts,

Inc.

Class

A

3,891

Redwire

Corp.(Æ)

5,799

Reservoir

Media,

Inc.(Æ)

1,686

REV

Group,

Inc.

3,871

Revolve

Group,

Inc.(Æ)

3,214

Rocky

Brands,

Inc.

585

Rumble,

Inc.(Æ)

8,444

Rush

Street

Interactive,

Inc.(Æ)

7,352

Sally

Beauty

Holdings,

Inc.(Æ)

8,068

Savers

Value

Village,

Inc.(Æ)

3,293

Scholastic

Corp.

1,610

SEACOR

Marine

Holdings,

Inc.(Æ)

1,702

Shake

Shack,

Inc.

Class

A(Æ)

3,101

Shoe

Carnival,

Inc.

1,503

Signet

Jewelers,

Ltd.

3,197

Sinclair,

Inc.

3,200

Six

Flags

Entertainment

Corporation(Æ)

7,608

Skillsoft

Corp.(Æ)

SKYX

Platforms

Corp.(Æ)

5,071

Smith

&

Wesson

Brands,

Inc.

3,640

Sonic

Automotive,

Inc.

Class

A

1,224

Sphere

Entertainment

Co.(Æ)

2,218

Standard

Motor

Products,

Inc.

1,751

Starz

Entertainment

Corp.(Æ)

1,059

Steven

Madden,

Ltd.

5,723

Stitch

Fix,

Inc.

Class

A(Æ)

8,793

Strata

Critical

Medical,

Inc.(Æ)

5,311

Strategic

Education,

Inc.

1,848

Stride,

Inc.(Æ)

3,409

Sturm

Ruger

&

Co.,

Inc.

1,121

Super

Group

SGHC,

Ltd.

12,705

Superior

Group

of

Cos.,

Inc.

937

Sweetgreen

Inc.

Class

A(Æ)

8,578

Taylor

Morrison

Home

Corp.

Class

A(Æ)

7,612

TechTarget

Inc.(Æ)

2,199

TEGNA,

Inc.

12,831

Topgolf

Callaway

Brands

Corp.(Æ)

10,465

Torrid

Holdings,

Inc.(Æ)

1,961

Traeger,

Inc.(Æ)

2,623

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Transcat,

Inc.(Æ)

760

Travelzoo(Æ)

526

Tri

Pointe

Homes,

Inc.(Æ)

6,722

Triller

Group,

Inc.(Æ)

8,534

—

TripAdvisor,

Inc.(Æ)

9,275

Turtle

Beach

Corp.(Æ)

1,239

Udemy,

Inc.(Æ)

8,048

United

Parks

&

Resorts,

Inc.(Æ)

2,250

Universal

Technical

Institute,

Inc.(Æ)

3,700

Upbound

Group,

Inc.

Class

A

4,350

Urban

Outfitters,

Inc.(Æ)

4,879

USA

TODAY

Co.,

Inc.(Æ)

11,685

Vicor

Corp.(Æ)

1,822

Victoria's

Secret

&

Co.(Æ)

5,519

Visteon

Corp.

2,188

Voyager

Technologies,

Inc.

Class

A(Æ)

1,177

Wabash

National

Corp.

3,409

Webtoon

Entertainment,

Inc.(Æ)

1,487

Weyco

Group,

Inc.

511

Willis

Lease

Finance

Corp.

Winmark

Corp.

Winnebago

Industries,

Inc.

2,162

Wolverine

World

Wide,

Inc.

6,428

XPEL,

Inc.(Æ)(Þ)

1,993

Xponential

Fitness,

Inc.

Class

A(Æ)

2,275

Ziff

Davis,

Inc.(Æ)

3,220

Zumiez,

Inc.(Æ)

1,047

25,224

Consumer

Staples

-

1.8%

Acme

United

Corp.

Alico,

Inc.

Andersons,

Inc.

(The)

2,609

Arko

Corp.

6,366

B&G

Foods,

Inc.

Class

A

6,392

Beauty

Health

Co.

(The)(Æ)

9,471

Cadiz,

Inc.(Æ)

4,554

Calavo

Growers,

Inc.

1,394

Cal-Maine

Foods,

Inc.

3,509

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

2,903

Dole

PLC

5,947

Edgewell

Personal

Care

Co.

-

GDR

3,569

Energizer

Holdings,

Inc.

4,967

FitLife

Brands,

Inc.(Æ)

Fresh

Del

Monte

Produce,

Inc.

2,634

Grocery

Outlet

Holding

Corp.(Æ)

7,850

Hain

Celestial

Group,

Inc.

(The)(Æ)

7,498

Helen

of

Troy,

Ltd.(Æ)

1,898

Herbalife,

Ltd.(Æ)

8,113

HF

Foods

Group,

Inc.(Æ)

3,326

Honest

Co.,

Inc.

(The)(Æ)

7,735

Ingles

Markets,

Inc.

Class

A

1,161

Interparfums,

Inc.

1,451

Ispire

Technology

Inc.(Æ)

1,561

J&J

Snack

Foods

Corp.

1,227

John

B

Sanfilippo

&

Son,

Inc.

642

Krispy

Kreme,

Inc.

6,389

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Lifevantage

Corp.

877

Lifeway

Foods,

Inc.(Æ)

Limoneira

Co.

1,380

Marzetti,

Co.(The)

1,602

Maui

Land

&

Pineapple

Co.,

Inc.(Æ)

565

Medifast,

Inc.(Æ)

893

MGP

Ingredients,

Inc.

1,167

Mission

Produce,

Inc.(Æ)

3,487

Nathan's

Famous,

Inc.

National

Beverage

Corp.(Æ)

1,988

National

Vision

Holdings,

Inc.(Æ)

6,216

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,057

Nature's

Sunshine

Products,

Inc.(Æ)

1,303

Olaplex

Holdings,

Inc.(Æ)

11,637

Quanex

Building

Products

Corp.

3,653

Seneca

Foods

Corp.

Class

A(Æ)

Simply

Good

Foods

Co.

(The)(Æ)

7,478

Solesence,

Inc.(Æ)

1,558

Spectrum

Brands

Holdings,

Inc.

1,865

SunOpta,

Inc.(Æ)

7,932

Tootsie

Roll

Industries,

Inc.

1,457

Turning

Point

Brands,

Inc.

1,365

United

Natural

Foods,

Inc.(Æ)

4,782

Universal

Corp.

1,919

USANA

Health

Sciences,

Inc.(Æ)

922

Utz

Brands,

Inc.

5,998

Village

Super

Market,

Inc.

Class

A

758

Vita

Coco

Co.,

Inc.

(The)(Æ)

3,595

Vital

Farms,

Inc.(Æ)

2,746

Waldencast

PLC

Class

A(Æ)

3,508

Warby

Parker,

Inc.

Class

A(Æ)

7,836

Co.

1,082

Weis

Markets,

Inc.

1,093

Westrock

Coffee

Co.(Æ)

2,986

Zevia

PBC

Class

A(Æ)

2,613

4,166

Energy

-

4.2%

Alpha

Metallurgical

Resources,

Inc.(Æ)

934

Ameresco,

Inc.

Class

A(Æ)

2,661

Archrock,

Inc.

13,699

Arq,

Inc.(Æ)

2,621

Array

Technologies,

Inc.(Æ)

12,032

ASP

Isotopes,

Inc.(Æ)

6,432

Atlas

Energy

Solutions,

Inc.

6,431

Borr

Drilling,

Ltd.(Æ)

20,872

Centrus

Energy

Corp.

Class

A(Æ)

1,336

Cleanspark,

Inc.(Æ)

22,129

Core

Laboratories,

Inc.

3,891

Core

Natural

Resources,

Inc.

4,040

CVR

Energy,

Inc.

2,563

Delek

US

Holdings,

Inc.

4,733

DNOW,

Inc.(Æ)

14,672

enCore

Energy

Corp.(Æ)

15,255

Energy

Fuels,

Inc.(Æ)

18,074

Eos

Energy

Enterprises

Inc.(Æ)

24,448

Expro

Group

Holdings

NV(Æ)

7,066

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Flotek

Industries,

Inc.(Æ)

1,180

Flowco

Holdings,

Inc.

Class

A

1,531

Fluence

Energy,

Inc.(Æ)

5,050

Forum

Energy

Technologies,

Inc.(Æ)

811

Gevo,

Inc.(Æ)

19,168

Green

Plains,

Inc.(Æ)

5,321

Hallador

Energy

Co.(Æ)

2,571

Helix

Energy

Solutions

Group,

Inc.(Æ)

11,094

Helmerich

&

Payne,

Inc.

7,711

Innovex

International,

Inc.(Æ)

3,212

Kodiak

Gas

Services,

Inc.

6,701

Liberty

Energy,

Inc.

Class

A

12,601

Lifezone

Metals,

Ltd.(Æ)

2,299

Mammoth

Energy

Services,

Inc.(Æ)

2,009

Matrix

Service

Co.(Æ)

2,208

Montauk

Renewables,

Inc.(Æ)

5,573

Murphy

Oil

Corp.

10,782

Nabors

Industries,

Ltd.(Æ)

1,123

NACCO

Industries,

Inc.

Class

A

National

Energy

Services

Reunited

Corp.

(Æ)

5,052

Natural

Gas

Services

Group,

Inc.

842

NextNRG,

Inc.(Æ)

1,451

Noble

Corp.

PLC

10,082

NPK

International,

Inc.(Æ)

6,661

Oceaneering

International,

Inc.(Æ)

7,503

Oil

States

International,

Inc.(Æ)

4,850

OmniAb,

Inc.

Class

W(Æ)

8,309

OPAL

Fuels,

Inc.

Class

A(Æ)

1,751

Ormat

Technologies,

Inc.

4,872

538

Par

Pacific

Holdings,

Inc.(Æ)

3,959

Patterson-UTI

Energy,

Inc.

27,490

PBF

Energy,

Inc.

Class

A

6,684

Peabody

Energy

Corp.

9,761

Plug

Power,

Inc.(Æ)

86,723

PrimeEnergy

Corp.(Æ)

ProFrac

Holding

Corp.

Class

A(Æ)

1,020

ProPetro

Holding

Corp.(Æ)

6,636

Ramaco

Resources,

Inc.

Class

A(Æ)

3,286

Ranger

Energy

Services,

Inc.

Class

A

1,689

REX

American

Resources

Corp.(Æ)

2,283

RPC,

Inc.

7,405

Seadrill,

Ltd.(Æ)

5,011

Select

Water

Solutions,

Inc.

Class

A

7,732

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

13,328

SM

Energy

Co.

9,102

Solaris

Energy

Infrastructure,

Inc.

Class

A

3,354

SunCoke

Energy,

Inc.

7,037

SunPower,

Inc.(Æ)

4,994

Sunrun,

Inc.(Æ)

17,727

T1

Energy,

Inc.(Æ)

9,237

TETRA

Technologies,

Inc.(Æ)

10,066

Transocean,

Ltd.(Æ)

73,566

United

States

Antimony

Corp.(Æ)

7,587

Uranium

Energy

Corp.(Æ)

37,842

VAALCO

Energy,

Inc.

8,578

Valaris,

Ltd.(Æ)

4,949

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Verde

Clean

Fuels,

Inc.(Æ)

W&T

Offshore,

Inc.

8,223

Warrior

Met

Coal,

Inc.

4,158

World

Kinect

Corp.

4,297

XCF

Global,

Inc.

Class

A(Æ)

3,026

9,833

Financial

Services

-

23.3%

1st

Source

Corp.

1,473

Abacus

Global

Management,

Inc.

3,461

Acadia

Realty

Trust(ö)

10,465

Acadian

Asset

Management,

Inc.

2,195

ACNB

Corp.

852

ACRES

Commercial

Realty

Corp.(Æ)(ö)

510

Adamas

Trust,

Inc.(ö)

7,048

AFC

Gamma,

Inc.(ö)

1,516

AirSculpt

Technologies,

Inc.(Æ)

1,056

Alerus

Financial

Corp.

1,866

Alexander

&

Baldwin,

Inc.(ö)

5,789

Alexander's,

Inc.(ö)

Alpine

Income

Property

Trust,

Inc.(ö)

1,047

AlTi

Global,

Inc.(Æ)

3,525

Amalgamated

Financial

Corp.

1,820

Amerant

Bancorp,

Inc.

2,897

American

Assets

Trust,

Inc.(ö)

4,123

American

Healthcare

REIT,

Inc.(ö)

13,409

631

American

Integrity

Insurance

Group,

Inc.

(Æ)

686

American

Realty

Investors,

Inc.(Æ)

Ameris

Bancorp

5,279

AMERISAFE,

Inc.

1,573

Ames

National

Corp.

737

Angel

Oak

Mortgage

REIT,

Inc.(ö)

1,019

Anywhere

Real

Estate,

Inc.(Æ)

8,364

Apartment

Investment

and

Management

Co.

Class

A(ö)

10,940

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

11,074

Apple

Hospitality

REIT,

Inc.(ö)

17,866

Applied

Digital

Corp.(Æ)

18,833

Arbor

Realty

Trust,

Inc.(ö)

15,221

Ares

Commercial

Real

Estate

Corp.(ö)

4,381

Armada

Hoffler

Properties,

Inc.(ö)

6,628

ARMOUR

Residential

REIT,

Inc.(ö)

9,084

Arrow

Financial

Corp.

1,366

Artisan

Partners

Asset

Management,

Inc.

Class

A

4,963

Aspen

Insurance

Holdings,

Ltd.

Class

A(Æ)

1,223

Associated

Banc-Corp.

13,272

Ategrity

Specialty

Holdings

LLC(Æ)

538

Atlantic

Union

Bankshares

Corp.

11,375

Atlanticus

Holdings

Corp.(Æ)

Avidbank

Holdings,

Inc.(Æ)

Axos

Financial,

Inc.(Æ)

4,340

Bakkt

Holdings,

Inc.(Æ)

931

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

5,649

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Banc

of

California,

Inc.

10,233

BancFirst

Corp.

1,661

Banco

Latinoamericano

de

Comercio

Exterior

SA

Class

E

2,276

Bancorp,

Inc.

(The)(Æ)

3,354

Bank

of

America

Corp.

718

Bank

of

Hawaii

Corp.

3,142

Bank

of

Marin

Bancorp

1,221

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

3,308

Bank7

Corp.

BankFinancial

Corp.

924

BankUnited,

Inc.

6,021

Bankwell

Financial

Group,

Inc.

585

Banner

Corp.

2,715

Bar

Harbor

Bankshares

1,249

BayCom

Corp.

856

BCB

Bancorp,

Inc.

1,286

Beacon

Financial

Corp.

6,648

Better

Home

&

Finance

Holding

Co.(Æ)

BGC

Group,

Inc.

Class

A

28,904

Bit

Digital,

Inc.(Æ)

25,947

Bitdeer

Technologies

Group

Class

A(Æ)

7,437

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

12,606

Blue

Foundry

Bancorp(Æ)

1,583

Blue

Ridge

Bankshares,

Inc.

5,321

Bowhead

Specialty

Holdings,

Inc.(Æ)

1,309

Braemar

Hotels

&

Resorts,

Inc.(ö)

4,883

Brandywine

Realty

Trust(ö)

14,269

Bread

Financial

Holdings,

Inc.

3,630

Bridgewater

Bancshares,

Inc.(Æ)

1,729

BrightSpire

Capital,

Inc.(ö)

10,688

Broadstone

Net

Lease,

Inc.(ö)

15,134

Brookfield

Business

Corp.

Class

A

1,849

Brookfield

Realty

Capital

Corp.

Class

A(Æ)

8,132

BRT

Apartments

Corp.(ö)

898

Burford

Capital,

Ltd.

15,949

Burke

&

Herbert

Financial

Services

Corp.

1,119

Business

First

Bancshares,

Inc.

2,359

BV

Financial,

Inc.(Æ)

718

Byline

Bancorp,

Inc.

2,501

C&F

Financial

Corp.

Cadence

Bank

14,799

634

California

BanCorp

1,862

Camden

National

Corp.

1,389

Cannae

Holdings,

Inc.

3,751

Capital

Bancorp,

Inc.

970

Capital

City

Bank

Group,

Inc.

1,151

Capitol

Federal

Financial,

Inc.

10,207

CareTrust

REIT,

Inc.(ö)

17,825

645

Carter

Bankshares,

Inc.(Æ)

1,900

Cass

Information

Systems,

Inc.

1,003

Cathay

General

Bancorp

5,271

CB

Financial

Services,

Inc.

CBL

&

Associates

Properties,

Inc.(ö)

1,513

Centerspace(ö)

1,336

Central

Pacific

Financial

Corp.

2,085

CF

Bankshares

Inc.

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Chain

Bridge

Bancorp,

Inc.

Class

A(Æ)

Chatham

Lodging

Trust(ö)

3,861

Chemung

Financial

Corp.

Chicago

Atlantic

Real

Estate

Finance,

Inc.

(ö)

1,437

Chimera

Investment

Corp.(ö)

6,595

ChoiceOne

Financial

Services,

Inc.

1,185

Cipher

Mining,

Inc.(Æ)

25,686

Citizens

&

Northern

Corp.

1,240

Citizens

Community

Bancorp,

Inc.

795

Citizens

Financial

Services,

Inc.

Citizens,

Inc.(Æ)

3,745

City

Holding

Co.

1,113

City

Office

REIT,

Inc.(ö)

3,240

Civista

Bancshares,

Inc.

1,600

Claros

Mortgage

Trust,

Inc.(Æ)(ö)

7,646

Clipper

Realty,

Inc.(ö)

1,146

CNB

Financial

Corp.

2,322

CNO

Financial

Group,

Inc.

7,677

Coastal

Financial

Corp.(Æ)

1,021

CoastalSouth

Bancshares,

Inc.

Cohen

&

Steers,

Inc.

2,213

Colony

Bankcorp,

Inc.

1,404

Columbia

Financial,

Inc.(Æ)

2,253

Commercial

Bancgroup,

Inc.

546

Community

Bank

System,

Inc.

4,224

Community

Healthcare

Trust,

Inc.(ö)

2,267

Community

Trust

Bancorp,

Inc.

1,263

Community

West

Bancshares

1,388

Compass

Diversified

Holdings

5,567

Compass,

Inc.

Class

A(Æ)

38,916

ConnectOne

Bancorp,

Inc.

3,771

Consumer

Portfolio

Services,

Inc.(Æ)

771

COPT

Defense

Properties(ö)

9,092

Core

Scientific

Inc.(Æ)

22,691

Crawford

&

Co.

Class

A

1,352

CTO

Realty

Growth,

Inc.(ö)

2,522

Curbline

Properties

Corp.(ö)

7,766

Cushman

&

Wakefield,

Ltd.(Æ)

18,468

Customers

Bancorp,

Inc.(Æ)

2,536

CVB

Financial

Corp.

10,358

Dave,

Inc.(Æ)

816

Diamond

Hill

Investment

Group,

Inc.

DiamondRock

Hospitality

Co.(ö)

16,430

Dime

Community

Bancshares,

Inc.

3,158

Distribution

Solutions

Group,

Inc.(Æ)

812

Diversified

Healthcare

Trust(ö)

17,386

Donegal

Group,

Inc.

Class

A

1,354

Douglas

Elliman,

Inc.(Æ)

6,074

Douglas

Emmett,

Inc.(ö)

12,924

Dynex

Capital,

Inc.(ö)

11,653

Eagle

Bancorp

Montana,

Inc.

613

Eagle

Bancorp,

Inc.

2,225

Eagle

Financial

Services,

Inc.

Easterly

Government

Properties,

Inc.(ö)

3,478

Eastern

Bankshares,

Inc.

17,662

ECB

Bancorp,

Inc.(Æ)

637

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
eHealth,

Inc.(Æ)

2,384

Ellington

Financial,

Inc.(ö)

7,650

Elme

Communities(ö)

6,978

Emerald

Holding,

Inc.

1,153

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

11,438

Employers

Holdings,

Inc.

1,773

Enact

Holdings,

Inc.

2,234

Encore

Capital

Group,

Inc.(Æ)

1,814

Enova

International,

Inc.(Æ)

1,925

Enterprise

Financial

Services

Corp.

2,925

Equity

Bancshares,

Inc.

Class

A

1,154

Esquire

Financial

Holdings,

Inc.

593

Essent

Group,

Ltd.

7,514

Essential

Properties

Realty

Trust,

Inc.(ö)

15,853

European

Wax

Center,

Inc.

Class

A(Æ)

2,419

eXp

World

Holdings,

Inc.

7,015

F&G

Annuities

&

Life,

Inc.

2,947

Farmers

&

Merchants

Bancorp,

Inc.

1,052

Farmers

National

Banc

Corp.

3,025

Farmland

Partners,

Inc.(ö)

3,083

FB

Bancorp,

Inc.(Æ)

1,477

FB

Financial

Corp.

3,307

Federal

Agricultural

Mortgage

Corp.

Class

C

745

Fidelis

Insurance

Holdings,

Ltd.

4,435

Fidelity

D

&

D

Bancorp,

Inc.

Finance

of

America

Companies

Inc.

Class

A(Æ)

Financial

Institutions,

Inc.

1,646

Finward

Bancorp

Finwise

Bancorp(Æ)

751

First

BanCorp

15,833

First

Bancorp,

Inc.

(The)

893

First

Bank

1,788

First

Busey

Corp.

6,827

First

Business

Financial

Services,

Inc.

658

First

Capital,

Inc.

First

Commonwealth

Financial

Corp.

8,328

First

Community

Bankshares,

Inc.

1,294

First

Community

Corp.

613

First

Financial

Bancorp

7,603

First

Financial

Bankshares,

Inc.

10,729

First

Financial

Corp.

944

First

Foundation,

Inc.(Æ)

5,260

First

Internet

Bancorp

643

First

Interstate

BancSystem,

Inc.

Class

A

7,133

First

Merchants

Corp.

4,651

First

Mid

Bancshares,

Inc.

1,723

First

National

Corp.

646

First

Savings

Financial

Group,

Inc.

First

United

Corp.

First

Western

Financial,

Inc.(Æ)

686

Firstsun

Capital

Bancorp(Æ)

1,044

Five

Star

Bancorp

1,292

Flagstar

Bank

NA

24,237

Flushing

Financial

Corp.

2,671

Fold

Holdings,

Inc.(Æ)

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Forge

Global

Holdings,

Inc.(Æ)

845

Four

Corners

Property

Trust,

Inc.(ö)

7,961

Franklin

BSP

Realty

Trust,

Inc.(ö)

6,783

Franklin

Financial

Services

Corp.

Franklin

Street

Properties

Corp.(ö)

6,290

FrontView

REIT,

Inc.(ö)

1,465

FRP

Holdings,

Inc.(Æ)

965

FS

Bancorp,

Inc.

550

FTAI

Infrastructure,

Inc.

9,097

Fulton

Financial

Corp.

14,552

FVC

Bankcorp,

Inc.

1,306

GBank

Financial

Holdings,

Inc.(Æ)

746

GCM

Grosvenor,

Inc.

Class

A

4,123

Genworth

Financial,

Inc.

Class

A(Æ)

32,228

German

American

Bancorp,

Inc.

2,871

Getty

Realty

Corp.(ö)

4,225

Glacier

Bancorp,

Inc.

10,241

Gladstone

Commercial

Corp.(ö)

3,792

Gladstone

Land

Corp.(ö)

2,824

Global

Medical

REIT,

Inc.(ö)

1,059

Global

Net

Lease,

Inc.(ö)

15,972

GoHealth,

Inc.

Class

A(Æ)

Goosehead

Insurance,

Inc.

Class

A

1,875

Great

Southern

Bancorp,

Inc.

710

Greene

County

Bancorp,

Inc.

581

Greenlight

Capital

Re,

Ltd.

Class

A(Æ)

2,192

Grid

Dynamics

Holdings,

Inc.(Æ)

5,467

HA

Sustainable

Infrastructure

Capital,

Inc.

9,565

Hamilton

Insurance

Group,

Ltd.

Class

B(Æ)

3,660

Hancock

Whitney

Corp.

6,718

Hanmi

Financial

Corp.

2,487

Hanover

Bancorp,

Inc.

Hawthorn

Bancshares,

Inc.

HBT

Financial,

Inc.

905

HCI

Group,

Inc.

844

Heritage

Commerce

Corp.

4,966

Heritage

Financial

Corp.

2,826

Heritage

Insurance

Holdings,

Inc.(Æ)

1,855

Hilltop

Holdings,

Inc.

3,447

Hingham

Institution

for

Savings

Hippo

Holdings,

Inc.(Æ)

1,483

Home

Bancorp,

Inc.

573

Home

BancShares,

Inc.

15,029

HomeTrust

Bancshares,

Inc.

1,327

Hope

Bancorp,

Inc.

9,864

Horace

Mann

Educators

Corp.

3,252

Horizon

Bancorp,

Inc.

3,598

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

4,213

Hut

Corp.(Æ)

7,496

Independence

Realty

Trust,

Inc.(ö)

18,770

Independent

Bank

Corp.

5,563

Industrial

Logistics

Properties

Trust(ö)

4,431

Innovative

Industrial

Properties,

Inc.(ö)

2,203

Innventure,

Inc.(Æ)

2,168

International

Bancshares

Corp.

4,344

International

Money

Express,

Inc.(Æ)

2,324

InvenTrust

Properties

Corp.(ö)

6,225

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Invesco

Mortgage

Capital,

Inc.(ö)

5,463

Investar

Holding

Corp.

759

Investors

Title

Co.

Jackson

Financial,

Inc.

Class

A

5,492

586

James

River

Group

Holdings,

Inc.

3,053

JBG

Smith

Properties(ö)

4,744

Jefferson

Capital,

Inc.

621

John

Marshall

Bancorp,

Inc.

1,047

John

Wiley

&

Sons,

Inc.

Class

A

3,230

Kearny

Financial

Corp.

4,743

Kennedy-Wilson

Holdings,

Inc.

9,591

Kestrel

Group,

Ltd.(Æ)

Kingstone

Cos.,

Inc.

915

Kingsway

Financial

Services,

Inc.(Æ)

1,774

Kite

Realty

Group

Trust(ö)

17,250

KKR

Real

Estate

Finance

Trust,

Inc.(ö)

4,732

Ladder

Capital

Corp.

Class

A(ö)

9,056

Lakeland

Financial

Corp.

2,004

Landmark

Bancorp,

Inc.

LCNB

Corp.

1,115

Legacy

Housing

Corp.(Æ)

715

Legalzoom.com,

Inc.(Æ)

9,456

Lemonade,

Inc.(Æ)

4,800

LendingClub

Corp.(Æ)

9,032

LendingTree,

Inc.(Æ)

926

LINKBANCORP,

Inc.

1,782

Live

Oak

Bancshares,

Inc.

2,804

LiveRamp

Holdings,

Inc.(Æ)

5,156

loanDepot,

Inc.

Class

A(Æ)

6,762

Logistic

Properties

of

The

Americas(Æ)

LTC

Properties,

Inc.(ö)

3,608

Lument

Finance

Trust,

Inc.(ö)

3,780

LXP

Industrial

Trust(ö)

4,652

Macerich

Co.

(The)(ö)

20,257

MainStreet

Bancshares,

Inc.

583

Marcus

&

Millichap,

Inc.

1,987

Marex

Group

PLC

4,388

MBIA,

Inc.(Æ)

3,788

McGrath

RentCorp

1,941

Mechanics

Bancorp

Class

A

3,837

Medallion

Financial

Corp.

1,347

Mercantile

Bank

Corp.

1,316

Merchants

Bancorp

2,149

Mercury

General

Corp.

2,147

Meridian

Corp.

751

MetroCity

Bankshares,

Inc.

1,621

Metropolitan

Bank

Holding

Corp.

731

MFA

Financial,

Inc.(ö)

8,165

Miami

International

Holdings,

Inc.(Æ)

1,866

Mid

Penn

Bancorp,

Inc.

1,543

Middlefield

Banc

Corp.

605

Midland

States

Bancorp,

Inc.

1,708

MidWestOne

Financial

Group,

Inc.

1,342

Mobile

Infrastructure

Corp.(Æ)

1,193

Modiv

Industrial,

Inc.(ö)

775

Moelis

&

Co.

Class

A

5,929

MVB

Financial

Corp.

955

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
National

Bank

Holdings

Corp.

Class

A

3,005

National

Bankshares,

Inc.

516

National

Health

Investors,

Inc.(ö)

3,688

Navient

Corp.

5,389

NB

Bancorp,

Inc.

2,901

NBT

Bancorp,

Inc.

4,085

Nelnet,

Inc.

Class

A

887

NerdWallet,

Inc.

Class

A(Æ)

3,427

NET

Lease

Office

Properties(ö)

1,235

NETSTREIT

Corp.(ö)

6,668

Newmark

Group,

Inc.

Class

A

11,731

NewtekOne,

Inc.

2,053

NexPoint

Diversified

Real

Estate

Trust(ö)

2,930

Nexpoint

Real

Estate

Finance,

Inc.(ö)

633

NexPoint

Residential

Trust,

Inc.(ö)

1,863

NI

Holdings,

Inc.(Æ)

567

Nicolet

Bankshares,

Inc.

1,051

NMI

Holdings,

Inc.

Class

A(Æ)

6,230

Northeast

Bank

585

Northeast

Community

Bancorp,

Inc.

1,024

Northfield

Bancorp,

Inc.

3,125

Northpointe

Bancshares,

Inc.

1,627

Northrim

BanCorp,

Inc.

1,800

Northwest

Bancshares,

Inc.

11,576

Norwood

Financial

Corp.

713

Oak

Valley

Bancorp

566

OceanFirst

Financial

Corp.

4,454

Octave

Specialty

Group,

Inc.(Æ)

3,272

OFG

Bancorp

3,559

Ohio

Valley

Banc

Corp.

Old

National

Bancorp

27,761

619

Old

Second

Bancorp,

Inc.

4,020

One

Liberty

Properties,

Inc.(ö)

1,520

Onity

Group,

Inc.(Æ)

550

OP

Bancorp

976

Open

Lending

Corp.

Class

A(Æ)

8,491

Oportun

Financial

Corp.(Æ)

3,289

OppFi,

Inc.

2,009

Orange

County

Bancorp,

Inc.

975

Orchid

Island

Capital,

Inc.(ö)

12,162

Origin

Bancorp,

Inc.

2,359

Orrstown

Financial

Services,

Inc.

1,547

OUTFRONT

Media,

Inc.(ö)

11,727

P10,

Inc.

Class

A

4,914

Pagseguro

Digital,

Ltd.

Class

A

14,293

Palomar

Holdings,

Inc.(Æ)

2,095

Park

National

Corp.

1,184

Parke

Bancorp,

Inc.

822

Pathward

Financial,

Inc.

1,798

Patria

Investments,

Ltd.

Class

A

5,460

Patriot

National

Bancorp,

Inc.(Æ)

3,639

Paysign,

Inc.(Æ)

2,845

PCB

Bancorp

903

Peakstone

Realty

Trust(ö)

3,050

Peapack-Gladstone

Financial

Corp.

1,326

Pebblebrook

Hotel

Trust(ö)

9,321

PennyMac

Financial

Services,

Inc.

2,333

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
PennyMac

Mortgage

Investment

Trust(ö)

6,918

Peoples

Bancorp,

Inc.

3,111

Peoples

Financial

Services

Corp.

771

Perella

Weinberg

Partners

4,923

Phillips

Edison

&

Co.,

Inc.(ö)

10,065

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

9,854

Pioneer

Bancorp,

Inc.(Æ)

932

Piper

Sandler

Cos.

1,396

PJT

Partners,

Inc.

Class

A

1,834

Plumas

Bancorp

516

Plymouth

Industrial

REIT,

Inc.(ö)

3,400

Ponce

Financial

Group,

Inc.(Æ)

1,629

Postal

Realty

Trust,

Inc.

Class

A(ö)

1,858

PotlatchDeltic

Corp.(ö)

6,094

PRA

Group,

Inc.(Æ)

3,270

Preferred

Bank

951

Primis

Financial

Corp.

1,744

Princeton

Bancorp,

Inc.

ProAssurance

Corp.(Æ)

4,049

Progyny,

Inc.(Æ)

5,951

Provident

Financial

Services,

Inc.

10,278

QCR

Holdings,

Inc.

1,311

Radian

Group,

Inc.

10,816

RBB

Bancorp

1,400

RE/MAX

Holdings,

Inc.

Class

A(Æ)

1,517

Ready

Capital

Corp.(ö)

11,763

Real

Brokerage,

Inc.

(The)(Æ)

8,785

Red

River

Bancshares,

Inc.

Redwood

Trust,

Inc.(ö)

10,043

Regional

Management

Corp.

768

Remitly

Global,

Inc.(Æ)

13,386

Renasant

Corp.

7,522

Republic

Bancorp,

Inc.

Class

A

694

Resolute

Holdings

Management,

Inc.(Æ)

Rhinebeck

Bancorp,

Inc.(Æ)

Richmond

Mutual

BanCorp,

Inc.

754

Rithm

Property

Trust,

Inc.(ö)

581

Riverview

Bancorp,

Inc.

1,693

RLJ

Lodging

Trust(ö)

10,888

RMR

Group,

Inc.

(The)

Class

A

1,286

Root,

Inc.

Class

A(Æ)

966

Ryman

Hospitality

Properties,

Inc.(ö)

4,927

S&T

Bancorp,

Inc.

3,031

Sabra

Health

Care

REIT,

Inc.(ö)

18,964

Safehold,

Inc.(ö)

4,653

Safety

Insurance

Group,

Inc.

1,167

Saul

Centers,

Inc.(ö)

1,020

SB

Financial

Group,

Inc.

Seacoast

Banking

Corp.

of

Florida

6,780

Seaport

Entertainment

Group,

Inc.(Æ)

618

Security

National

Financial

Corp.

Class

A(Æ)

1,280

Selective

Insurance

Group,

Inc.

4,841

Selectquote,

Inc.(Æ)

11,385

Service

Properties

Trust(ö)

12,806

ServisFirst

Bancshares,

Inc.

4,116

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Seven

Hills

Realty

Trust(ö)

1,206

Shore

Bancshares,

Inc.

2,557

Siebert

Financial

Corp.(Æ)

1,171

Sierra

Bancorp

1,040

Sila

Realty

Trust,

Inc.(ö)

4,412

Silvercrest

Asset

Management

Group,

Inc.

Class

A

664

Simmons

First

National

Corp.

Class

A

11,295

SiriusPoint,

Ltd.(Æ)

8,176

SITE

Centers

Corp.(ö)

4,160

Sky

Harbour

Group

Corp.(Æ)

1,762

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

2,847

SL

Green

Realty

Corp.(ö)

5,733

Slide

Insurance

Holdings,

Inc.(Æ)

2,293

SmartFinancial,

Inc.

1,204

Smartstop

Self

Storage

REIT,

Inc.(ö)

2,490

Sound

Financial

Bancorp,

Inc.

South

Plains

Financial,

Inc.

1,066

Southern

First

Bancshares,

Inc.(Æ)

644

Southern

Missouri

Bancorp,

Inc.

801

Southside

Bancshares,

Inc.

2,396

Spire

Global,

Inc.(Æ)

2,273

SR

Bancorp,

Inc.

652

St.

Joe

Co.

(The)

3,038

Stellar

Bancorp,

Inc.

3,729

StepStone

Group,

Inc.

Class

A

5,556

Stewart

Information

Services

Corp.

2,218

Stock

Yards

Bancorp,

Inc.

2,096

StoneX

Group,

Inc.(Æ)

3,876

Stratus

Properties,

Inc.(Æ)

553

Strawberry

Fields

REIT,

Inc.(ö)

598

Summit

Hotel

Properties,

Inc.(ö)

9,096

Sunrise

Realty

Trust,

Inc.(ö)

842

Sunstone

Hotel

Investors,

Inc.(ö)

14,424

SWK

Holdings

Corp.

Tanger,

Inc.(ö)

8,917

Target

Hospitality

Corp.

Class

A(Æ)

2,662

Tejon

Ranch

Co.(Æ)

1,743

TeraWulf,

Inc.(Æ)

24,031

Terreno

Realty

Corp.(ö)

8,160

Texas

Capital

Bancshares,

Inc.(Æ)

3,620

Third

Coast

Bancshares,

Inc.(Æ)

1,066

TIC

Solutions,

Inc.(Æ)

15,823

Timberland

Bancorp,

Inc.

618

Tiptree,

Inc.

Class

A

1,950

Tompkins

Financial

Corp.

1,069

Towne

Bank

5,822

TPG

Mortgage

Investment

Trust,

Inc.(ö)

2,311

TPG

RE

Finance

Trust,

Inc.(ö)

5,677

Transcontinental

Realty

Investors,

Inc.(Æ)

TriCo

Bancshares

2,411

Triumph

Financial,

Inc.(Æ)

1,811

Trupanion,

Inc.(Æ)

2,939

TrustCo

Bank

Corp.

1,542

Trustmark

Corp.

4,527

Two

Harbors

Investment

Corp.(ö)

8,277

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
UMB

Financial

Corp.

5,745

661

UMH

Properties,

Inc.(ö)

6,337

Union

Bankshares,

Inc.

United

Bankshares,

Inc.

11,084

United

Community

Banks,

Inc.

9,775

United

Fire

Group,

Inc.

1,744

United

Insurance

Holdings

Corp.

2,025

United

Security

Bancshares

1,147

Unity

Bancorp,

Inc.

606

Universal

Health

Realty

Income

Trust(ö)

1,068

Universal

Insurance

Holdings,

Inc.

2,107

Univest

Financial

Corp.

2,251

Upstart

Holdings,

Inc.(Æ)

6,710

Urban

Edge

Properties(ö)

10,087

Valley

National

Bancorp

38,679

Value

Line,

Inc.

Velocity

Financial,

Inc.(Æ)

928

Veris

Residential,

Inc.(ö)

5,988

Vestis

Corp.

9,558

Victory

Capital

Holdings,

Inc.

Class

A

3,528

Virginia

National

Bankshares

Corp.

Virtus

Investment

Partners,

Inc.

509

Vroom,

Inc.(Æ)

WaFd,

Inc.

6,171

Walker

&

Dunlop,

Inc.

2,614

Washington

Trust

Bancorp,

Inc.

1,595

Waterstone

Financial,

Inc.

1,309

Webull

Corp.(Æ)

21,642

WesBanco,

Inc.

7,549

West

BanCorp,

Inc.

1,252

Westamerica

BanCorp

1,961

Western

New

England

Bancorp,

Inc.

1,523

Westwood

Holdings

Group,

Inc.

617

Whitestone

REIT

Class

B(ö)

3,739

WisdomTree,

Inc.

9,970

World

Acceptance

Corp.(Æ)

WSFS

Financial

Corp.

4,462

Xenia

Hotels

&

Resorts,

Inc.(ö)

7,534

55,045

Health

Care

-

17.9%

10X

Genomics,

Inc.

Class

A(Æ)

8,547

4D

Molecular

Therapeutics,

Inc.(Æ)

3,326

Aardvark

Therapeutics,

Inc.(Æ)

Abeona

Therapeutics,

Inc.(Æ)

3,618

Absci

Corp.(Æ)

11,021

Acadia

Pharmaceuticals,

Inc.(Æ)

9,920

Accendra

Health,

Inc.(Æ)

6,246

Accuray,

Inc.(Æ)

8,401

Aclaris

Therapeutics,

Inc.(Æ)

7,518

Actuate

Therapeutics,

Inc.(Æ)

AdaptHealth

Corp.(Æ)

8,067

Adaptive

Biotechnologies

Corp.(Æ)

11,892

ADC

Therapeutics

SA(Æ)

6,000

Addus

HomeCare

Corp.(Æ)

1,440

ADMA

Biologics,

Inc.(Æ)

18,476

agilon

health,

Inc.(Æ)

25,566

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Agios

Pharmaceuticals,

Inc.(Æ)

4,474

Akebia

Therapeutics,

Inc.(Æ)

20,707

Aldeyra

Therapeutics,

Inc.(Æ)

4,494

Alector,

Inc.(Æ)

6,602

Alignment

Healthcare,

Inc.(Æ)

13,438

Alkermes

PLC(Æ)

12,932

Allogene

Therapeutics,

Inc.(Æ)

12,559

Alpha

Teknova,

Inc.(Æ)

899

Alphatec

Holdings,

Inc.(Æ)

9,250

Altimmune,

Inc.(Æ)

6,410

Alumis,

Inc.(Æ)

4,689

Amicus

Therapeutics,

Inc.(Æ)

23,600

Amneal

Pharmaceuticals,

Inc.(Æ)

11,993

Amphastar

Pharmaceuticals,

Inc.(Æ)

2,876

Amylyx

Pharmaceuticals,

Inc.(Æ)

7,028

AnaptysBio,

Inc.(Æ)

1,458

Anavex

Life

Sciences

Corp.(Æ)

6,924

AngioDynamics,

Inc.(Æ)

3,216

ANI

Pharmaceuticals,

Inc.(Æ)

1,441

Anika

Therapeutics,

Inc.(Æ)

1,032

Annexon,

Inc.(Æ)

7,931

Anteris

Technologies

Global

Corp.(Æ)

2,841

Apogee

Therapeutics,

Inc.(Æ)

3,047

Aquestive

Therapeutics,

Inc.(Æ)

7,126

Arbutus

Biopharma

Corp.(Æ)

12,539

Arcellx,

Inc.(Æ)

2,710

Arcturus

Therapeutics

Holdings,

Inc.(Æ)

2,096

Arcus

Biosciences,

Inc.(Æ)

6,253

Arcutis

Biotherapeutics,

Inc.(Æ)

8,538

Ardelyx,

Inc.(Æ)

19,546

Ardent

Health

Partners,

Inc.(Æ)

1,920

ArriVent

Biopharma,

Inc.(Æ)

2,068

Arrowhead

Pharmaceuticals,

Inc.(Æ)

10,510

698

ARS

Pharmaceuticals,

Inc.(Æ)

4,955

Artivion,

Inc.(Æ)

3,158

Arvinas,

Inc.(Æ)

5,434

Astrana

Health,

Inc.(Æ)

3,226

Astria

Therapeutics,

Inc.(Æ)

3,000

Atea

Pharmaceuticals,

Inc.(Æ)

6,349

Atlantic

International

Corp.(Æ)

891

AtriCure,

Inc.(Æ)

3,849

aTyr

Pharma,

Inc.(Æ)

7,205

Aura

Biosciences,

Inc.(Æ)

3,675

Aurinia

Pharmaceuticals,

Inc.(Æ)

9,269

Avadel

Pharmaceuticals

PLC(Æ)

7,122

Avanos

Medical,

Inc.(Æ)

3,712

Aveanna

Healthcare

Holdings,

Inc.(Æ)

5,511

Avidity

Biosciences,

Inc.(Æ)

9,173

662

Avita

Medical,

Inc.(Æ)

1,001

Axogen,

Inc.(Æ)

3,521

Axsome

Therapeutics,

Inc.(Æ)

3,225

589

Azenta,

Inc.(Æ)

3,233

Beam

Therapeutics,

Inc.(Æ)

7,572

Benitec

Biopharma,

Inc.(Æ)

1,198

Beta

Bionics,

Inc.(Æ)

3,039

Bicara

Therapeutics,

Inc.(Æ)

2,494

BioAge

Labs,

Inc.(Æ)

1,965

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
BioCryst

Pharmaceuticals,

Inc.(Æ)

16,589

Biohaven,

Ltd.(Æ)

7,493

BioLife

Solutions,

Inc.(Æ)

3,142

Biote

Corp.

Class

A(Æ)

2,415

Bioventus,

Inc.

Class

A(Æ)

3,820

BridgeBio

Pharma,

Inc.(Æ)

12,593

963

Bright

Minds

Biosciences,

Inc.(Æ)

BrightSpring

Health

Services,

Inc.(Æ)

8,848

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

18,305

Butterfly

Network,

Inc.(Æ)

15,909

Candel

Therapeutics,

Inc.(Æ)

3,258

Capricor

Therapeutics,

Inc.(Æ)

3,040

CapsoVision,

Inc.(Æ)

Cardiff

Oncology,

Inc.(Æ)

5,135

CareDx,

Inc.(Æ)

4,127

Carlsmed,

Inc.(Æ)

582

Cartesian

Therapeutics,

Inc.(Æ)

767

Castle

Biosciences,

Inc.(Æ)

2,249

Catalyst

Pharmaceuticals,

Inc.(Æ)

9,167

Celcuity,

Inc.(Æ)

2,545

Celldex

Therapeutics,

Inc.(Æ)

5,218

Ceribell,

Inc.(Æ)

2,064

Cerus

Corp.(Æ)

15,297

CG

Oncology,

Inc.(Æ)

4,452

Cidara

Therapeutics,

Inc.(Æ)

1,553

Claritev

Corp.(Æ)

638

ClearPoint

Neuro,

Inc.(Æ)

2,158

Clover

Health

Investments

Corp.(Æ)

33,443

Cogent

Biosciences,

Inc.(Æ)

11,057

Coherus

BioSciences,

Inc.(Æ)

8,784

Collegium

Pharmaceutical,

Inc.(Æ)

2,487

Community

Health

Systems,

Inc.(Æ)

10,757

Compass

Therapeutics,

Inc.(Æ)

10,358

Concentra

Group

Holdings

Parent,

Inc.

9,318

CONMED

Corp.

2,470

CorMedix,

Inc.(Æ)

5,932

CorVel

Corp.(Æ)

2,321

Corvus

Pharmaceuticals,

Inc.(Æ)

4,970

Crinetics

Pharmaceuticals,

Inc.(Æ)

7,196

CRISPR

Therapeutics

AG(Æ)

6,901

Cullinan

Oncology,

Inc.(Æ)

4,225

CVRx,

Inc.(Æ)

1,331

Cytek

Biosciences,

Inc.(Æ)

9,739

Cytokinetics,

Inc.(Æ)

9,308

591

Day

One

Biopharmaceuticals,

Inc.(Æ)

5,962

Definitive

Healthcare

Corp.(Æ)

2,936

Delcath

Systems,

Inc.(Æ)

2,495

Denali

Therapeutics,

Inc.(Æ)

10,560

Design

Therapeutics,

Inc.(Æ)

1,943

DiaMedica

Therapeutics,

Inc.(Æ)

2,671

Dianthus

Therapeutics,

Inc.(Æ)

1,935

Disc

Medicine,

Inc.(Æ)

1,886

DocGo,

Inc.(Æ)

7,545

Dynavax

Technologies

Corp.(Æ)

7,987

Dyne

Therapeutics,

Inc.(Æ)

9,962

Edgewise

Therapeutics,

Inc.(Æ)

5,343

Editas

Medicine,

Inc.(Æ)

6,990

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Electromed,

Inc.(Æ)

571

Eledon

Pharmaceuticals,

Inc.(Æ)

4,854

Embecta

Corp.

4,848

Emergent

BioSolutions,

Inc.(Æ)

4,134

Enanta

Pharmaceuticals,

Inc.(Æ)

1,670

Enhabit,

Inc.(Æ)

4,105

Enliven

Therapeutics,

Inc.(Æ)

3,109

Enovis

Corp.

Class

W(Æ)

4,533

Ensign

Group,

Inc.

(The)

4,454

776

Entrada

Therapeutics,

Inc.(Æ)

2,329

Erasca,

Inc.(Æ)

14,378

Esperion

Therapeutics,

Inc.(Æ)

16,539

ETON

Pharmaceuticals,

Inc.(Æ)

2,123

Evolus,

Inc.(Æ)

4,111

EyePoint

Pharmaceuticals,

Inc.(Æ)

5,968

Fate

Therapeutics,

Inc.(Æ)

9,008

Fennec

Pharmaceuticals,

Inc.(Æ)

1,942

Foghorn

Therapeutics

Inc.(Æ)

2,713

Fortrea

Holdings,

Inc.(Æ)

7,227

Fulcrum

Therapeutics,

Inc.(Æ)

3,507

Fulgent

Genetics,

Inc.(Æ)

1,737

GeneDx

Holdings

Corp.(Æ)

1,497

Geron

Corp.(Æ)

44,654

Ginkgo

Bioworks

Holdings,

Inc.(Æ)

3,220

Glaukos

Corp.(Æ)

4,459

503

Gossamer

Bio,

Inc.(Æ)

15,731

GRAIL,

Inc.(Æ)

2,765

Greenwich

LifeSciences,

Inc.(Æ)

505

Guardant

Health,

Inc.(Æ)

9,612

982

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

1,676

Gyre

Therapeutics,

Inc.(Æ)

1,124

Haemonetics

Corp.(Æ)

3,845

Harmony

Biosciences

Holdings,

Inc.(Æ)

3,485

Harrow,

Inc.(Æ)

2,501

Health

Catalyst,

Inc.(Æ)

5,602

HealthEquity,

Inc.(Æ)

6,761

619

HeartFlow,

Inc.(Æ)

1,538

Heron

Therapeutics,

Inc.(Æ)

12,671

Humacyte,

Inc.(Æ)

10,381

ICU

Medical,

Inc.(Æ)

1,907

IDEAYA

Biosciences,

Inc.(Æ)

6,393

ImmunityBio,

Inc.(Æ)

19,053

Immunome,

Inc.(Æ)

7,417

Immunovant,

Inc.(Æ)

5,435

Indivior

PLC(Æ)

9,669

Inhibikase

Therapeutics,

Inc.(Æ)

5,009

Inhibrx

Biosciences,

Inc.(Æ)

751

INmune

Bio,

Inc.(Æ)

1,383

InnovAge

Holding

Corp.(Æ)

1,676

Innoviva,

Inc.(Æ)

4,988

Inogen,

Inc.(Æ)

1,970

Integer

Holdings

Corp.(Æ)

2,748

Integra

LifeSciences

Holdings

Corp.(Æ)

5,555

Intellia

Therapeutics,

Inc.(Æ)

8,112

Iovance

Biotherapeutics,

Inc.(Æ)

21,234

iRadimed

Corp.

674

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
iRhythm

Holdings,

Inc.(Æ)

2,539

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

13,252

Jade

Biosciences,

Inc.(Æ)

3,620

Janux

Therapeutics,

Inc.(Æ)

3,261

Joint

Corp.

(The)(Æ)

1,249

Journey

Medical

Corp.(Æ)

1,005

KalVista

Pharmaceuticals,

Inc.(Æ)

3,127

Keros

Therapeutics,

Inc.(Æ)

2,313

Kestra

Medical

Technologies,

Ltd.(Æ)

1,552

Kodiak

Sciences,

Inc.(Æ)

2,711

Korro

Bio,

Inc.(Æ)

549

KORU

Medical

Systems,

Inc.(Æ)

3,518

Krystal

Biotech,

Inc.(Æ)

1,950

Kura

Oncology,

Inc.(Æ)

6,550

Kymera

Therapeutics,

Inc.(Æ)

4,467

Lantheus

Holdings,

Inc.(Æ)

5,303

Larimar

Therapeutics,

Inc.(Æ)

3,506

LB

Pharmaceuticals,

Inc.(Æ)

1,525

LeMaitre

Vascular,

Inc.

1,663

LENZ

Therapeutics,

Inc.(Æ)

1,331

Lexeo

Therapeutics,

Inc.(Æ)

4,991

Lifecore

Biomedical,

Inc.(Æ)

2,286

LifeStance

Health

Group,

Inc.(Æ)

13,170

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

1,540

Liquidia

Corp.(Æ)

5,119

LivaNova

PLC(Æ)

4,346

Lucid

Diagnostics,

Inc.(Æ)

5,733

Madrigal

Pharmaceuticals,

Inc.(Æ)

1,473

858

MannKind

Corp.(Æ)

24,100

MapLight

Therapeutics,

Inc.(Æ)

1,337

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)

8,649

MaxCyte,

Inc.(Æ)

8,376

Maze

Therapeutics,

Inc.(Æ)

1,666

MBX

Biosciences,

Inc.(Æ)

2,249

MediWound,

Ltd.(Æ)

639

MeiraGTx

Holdings

PLC(Æ)

3,452

Merit

Medical

Systems,

Inc.(Æ)

4,660

MiMedx

Group,

Inc.(Æ)

9,802

Mind

Medicine

(MindMed),

Inc.(Æ)

7,453

Mineralys

Therapeutics,

Inc.(Æ)

3,706

Mirum

Pharmaceuticals,

Inc.(Æ)

3,245

Monopar

Therapeutics,

Inc.(Æ)

Monte

Rosa

Therapeutics,

Inc.(Æ)

3,863

Myomo,

Inc.(Æ)

2,696

Myriad

Genetics,

Inc.(Æ)

7,541

Nano-X

Imaging,

Ltd.

Class

X(Æ)

5,322

National

HealthCare

Corp.

1,013

Neogen

Corp.(Æ)

17,299

NeoGenomics,

Inc.(Æ)

10,224

Neurogene,

Inc.(Æ)

815

Neuronetics,

Inc.(Æ)

2,995

NeuroPace,

Inc.(Æ)

1,991

Niagen

Bioscience,

Inc.(Æ)

4,325

Nkarta,

Inc.(Æ)

4,430

Novavax,

Inc.(Æ)

11,866

Novocure,

Ltd.(Æ)

8,046

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Nurix

Therapeutics,

Inc.(Æ)

7,929

Nuvalent,

Inc.

Class

A(Æ)

3,955

Nuvation

Bio,

Inc.(Æ)

19,115

Nuvectis

Pharma,

Inc.(Æ)

1,066

Ocular

Therapeutix,

Inc.(Æ)

13,871

Olema

Pharmaceuticals,

Inc.(Æ)

4,735

Omada

Health,

Inc.(Æ)

789

Omeros

Corp.(Æ)

5,457

Omnicell,

Inc.(Æ)

3,603

Oncology

Institute,

Inc.

(The)(Æ)

4,889

OPKO

Health,

Inc.(Æ)

34,690

Option

Care

Health,

Inc.(Æ)

12,658

Oranogenesis

Holdings,

Inc.(Æ)

5,657

OraSure

Technologies,

Inc.(Æ)

6,228

ORIC

Pharmaceuticals,

Inc.(Æ)

4,974

Orthofix

Medical,

Inc.(Æ)

3,214

OrthoPediatrics

Corp.(Æ)

1,402

Oruka

Therapeutics,

Inc.(Æ)

3,041

Oscar

Health,

Inc.

Class

A(Æ)

15,475

Outset

Medical,

Inc.(Æ)

1,468

Pacific

Biosciences

of

California,

Inc.(Æ)

22,871

Pacira

BioSciences,

Inc.(Æ)

3,547

PACS

Group,

Inc.(Æ)

3,487

Palvella

Therapeutics,

Inc.(Æ)

568

Pediatrix

Medical

Group,

Inc.(Æ)

6,813

Pennant

Group,

Inc.

(The)(Æ)

2,683

Personalis,

Inc.(Æ)

4,153

Perspective

Therapeutics,

Inc.(Æ)

4,936

Phathom

Pharmaceuticals,

Inc.(Æ)

3,145

Phibro

Animal

Health

Corp.

Class

A

1,694

Phreesia,

Inc.(Æ)

4,537

Picard

Medical,

Inc.(Æ)

Praxis

Precision

Medicines,

Inc.(Æ)

1,779

524

Precigen,

Inc.(Æ)

12,425

Prestige

Consumer

Healthcare,

Inc.(Æ)

3,945

Prime

Medicine,

Inc.(Æ)

6,345

Privia

Health

Group,

Inc.(Æ)

9,165

PROCEPT

BioRobotics

Corp.(Æ)

4,186

Protagonist

Therapeutics,

Inc.(Æ)

4,637

Protalix

BioTherapeutics,

Inc.(Æ)

5,776

Protara

Therapeutics,

Inc.(Æ)

2,676

Prothena

Corp.

PLC(Æ)

3,211

PTC

Therapeutics,

Inc.(Æ)

6,190

Pulmonx

Corp.(Æ)

3,164

Pulse

Biosciences,

Inc.(Æ)

1,468

Puma

Biotechnology,

Inc.(Æ)

3,514

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

1,759

Quanterix

Corp.(Æ)

3,375

Quantum-Si,

Inc.(Æ)

11,683

QuidelOrtho

Corp.(Æ)

5,404

RadNet,

Inc.(Æ)

5,430

Rapport

Therapeutics,

Inc.(Æ)

2,247

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

29,983

REGENXBIO,

Inc.(Æ)

3,875

Relay

Therapeutics,

Inc.(Æ)

10,968

Replimune

Group,

Inc.(Æ)

5,452

Rezolute,

Inc.(Æ)

6,520

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Rhythm

Pharmaceuticals,

Inc.(Æ)

4,151

Rigel

Pharmaceuticals,

Inc.(Æ)

1,459

Rocket

Pharmaceuticals,

Inc.(Æ)

6,947

RxSight,

Inc.(Æ)

2,761

Sana

Biotechnology,

Inc.(Æ)

11,051

Sanara

Medtech,

Inc.(Æ)

SANUWAVE

Health,

Inc.(Æ)

581

Savara,

Inc.(Æ)

11,251

SBC

Medical

Group

Holdings,

Inc.(Æ)

Scholar

Rock

Holding

Corp.(Æ)

6,466

Schrodinger,

Inc.(Æ)

4,458

Select

Medical

Holdings

Corp.

8,521

SELLAS

Life

Sciences

Group,

Inc.(Æ)

7,905

Semler

Scientific,

Inc.(Æ)

1,011

Septerna,

Inc.(Æ)

1,770

Shoulder

Innovations,

Inc.(Æ)

SI-BONE,

Inc.(Æ)

3,146

SIGA

Technologies,

Inc.

3,402

Sionna

Therapeutics,

Inc.(Æ)

1,022

Soleno

Therapeutics,

Inc.(Æ)

3,692

Solid

Biosciences

Inc.(Æ)

4,668

Sonida

Senior

Living,

Inc.(Æ)

Spyre

Therapeutics,

Inc.(Æ)

5,451

STAAR

Surgical

Co.(Æ)

3,957

Standard

BioTools,

Inc.(Æ)

24,793

Stereotaxis,

Inc.(Æ)

4,743

Stoke

Therapeutics,

Inc.(Æ)

3,563

Supernus

Pharmaceuticals,

Inc.(Æ)

4,269

Surgery

Partners,

Inc.(Æ)

6,126

Syndax

Pharmaceuticals,

Inc.(Æ)

6,781

Tactile

Systems

Technology,

Inc.(Æ)

1,750

Talkspace,

Inc.(Æ)

12,127

Tandem

Diabetes

Care,

Inc.(Æ)

5,372

Tango

Therapeutics,

Inc.(Æ)

8,417

Tarsus

Pharmaceuticals,

Inc.(Æ)

3,113

Taysha

Gene

Therapies,

Inc.(Æ)

16,921

Tectonic

Therapeutic,

Inc.(Æ)

910

Teladoc

Health,

Inc.(Æ)

14,567

Terns

Pharmaceuticals,

Inc.(Æ)

6,789

Tevogen

Bio

Holdings,

Inc.(Æ)

2,347

TG

Therapeutics,

Inc.(Æ)

11,558

Theravance

Biopharma,

Inc.(Æ)

3,136

Tonix

Pharmaceuticals

Holding

Corp.(Æ)

740

TransMedics

Group,

Inc.(Æ)

2,639

Travere

Therapeutics,

Inc.(Æ)

6,532

Treace

Medical

Concepts,

Inc.(Æ)

3,950

Trevi

Therapeutics,

Inc.(Æ)

7,363

TriSalus

Life

Sciences,

Inc.(Æ)

1,321

TruBridge,

Inc.(Æ)

827

TuHURA

Biosciences,

Inc.(Æ)

2,127

Tvardi

Therapeutics,

Inc.(Æ)

Twist

Bioscience

Corp.(Æ)

4,714

Tyra

Biosciences,

Inc.(Æ)

1,995

UFP

Technologies,

Inc.(Æ)

592

Upstream

Bio,

Inc.(Æ)

2,676

UroGen

Pharma,

Ltd.(Æ)

3,056

US

Physical

Therapy,

Inc.

1,196

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Utah

Medical

Products,

Inc.

Vanda

Pharmaceuticals,

Inc.(Æ)

4,615

Varex

Imaging

Corp.(Æ)

3,399

Vaxcyte,

Inc.(Æ)

9,124

Vera

Therapeutics,

Inc.(Æ)

4,403

Veracyte,

Inc.(Æ)

6,240

Verastem,

Inc.(Æ)

3,759

Vericel

Corp.(Æ)

4,015

Viemed

Healthcare,

Inc.(Æ)

2,886

Vir

Biotechnology,

Inc.(Æ)

7,377

Viridian

Therapeutics,

Inc.(Æ)

6,329

Voyager

Therapeutics,

Inc.(Æ)

3,858

WaVe

Life

Sciences,

Ltd.(Æ)

8,921

Waystar

Holding

Corp.(Æ)

8,722

Xencor,

Inc.(Æ)

5,569

Xenon

Pharmaceuticals,

Inc.(Æ)

6,060

Xeris

Biopharma

Holdings,

Inc.(Æ)

12,159

XOMA

Corp.(Æ)

778

Zenas

Biopharma,

Inc.(Æ)

1,345

Zevra

Therapeutics,

Inc.(Æ)

4,495

Zymeworks,

Inc.(Æ)

4,062

42,312

Materials

and

Processing

-

7.1%

AdvanSix,

Inc.

2,176

Airjoule

Technologies

Corp.(Æ)

1,780

A-Mark

Precious

Metals,

Inc.

1,573

American

Battery

Technology

Co.(Æ)

6,721

American

Vanguard

Corp.(Æ)

2,158

American

Woodmark

Corp.(Æ)

1,135

Apogee

Enterprises,

Inc.

1,754

Ardagh

Metal

Packaging

SA

11,556

Aspen

Aerogels,

Inc.(Æ)

5,492

Avient

Corp.

7,334

Balchem

Corp.

2,615

Belden,

Inc.

3,105

Boise

Cascade

Co.

3,010

BrightView

Holdings,

Inc.

5,731

Cabot

Corp.

4,220

Caledonia

Mining

Corp.

PLC

1,366

Calumet,

Inc.(Æ)

5,459

Century

Aluminum

Co.(Æ)

4,213

Chemours

Co.

(The)

12,015

Clearwater

Paper

Corp.(Æ)

1,309

Codexis,

Inc.(Æ)

6,781

Coeur

Mining,

Inc.(Æ)

50,704

904

Commercial

Metals

Co.

8,830

611

Compass

Minerals

International,

Inc.(Æ)

2,867

CompX

International,

Inc.

Constellium

SE(Æ)

10,878

Contango

ORE,

Inc.(Æ)

708

Core

Molding

Technologies,

Inc.(Æ)

702

Critical

Metals

Corp.(Æ)

2,667

Dakota

Gold

Corp.(Æ)

7,129

Eastern

Co.

(The)

Ecovyst,

Inc.(Æ)

9,060

EVI

Industries,

Inc.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Fabrinet(Æ)

2,865

1,304

Ferroglobe

PLC

9,902

Friedman

Industries,

Inc.

551

FutureFuel

Corp.

2,086

Gibraltar

Industries,

Inc.(Æ)

2,361

Global

Industrial

Co.

1,189

Greif,

Inc.

Class

A

2,009

Greif,

Inc.

Class

B

Griffon

Corp.

3,061

H.B.

Fuller

Co.

4,361

Hawkins,

Inc.

1,553

Healthcare

Services

Group,

Inc.(Æ)

5,579

Hecla

Mining

Co.

50,394

967

Hudson

Technologies,

Inc.(Æ)

3,224

Idaho

Strategic

Resources,

Inc.(Æ)

1,040

Ingevity

Corp.(Æ)

2,909

Innospec,

Inc.

1,997

Installed

Building

Products,

Inc.

1,840

Insteel

Industries,

Inc.

1,548

Interface,

Inc.

Class

A

4,597

Intrepid

Potash,

Inc.(Æ)

892

Ivanhoe

Electric,

Inc.(Æ)

8,446

JELD-WEN

Holding,

Inc.(Æ)

7,043

Kaiser

Aluminum

Corp.

1,276

Karat

Packaging,

Inc.

719

Knife

River

Corp.(Æ)

4,563

Koppers

Holdings,

Inc.

1,600

Kronos

Worldwide,

Inc.

1,808

LB

Foster

Co.

Class

A(Æ)

847

Legence

Corp.

Class

A(Æ)

2,937

LSB

Industries,

Inc.(Æ)

4,460

LSI

Industries,

Inc.

2,205

Magnera

Corp.(Æ)

2,758

Masterbrand,

Inc.(Æ)

10,071

Mativ

Holdings,

Inc.

4,476

Metallus,

Inc.(Æ)

3,041

Minerals

Technologies,

Inc.

2,520

Modine

Manufacturing

Co.(Æ)

4,157

555

Mueller

Water

Products,

Inc.

Class

A

12,444

Myers

Industries,

Inc.

3,075

NioCorp

Developments,

Ltd.(Æ)

8,473

NL

Industries,

Inc.

698

NovaGold

Resources,

Inc.(Æ)

24,180

NWPX

Infrastructure,

Inc.(Æ)

749

O-I

Glass,

Inc.

Class

I(Æ)

12,266

Oil-Dri

Corp.

of

America

821

Olympic

Steel,

Inc.

820

Omega

Flex,

Inc.

OPENLANE,

Inc.(Æ)

8,342

Orion

SA

4,596

Perimeter

Solutions,

Inc.(Æ)

11,102

Perpetua

Resources

Corp.(Æ)

6,735

Quaker

Chemical

Corp.

1,115

Ranpak

Holdings

Corp.(Æ)

3,890

Rayonier

Advanced

Materials,

Inc.(Æ)

5,339

Resideo

Technologies,

Inc.(Æ)

10,240

Rogers

Corp.(Æ)

1,431

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Rush

Enterprises,

Inc.

Class

A

4,875

Rush

Enterprises,

Inc.

Class

B

681

ScanSource,

Inc.(Æ)

1,672

Sensient

Technologies

Corp.

3,373

Smith-Midland

Corp.(Æ)

SPX

Technologies,

Inc.(Æ)

3,824

765

SSR

Mining,

Inc.(Æ)

16,256

Stepan

Co.

1,709

Sylvamo

Corp.

2,727

Tecnoglass,

Inc.

2,016

ThredUp,

Inc.

Class

A(Æ)

7,536

Titan

America

SA

2,014

Tredegar

Corp.(Æ)

2,212

TriMas

Corp.

2,527

Trinseo

PLC

2,820

Tronox

Holdings

PLC

Class

A

9,902

U.S.

GoldMining

Inc.(Æ)

UFP

Industries,

Inc.

4,601

United

States

Lime

&

Minerals,

Inc.

855

US

Gold

Corp.(Æ)

912

USA

Rare

Earth,

Inc.(Æ)

6,977

Valhi,

Inc.

Virco

Mfg.

Corp.

912

Vox

Royalty

Corp.

3,322

VSE

Corp.

1,792

Worthington

Enterprises,

Inc.

2,509

Worthington

Steel,

Inc.

2,605

16,672

Producer

Durables

-

15.8%

908

Devices,

Inc.(Æ)

2,268

AAR

Corp.(Æ)

3,096

ABM

Industries,

Inc.

4,830

Acacia

Research

Corp.(Æ)

2,833

ACCO

Brands

Corp.

7,239

Adient

PLC(Æ)

6,460

Advantage

Solutions,

Inc.(Æ)

7,806

Aebi

Schmidt

Holding

AG

3,115

AeroVironment,

Inc.(Æ)

2,994

724

Aeva

Technologies,

Inc.(Æ)

2,538

Alamo

Group,

Inc.

826

Alarm.com

Holdings,

Inc.(Æ)

3,774

Albany

International

Corp.

Class

A

2,341

Alight,

Inc.

Class

A

35,732

Allegiant

Travel

Co.

Class

A(Æ)

1,143

Allient,

Inc.

1,194

Alta

Equipment

Group,

Inc.

1,683

American

Superconductor

Corp.(Æ)

3,573

AMN

Healthcare

Services,

Inc.(Æ)

3,175

Amprius

Technologies,

Inc.(Æ)

7,720

ArcBest

Corp.

1,817

Arcosa,

Inc.

3,874

Ardmore

Shipping

Corp.

2,858

Argan,

Inc.

1,057

Arhaus,

Inc.(Æ)

4,241

Ascent

Industries

Co.(Æ)

659

ASGN,

Inc.(Æ)

3,303

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Astec

Industries,

Inc.

1,810

Astronics

Corp.(Æ)

2,429

AZZ,

Inc.

2,369

Badger

Meter,

Inc.

2,368

Barrett

Business

Services,

Inc.

2,063

Beyond

Meat,

Inc.(Æ)

30,381

Bloom

Energy

Corp.

Class

A(Æ)

17,262

1,500

Blue

Bird

Corp.(Æ)

2,525

Bowman

Consulting

Group,

Ltd.(Æ)

1,164

Brink's

Co.

(The)

3,359

Bristow

Group,

Inc.(Æ)

2,256

Cactus,

Inc.

Class

A

5,468

Casella

Waste

Systems,

Inc.

Class

A(Æ)

5,012

CBIZ,

Inc.(Æ)

3,919

CECO

Environmental

Corp.(Æ)

2,323

Centuri

Holdings,

Inc.(Æ)

6,209

Chaince

Digital

Holdings,

Inc.(Æ)

2,650

Champion

Homes,

Inc.(Æ)

4,485

Chart

Industries,

Inc.(Æ)

3,587

740

Cimpress

PLC(Æ)

1,244

Clean

Energy

Fuels

Corp.(Æ)

14,596

Columbus

McKinnon

Corp.

2,346

CompoSecure,

Inc.

Class

A

4,549

Concrete

Pumping

Holdings,

Inc.

1,875

Construction

Partners,

Inc.

Class

A(Æ)

3,737

CoreCivic,

Inc.(Æ)

8,367

Costamare

Bulkers

Holdings,

Ltd.(Æ)

714

Costamare,

Inc.

3,668

Covenant

Logistics

Group,

Inc.

Class

A

1,355

CPI

Card

Group,

Inc.(Æ)

CRA

International,

Inc.

506

Cross

Country

Healthcare,

Inc.(Æ)

2,592

CryoPort,

Inc.(Æ)

4,047

CSW

Industrials,

Inc.

1,300

Custom

Truck

One

Source,

Inc.(Æ)

4,993

Deluxe

Corp.

3,509

DHT

Holdings,

Inc.

10,561

DMC

Global,

Inc.(Æ)

1,605

Dorian

LPG,

Ltd.

3,080

Dorman

Products,

Inc.(Æ)

2,200

Ducommun,

Inc.(Æ)

1,090

DXP

Enterprises,

Inc.(Æ)

1,028

Dycom

Industries,

Inc.(Æ)

2,223

751

Eastman

Kodak

Co.(Æ)

3,823

Energy

Recovery,

Inc.(Æ)

4,102

Energy

Services

of

America

Corp.

979

EnerSys

2,960

Ennis,

Inc.

2,054

EnPro

Industries,

Inc.

1,687

Enviri

Corp.(Æ)

6,027

ESCO

Technologies,

Inc.

2,075

EVERTEC,

Inc.

5,132

Exponent,

Inc.

4,053

Federal

Signal

Corp.

4,793

520

First

Advantage

Corp.(Æ)

6,274

FLEX

LNG,

Ltd.

2,591

Fluor

Corp.(Æ)

12,768

506

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Flyexclusive,

Inc.(Æ)

Flywire

Corp.(Æ)

9,346

Forrester

Research,

Inc.(Æ)

948

Forward

Air

Corp.(Æ)

1,699

Fox

Factory

Holding

Corp.(Æ)

3,483

Franklin

Covey

Co.(Æ)

917

Franklin

Electric

Co.,

Inc.

3,077

Frontdoor,

Inc.(Æ)

5,809

Frontier

Group

Holdings,

Inc.(Æ)

7,012

Garrett

Motion,

Inc.

12,589

GATX

Corp.

2,865

Genco

Shipping

&

Trading,

Ltd.

2,508

Gencor

Industries,

Inc.(Æ)

857

GEO

Group,

Inc.

(The)(Æ)

10,714

Gorman-Rupp

Co.

(The)

1,663

Granite

Construction,

Inc.

3,493

Great

Lakes

Dredge

&

Dock

Corp.(Æ)

5,514

Green

Dot

Corp.

Class

A(Æ)

4,444

Greenbrier

Cos.,

Inc.

(The)

2,413

Hackett

Group,

Inc.

(The)

2,080

Heartland

Express,

Inc.

3,634

Helios

Technologies,

Inc.

2,646

Herc

Holdings,

Inc.

Class

W

2,607

Hertz

Global

Holdings,

Inc.(Æ)

9,785

Hillman

Solutions

Corp.(Æ)

15,790

Himalaya

Shipping,

Ltd.

2,470

HireQuest,

Inc.

HNI

Corp.

5,050

Holley,

Inc.(Æ)

4,933

Hub

Group,

Inc.

Class

A

4,764

Huron

Consulting

Group,

Inc.(Æ)

1,357

Hyliion

Holdings

Corp.(Æ)

10,731

Hyster-Yale,

Inc.

973

I3

Verticals,

Inc.

Class

A(Æ)

1,912

ICF

International,

Inc.

1,461

IES

Holdings,

Inc.(Æ)

718

indie

Semiconductor,

Inc.

Class

A(Æ)

16,066

Information

Services

Group,

Inc.

2,919

Insperity,

Inc.

2,858

International

Seaways,

Inc.

3,208

Itron,

Inc.(Æ)

3,622

Janus

International

Group,

Inc.(Æ)

11,236

JBT

Marel

Corp.

4,143

624

JetBlue

Airways

Corp.(Æ)

23,497

Kadant,

Inc.

940

Kelly

Services,

Inc.

Class

A

2,513

Kennametal,

Inc.

6,075

Kforce,

Inc.

1,486

Korn

Ferry

4,124

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

13,205

1,002

Latham

Group,

Inc.(Æ)

3,722

LCI

Industries

1,877

Lightbridge

Corp.(Æ)

1,776

Limbach

Holdings,

Inc.(Æ)

879

Lindsay

Corp.

865

Liquidity

Services,

Inc.(Æ)

1,927

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Lovesac

Co.

(The)(Æ)

1,125

Luxfer

Holdings

PLC

-

ADR

2,215

Mama's

Creations,

Inc.(Æ)

2,824

Manitowoc

Co.,

Inc.

(The)(Æ)

2,860

MARA

Holdings,

Inc.(Æ)

29,609

MarketWise,

Inc.

Marten

Transport,

Ltd.

4,833

Materion

Corp.

1,651

Matson,

Inc.

2,493

Maximus,

Inc.

4,516

Mayville

Engineering

Co.,

Inc.(Æ)

1,179

Mercury

Systems,

Inc.(Æ)

4,148

Mesa

Laboratories,

Inc.

Methode

Electronics,

Inc.

2,805

Microvast

Holdings,

Inc.(Æ)

16,482

Miller

Industries,

Inc.

916

MillerKnoll,

Inc.

5,606

Mirion

Technologies,

Inc.(Æ)

18,743

Mistras

Group,

Inc.(Æ)

987

Mitek

Systems,

Inc.(Æ)

3,687

Montrose

Environmental

Group,

Inc.(Æ)

2,688

Moog,

Inc.

Class

A

2,231

543

MYR

Group,

Inc.(Æ)

1,228

NANO

Nuclear

Energy,

Inc.(Æ)

3,171

National

CineMedia,

Inc.

5,310

National

Research

Corp.

Class

A

1,047

Navigator

Holdings,

Ltd.

2,503

NET

Power,

Inc.(Æ)

2,812

Nextpower,

Inc.

Class

A(Æ)

11,558

1,007

Nexxen

International,

Ltd.(Æ)

3,132

Nordic

American

Tankers,

Ltd.

16,990

NuScale

Power

Corp.(Æ)

10,040

Orion

Group

Holdings,

Inc.(Æ)

3,124

OSI

Systems,

Inc.(Æ)

1,271

PAMT

Corp.(Æ)

Pangaea

Logistics

Solutions,

Ltd.

2,470

Park

Aerospace,

Corp.

1,512

Park-Ohio

Holdings

Corp.

796

Payoneer

Global,

Inc.(Æ)

22,058

Paysafe,

Ltd.(Æ)

2,690

Perma-Fix

Environmental

Services,

Inc.(Æ)

1,433

Phinia,

Inc.

3,019

Pitney

Bowes,

Inc.

12,791

Powell

Industries,

Inc.

754

Power

Solutions

International,

Inc.(Æ)

543

Primoris

Services

Corp.

4,317

536

Priority

Technology

Holdings,

Inc.(Æ)

2,068

Pro-Dex,

Inc.(Æ)

Proficient

Auto

Logistics,

Inc.(Æ)

1,955

PROG

Holdings,

Inc.

3,137

Proto

Labs,

Inc.(Æ)

1,887

PureCycle

Technologies,

Inc.(Æ)

10,277

Quad/Graphics,

Inc.

2,397

Radiant

Logistics,

Inc.(Æ)

2,747

RCM

Technologies,

Inc.(Æ)

Red

Cat

Holdings,

Inc.(Æ)

7,319

Repay

Holdings

Corp.(Æ)

5,343

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Resources

Connection,

Inc.

2,695

Riot

Platforms,

Inc.(Æ)

27,764

RXO,

Inc.(Æ)

12,889

Ryerson

Holding

Corp.

2,245

Sabre

Corp.(Æ)

30,049

Safe

Bulkers,

Inc.

4,773

Scorpio

Tankers,

Inc.

3,640

Sezzle,

Inc.(Æ)

1,266

SFL

Corp.,

Ltd.

10,050

Sight

Sciences,

Inc.(Æ)

3,421

SkyWest,

Inc.(Æ)

3,221

Sleep

Number

Corp.(Æ)

1,731

Solid

Power,

Inc.(Æ)

12,798

SoundThinking,

Inc.(Æ)

791

Southland

Holdings,

Inc.(Æ)

881

Stagwell,

Inc.(Æ)

8,862

Standex

International

Corp.

960

Sterling

Infrastructure,

Inc.(Æ)

2,365

724

StoneCo,

Ltd.

Class

A(Æ)

20,035

Strattec

Security

Corp.(Æ)

Sun

Country

Airlines

Holdings,

Inc.(Æ)

4,238

Teekay

Corporation,

Ltd.

4,321

Teekay

Tankers,

Ltd.

Class

A

1,905

Tennant

Co.

1,463

Terex

Corp.

5,144

Thermon

Group

Holdings,

Inc.(Æ)

2,622

Tidewater,

Inc.(Æ)

3,925

Titan

International,

Inc.(Æ)

4,029

Titan

Machinery,

Inc.(Æ)

1,727

TreeHouse

Foods,

Inc.(Æ)

3,986

TriNet

Group,

Inc.

2,387

Trinity

Industries,

Inc.

6,375

TrueBlue,

Inc.(Æ)

2,372

TSS,

Inc.(Æ)

1,512

TTM

Technologies,

Inc.(Æ)

8,115

560

Tutor

Perini

Corp.

3,552

UniFirst

Corp.

1,159

Uniti

Group

Inc.(Æ)

11,855

Universal

Truckload

Services,

Inc.

560

USCB

Financial

Holdings,

Inc.

883

V2X,

Inc.(Æ)

1,831

Vishay

Precision

Group,

Inc.(Æ)

992

Watts

Water

Technologies,

Inc.

Class

A

2,178

601

Werner

Enterprises,

Inc.

4,740

Willdan

Group,

Inc.(Æ)

1,114

Xerox

Holdings

Corp.

9,756

Xometry,

Inc.

Class

A(Æ)

3,458

ZipRecruiter,

Inc.

Class

A(Æ)

5,426

Zurn

Elkay

Water

Solutions

Corp.

11,915

554

37,194

Technology

-

12.9%

3D

Systems

Corp.(Æ)

10,918

8x8,

Inc.(Æ)

10,801

A10

Networks,

Inc.

5,735

ACI

Worldwide,

Inc.(Æ)

8,195

ACM

Research,

Inc.

Class

A(Æ)

4,025

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
ACV

Auctions,

Inc.

Class

A(Æ)

13,313

Adeia,

Inc.

8,612

ADTRAN

Holdings,

Inc.(Æ)

6,160

Aehr

Test

Systems(Æ)

2,359

Aeluma,

Inc.(Æ)

796

Agilysys,

Inc.(Æ)

2,059

Airship

AI

Holdings,

Inc.(Æ)

1,657

Alkami

Technology,

Inc.(Æ)

5,459

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

2,050

Ambarella,

Inc.(Æ)

3,244

Ambiq

Micro,

Inc.(Æ)

Amplitude,

Inc.

Class

A(Æ)

7,515

Angi,

Inc.(Æ)

2,857

Anterix

Inc.(Æ)

893

Appian

Corp.

Class

A(Æ)

3,122

Applied

Optoelectronics,

Inc.(Æ)

4,776

Arlo

Technologies,

Inc.(Æ)

7,882

Arrive

AI,

Inc.(Æ)

Arteris,

Inc.(Æ)

2,336

Asana,

Inc.

Class

A(Æ)

7,081

Asure

Software,

Inc.(Æ)

2,045

Atomera,

Inc.(Æ)

2,424

AudioEye,

Inc.(Æ)

662

AvePoint,

Inc.(Æ)

11,644

Aviat

Networks,

Inc.(Æ)

959

Axcelis

Technologies,

Inc.(Æ)

2,458

Backblaze,

Inc.

Class

A(Æ)

4,436

Bandwidth,

Inc.

Class

A(Æ)

2,225

Benchmark

Electronics,

Inc.

2,834

BigBear.ai

Holdings,

Inc.(Æ)

34,352

BK

Technologies

Corp.(Æ)

Blackbaud,

Inc.(Æ)

3,034

Blackline,

Inc.(Æ)

4,151

BlackSky

Technology,

Inc.(Æ)

2,620

Blaize

Holdings,

Inc.(Æ)

6,280

Blend

Labs,

Inc.

Class

A(Æ)

15,640

Box,

Inc.

Class

A(Æ)

11,209

Braze,

Inc.

Class

A(Æ)

6,760

Bumble,

Inc.

Class

A(Æ)

6,030

C3.ai,

Inc.

Class

A(Æ)

9,774

Calix,

Inc.(Æ)

4,704

Cantaloupe,

Inc.(Æ)

4,412

Cargurus,

Inc.(Æ)

6,559

Cars.com,

Inc.(Æ)

4,263

Cerence,

Inc.(Æ)

3,204

CEVA,

Inc.(Æ)

1,940

Clear

Secure,

Inc.

Class

A

6,669

Clearfield,

Inc.(Æ)

974

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

22,123

534

Climb

Global

Solutions,

Inc.

Cohu,

Inc.(Æ)

3,623

Commerce.com,

Inc.(Æ)

5,446

CommVault

Systems,

Inc.(Æ)

3,564

Conduent,

Inc.(Æ)

12,352

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

1,608

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Corsair

Gaming,

Inc.(Æ)

3,866

Credo

Technology

Group

Holding,

Ltd.(Æ)

12,144

1,747

Crexendo,

Inc.(Æ)

1,198

Cricut,

Inc.

Class

A

3,814

CS

Disco,

Inc.(Æ)

1,974

CSG

Systems

International,

Inc.

2,217

CSP,

Inc.

575

Daily

Journal

Corp.(Æ)

Daktronics,

Inc.(Æ)

3,150

Diebold

Nixdorf,

Inc.(Æ)

1,961

Digi

International,

Inc.(Æ)

2,901

Digimarc

Corp.(Æ)

1,294

Digital

Turbine,

Inc.(Æ)

8,439

DigitalBridge

Group,

Inc.

13,667

DigitalOcean

Holdings,

Inc.(Æ)

5,455

Diodes,

Inc.(Æ)

3,657

Domo,

Inc.

Class

B(Æ)

2,857

Donnelley

Financial

Solutions,

Inc.(Æ)

2,026

D-Wave

Quantum,

Inc.(Æ)

26,533

694

EchoStar

Corp.

Class

A(Æ)

10,744

1,168

eGain

Corp.(Æ)

1,518

ePlus,

Inc.

2,093

Eventbrite,

Inc.

Class

A(Æ)

6,166

EverCommerce,

Inc.(Æ)

1,217

EverQuote,

Inc.

Class

A(Æ)

2,268

Evolent

Health,

Inc.

Class

A(Æ)

9,721

Evolv

Technologies

Holdings,

Inc.(Æ)

12,108

Expensify,

Inc.

Class

A(Æ)

4,953

Extreme

Networks,

Inc.(Æ)

10,457

Fastly,

Inc.

Class

A(Æ)

11,351

Five9,

Inc.(Æ)

6,136

Forafric

Global

PLC(Æ)

FormFactor,

Inc.(Æ)

6,207

Frequency

Electronics,

Inc.(Æ)

545

Freshworks,

Inc.

Class

A(Æ)

16,019

Getty

Images

Holdings,

Inc.(Æ)

9,120

GigaCloud

Technology,

Inc.

Class

A(Æ)

1,977

Globalstar,

Inc.(Æ)

3,988

Golden

Matrix

Group,

Inc.(Æ)

1,195

Graham

Corp.(Æ)

862

Grindr,

Inc.(Æ)

2,764

Groupon,

Inc.(Æ)

2,072

Harmonic,

Inc.(Æ)

8,907

IBEX

Holdings,

Ltd.(Æ)

794

Ibotta,

Inc.

Class

A(Æ)

1,081

Ichor

Holdings,

Ltd.(Æ)

2,817

IDT

Corp.

Class

B

1,348

Immersion

Corp.

2,452

Impinj,

Inc.(Æ)

2,070

Innodata,

Inc.(Æ)

2,433

Inseego

Corp.(Æ)

1,028

Insight

Enterprises,

Inc.(Æ)

2,313

Inspired

Entertainment,

Inc.(Æ)

2,069

Intapp,

Inc.(Æ)

4,525

InterDigital,

Inc.

2,051

653

IonQ,

Inc.(Æ)

26,813

1,203

Jamf

Holding

Corp.(Æ)

6,078

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Kaltura,

Inc.(Æ)

6,748

Kimball

Electronics,

Inc.(Æ)

2,015

Knowles

Corp.(Æ)

6,818

Kopin

Corp.(Æ)

12,384

Kulicke

&

Soffa

Industries,

Inc.

4,112

KULR

Technology

Group,

Inc.(Æ)

2,731

LENSAR,

Inc.(Æ)

779

Life360,

Inc.(Æ)

1,624

Marqeta,

Inc.

Class

A(Æ)

28,924

MaxLinear,

Inc.

Class

A(Æ)

6,541

MediaAlpha,

Inc.

Class

A(Æ)

2,759

N-Able,

Inc.(Æ)

5,974

Napco

Security

Technologies,

Inc.

2,751

Navan,

Inc.

Class

A(Æ)

2,963

Navitas

Semiconductor

Corp.(Æ)

12,669

NCR

Atleos

Corp.(Æ)

5,843

NCR

Voyix

Corp.(Æ)

11,028

NETGEAR,

Inc.(Æ)

2,297

NetScout

Systems,

Inc.(Æ)

5,577

Nextdoor

Holdings,

Inc.(Æ)

17,536

NextNav,

Inc.(Æ)

7,293

nLight,

Inc.(Æ)

3,664

Novanta,

Inc.(Æ)

2,878

Nutex

Health,

Inc.(Æ)

NVE

Corp.

ON24,

Inc.(Æ)

3,102

OneSpan,

Inc.

2,990

Ooma,

Inc.(Æ)

2,102

Ouster,

Inc.(Æ)

4,210

Pagaya

Technologies,

Ltd.

Class

A(Æ)

3,761

PagerDuty,

Inc.(Æ)

7,174

Palladyne

AI

Corp.(Æ)

2,115

PAR

Technology

Corp.(Æ)

3,178

PC

Connection,

Inc.

919

PDF

Solutions,

Inc.(Æ)

2,645

Penguin

Solutions,

Inc.(Æ)

4,147

Photronics,

Inc.(Æ)

4,521

Planet

Labs

PBC(Æ)

18,619

Playstudios,

Inc.(Æ)

7,316

Playtika

Holding

Corp.

4,659

Plexus

Corp.(Æ)

2,116

Porch

Group,

Inc.(Æ)

6,674

Power

Integrations,

Inc.

4,434

Powerfleet,

Inc.(Æ)

10,296

Preformed

Line

Products

Co.

Progress

Software

Corp.(Æ)

3,417

PubMatic,

Inc.

Class

A(Æ)

2,979

Q2

Holdings,

Inc.(Æ)

4,964

Qualys,

Inc.(Æ)

2,910

Quantum

Computing,

Inc.(Æ)

15,950

Rackspace

Technology,

Inc.(Æ)

6,925

Rambus,

Inc.(Æ)

8,551

786

Rapid7,

Inc.(Æ)

5,060

Red

Violet,

Inc.

936

ReposiTrak,

Inc.

932

Rezolve

AI

PLC(Æ)

12,580

Ribbon

Communications,

Inc.(Æ)

7,770

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Richardson

Electronics,

Ltd.

1,002

Richtech

Robotics,

Inc.

Class

B(Æ)

12,129

Rigetti

Computing,

Inc.(Æ)

25,310

561

Rimini

Street,

Inc.(Æ)

4,042

Sanmina

Corp.(Æ)

4,143

622

Satellogic

Inc.

Class

A(Æ)

5,710

SEMrush

Holdings,

Inc.

Class

A(Æ)

4,307

Semtech

Corp.(Æ)

6,949

512

Serve

Robotics

Inc.(Æ)

3,882

Shutterstock,

Inc.

1,986

Silicon

Laboratories,

Inc.(Æ)

2,567

Silvaco

Group,

Inc.(Æ)

637

Simulations

Plus,

Inc.(Æ)

1,383

SiTime

Corp.(Æ)

1,704

602

SkyWater

Technology,

Inc.(Æ)

2,177

Sonos,

Inc.(Æ)

9,378

SoundHound

AI,

Inc.

Class

A(Æ)

29,202

Sprinklr,

Inc.

Class

A(Æ)

9,124

Sprout

Social,

Inc.

Class

A(Æ)

4,282

SPS

Commerce,

Inc.(Æ)

3,037

Synaptics,

Inc.(Æ)

3,061

Synchronoss

Technologies,

Inc.(Æ)

892

Teads

Holding

Co.(Æ)

2,989

Telos

Corp.(Æ)

4,543

Tenable

Holdings,

Inc.(Æ)

9,686

Thryv

Holdings,

Inc.(Æ)

3,088

TrueCar,

Inc.(Æ)

6,521

TTEC

Holdings,

Inc.(Æ)

1,647

Tucows,

Inc.

Class

A(Æ)

558

Ultra

Clean

Holdings(Æ)

3,538

Unisys

Corp.(Æ)

5,527

Upwork,

Inc.(Æ)

9,813

Varonis

Systems,

Inc.(Æ)

9,210

Veeco

Instruments,

Inc.(Æ)

4,548

Verra

Mobility

Corp.(Æ)

12,735

Vertex,

Inc.

Class

A(Æ)

5,389

Via

Transportation,

Inc.

Class

A(Æ)

817

Viant

Technology,

Inc.

Class

A(Æ)

1,298

Viasat,

Inc.(Æ)

9,792

Viavi

Solutions,

Inc.

Class

W(Æ)

17,651

Vishay

Intertechnology,

Inc.

9,663

Vistance

Networks,

Inc.(Æ)

17,009

Vivid

Seats

Inc.

Class

A(Æ)

VTEX

Class

A(Æ)

4,784

Vuzix

Corp.(Æ)

5,320

Weave

Communications,

Inc.(Æ)

4,831

WhiteFiber,

Inc.(Æ)

865

WM

Technology,

Inc.(Æ)

7,232

Workiva,

Inc.(Æ)

4,010

Xperi,

Inc.(Æ)

3,699

Yelp,

Inc.

Class

A(Æ)

4,800

Yext,

Inc.(Æ)

8,043

Zeta

Global

Holdings

Corp.

Class

A(Æ)

14,854

Zspace,

Inc.(Æ)

—

30,438

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Utilities

-

4.3%

American

States

Water

Co.

3,087

ATN

International,

Inc.

823

Avista

Corp.

6,424

BKV

Corp.(Æ)

1,388

Black

Hills

Corp.

5,800

Brookfield

Infrastructure

Corp.

Class

A

9,612

California

Resources

Corp.

5,862

California

Water

Service

Group

4,741

Chesapeake

Utilities

Corp.

1,825

CNX

Resources

Corp.(Æ)

10,349

Cogent

Communications

Holdings,

Inc.

3,731

Comstock

Resources,

Inc.(Æ)

5,875

Consolidated

Water

Co.,

Ltd.

1,251

Crescent

Energy

Co.

Class

A

18,685

Diversified

Energy

Co.

4,869

Empire

Petroleum

Corp.(Æ)

1,231

Epsilon

Energy,

Ltd.

1,595

Evolution

Petroleum

Corp.

2,582

Excelerate

Energy,

Inc.

Class

A

1,908

Genie

Energy,

Ltd.

Class

B

1,761

Global

Water

Resources,

Inc.

1,028

Gogo,

Inc.(Æ)

6,510

Golar

LNG,

Ltd.

7,736

Granite

Ridge

Resources,

Inc.

4,479

Gulfport

Energy

Corp.(Æ)

1,271

H2O

America

2,638

Hawaiian

Electric

Industries,

Inc.(Æ)

13,912

HighPeak

Energy,

Inc.

1,515

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

1,215

Kinetik

Holdings,

Inc.

3,510

Kolibri

Global

Energy,

Inc.(Æ)

2,921

Kosmos

Energy,

Ltd.(Æ)

39,302

Lumen

Technologies,

Inc.(Æ)

75,632

588

Magnolia

Oil

&

Gas

Corp.

Class

A

14,351

MGE

Energy,

Inc.

2,932

Middlesex

Water

Co.

1,478

New

Fortress

Energy,

Inc.(Æ)

14,013

New

Jersey

Resources

Corp.

8,061

NextDecade

Corp.(Æ)

11,083

Northern

Oil

and

Gas,

Inc.

7,594

Northwest

Natural

Holding

Co.

3,229

Northwestern

Energy

Group,

Inc.

4,914

Oklo,

Inc.(Æ)

8,608

618

ONE

Gas,

Inc.

4,779

Otter

Tail

Corp.

3,073

Portland

General

Electric

Co.

8,795

Prairie

Operating

Co.(Æ)

1,789

Pure

Cycle

Corp.(Æ)

1,640

RGC

Resources,

Inc.

686

Riley

Exploration

Permian,

Inc.

1,087

Sable

Offshore

Corp.(Æ)

6,029

SandRidge

Energy,

Inc.

3,012

Shenandoah

Telecommunications

Co.

4,206

Southwest

Gas

Holdings,

Inc.

5,166

Spire,

Inc.

4,656

Spok

Holdings,

Inc.

1,687

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $
Summit

Midstream

Corp.(Æ)

820

Talos

Energy,

Inc.(Æ)

9,975

Telephone

and

Data

Systems,

Inc.

7,934

TXNM

Energy,

Inc.

7,988

Unitil

Corp.

1,335

Vitesse

Energy,

Inc.

2,443

York

Water

Co.

(The)

1,194

10,189

#### Total

#### Common

#### Stocks
(cost

$223,461)

231,073

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Akero

Therapeutics,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

5,714

Metsera,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

4,365

#### Total

#### Warrants

#### and

#### Rights
(cost

$25)

#### Short-Term

#### Investments

#### -

#### 1.8%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

4,139,639

4,140

#### Total

#### Short-Term

#### Investments
(cost

$4,140)

4,140

#### Total

#### Investments

#### -

#### 99.8%
(cost

$227,626)

235,238

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 0.2%

#### Net

#### Assets

#### -

#### 100.0%
235,666

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

Russell

2000

E-Mini

Index

Futures

USD

4,496

03/20/2026

(136) Total

Futures

Contracts

(å)

(136) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Consumer

Discretionary

$

25,224

$

—

$

—

$

25,224

Consumer

Staples

4,166

—

—

4,166

Energy

9,833

—

—

9,833

Financial

Services

55,045

—

—

55,045

Health

Care

42,312

—

—

42,312

Materials

and

Processing

16,672

—

—

16,672

Producer

Durables

37,194

—

—

37,194

Technology

30,438

—

—

30,438

Utilities

10,189

—

—

10,189

Warrants

and

Rights

—

—

Short-Term

Investments

4,140

—

—

4,140

Total

Investments

235,213

—

235,238

Derivatives

Liabilities

Futures

Contracts

(136) —

—

(136) Total

Derivatives

\*

$

(136) $

—

$

—

$

(136) \*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

—

\*\*

Austria

................................................................................................

—

\*\*

Bahamas

.............................................................................................

.1

Belgium

..............................................................................................

—

\*\*

Bermuda

.............................................................................................

.2

Brazil

..................................................................................................

.2

Cameroon

...........................................................................................

.1

Canada

................................................................................................

2,842

.2

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Cayman

Islands

..................................................................................

.1

China

..................................................................................................

—

\*\*

Costa

Rica

..........................................................................................

—

\*\*

Germany

.............................................................................................

—

\*\*

Ghana

.................................................................................................

—

\*\*

Gibraltar

.............................................................................................

—

\*\*

Guernsey

............................................................................................

.1

Hong

Kong

.........................................................................................

—

\*\*\*

—

\*\*

Ireland

................................................................................................

.1

Isle

of

Man

.........................................................................................

—

\*\*

Israel

...................................................................................................

—

\*\*

Italy

....................................................................................................

—

\*\*

Malta

..................................................................................................

—

\*\*

Mexico

...............................................................................................

—

\*\*

Monaco

..............................................................................................

.1

Norway

...............................................................................................

.2

Panama

...............................................................................................

—

\*\*

Puerto

Rico

.........................................................................................

652

.3

Singapore

...........................................................................................

.1

South

Africa

.......................................................................................

—

\*\*

South

Korea

.......................................................................................

—

\*\*

Sweden

...............................................................................................

.1

Switzerland

........................................................................................

642

.3

Thailand

.............................................................................................

1,342

.6

United

Kingdom

.................................................................................

824

.3

United

States

......................................................................................

225,493

.7

Total

Investments

...............................................................................

235,238

.8

\*\*

Less

than

.05%

of

net

assets.

\*\*\*

Less

than

$500.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

227,626

Investments,

at

fair

value

.............................................................................................................................................................

235,238

Receivables:

Dividends

and

interest

......................................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)

.................................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

235,861

#### Liabilities
Payables:

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

235,666

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

9,105

Paid-in

capital

..............................................................................................................................................................................

226,561

#### Net

#### Assets

#### ...............................................................................................................................................................
$

235,666

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.37 Class

V

—

Net

assets

...........................................................................................................................................................

$

235,666,413

Class

V

—

Shares

outstanding

............................................................................................................................................

22,715,017

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

965

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

968

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

–

Class

V

..............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

581

Expense

reductions

..........................................................................................................................................................

(80) Net

expenses

................................................................................................................................................................................

501

Net

investment

income

(loss)

.......................................................................................................................................................

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

880

Futures

contracts

..............................................................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

1,048

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

7,612

Futures

contracts

..............................................................................................................................................................

(136) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

7,476

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

8,524

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

8,991

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

(1) For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. (2) During

the

period

ended

December

31,

2025,

Venerable

Small

Cap

Index

Fund

received

securities

in

the

amount

of

$209,496

to

satisfy

a

subscription-in-kind.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

Net

realized

gain

(loss)

................................................................................................................

1,048

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

7,476

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

8,991

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

226,675

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
235,666

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

235,666

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

(2) 24,272

$

242,722

Payments

for

shares

redeemed

(1,557)

(16,047)

Total

increase

(decrease)

22,715

$

226,675

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Small

Cap

Index

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(℈)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

.35

$

Total

from

Investment

Operations

.37

$

Net

Asset

Value,

End

of

Period

10.37 %

Total

Return

(ǿ)(±)

3.70 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 235,666

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.81

%

Expenses,

Net

(ɯ)(Ƃ)

.

%

Net

Investment

Income

(ɯ)(Ƃ)

.65

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### s

#### hares
H2

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.0%
Australia

-

7.0%

ANZ

Group

Holdings,

Ltd.

148,281

3,588

APA

Group

67,474

Aristocrat

Leisure,

Ltd.

28,000

1,086

ASX,

Ltd.

10,050

BHP

Group,

Ltd.

251,960

7,603

Brambles,

Ltd.

68,179

1,045

CAR

Group,

Ltd.

19,545

Cochlear,

Ltd.

3,289

570

Coles

Group,

Ltd.

66,898

957

Commonwealth

Bank

of

Australia

83,019

8,876

Computershare,

Ltd.

26,176

594

CSL,

Ltd.

23,880

2,751

Evolution

Mining,

Ltd.

100,526

846

Fortescue,

Ltd.

84,460

1,235

Glencore

PLC

494,334

2,689

Goodman

Group(ö)

100,647

2,069

Insurance

Australia

Group,

Ltd.

118,938

632

Lottery

Corp.,

Ltd.

(The)

115,128

Lynas

Rare

Earths,

Ltd.(Æ)

45,658

Macquarie

Group,

Ltd.

17,823

2,399

Medibank

Pvt

,

Ltd.

136,967

National

Australia

Bank,

Ltd.

151,954

4,279

Northern

Star

Resources,

Ltd.

67,687

1,201

Origin

Energy,

Ltd.

86,488

662

Pro

Medicus

,

Ltd.

2,857

Qantas

Airways,

Ltd.

38,353

QBE

Insurance

Group,

Ltd.

75,312

998

REA

Group,

Ltd.

2,733

Rio

Tinto

PLC

55,945

4,464

Rio

Tinto,

Ltd.

18,515

1,814

Santos,

Ltd.

163,049

669

Scentre

Group(ö)

261,492

730

SGH,

Ltd.

10,526

Sigma

Healthcare,

Ltd.

261,832

514

Sonic

Healthcare,

Ltd.

24,286

South32,

Ltd.

Class

B

223,219

530

Stockland(ö)

124,130

Suncorp

Group,

Ltd.

54,364

639

Telstra

Group,

Ltd.

200,372

650

Transurban

Group(Æ)

155,031

1,466

Vicinity,

Ltd.(ö)

200,612

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

17,428

Wesfarmers,

Ltd.

56,425

3,041

Westpac

Banking

Corp.

169,680

4,357

WiseTech

Global,

Ltd.

10,028

Woodside

Energy

Group,

Ltd.

94,700

1,483

Woolworths

Group,

Ltd.

60,927

1,193

71,397

Austria

-

0.3%

Erste

Group

Bank

AG

15,157

1,824

OMV

AG

7,618

Raiffeisen

Bank

International

AG

6,673

Verbund

AG

Class

A

3,522

2,803

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Belgium

-

0.9%

Ageas

SA

7,403

519

Anheuser-Busch

InBev

SA

49,156

3,154

D'ieteren

SA

1,111

Elia

Group

SA

2,257

Financiere

de

Tubize

SA

1,018

Groupe

Bruxelles

Lambert

SA

4,134

KBC

Groep

NV

11,394

1,481

Lotus

Bakeries

NV

Sofina

SA

797

Syensqo

SA

3,763

UCB

SA

6,224

1,736

8,724

Brazil

-

0.0%

Yara

International

ASA

8,564

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

9,780

506

Chile

-

0.1%

Antofagasta

PLC

19,393

851

China

-

0.6%

Bank

of

China

(Hong

Kong),

Ltd.

185,500

938

Prosus

NV

64,918

4,009

SITC

International

Holdings

Co.,

Ltd.

70,000

Wharf

Holdings,

Ltd.

(The)

55,000

Wilmar

International,

Ltd.

99,400

Yangzijiang

Shipbuilding

Holdings,

Ltd.

133,600

5,951

Denmark

-

1.8%

Carlsberg

A/S

Class

B

4,628

607

Coloplast

A/S

Class

B

6,258

537

Danske

Bank

A/S

32,885

1,641

Demant

A/S(Æ)

4,423

DSV

A/S

10,062

2,532

Genmab

A/S(Æ)

3,026

935

Novo

Nordisk

A/S

Class

B

159,796

8,145

Novonesis

(Novozymes)

Class

B

17,748

1,137

Orsted

A/S

Class

A(Æ)(Þ)

26,222

503

Pandora

A/S

3,927

Rockwool

A/S

Class

B

4,987

Tryg

A/S

17,393

Vestas

Wind

Systems

A/S

50,198

1,355

18,606

Finland

-

1.2%

Elisa

Oyj

7,357

Fortum

OYJ

22,260

Kesko

OYJ

Class

B

14,128

Kone

Oyj

Class

B

17,121

1,214

Metso

Oyj

32,905

574

Neste

Oyj

20,991

Nokia

Oyj

260,763

1,689

Nordea

Bank

Abp

152,879

2,882

Orion

Oyj

Class

B

5,629

Sampo

Oyj

Class

A

120,131

1,456

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Stora

Enso

Oyj

Class

R

30,126

UPM-

Kymmene

Oyj

25,980

753

Wartsila

OYJ

Abp

Class

B

24,956

883

11,844

France

-

9.0%

Accor

SA

9,724

551

Aeroports

de

Paris

SA

1,792

Air

Liquide

SA

Class

A

28,704

5,402

Airbus

SE

29,482

6,838

Alstom

SA(Æ)

17,194

509

Amundi

SA(Þ)

3,188

AXA

SA

86,221

4,147

bioMerieux

2,143

BNP

Paribas

SA

49,869

4,719

Bollore

SE

36,366

Bouygues

SA

9,516

Bureau

Veritas

SA

17,265

550

Capgemini

SE

7,592

1,257

Carrefour

SA

29,227

Cie

de

Saint-Gobain

SA

22,112

2,245

Cie

Generale

des

Etablissements

Michelin

SCA

33,265

1,103

Covivio

SA(ö)

2,887

Credit

Agricole

SA

53,786

1,104

Danone

SA

31,867

2,875

Dassault

Aviation

SA

1,014

Dassault

Systemes

SE

33,279

929

Edenred

SE

12,408

Eiffage

SA

3,404

Engie

SA

89,913

2,364

EssilorLuxottica

SA

14,936

4,722

Gecina

SA(ö)

2,382

Getlink

SE

15,647

Hermes

International

1,574

3,889

Ipsen

SA

1,951

Kering

SA

3,750

1,323

Klepierre

SA(ö)

11,128

La

Francaise

des

Jeux

SAEM

5,750

Legrand

SA

12,910

1,919

L'Oreal

SA

11,917

5,119

LVMH

Moet

Hennessy

Louis

Vuitton

SE

12,407

9,354

Orange

SA

92,387

1,541

Pernod

Ricard

SA

10,228

876

Publicis

Groupe

SA

11,268

1,169

Renault

SA

9,942

Rexel

SA

Class

H

11,149

Safran

SA

17,866

6,217

Sartorius

Stedim

Biotech

1,510

Societe

Generale

SA

34,788

2,803

Sodexo

SA

4,576

Thales

SA

4,667

1,261

TotalEnergies

SE

98,533

6,422

Unibail

-

Rodamco

-Westfield(ö)

5,994

651

Veolia

Environnement

SA

31,281

1,090

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Vinci

SA

24,798

3,482

92,516

Germany

-

9.3%

adidas

AG

8,418

1,657

Allianz

SE

19,160

8,788

BASF

SE

43,937

2,295

Bayer

AG

48,363

2,086

Bayerische

Motoren

Werke

AG

13,920

1,522

Beiersdorf

AG

4,778

526

Brenntag

SE

6,368

Commerzbank

AG

36,078

1,527

Continental

AG

5,458

CTS

Eventim

AG

&

Co.

KGaA

3,244

Daimler

Truck

Holding

AG

23,573

1,034

Deutsche

Bank

AG

91,999

3,578

Deutsche

Boerse

AG

9,270

2,435

Deutsche

Lufthansa

AG

31,234

Deutsche

Post

AG

47,259

2,588

Deutsche

Telekom

AG

182,532

5,921

E.ON

SE

110,523

2,095

Evonik

Industries

AG

13,241

Fresenius

Medical

Care

AG

10,919

523

Fresenius

SE

&

Co.

KGaA

21,279

1,225

GEA

Group

AG

7,270

Hannover

Rueck

SE

2,992

935

Heidelberg

Materials

AG

6,588

1,725

Henkel

AG

&

Co.

KGaA

5,169

Hensoldt

AG

3,311

Hochtief

AG

788

Infineon

Technologies

AG

64,288

2,849

Knorr-

Bremse

AG

3,609

LEG

Immobilien

SE

3,912

Mercedes-Benz

Group

AG

35,552

2,509

Merck

KGaA

6,413

921

MTU

Aero

Engines

AG

2,712

1,131

Muenchener

Rueckversicherungs-

Gesellschaft

AG

6,496

4,290

Nemetschek

SE

2,985

Rational

AG

Rheinmetall

AG

2,282

4,184

RWE

AG

31,370

1,669

SAP

SE

51,940

12,709

Scout24

SE(Þ)

3,883

Siemens

AG

37,708

10,590

Siemens

Energy

AG

38,452

5,434

Siemens

Healthineers

AG(Þ)

17,151

900

Symrise

AG

6,589

533

Talanx

AG

3,209

Vonovia

SE

38,132

1,099

Zalando

SE(Æ)(Þ)

11,646

94,772

Hong

Kong

-

1.8%

AIA

Group,

Ltd.

521,200

5,353

CK

Asset

Holdings,

Ltd.

96,000

CK

Infrastructure

Holdings,

Ltd.

32,500

CLP

Holdings,

Ltd.

83,000

742

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Futu

Holdings,

Ltd.

-

ADR

2,891

Hang

Seng

Bank,

Ltd.

38,100

751

Henderson

Land

Development

Co.,

Ltd.

75,000

HKT

Trust

&

HKT,

Ltd.

196,000

Hong

Kong

&

China

Gas

Co.,

Ltd.

556,000

500

Hong

Kong

Exchanges

&

Clearing,

Ltd.

59,800

3,125

Hongkong

Land

Holdings,

Ltd.

54,100

Link

REIT(ö)

131,400

585

MTR

Corp.,

Ltd.

80,500

Power

Assets

Holdings,

Ltd.

69,000

Prudential

PLC

126,015

1,944

Sino

Land

Co.,

Ltd.

190,000

Sun

Hung

Kai

Properties,

Ltd.

72,000

873

Swire

Pacific,

Ltd.

Class

A

18,000

Techtronic

Industries

Co.,

Ltd.

73,500

844

WH

Group,

Ltd.(Þ)

414,000

Wharf

Real

Estate

Investment

Co.,

Ltd.

86,000

18,776

Indonesia

-

0.1%

Jardine

Matheson

Holdings,

Ltd.

8,100

552

Ireland

-

0.5%

AerCap

Holdings

NV

8,842

1,271

AIB

Group

PLC

106,017

1,139

Bank

of

Ireland

Group

PLC

47,341

906

Kerry

Group

PLC

Class

A

8,227

754

Kingspan

Group

PLC

7,793

674

4,744

Israel

-

1.0%

Azrieli

Group,

Ltd.

2,195

Bank

Hapoalim

BM

62,356

1,411

Bank

Leumi

Le-Israel

BM

74,512

1,642

Check

Point

Software

Technologies,

Ltd.

(Æ)

4,253

789

Elbit

Systems,

Ltd.

1,399

807

ICL

Group,

Ltd.

40,055

Israel

Discount

Bank,

Ltd.

Class

A

61,649

655

Mizrahi

Tefahot

Bank,

Ltd.

7,797

545

Nice,

Ltd.(Æ)

3,087

Nova,

Ltd.(Æ)

1,516

505

Phoenix

Financial,

Ltd.

11,688

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

57,475

1,794

Wix.com,

Ltd.(Æ)

2,879

9,759

Italy

-

3.1%

Banca

Mediolanum

SpA

11,566

Banca

Monte

dei

Paschi

di

Siena

SpA

97,991

1,043

Banco

BPM

SpA

57,640

876

BPER

Banca

SpA

74,197

1,003

Coca-Cola

HBC

AG

10,811

560

Davide

Campari-Milano

NV

SpA

31,844

Enel

SpA

403,544

4,205

Eni

SpA

100,691

1,910

FinecoBank

Banca

Fineco

SpA

30,107

782

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Generali

41,961

1,761

Infrastrutture

Wireless

Italiane

SpA

(Þ)

14,460

Intesa

Sanpaolo

SpA

706,678

4,894

Leonardo

SpA

20,378

1,167

Moncler

SpA

11,853

762

Nexi

SpA

(Þ)

28,635

Poste

Italiane

SpA

(Þ)

22,682

571

Prysmian

SpA

13,968

1,393

Recordati

SpA

5,949

Ryanair

Holdings

PLC

41,535

1,442

Snam

SpA

99,269

660

Telecom

Italia

SpA

(Æ)

594,680

Terna

-

Rete

Elettrica

Nazionale

69,264

737

UniCredit

SpA

69,557

5,774

Unipol

Gruppo

SpA

18,556

31,427

Japan

-

22.0%

Advantest

Corp.

38,000

4,797

Aeon

Co.,

Ltd.

109,600

1,732

AGC,

Inc.

10,100

Aisin

Corp.

24,600

Ajinomoto

Co.,

Inc.

45,100

954

ANA

Holdings,

Inc.

8,300

Asahi

Group

Holdings,

Ltd.

75,500

790

Asahi

Kasei

Corp.

65,900

585

Asics

Corp.

34,700

836

Astellas

Pharma,

Inc.

89,100

1,190

Bandai

Namco

Holdings,

Inc.

29,100

776

Bridgestone

Corp.

56,200

1,264

Canon,

Inc.

42,700

1,264

Capcom

Co.,

Ltd.

17,900

Central

Japan

Railway

Co.

38,100

1,056

Chiba

Bank,

Ltd.

(The)

29,200

Chubu

Electric

Power

Co.,

Inc.

33,900

522

Chugai

Pharmaceutical

Co.,

Ltd.

33,100

1,740

Concordia

Financial

Group,

Ltd.

53,300

Dai

Nippon

Printing

Co.,

Ltd.

20,300

Daifuku

Co.,

Ltd.

16,100

507

Dai-ichi

Life

Holdings,

Inc.

173,100

1,437

Daiichi

Sankyo

Co.,

Ltd.

88,600

1,887

Daikin

Industries,

Ltd.

13,000

1,669

Daito

Trust

Construction

Co.,

Ltd.

15,000

Daiwa

House

Industry

Co.,

Ltd.

27,800

923

Daiwa

Securities

Group,

Inc.

66,200

580

Denso

Corp.

86,000

1,186

Disco

Corp.

4,600

1,419

East

Japan

Railway

Co.

47,500

1,257

Ebara

Corp.

23,400

552

Eisai

Co.,

Ltd.

13,600

ENEOS

Holdings,

Inc.

134,200

948

Fanuc

Corp.

46,000

1,790

Fast

Retailing

Co.,

Ltd.

9,400

3,409

Fuji

Electric

Co.,

Ltd.

7,200

546

FUJIFILM

Holdings

Corp.

55,100

1,177

Fujikura,

Ltd.

12,400

1,385

Fujitsu,

Ltd.

86,700

2,377

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Hankyu

Hanshin

Holdings,

Inc.

12,400

Hikari

Tsushin,

Inc.

900

Hitachi,

Ltd.

227,200

7,049

Honda

Motor

Co.,

Ltd.

181,900

1,781

Hoya

Corp.

16,900

2,560

Hulic

Co.,

Ltd.

23,800

Idemitsu

Kosan

Co.,

Ltd.

40,000

IHI

Corp.

51,000

899

Inpex

Corp.

43,800

867

Isuzu

Motors,

Ltd.

27,700

ITOCHU

Corp.

295,000

3,724

Japan

Airlines

Co.,

Ltd.

7,500

Japan

Exchange

Group,

Inc.

49,300

526

Japan

Post

Bank

Co.,

Ltd.

Class

A

88,000

1,238

Japan

Post

Holdings

Co.,

Ltd.

88,400

930

Japan

Post

Insurance

Co.,

Ltd.

Class

A

9,600

Japan

Tobacco,

Inc.

59,100

2,127

JFE

Holdings,

Inc.

29,800

Kajima

Corp.

21,100

787

Kansai

Electric

Power

Co.,

Inc.

(The)

46,700

733

Kao

Corp.

23,100

924

Kawasaki

Heavy

Industries,

Ltd.

7,500

Kawasaki

Kisen

Kaisha,

Ltd.

18,200

KDDI

Corp.

144,300

2,496

Keyence

Corp.

9,600

3,478

Kikkoman

Corp.

35,100

Kioxia

Holdings

Corp.(Æ)

9,500

636

Kirin

Holdings

Co.,

Ltd.

38,600

581

Kobe

Bussan

Co.,

Ltd.

7,800

Komatsu,

Ltd.

46,800

1,496

Konami

Holdings

Corp.

5,000

681

Kubota

Corp.

48,200

681

Kyocera

Corp.

63,600

893

Kyowa

Kirin

Co.,

Ltd.

12,200

Lasertec

Corp.

4,000

759

LY

Corp.

136,800

M3,

Inc.

22,800

Makita

Corp.

11,600

Marubeni

Corp.

69,500

1,934

MatsukiyoCocokara

&

Co.

17,000

Minebea

Co.,

Ltd.

18,800

Mitsubishi

Chemical

Group

Corp.

66,200

Mitsubishi

Corp.

160,100

3,669

Mitsubishi

Electric

Corp.

93,600

2,746

Mitsubishi

Estate

Co.,

Ltd.

52,400

1,276

Mitsubishi

HC

Capital,

Inc.

45,500

Mitsubishi

Heavy

Industries,

Ltd.

159,200

3,899

Mitsubishi

UFJ

Financial

Group,

Inc.

571,800

9,080

Mitsui

&

Co.,

Ltd.

122,700

3,626

Mitsui

Fudosan

Co.,

Ltd.

130,100

1,480

Mitsui

OSK

Lines,

Ltd.

17,100

513

Mizuho

Financial

Group,

Inc.

123,400

4,481

MonotaRO

Co.,

Ltd.

13,000

MS&AD

Insurance

Group

Holdings,

Inc.

63,400

1,493

Murata

Manufacturing

Co.,

Ltd.

82,200

1,706

NEC

Corp.

63,800

2,151

Nexon

Co.,

Ltd.

18,800

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Nidec

Corp.

41,500

562

Nintendo

Co.,

Ltd.

54,800

3,702

Nippon

Building

Fund,

Inc.(ö)

Nippon

Mining

Holdings,

Inc.(Æ)

28,300

Nippon

Paint

Holdings

Co.,

Ltd.

49,000

Nippon

Steel

Corp.

239,800

981

Nippon

Yusen

21,000

680

Nissan

Motor

Co.,

Ltd.(Æ)

115,300

Nitori

Holdings

Co.,

Ltd.

20,500

Nitto

Denko

Corp.

33,700

801

Nomura

Holdings,

Inc.

147,900

1,230

Nomura

Research

Institute,

Ltd.

18,600

716

NTT,

Inc.

1,470,500

1,484

Obayashi

Corp.

32,400

677

Obic

Co.,

Ltd.

16,100

506

Olympus

Corp.

56,100

715

Oracle

Corp.

2,000

Oriental

Land

Co.,

Ltd.

53,200

984

ORIX

Corp.

57,300

1,666

Osaka

Gas

Co.,

Ltd.

17,700

614

Otsuka

Corp.

11,800

Otsuka

Holdings

Co.,

Ltd.

21,400

1,209

Pan

Pacific

International

Holdings

Corp.

94,600

564

Panasonic

Holdings

Corp.

114,800

1,502

Rakuten

,

Inc.(Æ)

75,500

Recruit

Holdings

Co.,

Ltd.

69,900

3,988

Renesas

Electronics

Corp.(Æ)

87,500

1,198

Resona

Holdings,

Inc.

102,200

969

Ryohin

Keikaku

Co.,

Ltd.

25,100

Sanrio

Co.,

Ltd.

9,200

SBI

Holdings,

Inc.

27,800

600

SCREEN

Holdings

Co.,

Ltd.

4,200

Secom

Co.,

Ltd.

20,200

718

Seibu

Holdings,

Inc.

10,600

Sekisui

Chemical

Co.,

Ltd.

19,400

Sekisui

House,

Ltd.

29,400

656

Seven

&

i

Holdings

Co.,

Ltd.

102,600

1,473

SG

Holdings

Co.,

Ltd.

14,900

Shimadzu

Corp.

12,300

Shimano,

Inc.

3,700

Shin-Etsu

Chemical

Co.,

Ltd.

83,100

2,584

Shionogi

&

Co.,

Ltd.

37,300

675

Shiseido

Co.,

Ltd.

20,700

SMC

Corp.

2,900

1,010

SoftBank

Corp.

1,413,400

1,940

SoftBank

Group

Corp.

189,200

5,334

Sompo

Holdings,

Inc.

43,700

1,488

Sony

Financial

Group,

Inc.(Æ)

318,100

Sony

Group

Corp.

305,000

7,796

Subaru

Corp.

28,900

621

Sumitomo

Corp.

53,700

1,857

Sumitomo

Electric

Industries,

Ltd.

35,200

1,425

Sumitomo

Metal

Mining

Co.,

Ltd.

12,300

Sumitomo

Mitsui

Financial

Group,

Inc.

181,700

5,848

Sumitomo

Mitsui

Trust

Holdings,

Inc.

31,400

954

Sumitomo

Realty

&

Development

Co.,

Ltd.

30,200

757

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Suntory

Beverage

&

Food,

Ltd.

7,200

Suzuki

Motor

Corp.

77,400

1,150

Sysmex

Corp.

26,000

T&D

Holdings,

Inc.

23,500

541

Taisei

Corp.

7,300

692

Taiyo

Nippon

Sanso

Corp.

9,000

Takeda

Pharmaceutical

Co.,

Ltd.

78,300

2,433

TDK

Corp.

95,700

1,354

Terumo

Corp.

65,600

956

TIS,

Inc.

11,000

Toho

Co.,

Ltd.

5,500

Tokio

Marine

Holdings,

Inc.

91,300

3,390

Tokyo

Electron,

Ltd.

22,200

4,875

Tokyo

Gas

Co.,

Ltd.

15,600

617

Tokyo

Metro

Co.,

Ltd.

15,000

Tokyu

Corp.

25,900

TOPPAN

Holdings,

Inc.

12,200

Toray

Industries,

Inc.

69,000

Toyota

Industries

Corp.

8,100

920

Toyota

Motor

Corp.

472,700

10,112

Toyota

Tsusho

Corp.

34,000

1,147

Trend

Micro,

Inc.

6,600

Tsuruha

Holdings,

Inc.

13,400

Unicharm

Corp.

57,800

West

Japan

Railway

Co.

20,900

Yamaha

Motor

Co.,

Ltd.

47,400

Yokogawa

Electric

Corp.

11,800

Zensho

Holdings

Co.,

Ltd.

5,000

Zozo

,

Inc.

23,100

224,718

Luxembourg

-

0.2%

ArcelorMittal

SA

23,272

1,060

CVC

Capital

Partners

PLC(Þ)

10,997

Eurofins

Scientific

SE

6,125

1,692

Macao

-

0.1%

Galaxy

Entertainment

Group,

Ltd.

101,000

Sands

China,

Ltd.

125,600

812

Mexico

-

0.0%

Fresnillo

PLC

10,985

Netherlands

-

4.7%

ABN

AMRO

Bank

NV(Þ)

28,932

1,010

Adyen

NV(Æ)(Þ)

1,242

1,993

Akzo

Nobel

NV

8,487

589

Argenx

SE(Æ)

3,031

2,551

ASM

International

NV

2,325

1,402

ASML

Holding

NV

19,293

20,623

ASR

Nederland

NV

7,782

552

BE

Semiconductor

Industries

NV

3,624

564

Euronext

NV(Þ)

3,863

580

EXOR

NV

4,842

Ferrari

NV

6,206

2,311

Heineken

Holding

NV

6,431

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Heineken

NV

14,508

1,187

IMCD

NV

3,057

ING

Groep

NV

149,917

4,214

JDE

Peet's

NV

8,838

Koninklijke

Ahold

Delhaize

NV

44,155

1,811

Koninklijke

KPN

NV

193,307

904

Koninklijke

Philips

NV

38,221

1,034

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

24,848

Nebius

Group

NV

Class

A(Æ)

10,514

880

NN

Group

NV

13,346

1,027

Randstad

NV

5,613

Universal

Music

Group

NV

54,602

1,427

Wolters

Kluwer

NV

11,447

1,189

47,946

New

Zealand

-

0.2%

Auckland

International

Airport,

Ltd.

87,317

Contact

Energy,

Ltd.

43,319

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

29,499

640

Infratil

,

Ltd.

48,136

Meridian

Energy,

Ltd.

67,642

Xero

,

Ltd.(Æ)

8,265

625

2,439

Norway

-

0.5%

Aker

BP

ASA

16,346

DNB

Bank

ASA

44,420

1,237

Equinor

ASA

Class

N

38,684

914

Gjensidige

Forsikring

ASA

10,345

Kongsberg

Gruppen

ASA

21,869

561

Mowi

ASA

23,142

559

Norsk

Hydro

ASA

68,866

532

Orkla

ASA

36,260

Salmar

ASA

Class

A

3,459

Telenor

ASA

31,850

5,609

Poland

-

0.0%

InPost

SA(Æ)

12,931

Portugal

-

0.2%

Banco

Comercial

Portugues

SA

Class

R

383,307

EDP

SA

154,478

710

Galp

Energia

SGPS

SA

Class

B

21,582

Jeronimo

Martins

SGPS

SA

14,648

1,828

Singapore

-

1.7%

CapitaLand

Ascendas

REIT(ö)

202,500

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

302,800

562

Capitaland

Investment,

Ltd.

121,100

DBS

Group

Holdings,

Ltd.

105,500

4,617

Grab

Holdings,

Ltd.

Class

A(Æ)

116,769

583

Keppel,

Ltd.

72,300

580

Oversea-Chinese

Banking

Corp.,

Ltd.

166,700

2,561

Sea,

Ltd.

-

ADR(Æ)

18,834

2,403

Sembcorp

Industries,

Ltd.

46,200

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Singapore

Airlines,

Ltd.

78,300

Singapore

Exchange,

Ltd.

42,600

560

Singapore

Technologies

Engineering,

Ltd.

77,500

506

Singapore

Telecommunications,

Ltd.

373,200

1,322

STMicroelectronics

NV

33,656

872

United

Overseas

Bank,

Ltd.

61,700

1,680

17,551

South

Africa

-

0.2%

Anglo

American

PLC

55,037

2,268

South

Korea

-

0.0%

Delivery

Hero

AG(Æ)(Þ)

10,051

Spain

-

3.7%

Acciona

SA

1,277

ACS

Actividades

de

Construccion

y

Servicios

SA

8,762

869

Aena

SME

SA(Þ)

37,212

1,042

Amadeus

IT

Group

SA

Class

A

22,351

1,639

Banco

Bilbao

Vizcaya

Argentaria

SA

285,951

6,688

Banco

de

Sabadell

SA

249,255

977

Banco

Santander

SA

738,551

8,667

Bankinter

SA

33,449

554

CaixaBank

SA

191,845

2,343

Cellnex

Telecom

SA(Þ)

24,345

783

EDP

Renovaveis

SA

16,310

Endesa

SA

15,760

567

Grifols

SA

15,429

Iberdrola

SA

314,921

6,817

Industria

de

Diseno

Textil

SA

54,221

3,572

Mapfre

SA

46,860

Naturgy

Energy

Group

SA

12,041

Redeia

Corp.

SA

20,990

Repsol

SA

55,985

1,049

Telefonica

SA

186,942

767

38,011

Sweden

-

3.3%

AddTech

AB

Class

B

12,937

Alfa

Laval

AB

14,600

738

Assa

Abloy

AB

Class

B

50,163

1,945

Atlas

Copco

AB

Class

A

134,432

2,408

Atlas

Copco

AB

Class

B

78,119

1,253

Beijer

Ref

AB

19,909

Boliden

AB(Æ)

14,010

775

Epiroc

AB

Class

A

33,254

752

Epiroc

AB

Class

B

20,171

EQT

AB

24,945

973

Essity

Aktiebolag

Class

B

30,347

874

Evolution

AB(Þ)

6,716

Fastighets

AB

Balder

Class

B(Æ)

37,139

H

&

M

Hennes

&

Mauritz

AB

Class

B

24,931

502

Hexagon

AB

Class

B

103,909

1,229

Holmen

AB

Class

B

3,943

Industrivarden

AB

Class

A

6,131

Industrivarden

AB

Class

C

8,063

Indutrade

AB

14,134

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Investment

AB

Latour

Class

B

7,659

Investor

AB

Class

B

90,718

3,237

L

E

Lundbergforetagen

AB

Class

B

3,931

Lifco

AB

Class

B

12,058

Nibe

Industrier

AB

Class

B

78,389

Saab

AB

Class

B

16,137

939

Sagax

AB

Class

B

11,368

Sandvik

AB

53,362

1,728

Securitas

AB

Class

B

25,439

Skandinaviska

Enskilda

Banken

AB

Class

A

75,768

1,600

Skanska

AB

Class

B

16,938

SKF

AB

Class

B

16,978

Svenska

Cellulosa

AB

SCA

Class

B

31,423

Svenska

Handelsbanken

AB

Class

A

72,999

1,065

Swedbank

AB

Class

A

42,491

1,478

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

10,128

Tele2

AB

Class

B

28,317

Telefonaktiebolaget

LM

Ericsson

Class

B

140,066

1,367

Telia

Co.

AB

117,205

501

Trelleborg

AB

Class

B

10,491

Volvo

AB

Class

B

79,509

2,549

33,410

Switzerland

-

4.9%

ABB,

Ltd.

77,775

5,749

Avolta

AG

4,547

Banque

Cantonale

Vaudoise

1,558

Barry

Callebaut

AG

Belimo

Holding

AG

BKW

AG

1,092

Chocoladefabriken

Lindt

&

Spruengli

AG

1,566

Cie

Financiere

Richemont

SA

Class

A

26,676

5,757

DSM-

Firmenich

AG

8,760

708

EMS-

Chemie

Holding

AG

Galderma

Group

AG

7,673

1,557

Geberit

AG

1,683

1,311

Givaudan

SA

1,809

Helvetia

Holding

AG

3,915

1,032

Julius

Baer

Group,

Ltd.

10,143

793

Kuehne

&

Nagel

International

AG

2,397

516

Logitech

International

SA

7,725

787

Lonza

Group

AG

3,458

2,340

Partners

Group

Holding

AG

1,126

1,383

Sandoz

Group

AG

20,742

1,512

Schindler

Holding

AG

3,219

1,186

SGS

SA

8,216

942

Sika

AG

7,565

1,550

Sonova

Holding

AG

2,496

644

Straumann

Holding

AG

5,496

644

Swatch

Group

AG

(The)

Class

B

1,497

Swiss

Life

Holding

AG

1,415

1,635

Swiss

Prime

Site

AG

Class

A

3,982

619

Swisscom

AG

1,286

934

UBS

Group

AG

157,529

7,282

VAT

Group

AG(Þ)

1,330

639

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Zurich

Insurance

Group

AG

7,262

5,512

50,455

United

Kingdom

-

11.2%

3i

Group

PLC

48,850

2,125

Admiral

Group

PLC

12,905

553

Ashtead

Group

PLC

20,732

1,414

Associated

British

Foods

PLC

15,967

AstraZeneca

PLC

77,037

14,190

Auto

Trader

Group

PLC(Þ)

42,991

Aviva

PLC

151,522

1,387

BAE

Systems

PLC

149,212

3,430

Barclays

PLC

692,067

4,393

Barratt

Redrow

PLC

70,750

British

American

Tobacco

PLC

108,353

6,141

BT

Group

PLC

302,852

749

Bunzl

PLC

16,100

Centrica

PLC

239,104

544

CK

Hutchison

Holdings,

Ltd.

Class

B

135,500

923

Coca-Cola

Europacific

Partners

PLC

10,310

935

Compass

Group

PLC

83,475

2,656

DCC

PLC

4,812

Diageo

PLC

109,488

2,358

Entain

PLC

31,426

Halma

PLC

18,852

893

Hikma

Pharmaceuticals

PLC

8,608

HSBC

Holdings

PLC

855,385

13,411

Imperial

Tobacco

Group

PLC

37,637

1,582

Informa

PLC

65,558

778

InterContinental

Hotels

Group

PLC

7,176

1,005

International

Consolidated

Airlines

Group

SA

59,944

Intertek

Group

PLC

7,820

J

Sainsbury

PLC

89,195

JD

Sports

Fashion

PLC

131,212

Kingfisher

PLC

86,349

Land

Securities

Group

PLC(ö)

36,605

Legal

&

General

Group

PLC

280,185

984

Lloyds

Banking

Group

PLC

2,939,753

3,874

London

Stock

Exchange

Group

PLC

22,976

2,767

M&G

PLC

113,528

Marks

&

Spencer

Group

PLC

102,145

Melrose

Industries

PLC

62,545

National

Grid

PLC

246,364

3,797

NatWest

Group

PLC

398,990

3,480

Next

PLC

5,721

1,053

Pearson

PLC

29,193

Phoenix

Group

Holdings

PLC

36,338

Reckitt

Benckiser

Group

PLC

33,201

2,688

RELX

PLC

90,628

3,666

Rentokil

Initial

PLC

124,224

742

Rolls-Royce

Holdings

PLC

417,156

6,484

Sage

Group

PLC

(The)

48,788

710

Schroders

PLC

37,492

Segro

PLC(ö)

63,233

612

Severn

Trent

PLC

Class

H

13,430

505

Smith

&

Nephew

PLC

40,824

680

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $
Smiths

Group

PLC

16,529

521

Spirax

Group

PLC

3,808

SSE

PLC

59,301

1,739

Standard

Chartered

PLC

95,703

2,337

Tesco

PLC

319,661

1,903

Unilever

PLC

108,024

7,063

United

Utilities

Group

PLC

33,798

544

Vodafone

Group

PLC

941,807

1,251

Whitbread

PLC

9,047

Wise

PLC

Class

A(Æ)

34,462

114,732

United

States

-

9.4%

Aegon

,

Ltd.

65,605

506

Alcon

AG

24,603

1,954

AP

Moller

-

Maersk

A/S

Class

A

AP

Moller

-

Maersk

A/S

Class

B

BP

PLC

779,816

4,527

Buzzi

Unicem

SpA

3,908

CyberArk

Software,

Ltd.(Æ)

2,486

1,109

Experian

PLC

45,123

2,041

Ferrovial

SE

25,285

1,635

GSK

PLC

201,466

4,951

Haleon

PLC

437,991

2,216

Holcim

AG(Æ)

25,120

2,463

monday.com,

Ltd.(Æ)

2,101

Nestle

SA

128,176

12,740

Novartis

AG

94,579

13,065

QIAGEN

NV

10,745

Roche

Holding

AG

36,519

15,106

Sanofi

SA

54,811

5,318

Schneider

Electric

SE

27,202

7,456

Shell

PLC

287,097

10,546

Spotify

Technology

SA(Æ)

7,758

4,505

Stellantis

NV

99,261

1,096

Swiss

Re

AG

14,710

2,453

Tenaris

SA

19,407

95,902

#### Total

#### Common

#### Stocks
(cost

$960,277)

1,011,867

#### Preferred

#### Stocks

#### -

#### 0.3%
Germany

-

0.3%

Bayerische

Motoren

Werke

AG

4.803%

(Ÿ)

2,713

Dr

Ing

hc

F

Porsche

AG

5.188%

(Ÿ)(Þ)

5,917

Henkel

AG

&

Co.

KGaA

2.852%

(Ÿ)

8,134

665

Porsche

Automobil

Holding

SE

5.001%

(Ÿ)

7,951

Sartorius

AG

0.285%

(Ÿ)

1,303

Volkswagen

AG

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### shares
H2

#### Fair

#### Value

#### $6.208%

(Ÿ)

10,385

1,263

3,286

#### Total

#### Preferred

#### Stocks
(cost

$3,125)

3,286

#### Short-Term

#### Investments

#### -

#### 0.9%
United

States

-

0.9%

State

Street

Institutional

U.S.

Government

Money

Market

Fund

9,278,680

9,

#### Total

#### Short-Term

#### Investments
(cost

$9,279)

9,279

#### Total

#### Investments

#### -

#### 100.2%
(cost

$972,681)

1,024,432

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.2)%
(2,107)

#### Net

#### Assets

#### -

#### 100.0%
1,022,325

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Contracts

to

Buy

MSCI

EAFE

Index

Futures

USD

14,365

03/20/2026

Total

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

Australia

$

—

$

71,397

$

—

$

71,397

Austria

—

2,803

—

2,803

Belgium

—

8,724

—

8,724

Brazil

—

—

Burkina

Faso

—

506

—

506

Chile

—

851

—

851

China

—

5,951

—

5,951

Denmark

—

18,606

—

18,606

Finland

—

11,844

—

11,844

France

—

92,516

—

92,516

Germany

—

94,772

—

94,772

Hong

Kong

18,301

—

18,776

Indonesia

—

552

—

552

Ireland

1,271

3,473

—

4,744

Israel

2,882

6,877

—

9,759

Italy

—

31,427

—

31,427

Japan

—

224,718

—

224,718

Luxembourg

—

1,692

—

1,692

Macao

—

812

—

812

Mexico

—

—

Netherlands

1,274

46,672

—

47,946

New

Zealand

—

2,439

—

2,439

Norway

—

5,609

—

5,609

Poland

—

—

Portugal

—

1,828

—

1,828

Singapore

2,985

14,566

—

17,551

South

Africa

—

2,268

—

2,268

South

Korea

—

—

Spain

—

38,011

—

38,011

Sweden

—

33,410

—

33,410

Switzerland

—

50,455

—

50,455

United

Kingdom

935

113,797

—

114,732

United

States

5,924

89,978

—

95,902

Preferred

Stocks

—

3,286

—

3,286

Short-Term

Investments

9,279

—

—

9,279

Total

Investments

25,025

999,407

—

1,024,432

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Derivatives

Assets

Futures

Contracts

—

—

Total

Derivatives

\*

$

$

—

$

—

$

\*

Futures

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

121,345

11.9 Consumer

Staples

...............................................................................

59,015

5.8 Energy

................................................................................................

39,085

3.8 Financial

Services

..............................................................................

289,263

28.3 Health

Care

........................................................................................

112,522

11. 0

Materials

and

Processing

...................................................................

80,312

7.9 Producer

Durables

..............................................................................

147,933

14.5 Technology

.........................................................................................

103,549

10.1 Utilities

...............................................................................................

58,843

5.7 #### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

2,244

0.2 Consumer

Staples

...............................................................................

665

0.1 Producer

Durables

..............................................................................

—\*\*

#### Short-Term

#### Investments

#### .............................................................
9,279

0.9 Total

Investments

...............................................................................

1,024,432

100.2 \*\*

Less

than

.05%

of

net

assets.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

972,681

Investments,

at

fair

value

.............................................................................................................................................................

1,024,432

Foreign

currency

holdings(^)

.......................................................................................................................................................

4,073

Receivables:

Dividends

and

interest

......................................................................................................................................................

693

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,029,937

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

6,997

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

liabilities

...........................................................................................................................................................

7,612

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,022,325

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

57,654

Paid-in

capital

..............................................................................................................................................................................

964,671

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,022,325

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

4,073

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Cash

collateral

held

at

broker

for

futures

contracts

............................................................................................................

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

10.62 Class

I

—

Net

assets

............................................................................................................................................................

$

607,880,368

Class

I

—

Shares

outstanding

.............................................................................................................................................

57,265,228

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.61 Class

V

—

Net

assets

...........................................................................................................................................................

$

414,444,240

Class

V

—

Shares

outstanding

............................................................................................................................................

39,074,978

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

,82

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(578) Total

investment

income

..............................................................................................................................................................

7,249

#### Expenses
Advisory

fees

...................................................................................................................................................................

954

Administrative

fees

..........................................................................................................................................................

Distribution

fees

-

Class

V

...............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

1,830

Expense

reductions

..........................................................................................................................................................

(73) Net

expenses

................................................................................................................................................................................

1,757

Net

investment

income

(loss)

.......................................................................................................................................................

5,492

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

Futures

contracts

..............................................................................................................................................................

1,163

Foreign

currency-related

transactions

..............................................................................................................................

(1,036)

Net

realized

gain

(loss)

................................................................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

.....................................................................................................................................................................

51,751

Futures

contracts

..............................................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(1) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

51,755

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

51,921

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

57,413

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

5,492

Net

realized

gain

(loss)

................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

51,755

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

57,413

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

964,912

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,022,325

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

1,022,325

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

61,825

$

618,256

Payments

for

shares

redeemed

(4,560)

(47,285)

Net

increase

(decrease)

57,265

570,971

Class

V

Proceeds

from

shares

sold

(2) 41,876

422,965

Payments

for

shares

redeemed

(2,801)

(29,024)

Net

increase

(decrease)

39,075

393,941

Total

increase

(decrease)

96,340

$

964,912

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. (2) During

the

period

ended

December

31,

2025,

Venerable

International

Index

Fund

received

securities

in

the

amount

of

$404,092

for

Class

V

to

satisfy

a

subscription-in-kind.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

International

Index

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### International

#### Index

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### I

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.06

$

Net

Realized

and

Unrealized

Gain

(Loss)

.56

$

Total

from

Investment

Operations

.62

$

Net

Asset

Value,

End

of

Period

10.62 %

Total

Return

(ǿ)(±)

6.2 0

–

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 607,881

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.4

%

Expenses,

Net

(ɯ)(Ƃ)

.

%

Net

Investment

Income

(ɯ)(Ƃ)

1.8 1

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

.56

$

Total

from

Investment

Operations

.61

$

Net

Asset

Value,

End

of

Period

10.61 %

Total

Return

(ǿ)(±)

6.10 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 414,444

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.76

%

Expenses,

Net

(ɯ)(Ƃ)

.7

%

Net

Investment

Income

(ɯ)(Ƃ)

1.61 %

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 98.6%
Asset-Backed

Securities

-

0.4%

Carvana

Auto

Receivables

Trust

Series

2025-P2

Class

A3

4.550%

due

08/12/30

570

575

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2018-4

Class

A

4.060%

due

11/15/30

816

819

1,394

Corporate

Bonds

and

Notes

-

25.5%

Consumer

Discretionary

-

2.1%

Amazon.com,

Inc.

2.875%

due

05/12/41

3.100%

due

05/12/51

American

Honda

Finance

Corp.

Series

GMTN

4.900%

due

01/10/34

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.800%

due

03/01/50

3.900%

due

06/01/52

Comcast

Corp.

3.750%

due

04/01/40

3.450%

due

02/01/50

530

Costco

Wholesale

Corp.

1.750%

due

04/20/32

Ford

Motor

Co.

3.250%

due

02/12/32

Fox

Corp.

Series

WI

4.709%

due

01/25/29

General

Motors

Co.

5.200%

due

04/01/45

General

Motors

Financial

Co.,

Inc.

5.800%

due

01/07/29

5.350%

due

01/07/30

Home

Depot,

Inc.

(The)

5.300%

due

06/25/54

530

507

Lowe's

Cos.,

Inc.

2.625%

due

04/01/31

635

583

Marriott

International,

Inc.

4.900%

due

04/15/29

500

511

McDonald's

Corp.

Series

MTN

3.625%

due

09/01/49

Starbucks

Corp.

2.250%

due

03/12/30

500

Target

Corp.

4.800%

due

01/15/53

Toyota

Motor

Credit

Corp.

5.550%

due

11/20/30

Walmart,

Inc.

5.250%

due

09/01/35

4.500%

due

04/15/53

7,757

Consumer

Staples

-

1.3%

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Anheuser-Busch

Cos

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

Series

\*

4.900%

due

02/01/46

Anheuser-Busch

InBev

Worldwide,

Inc.

5.550%

due

01/23/49

BAT

Capital

Corp.

Series

WI

4.540%

due

08/15/47

Bunge,

Ltd.

Finance

Corp.

4.200%

due

09/17/29

Campbell's

Co.

(The)

5.400%

due

03/21/34

Coca-Cola

Co.

(The)

5.400%

due

05/13/64

Conagra

Brands,

Inc.

4.850%

due

11/01/28

Constellation

Brands,

Inc.

3.150%

due

08/01/29

Haleon

US

Capital

LLC

Series

WI

3.375%

due

03/24/29

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

Series

WI

6.500%

due

12/01/52

Keurig

Dr

Pepper,

Inc.

4.500%

due

04/15/52

Mondelez

International,

Inc.

2.750%

due

04/13/30

PepsiCo,

Inc.

2.750%

due

03/19/30

590

560

Philip

Morris

International,

Inc.

5.125%

due

02/15/30

5.250%

due

02/13/34

Procter

&

Gamble

Co.

(The)

4.550%

due

01/29/34

4,868

Energy

-

1.8%

Canadian

Natural

Resources,

Ltd.

3.850%

due

06/01/27

Chevron

USA,

Inc.

1.018%

due

08/12/27

ConocoPhillips

Co.

5.300%

due

05/15/53

Coterra

Energy,

Inc.

5.400%

due

02/15/35

Enbridge,

Inc.

5.700%

due

03/08/33

530

558

Energy

Transfer,

LP

5.700%

due

04/01/35

5.000%

due

05/15/50

Enterprise

Products

Operating

LLC

4.850%

due

03/15/44

Exxon

Mobil

Corp.

4.114%

due

03/01/46

Kinder

Morgan,

Inc.

3.600%

due

02/15/51

MPLX,

LP

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.700%

due

04/15/48

Occidental

Petroleum

Corp.

6.625%

due

09/01/30

Ovintiv

,

Inc.

5.650%

due

05/15/28

Phillips

Co.

5.300%

due

06/30/33

Sabine

Pass

Liquefaction

LLC

Series

WI

4.500%

due

05/15/30

Shell

Finance

US,

Inc.

Series

\*

4.375%

due

05/11/45

TotalEnergies

Capital

SA

5.488%

due

04/05/54

Western

Midstream

Operating,

LP

6.350%

due

01/15/29

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

6,581

Financial

Services

-

9.9%

Allstate

Corp.

(The)

5.250%

due

03/30/33

Ameriprise

Financial,

Inc.

5.700%

due

12/15/28

Arthur

J

Gallagher

&

Co.

5.150%

due

02/15/35

Asian

Development

Bank

Series

GMTN

2.500%

due

11/02/27

600

589

4.375%

due

03/06/29

500

511

Banco

Santander

SA

6.921%

due

08/08/33

Bank

of

America

Corp.

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

5.511%

due

01/24/36

(SOFR

+

1.310%)(Ê)

Series

MTN

3.974%

due

02/07/30

(CME

Term

SOFR

Month

+

1.472%)(Ê)

1.898%

due

07/23/31

(SOFR

+

1.530%)(Ê)

4.083%

due

03/20/51

(CME

Term

SOFR

Month

+

3.412%)(Ê)

Series

WI

3.419%

due

12/20/28

(CME

Term

SOFR

Month

+

1.302%)(Ê)

Bank

of

Montreal

5.717%

due

09/25/28

Barclays

PLC

5.501%

due

08/09/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.650%)(Ê)

1,085

1,108

Blackstone

Reg

Finance

Co.

LLC

5.000%

due

12/06/34

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Capital

One

Financial

Corp.

5.700%

due

02/01/30

(SOFR

+

1.905%)(Ê)

2.359%

due

07/29/32

(SOFR

+

1.337%)(Ê)

5.268%

due

05/10/33

(SOFR

+

2.370%)(Ê)

Citibank

NA

Series

BKNT

5.570%

due

04/30/34

Citigroup,

Inc.

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

635

588

6.174%

due

05/25/34

(SOFR

+

2.661%)(Ê)

4.650%

due

07/23/48

CME

Group,

Inc.

4.400%

due

03/15/30

Corebridge

Financial,

Inc.

Series

WI

3.850%

due

04/05/29

Crown

Castle,

Inc.

5.600%

due

06/01/29

500

519

Deutsche

Bank

AG

4.999%

due

09/11/30

(SOFR

+

1.700%)(Ê)

ERP

Operating,

LP

4.650%

due

09/15/34

European

Investment

Bank

4.500%

due

03/14/30

800

824

4.250%

due

08/16/32

700

711

Fifth

Third

Bancorp

5.631%

due

01/29/32

(SOFR

+

1.840%)(Ê)

Global

Payments,

Inc.

2.900%

due

05/15/30

Goldman

Sachs

Group,

Inc.

(The)

2.615%

due

04/22/32

(SOFR

+

1.281%)(Ê)

5.016%

due

10/23/35

(SOFR

+

1.420%)(Ê)

635

638

5.561%

due

11/19/45

(SOFR

+

1.580%)(Ê)

Host

Hotels

&

Resorts,

LP

Series

I

3.500%

due

09/15/30

HSBC

Holdings

PLC

6.161%

due

03/09/29

(SOFR

+

1.970%)(Ê)

5.240%

due

05/13/31

(SOFR

+

1.570%)(Ê)

6.332%

due

03/09/44

(SOFR

+

2.650%)(Ê)

ING

Groep

NV

5.335%

due

03/19/30

(SOFR

+

1.440%)(Ê)

Inter-American

Development

Bank

3.750%

due

06/14/30

500

500

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Series

GMTN

4.375%

due

07/16/35

International

Bank

for

Reconstruction

&

Development

4.500%

due

04/10/31

1,000

1,032

Series

GMTN

4.625%

due

01/15/32

900

933

JPMorgan

Chase

&

Co.

4.505%

due

10/22/28

(SOFR

+

0.860%)(Ê)

4.452%

due

12/05/29

(CME

Term

SOFR

Month

+

1.592%)(Ê)

3.702%

due

05/06/30

(CME

Term

SOFR

Month

+

1.422%)(Ê)

2.956%

due

05/13/31

(CME

Term

SOFR

Month

+

2.515%)(Ê)

5.717%

due

09/14/33

(SOFR

+

2.580%)(Ê)

5.350%

due

06/01/34

(SOFR

+

1.845%)(Ê)

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

Lincoln

National

Corp.

3.800%

due

03/01/28

Lloyds

Banking

Group

PLC

Series

.!

6.068%

due

06/13/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.600%)(Ê)

LPL

Holdings,

Inc.

4.900%

due

04/03/28

815

827

Marsh

&

McLennan

Cos.,

Inc.

5.000%

due

03/15/35

Mastercard

,

Inc.

3.850%

due

03/26/50

MetLife,

Inc.

4.550%

due

03/23/30

4.875%

due

11/13/43

Mid-America

Apartments,

LP

3.950%

due

03/15/29

Mitsubishi

UFJ

Financial

Group,

Inc.

5.258%

due

04/17/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.820%)(Ê)

5.615%

due

04/24/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.270%)(Ê)

Mizuho

Financial

Group,

Inc.

5.323%

due

07/08/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.070%)(Ê)

Moody's

Corp.

Series

WI

3.250%

due

01/15/28

635

627

Morgan

Stanley

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.430%)(Ê)

530

559

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Series

GMTN

3.772%

due

01/24/29

(CME

Term

SOFR

Month

+

1.402%)(Ê)

725

721

4.431%

due

01/23/30

(CME

Term

SOFR

Month

+

1.890%)(Ê)

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

500

NatWest

Group

PLC

4.964%

due

08/15/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.220%)(Ê)

ORIX

Corp.

4.650%

due

09/10/29

PayPal

Holdings,

Inc.

2.850%

due

10/01/29

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

+

1.902%)(Ê)

Progressive

Corp.

(The)

4.125%

due

04/15/47

Realty

Income

Corp.

4.850%

due

03/15/30

Royal

Bank

of

Canada

Series

MTN

6.000%

due

11/01/27

545

566

S&P

Global,

Inc.

Series

WI

4.750%

due

08/01/28

State

Street

Corp.

4.330%

due

10/22/27

Sumitomo

Mitsui

Financial

Group,

Inc.

3.040%

due

07/16/29

Toronto-Dominion

Bank

(The)

4.861%

due

01/31/28

635

646

Travelers

Cos.,

Inc.

(The)

5.450%

due

05/25/53

Truist

Financial

Corp.

Series

MTN

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

US

Bancorp

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

Ventas

Realty,

LP

3.000%

due

01/15/30

VICI

Properties,

LP

4.750%

due

02/15/28

Visa,

Inc.

4.300%

due

12/14/45

Wells

Fargo

&

Co.

5.605%

due

04/23/36

(SOFR

+

1.740%)(Ê)

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

Series

MTN

2.879%

due

10/30/30

(CME

Term

SOFR

Month

+

1.432%)(Ê)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.400%

due

06/14/46

Westpac

Banking

Corp.

4.110%

due

07/24/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.000%)(Ê)

36,121

Health

Care

-

2.6%

AbbVie,

Inc.

4.700%

due

05/14/45

Series

WI

4.250%

due

11/21/49

530

Amgen,

Inc.

5.250%

due

03/02/33

575

596

4.400%

due

05/01/45

500

Becton

Dickinson

&

Co.

4.693%

due

02/13/28

Boston

Scientific

Corp.

2.650%

due

06/01/30

Bristol-Myers

Squibb

Co.

Series

WI

4.125%

due

06/15/39

CVS

Health

Corp.

4.780%

due

03/25/38

5.050%

due

03/25/48

Elevance

Health,

Inc.

4.375%

due

12/01/47

500

Eli

Lilly

&

Co.

5.000%

due

02/09/54

HCA,

Inc.

5.750%

due

03/01/35

Series

WI

3.625%

due

03/15/32

Humana,

Inc.

5.375%

due

04/15/31

Johnson

&

Johnson

5.000%

due

03/01/35

500

521

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

575

Pfizer,

Inc.

4.100%

due

09/15/38

545

500

Quest

Diagnostics,

Inc.

2.950%

due

06/30/30

Regeneron

Pharmaceuticals,

Inc.

1.750%

due

09/15/30

Royalty

Pharma

PLC

Series

WI

2.200%

due

09/02/30

545

Thermo

Fisher

Scientific,

Inc.

5.086%

due

08/10/33

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

575

581

Universal

Health

Services,

Inc.

4.625%

due

10/15/29

Wyeth

LLC

5.950%

due

04/01/37

Zimmer

Biomet

Holdings,

Inc.

5.500%

due

02/19/35

9,718

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Materials

and

Processing

-

0.5%

Air

Products

and

Chemicals,

Inc.

4.850%

due

02/08/34

Dow

Chemical

Co.

(The)

4.375%

due

11/15/42

Ecolab,

Inc.

4.800%

due

03/24/30

Rio

Tinto

Finance

(USA)

PLC

5.125%

due

03/09/53

620

578

Smurfit

Kappa

Treasury

ULC

Series

WI

5.200%

due

01/15/30

1,816

Producer

Durables

-

1.8%

Boeing

Co.

(The)

5.805%

due

05/01/50

5.930%

due

05/01/60

Burlington

Northern

Santa

Fe

LLC

4.450%

due

03/15/43

545

CRH

America

Finance,

Inc.

5.500%

due

01/09/35

CSX

Corp.

4.300%

due

03/01/48

Eaton

Corp.

4.350%

due

05/18/28

FedEx

Corp.

Series

\*

5.250%

due

05/15/50

General

Dynamics

Corp.

3.750%

due

05/15/28

815

817

General

Electric

Co.

4.900%

due

01/29/36

Honeywell

International,

Inc.

1.950%

due

06/01/30

500

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

Jacobs

Engineering

Group,

Inc.

6.350%

due

08/18/28

Otis

Worldwide

Corp.

Series

WI

2.565%

due

02/15/30

Parker-Hannifin

Corp.

4.500%

due

09/15/29

Republic

Services,

Inc.

5.000%

due

04/01/34

Union

Pacific

Corp.

Series

WI

3.839%

due

03/20/60

United

Parcel

Service,

Inc.

3.400%

due

03/15/29

Waste

Management,

Inc.

3.150%

due

11/15/27

6,441

Technology

-

2.1%

Alphabet,

Inc.

0.800%

due

08/15/27

Analog

Devices,

Inc.

2.100%

due

10/01/31

Apple,

Inc.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.375%

due

05/13/45

3.950%

due

08/08/52

Broadcom,

Inc.

4.926%

due

05/15/37

(Þ)

Series

WI

3.500%

due

02/15/41

Cisco

Systems,

Inc.

4.550%

due

02/24/28

680

691

Dell

International

LLC

/

EMC

Corp.

Series

WI

5.300%

due

10/01/29

HP,

Inc.

4.000%

due

04/15/29

IBM

Corp.

4.250%

due

05/15/49

Intel

Corp.

3.750%

due

08/05/27

4.750%

due

03/25/50

Intuit,

Inc.

5.125%

due

09/15/28

Marvell

Technology,

Inc.

Series

WI

2.450%

due

04/15/28

Meta

Platforms,

Inc.

5.600%

due

05/15/53

Micron

Technology,

Inc.

6.050%

due

11/01/35

Motorola

Solutions,

Inc.

5.550%

due

08/15/35

Oracle

Corp.

5.250%

due

02/03/32

545

544

5.200%

due

09/26/35

5.950%

due

09/26/55

QUALCOMM,

Inc.

2.150%

due

05/20/30

7,597

Utilities

-

3.4%

Alabama

Power

Co.

3.050%

due

03/15/32

AT&T,

Inc.

Series

\*

4.300%

due

02/15/30

Series

WI

3.500%

due

09/15/53

530

3.550%

due

09/15/55

530

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

CenterPoint

Energy,

Inc.

5.400%

due

06/01/29

Connecticut

Light

and

Power

Co.

(The)

5.250%

due

01/15/53

Consolidated

Edison

Co.

of

New

York,

Inc.

5.500%

due

03/15/34

4.450%

due

03/15/44

DTE

Energy

Co.

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $5.850%

due

06/01/34

Duke

Energy

Corp.

5.000%

due

08/15/52

Duke

Energy

Progress

LLC

5.050%

due

03/15/35

Entergy

Corp.

1.900%

due

06/15/28

Entergy

Louisiana

LLC

5.700%

due

03/15/54

Exelon

Corp.

5.600%

due

03/15/53

Florida

Power

&

Light

Co.

5.100%

due

04/01/33

Interstate

Power

and

Light

Co.

5.600%

due

06/29/35

NextEra

Energy

Capital

Holdings,

Inc.

5.250%

due

03/15/34

500

513

NiSource,

Inc.

3.600%

due

05/01/30

Northern

States

Power

Co.

5.100%

due

05/15/53

Pacific

Gas

and

Electric

Co.

6.400%

due

06/15/33

PacifiCorp

5.800%

due

01/15/55

Public

Service

Electric

and

Gas

Co.

4.850%

due

08/01/34

Rogers

Communications,

Inc.

Series

WI

4.500%

due

03/15/42

San

Diego

Gas

&

Electric

Co.

5.350%

due

04/01/53

Sempra

5.500%

due

08/01/33

Southern

California

Edison

Co.

5.300%

due

03/01/28

725

740

Southern

Co.

(The)

4.850%

due

03/15/35

T-Mobile

USA,

Inc.

5.050%

due

07/15/33

Series

WI

2.550%

due

02/15/31

3.300%

due

02/15/51

Union

Electric

Co.

5.125%

due

03/15/55

Verizon

Communications,

Inc.

5.401%

due

07/02/37

(Þ)

2.650%

due

11/20/40

3.550%

due

03/22/51

Virginia

Electric

and

Power

Co.

5.000%

due

01/15/34

12,673

93,572

International

Debt

-

2.0%

Chile

Government

International

Bond

3.500%

due

01/31/34

Export-Import

Bank

of

Korea

4.500%

due

01/11/29

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Indonesia

Government

International

Bond

4.750%

due

09/10/34

Israel

Government

International

Bond

Series

10Y

5.500%

due

03/12/34

Japan

Bank

for

International

Co-operation

3.875%

due

07/03/28

500

502

Kreditanstalt

Fuer

Wiederaufbau

3.500%

due

08/09/28

1,000

999

Mexico

Government

International

Bond

5.850%

due

07/02/32

6.625%

due

01/29/38

6.338%

due

05/04/53

Panama

Government

International

Bond

6.700%

due

01/26/36

Peruvian

Government

International

Bond

5.500%

due

03/30/36

Philippines

Government

International

Bond

5.250%

due

05/14/34

5.175%

due

09/05/49

Province

of

British

Columbia

Canada

4.750%

due

06/12/34

500

512

Province

of

Ontario

Canada

3.900%

due

09/04/30

600

600

Province

of

Quebec

Canada

3.625%

due

04/13/28

500

Republic

of

Poland

Government

International

Bond

Series

10Y

5.375%

due

02/12/35

Uruguay

Government

International

Bond

5.442%

due

02/14/37

7,505

Mortgage-Backed

Securities

-

25.5%

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2024-BNK47

Class

A5

5.716%

due

06/15/57

Barclays

Commercial

Mortgage

Trust

Series

2019-C3

Class

A4

3.583%

due

05/15/52

Series

2022-C18

Class

A5

5.710%

due

12/15/55

(~)(Ê)

Series

2024-C28

Class

A5

5.403%

due

09/15/57

Series

2025-5C33

Class

A4

5.839%

due

03/15/58

CSAIL

Commercial

Mortgage

Trust

Series

2018-CX12

Class

A4

4.224%

due

08/15/51

(~)(Ê)

Series

2019-C16

Class

A3

3.329%

due

06/15/52

CSMC

Trust

Series

2016-NXSR

Class

A4

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $3.795%

due

12/15/49

(~)(Ê)

Fannie

Mae

3.500%

due

2036

2.000%

due

2037

1,349

1,251

3.500%

due

2037

6.000%

due

2039

1.500%

due

2040

2.500%

due

2040

5.500%

due

2040

1.500%

due

2041

2.000%

due

2041

670

589

2.500%

due

2042

4.000%

due

2044

5.000%

due

2044

5.500%

due

2044

2.000%

due

2050

3,016

2,466

2.500%

due

2050

9,906

8,540

2.000%

due

2051

4,902

3,995

2.500%

due

2051

1,252

1,064

3.000%

due

2052

2,680

2,380

4.000%

due

2052

2,590

2,470

4.500%

due

2053

1,983

1,945

6.000%

due

2053

786

807

6.000%

due

2054

3,276

3,365

6.500%

due

2054

1,122

1,165

7.000%

due

2054

Freddie

Mac

3.000%

due

2032

2.000%

due

2035

995

931

2.500%

due

2035

955

910

1.500%

due

2036

1,609

1,459

3.000%

due

2036

3.000%

due

2037

6.000%

due

2038

4.500%

due

2039

5.500%

due

2039

3.500%

due

2040

4.000%

due

2040

4.500%

due

2040

5.000%

due

2040

2.000%

due

2041

3.000%

due

2047

1,611

1,462

3.500%

due

2049

1,272

1,199

1.500%

due

2050

1,428

1,107

2.000%

due

2050

5,435

4,446

1.500%

due

2051

569

2.000%

due

2051

2,073

1,688

3.000%

due

2052

2,121

1,884

4.000%

due

2052

1,222

1,162

5.500%

due

2053

2,400

2,439

6.000%

due

2053

1,602

1,647

6.500%

due

2053

5.000%

due

2054

1,867

1,863

5.500%

due

2054

3,632

3,684

6.500%

due

2054

1,036

1,087

4.500%

due

2055

902

881

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $5.000%

due

2055

2,145

2,141

7.000%

due

2055

3.500%

due

05/01/51

3,193

2,983

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

Series

2018-K073

Class

A2

3.350%

due

01/25/28

Series

2018-K074

Class

A2

3.600%

due

01/25/28

Series

2020-K117

Class

A2

1.406%

due

08/25/30

Series

2022-K139

Class

A2

2.590%

due

01/25/32

(~)(Ê)

Series

2022-K145

Class

A2

2.580%

due

05/25/32

Series

2023-K509

Class

A2

4.850%

due

09/25/28

Ginnie

Mae

II

2.000%

due

2051

3,482

2,886

2.500%

due

2051

3,664

3,164

3.000%

due

2051

2,679

2,411

3.500%

due

2052

2,226

2,057

4.000%

due

2052

1,522

1,452

4.500%

due

2052

1,778

1,750

5.500%

due

2053

1,182

1,201

5.000%

due

2054

2,278

2,275

5.500%

due

2054

1,561

1,578

6.000%

due

2054

1,598

1,632

6.500%

due

2054

585

605

7.000%

due

2054

7.000%

due

2055

Morgan

Stanley

Capital

I

Trust

Series

2017-HR2

Class

A4

3.587%

due

12/15/50

Series

2018-L1

Class

A4

4.407%

due

10/15/51

(~)(Ê)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2025-5C3

Class

A3

6.096%

due

01/15/58

93,770

United

States

Government

Agencies

-

0.5%

Federal

Home

Loan

Bank

4.375%

due

09/08/28

1,500

1,531

Tennessee

Valley

Authority

4.875%

due

05/15/35

1,841

United

States

Government

Treasuries

-

44.7%

United

States

Treasury

Notes

3.625%

due

08/31/27

36,877

36,958

0.500%

due

10/31/27

3,388

3,210

4.000%

due

12/15/27

16,500

16,661

3.500%

due

10/15/28

1,220

1,219

4.000%

due

02/28/30

2,400

2,431

3.625%

due

08/31/30

49,340

49,170

0.875%

due

11/15/30

1,619

1,415

3.875%

due

09/30/32

850

848

3.750%

due

10/31/32

1,850

1,831

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $4.250%

due

08/15/35

15,791

15,917

4.500%

due

02/15/36

1,205

1,244

2.500%

due

02/15/45

1,934

1,371

4.875%

due

08/15/45

17,070

17,259

3.000%

due

11/15/45

1,250

956

4.750%

due

08/15/55

13,520

13,321

4.625%

due

11/15/55

164,184

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$363,537)

362,266

#### Number

#### of

#### S

#### hares

#### Short-Term

#### Investments

#### -

#### 0.3%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,178,859

1,179

#### Total

#### Short-Term

#### Investments
(cost

$1,179)

1,179

#### Total

#### Investments

#### -

#### 98.9%
(cost

$364,716)

363,445

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 1.1%
3,907

#### Net

#### Assets

#### -

#### 100.0%
367,352

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

1,394

$

—

$

1,394

Corporate

Bonds

and

Notes

—

93,572

—

93,572

International

Debt

—

7,505

—

7,505

Mortgage-Backed

Securities

—

93,770

—

93,770

United

States

Government

Agencies

—

1,841

—

1,841

United

States

Government

Treasuries

—

164,184

—

164,184

Short-Term

Investments

1,179

—

—

1,179

Total

Investments

$

1,179

$

362,266

$

—

$

363,445

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

932

.2

Belgium

..............................................................................................

607

.2

Canada

................................................................................................

4,324

.2

Chile

...................................................................................................

.1

France

.................................................................................................

.1

Germany

.............................................................................................

1,410

.4

Indonesia

............................................................................................

.1

Ireland

................................................................................................

.1

Israel

...................................................................................................

.1

Japan

..................................................................................................

2,011

.5

Luxembourg

.......................................................................................

1,535

.4

Mexico

...............................................................................................

1,058

.3

Netherlands

........................................................................................

.1

Panama

...............................................................................................

.1

Peru

....................................................................................................

.1

Philippines

..........................................................................................

1,598

.4

Poland

................................................................................................

.1

South

Korea

.......................................................................................

.1

Spain

..................................................................................................

.1

United

Kingdom

.................................................................................

3,066

.8

United

States

......................................................................................

342,766

.3

Uruguay

..............................................................................................

.1

Total

Investments

...............................................................................

363,445

.9

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

364,716

Investments,

at

fair

value

.............................................................................................................................................................

363,445

Receivables:

Dividends

and

interest

......................................................................................................................................................

3,668

Investments

sold

...............................................................................................................................................................

812

Fund

shares

sold

...............................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

368,357

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

771

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

1,005

#### Net

#### Assets

#### ...............................................................................................................................................................
$

367,352

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(49)

Paid-in

capital

..............................................................................................................................................................................

367,4

#### Net

#### Assets

#### ...............................................................................................................................................................
$

367,352

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

10.01 Class

I

—

Net

assets

............................................................................................................................................................

$

,

622

,

Class

I

—

Shares

outstanding

.............................................................................................................................................

,

546

,

846

Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.01 Class

V

—

Net

assets

...........................................................................................................................................................

$

121,729,421

Class

V

—

Shares

outstanding

............................................................................................................................................

12,163,557

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

5,186

Dividends

.........................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

5,205

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

-

Class

V

...............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

Expense

reductions

..........................................................................................................................................................

(81) Net

expenses

................................................................................................................................................................................

Net

investment

income

(loss)

.......................................................................................................................................................

4,64

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(249)

Net

realized

gain

(loss)

................................................................................................................................................................

(249)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

.....................................................................................................................................................................

(1,271)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(1,271)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(1,520)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

3,12

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

4,648

Net

realized

gain

(loss)

................................................................................................................

(249) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(1,271)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

3,128

#### Distributions
To

shareholders

Class

I

.......................................................................................................................................

(2,138)

Class

V

.....................................................................................................................................

(1,113)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(3,251)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

367,475

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
367,352

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

367,352

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

25,355

$

253,555

Proceeds

from

reinvestment

of

distributions

2,138

Payments

for

shares

redeemed

(1,022)

(10,243)

Net

increase

(decrease)

24,547

245,450

Class

V

Proceeds

from

shares

sold

17,524

175,760

Proceeds

from

reinvestment

of

distributions

1,113

Payments

for

shares

redeemed

(5,47

2)

(54,848)

Net

increase

(decrease)

12,16

122,025

Total

increase

(decrease)

36,71

$

367,475

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Bond

Index

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Bond

#### Index

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

S

hare

Outstanding

Throughout

the

Period.

#### Class

#### I

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.13

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.03)

$

Total

from

Investment

Operations

.10

Less

distributions:

–

$

Distributions

from

Net

Investment

Income

(.09)

$

Total

Distributions

(.09)

$

Net

Asset

Value,

End

of

Period

10.01 %

Total

Return

(ǿ)(±)

.

–

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 245

,

622

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.

%

Expenses,

Net

(ɯ)(Ƃ)

.

%

Net

Investment

Income

(ɯ)(Ƃ)

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.04)

$

Total

from

Investment

Operations

.08

Less

distributions:

–

$

Distributions

from

Net

Investment

Income

(.07)

$

Total

Distributions

(.07)

$

Net

Asset

Value,

End

of

Period

10.01 %

Total

Return

(ǿ)(±)

.84

–

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 121,730

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.

%

Expenses,

Net

(ɯ)(Ƃ)

.

%

Net

Investment

Income

(ɯ)(Ƃ)

.

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 98.0%
Corporate

Bonds

and

Notes

-

98.0%

Consumer

Discretionary

-

8.3%

Amazon.com,

Inc.

4.700%

due

12/01/32

4,600

4,728

4.650%

due

11/20/35

900

896

American

Honda

Finance

Corp.

Series

GMTN

4.850%

due

10/23/31

3,600

3,666

AppLovin

Corp.

5.375%

due

12/01/31

2,700

2,797

AutoZone,

Inc.

4.750%

due

02/01/33

3,400

3,407

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.400%

due

04/01/33

3,300

3,113

6.384%

due

10/23/35

1,200

1,238

Choice

Hotels

International,

Inc.

5.850%

due

08/01/34

500

510

Comcast

Corp.

4.650%

due

02/15/33

4,800

4,816

5.300%

due

05/15/35

700

717

6.500%

due

11/15/35

800

888

DR

Horton,

Inc.

5.000%

due

10/15/34

2,600

2,630

Ford

Motor

Co.

3.250%

due

02/12/32

6,500

5,733

Ford

Motor

Credit

Co.

LLC

6.500%

due

02/07/35

1,600

1,657

General

Motors

Financial

Co.,

Inc.

2.700%

due

06/10/31

5,800

5,253

6.100%

due

01/07/34

3,800

4,026

Home

Depot,

Inc.

(The)

3.250%

due

04/15/32

7,200

6,779

Honda

Motor

Co.,

Ltd.

5.337%

due

07/08/35

2,700

2,758

Lowe's

Cos.,

Inc.

3.750%

due

04/01/32

4,700

4,506

Marriott

International,

Inc.

4.500%

due

10/15/31

2,700

2,706

5.250%

due

10/15/35

600

608

Paramount

Global

4.200%

due

05/19/32

1,800

1,626

Starbucks

Corp.

3.000%

due

02/14/32

2,000

1,844

Tapestry,

Inc.

5.500%

due

03/11/35

2,100

2,149

Toyota

Motor

Credit

Corp.

5.100%

due

03/21/31

6,000

6,228

Walmart,

Inc.

4.100%

due

04/15/33

4,300

4,293

79,572

Consumer

Staples

-

4.6%

Anheuser-Busch

InBev

Worldwide,

Inc.

5.000%

due

06/15/34

3,700

3,826

BAT

Capital

Corp.

5.625%

due

08/15/35

1,300

1,355

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Bunge,

Ltd.

Finance

Corp.

4.650%

due

09/17/34

3,300

3,238

Constellation

Brands,

Inc.

4.950%

due

11/01/35

1,000

992

Diageo

Investment

Corp.

5.625%

due

04/15/35

600

635

General

Mills,

Inc.

4.950%

due

03/29/33

3,800

3,854

Hershey

Co.

(The)

5.100%

due

02/24/35

3,000

3,083

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

5.950%

due

04/20/35

(Þ)

1,600

1,682

Keurig

Dr

Pepper,

Inc.

4.050%

due

04/15/32

4,000

3,848

Kraft

Heinz

Foods

Co.

5.200%

due

03/15/32

3,100

3,187

Mondelez

International,

Inc.

3.000%

due

03/17/32

2,200

2,018

PepsiCo,

Inc.

3.900%

due

07/18/32

2,200

2,162

Philip

Morris

International,

Inc.

4.750%

due

11/01/31

2,900

2,960

5.625%

due

09/07/33

4,800

5,090

Pilgrim's

Pride

Corp.

6.250%

due

07/01/33

2,900

3,096

Procter

&

Gamble

Co.

(The)

2.300%

due

02/01/32

4.350%

due

11/03/35

3,300

3,269

44,478

Energy

-

6.6%

BP

Capital

Markets

America,

Inc.

5.227%

due

11/17/34

5,500

5,678

Canadian

Natural

Resources,

Ltd.

5.400%

due

12/15/34

2,800

2,851

Cheniere

Energy

Partners,

LP

5.750%

due

08/15/34

4,300

4,491

Chevron

USA,

Inc.

4.850%

due

10/15/35

1,400

1,417

Coterra

Energy,

Inc.

5.400%

due

02/15/35

2,500

2,538

Diamondback

Energy,

Inc.

5.550%

due

04/01/35

1,100

1,132

Enbridge,

Inc.

7.200%

due

06/27/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.970%)(Ê)

1,300

1,378

Energy

Transfer,

LP

6.550%

due

12/01/33

700

768

5.600%

due

09/01/34

4,200

4,323

Helmerich

&

Payne,

Inc.

5.500%

due

12/01/34

1,400

1,380

HF

Sinclair

Corp.

6.250%

due

01/15/35

500

522

Kinder

Morgan,

Inc.

4.800%

due

02/01/33

3,400

3,410

MPLX,

LP

5.000%

due

03/01/33

3,700

3,717

Occidental

Petroleum

Corp.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $5.375%

due

01/01/32

4,500

4,595

ONEOK,

Inc.

4.750%

due

10/15/31

1,900

1,911

5.050%

due

11/01/34

4,100

4,068

Phillips

Co.

Series

A

5.875%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.283%)(Ê)

1,000

988

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

5.700%

due

09/15/34

2,500

2,582

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.875%

due

02/01/31

2,400

2,416

4.000%

due

01/15/32

3,200

3,057

Western

Midstream

Partners,

LP

5.500%

due

12/15/35

1,700

1,697

Williams

Cos.,

Inc.

(The)

4.650%

due

08/15/32

7,000

7,014

Woodside

Finance,

Ltd.

6.000%

due

05/19/35

1,300

1,355

63,288

Financial

Services

-

37.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

due

01/30/32

4,100

3,794

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

4,100

3,468

Allstate

Corp.

(The)

5.250%

due

03/30/33

4,600

4,782

American

Express

Co.

5.043%

due

05/01/34

(SOFR

+

1.835%)(Ê)

5,700

5,840

4.804%

due

10/24/36

(SOFR

+

1.237%)(Ê)

1,300

1,285

American

Homes

Rent,

LP

3.625%

due

04/15/32

3,700

3,498

American

International

Group,

Inc.

5.125%

due

03/27/33

2,900

2,983

American

Tower

Corp.

5.550%

due

07/15/33

4,300

4,504

Aon

Corp.

/

Aon

Global

Holdings

PLC

5.350%

due

02/28/33

2,600

2,709

Banco

Santander

SA

6.938%

due

11/07/33

3,200

3,664

5.127%

due

11/06/35

1,000

1,003

Bank

of

America

Corp.

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

3,900

4,022

5.872%

due

09/15/34

(SOFR

+

1.840%)(Ê)

4,200

4,482

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

5,300

5,521

5.744%

due

02/12/36

(SOFR

+

1.697%)(Ê)

4,200

4,380

3.846%

due

03/08/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.000%)(Ê)

6,600

6,228

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Bank

of

New

York

Mellon

Corp.

(The)

Series

MTN

5.834%

due

10/25/33

(SOFR

+

2.074%)(Ê)

3,300

3,559

5.188%

due

03/14/35

(SOFR

+

1.418%)(Ê)

3,800

3,923

Barclays

PLC

5.335%

due

09/10/35

(SOFR

+

1.910%)(Ê)

3,100

3,150

5.785%

due

02/25/36

(SOFR

+

1.590%)(Ê)

3,800

3,979

BlackRock,

Inc.

4.750%

due

05/25/33

3,500

3,578

Blackstone

Private

Credit

Fund

6.000%

due

11/22/34

700

707

Blackstone

Reg

Finance

Co.

LLC

5.000%

due

12/06/34

2,500

2,523

Boston

Properties,

LP

5.750%

due

01/15/35

3,200

3,293

Brookfield

Finance,

Inc.

6.350%

due

01/05/34

2,200

2,389

Capital

One

Financial

Corp.

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

3,400

3,676

6.183%

due

01/30/36

(SOFR

+

2.036%)(Ê)

3,000

3,136

Charles

Schwab

Corp.

(The)

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

4,100

4,389

Citigroup,

Inc.

4.910%

due

05/24/33

(SOFR

+

2.086%)(Ê)

5,000

5,058

6.174%

due

05/25/34

(SOFR

+

2.661%)(Ê)

2,900

3,087

5.827%

due

02/13/35

(SOFR

+

2.056%)(Ê)

4,200

4,369

5.174%

due

09/11/36

(SOFR

+

1.488%)(Ê)

1,500

1,516

Series

.

5.333%

due

03/27/36

(SOFR

+

1.465%)(Ê)

1,900

1,943

CNA

Financial

Corp.

5.125%

due

02/15/34

2,800

2,818

Corebridge

Financial,

Inc.

3.900%

due

04/05/32

3,000

2,848

Cousins

Properties,

LP

5.375%

due

02/15/32

3,100

3,195

Crown

Castle,

Inc.

2.500%

due

07/15/31

4,700

4,201

Deutsche

Bank

AG

5.403%

due

09/11/35

(SOFR

+

2.050%)(Ê)

1,500

1,530

Equinix,

Inc.

3.900%

due

04/15/32

2,800

2,690

Essex

Portfolio,

LP

5.500%

due

04/01/34

3,500

3,625

Extra

Space

Storage,

LP

4.950%

due

01/15/33

3,000

3,030

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Fairfax

Financial

Holdings,

Ltd.

5.625%

due

08/16/32

2,900

3,026

Global

Payments,

Inc.

5.400%

due

08/15/32

3,800

3,864

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

3.250%

due

01/15/32

3,800

3,434

Goldman

Sachs

Group,

Inc.

(The)

2.650%

due

10/21/32

(SOFR

+

1.264%)(Ê)

5,700

5,144

3.102%

due

02/24/33

(SOFR

+

1.410%)(Ê)

5,600

5,155

4.939%

due

10/21/36

(SOFR

+

1.330%)(Ê)

2,600

2,582

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

5,800

5,196

HA

Sustainable

Infrastructure

Capital,

Inc.

6.375%

due

07/01/34

900

918

HSBC

Holdings

PLC

2.871%

due

11/22/32

(SOFR

+

1.410%)(Ê)

4,500

4,084

4.762%

due

03/29/33

(SOFR

+

2.530%)(Ê)

2,700

2,689

5.719%

due

03/04/35

(SOFR

+

1.780%)(Ê)

3,900

4,113

5.874%

due

11/18/35

(SOFR

+

1.900%)(Ê)

3,800

3,968

Huntington

Bancshares,

Inc.

5.709%

due

02/02/35

(SOFR

+

1.870%)(Ê)

2,700

2,823

Jefferies

Financial

Group

Inc.

6.200%

due

04/14/34

800

845

JPMorgan

Chase

&

Co.

2.580%

due

04/22/32

(CME

Term

SOFR

Month

+

1.250%)(Ê)

2,700

2,468

4.912%

due

07/25/33

(SOFR

+

2.080%)(Ê)

2,500

2,548

5.717%

due

09/14/33

(SOFR

+

2.580%)(Ê)

4,100

4,345

5.350%

due

06/01/34

(SOFR

+

1.845%)(Ê)

6,300

6,551

5.336%

due

01/23/35

(SOFR

+

1.620%)(Ê)

6,200

6,429

5.576%

due

07/23/36

(SOFR

+

1.635%)(Ê)

3,900

4,042

Kimco

Realty

OP

LLC

3.200%

due

04/01/32

3,700

3,437

Lloyds

Banking

Group

PLC

Series

.!

6.068%

due

06/13/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.600%)(Ê)

3,500

3,682

LPL

Holdings,

Inc.

6.000%

due

05/20/34

2,400

2,524

Marsh

&

McLennan

Cos.,

Inc.

5.000%

due

03/15/35

4,100

4,153

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
MetLife,

Inc.

Series

G

6.350%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.078%)(Ê)

2,600

2,736

Mitsubishi

UFJ

Financial

Group,

Inc.

5.426%

due

04/17/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.000%)(Ê)

3,900

4,056

5.188%

due

09/12/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.930%)(Ê)

1,100

1,118

Mizuho

Financial

Group,

Inc.

5.748%

due

07/06/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.900%)(Ê)

5,000

5,291

Moody's

Corp.

2.000%

due

08/19/31

3,000

2,666

Morgan

Stanley

2.943%

due

01/21/33

(SOFR

+

1.290%)(Ê)

4,200

3,833

4.889%

due

07/20/33

(SOFR

+

2.076%)(Ê)

2,300

2,331

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

7,300

7,758

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.430%)(Ê)

2,200

2,319

Series

I

4.892%

due

10/22/36

(SOFR

+

1.314%)(Ê)

1,800

1,785

Series

MTN

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

5,100

5,305

NatWest

Group

PLC

5.778%

due

03/01/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.500%)(Ê)

3,500

3,703

PayPal

Holdings,

Inc.

5.100%

due

04/01/35

600

612

PNC

Financial

Services

Group,

Inc.

(The)

5.401%

due

07/23/35

(SOFR

+

1.599%)(Ê)

7,200

7,453

Prologis,

LP

4.625%

due

01/15/33

3,300

3,329

Prudential

Financial,

Inc.

5.125%

due

03/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.162%)(Ê)

3,200

3,170

Realty

Income

Corp.

2.850%

due

12/15/32

4,500

4,038

Regency

Centers,

LP

5.000%

due

07/15/32

3,400

3,482

Royal

Bank

of

Canada

Series

GMTN

5.000%

due

02/01/33

4,000

4,115

S&P

Global,

Inc.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $2.900%

due

03/01/32

3,200

2,952

Simon

Property

Group,

LP

4.750%

due

09/26/34

3,800

3,781

Sumitomo

Mitsui

Financial

Group,

Inc.

5.558%

due

07/09/34

3,700

3,887

Toronto-Dominion

Bank

(The)

4.456%

due

06/08/32

4,300

4,292

Truist

Financial

Corp.

Series

MTN

6.123%

due

10/28/33

(SOFR

+

2.300%)(Ê)

4,300

4,644

US

Bancorp

5.850%

due

10/21/33

(SOFR

+

2.090%)(Ê)

1,900

2,034

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

5,400

5,702

Ventas

Realty,

LP

5.100%

due

07/15/32

3,900

4,006

Verisk

Analytics,

Inc.

5.250%

due

06/05/34

2,900

2,968

VICI

Properties,

LP

5.625%

due

04/01/35

3,000

3,064

Wells

Fargo

&

Co.

4.892%

due

09/15/36

(SOFR

+

1.340%)(Ê)

2,000

1,994

Series

MTN

3.350%

due

03/02/33

(SOFR

+

1.500%)(Ê)

6,100

5,689

4.897%

due

07/25/33

(SOFR

+

2.100%)(Ê)

2,700

2,743

5.557%

due

07/25/34

(SOFR

+

1.990%)(Ê)

5,900

6,191

Welltower

OP

LLC

5.125%

due

07/01/35

3,200

3,268

Westpac

Banking

Corp.

Series

GMTN

5.618%

due

11/20/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.200%)(Ê)

3,700

3,823

358,533

Health

Care

-

10.4%

AbbVie,

Inc.

4.950%

due

03/15/31

2,500

2,587

5.050%

due

03/15/34

5,800

5,959

Amgen,

Inc.

5.250%

due

03/02/33

6,400

6,629

Ascension

Health

Series

2025

4.923%

due

11/15/35

1,000

1,005

AstraZeneca

Finance

LLC

5.000%

due

02/26/34

3,900

4,035

Baxter

International,

Inc.

5.650%

due

12/15/35

1,000

1,016

Becton

Dickinson

&

Co.

4.298%

due

08/22/32

3,500

3,445

Cardinal

Health,

Inc.

5.350%

due

11/15/34

2,500

2,577

Cencora,

Inc.

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $2.700%

due

03/15/31

3,800

3,502

CommonSpirit

Health

5.205%

due

12/01/31

2,500

2,589

CVS

Health

Corp.

5.000%

due

09/15/32

3,800

3,875

5.700%

due

06/01/34

2,900

3,042

Elevance

Health,

Inc.

4.100%

due

05/15/32

5,400

5,252

Eli

Lilly

&

Co.

4.900%

due

02/12/32

4,000

4,139

4.900%

due

10/15/35

1,700

1,729

GE

HealthCare

Technologies,

Inc.

5.905%

due

11/22/32

2,900

3,122

HCA,

Inc.

3.625%

due

03/15/32

4,700

4,440

5.500%

due

03/01/32

3,100

3,231

5.750%

due

03/01/35

600

630

Humana,

Inc.

5.375%

due

04/15/31

4,300

4,443

Johnson

&

Johnson

4.375%

due

12/05/33

2,000

2,028

Laboratory

Corp.

of

America

Holdings

4.550%

due

04/01/32

3,100

3,097

Medtronic

Global

Holdings

S.C.A.

4.500%

due

03/30/33

3,000

3,011

Merck

&

Co.,

Inc.

4.500%

due

05/17/33

3,700

3,737

4.950%

due

09/15/35

1,500

1,528

Pfizer

Investment

Enterprises

Pte.,

Ltd.

4.750%

due

05/19/33

4,300

4,348

Solventum

Corp.

5.600%

due

03/23/34

800

833

Stryker

Corp.

5.200%

due

02/10/35

2,500

2,569

Takeda

US

Financing,

Inc.

5.200%

due

07/07/35

800

815

UnitedHealth

Group,

Inc.

2.300%

due

05/15/31

4,400

3,970

4.500%

due

04/15/33

2,600

2,581

5.150%

due

07/15/34

3,500

3,586

99,350

Materials

and

Processing

-

2.7%

Amcor

Flexibles

North

America,

Inc.

5.500%

due

03/17/35

900

931

BHP

Billiton

Finance

USA,

Ltd.

5.250%

due

09/08/33

4,300

4,467

CF

Industries,

Inc.

5.150%

due

03/15/34

3,200

3,215

Eidp,

Inc.

4.800%

due

05/15/33

2,600

2,597

LYB

International

Finance

III

LLC

6.150%

due

05/15/35

1,300

1,334

Nutrien,

Ltd.

5.400%

due

06/21/34

3,200

3,300

Rio

Tinto

Finance

(USA)

PLC

5.000%

due

03/14/32

3,100

3,197

Smurfit

Kappa

Treasury

ULC

5.438%

due

04/03/34

2,800

2,899

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Southern

Copper

Corp.

7.500%

due

07/27/35

1,000

1,177

Vale

Overseas,

Ltd.

6.125%

due

06/12/33

3,100

3,313

26,430

Producer

Durables

-

5.8%

Amphenol

Corp.

5.000%

due

01/15/35

3,400

3,463

Boeing

Co.

(The)

3.600%

due

05/01/34

4,900

4,454

Canadian

Pacific

Railway

Co.

2.450%

due

12/02/31

3,100

2,791

CRH

America

Finance,

Inc.

5.400%

due

05/21/34

2,700

2,801

GATX

Corp.

5.500%

due

06/15/35

2,800

2,872

Honeywell

International,

Inc.

1.750%

due

09/01/31

5,300

4,629

Howmet

Aerospace,

Inc.

4.850%

due

10/15/31

2,700

2,771

John

Deere

Capital

Corp.

Series

I

5.150%

due

09/08/33

4,500

4,715

Series

MTN

4.350%

due

09/15/32

2,700

2,707

L3Harris

Technologies,

Inc.

5.400%

due

07/31/33

3,700

3,854

Lockheed

Martin

Corp.

5.250%

due

01/15/33

3,400

3,572

Northrop

Grumman

Corp.

4.700%

due

03/15/33

2,900

2,927

RTX

Corp.

5.150%

due

02/27/33

3,900

4,038

United

Parcel

Service,

Inc.

4.875%

due

03/03/33

2,300

2,368

Waste

Connections,

Inc.

2.200%

due

01/15/32

3,600

3,181

Waste

Management,

Inc.

4.875%

due

02/15/34

4,300

4,413

55,556

Technology

-

9.2%

Accenture

Capital,

Inc.

4.500%

due

10/04/34

3,300

3,254

Alphabet,

Inc.

4.700%

due

11/15/35

1,300

1,301

Broadcom,

Inc.

4.300%

due

11/15/32

3,700

3,648

4.900%

due

07/15/32

3,700

3,776

2.600%

due

02/15/33

5,800

5,111

3.137%

due

11/15/35

(Þ)

2,100

1,810

Cadence

Design

Systems,

Inc.

4.700%

due

09/10/34

500

501

Cisco

Systems,

Inc.

4.950%

due

02/24/32

5,700

5,883

Dell

International

LLC

/

EMC

Corp.

5.400%

due

04/15/34

3,700

3,800

Fiserv,

Inc.

5.600%

due

03/02/33

3,800

3,924

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Hewlett

Packard

Enterprise

Co.

4.850%

due

10/15/31

3,200

3,230

HP,

Inc.

2.650%

due

06/17/31

3,900

3,515

Intel

Corp.

5.200%

due

02/10/33

3,700

3,771

International

Business

Machines

Corp.

Series

..

5.200%

due

02/10/35

600

615

Intuit,

Inc.

5.200%

due

09/15/33

3,500

3,657

Meta

Platforms,

Inc.

4.950%

due

05/15/33

2,900

2,988

4.875%

due

11/15/35

5,000

4,996

Micron

Technology,

Inc.

5.800%

due

01/15/35

3,200

3,373

Motorola

Solutions,

Inc.

5.600%

due

06/01/32

4,200

4,417

MSCI,

Inc.

5.250%

due

09/01/35

1,100

1,107

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

2.650%

due

02/15/32

3,600

3,235

Oracle

Corp.

4.900%

due

02/06/33

4,600

4,428

5.500%

due

08/03/35

2,200

2,158

5.200%

due

09/26/35

2,100

2,016

Paychex,

Inc.

5.350%

due

04/15/32

3,000

3,107

QUALCOMM,

Inc.

1.650%

due

05/20/32

3,400

2,905

Roper

Technologies,

Inc.

5.100%

due

09/15/35

700

705

Synopsys,

Inc.

5.150%

due

04/01/35

1,300

1,321

Uber

Technologies,

Inc.

4.800%

due

09/15/35

2,000

1,985

Workday,

Inc.

3.800%

due

04/01/32

2,300

2,201

88,738

Utilities

-

13.0%

AES

Corp.

(The)

5.800%

due

03/15/32

2,200

2,257

Ameren

Illinois

Co.

4.950%

due

06/01/33

3,100

3,168

American

Electric

Power

Co.,

Inc.

5.625%

due

03/01/33

3,700

3,886

6.950%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.675%)(Ê)

600

644

AT&T,

Inc.

2.550%

due

12/01/33

3,500

2,988

5.375%

due

08/15/35

4,900

5,019

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

3,900

3,975

CMS

Energy

Corp.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $6.500%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.961%)(Ê)

1,300

1,337

Consolidated

Edison

Co.

of

New

York,

Inc.

5.500%

due

03/15/34

4,500

4,727

Dominion

Energy,

Inc.

6.625%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.207%)(Ê)

1,200

1,235

Series

B

7.000%

due

06/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.511%)(Ê)

Series

C

2.250%

due

08/15/31

4,900

4,366

DTE

Energy

Co.

5.850%

due

06/01/34

3,800

4,052

Duke

Energy

Carolinas

LLC

4.850%

due

01/15/34

4,400

4,454

Duke

Energy

Corp.

6.450%

due

09/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.588%)(Ê)

700

734

Entergy

Louisiana

LLC

4.000%

due

03/15/33

3,700

3,569

Eversource

Energy

5.950%

due

07/15/34

1,100

1,163

Exelon

Corp.

5.450%

due

03/15/34

5,400

5,618

Florida

Power

&

Light

Co.

5.300%

due

06/15/34

4,500

4,716

Georgia

Power

Co.

4.950%

due

05/17/33

4,000

4,082

NextEra

Energy

Capital

Holdings,

Inc.

2.440%

due

01/15/32

3,500

3,117

5.050%

due

02/28/33

700

717

Series

.

6.500%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.979%)(Ê)

1,400

1,475

NiSource,

Inc.

5.350%

due

04/01/34

3,700

3,815

Pacific

Gas

and

Electric

Co.

6.400%

due

06/15/33

4,000

4,316

Pacificorp

5.250%

due

06/15/35

700

699

Public

Service

Co.

of

Colorado

5.350%

due

05/15/34

4,200

4,323

Public

Service

Electric

and

Gas

Co.

4.850%

due

08/01/34

3,300

3,329

Public

Service

Enterprise

Group,

Inc.

2.450%

due

11/15/31

3,300

2,953

Rogers

Communications,

Inc.

3.800%

due

03/15/32

3,400

3,205

Sempra

5.500%

due

08/01/33

4,000

4,183

Southern

California

Edison

Co.

5.200%

due

06/01/34

3,600

3,619

Amounts

in

thousands

(except

share

amounts)

H2

#### Principal

#### Amount

#### $
H2

#### Fair

#### Value

#### $
Southern

Co.

(The)

4.850%

due

03/15/35

1,500

1,482

Series

2025

6.375%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.069%)(Ê)

1,400

1,460

T-Mobile

USA,

Inc.

2.700%

due

03/15/32

4,000

3,597

5.200%

due

01/15/33

4,300

4,439

Verizon

Communications,

Inc.

2.355%

due

03/15/32

6,000

5,288

5.050%

due

05/09/33

2,900

2,972

5.250%

due

04/02/35

1,800

1,831

Virginia

Electric

and

Power

Co.

2.400%

due

03/30/32

3,500

3,112

Vodafone

Group

PLC

6.250%

due

11/30/32

2,000

2,182

124,538

940,483

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$942,251)

940,483

#### Number

#### of

#### S

#### hares

#### Short-Term

#### Investments

#### -

#### 0.4%
State

Street

Institutional

U.S.

Government

Money

Market

Fund

3,707,774

3,708

#### Total

#### Short-Term

#### Investments
(cost

$3,708)

3,708

#### Total

#### Investments

#### -

#### 98.4%
(cost

$945,959)

944,191

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### 1.6%
14,902

#### Net

#### Assets

#### -

#### 100.0%
959,093

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

$

—

$

940,483

$

—

$

940,483

Short-Term

Investments

3,708

—

—

3,708

Total

Investments

$

3,708

$

940,483

$

—

$

944,191

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

12,841

.3

Belgium

..............................................................................................

3,826

.4

Brazil

..................................................................................................

3,313

.3

Canada

................................................................................................

27,348

.9

Germany

.............................................................................................

1,530

.2

Ireland

................................................................................................

6,693

.7

Japan

..................................................................................................

17,109

.8

Mexico

...............................................................................................

1,177

.1

Netherlands

........................................................................................

3,235

.3

Spain

..................................................................................................

4,667

.5

United

Kingdom

.................................................................................

37,575

.9

United

States

......................................................................................

824,877

.0

Total

Investments

...............................................................................

944,191

.4

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

945,959

Investments,

at

fair

value

.............................................................................................................................................................

944,191

Receivables:

Dividends

and

interest

......................................................................................................................................................

12,590

Investments

sold

...............................................................................................................................................................

15,293

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

972,129

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

12,588

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

13,036

#### Net

#### Assets

#### ...............................................................................................................................................................
$

959,093

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

2,153

Paid-in

capital

..............................................................................................................................................................................

956,940

#### Net

#### Assets

#### ...............................................................................................................................................................
$

959,093

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

I

(#)

...........................................................................................................................................

$

10.02 Class

I

—

Net

assets

............................................................................................................................................................

$

959,093,208

Class

I

—

Shares

outstanding

..............................................................................................................................................

95,695,120

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

14,169

Dividends

.........................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

14,271

#### Expenses
Advisory

fees

...................................................................................................................................................................

706

Administrative

fees

..........................................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

1,160

Expense

reductions

..........................................................................................................................................................

(55) Net

expenses

................................................................................................................................................................................

1,105

Net

investment

income

(loss)

.......................................................................................................................................................

13,166

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(196) Net

realized

gain

(loss)

................................................................................................................................................................

(196) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(1,768)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(1,768)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(1,964)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

11,202

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

13,166

Net

realized

gain

(loss)

................................................................................................................

(196) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(1,768)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

11,202

#### Distributions
To

shareholders

............................................................................................................................

(9,049)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(9,049)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

956,940

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
959,093

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

959,093

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

I

Proceeds

from

shares

sold

98,474

$

984,74

Proceeds

from

reinvestment

of

distributions

905

9,0

Payments

for

shares

redeemed

(3,684)

(36,855)

Total

increase

(decrease)

95,695

$

956,940

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Intermediate

Corporate

Bond

Index

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### I

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.14

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.03)

$

Total

from

Investment

Operations

.11

Less

distributions:

–

$

Distributions

from

Net

Investment

Income

(.09)

$

Total

Distributions

(.09)

$

Net

Asset

Value,

End

of

Period

10.02 %

Total

Return

(ǿ)(±)

1.14 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 959,093

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.38

%

Expenses,

Net

(ɯ)(Ƃ)

.36

%

Net

Investment

Income

(ɯ)(Ƃ)

4.29 %

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Domestic

Equities

-

17.4%

Venerable

Large

Cap

Index

Fund

Class

I(Æ)

2,616,197

27,705

Fixed

Income

-

75.2%

Venerable

Bond

Index

Fund

Class

I

4,792,542

47,974

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

7,175,875

71,902

119,876

International

Equities

-

7.5%

Venerable

International

Index

Fund

Class

I(Æ)

1,125,397

11,952

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$157,099)

159,533

#### Total

#### Investments

#### -

#### 100.1%
(cost

$157,099)

159,533

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.1)%
(81) #### Net

#### Assets

#### -

#### 100.0%
159,452

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

159,533

$

—

$

—

$

159,533

Total

Investments

$

159,533

$

—

$

—

$

159,533

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

157,099

Investments,

at

fair

value(>)

........................................................................................................................................................

159,533

Receivables:

Fund

shares

sold

...............................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

159,550

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

159,452

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

3,520

Paid-in

capital

..............................................................................................................................................................................

155,932

#### Net

#### Assets

#### ...............................................................................................................................................................
$

159,452

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

159,533

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.21 Class

V

—

Net

assets

...........................................................................................................................................................

$

159,451,583

Class

V

—

Shares

outstanding

............................................................................................................................................

15,612,266

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

1,099

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

-

Class

V

...............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

Expense

reductions

..........................................................................................................................................................

(42) Net

expenses

................................................................................................................................................................................

Net

investment

income

(loss)

.......................................................................................................................................................

843

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

2,434

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

2,434

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

2,591

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

3,434

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

843

Net

realized

gain

(loss)

................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

2,434

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

3,434

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

156,018

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
159,452

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

159,452

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

16,695

$

166,982

Payments

for

shares

redeemed

(1,083)

(10,964)

Total

increase

(decrease)

15,612

$

156,018

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

.16

$

Total

from

Investment

Operations

.21

$

Net

Asset

Value,

End

of

Period

10.21 %

Total

Return

(ǿ)(±)

2.10 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 159,452

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)(Π)

.58

%

Expenses,

Net

(ɯ)(Π)(Ƃ)

.5

%

Net

Investment

Income

(‡)

(ǿ)

(Ƃ)

.52

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Appreciation

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Appreciation

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Domestic

Equities

-

27.8%

Venerable

Large

Cap

Index

Fund

Class

I(Æ)

12,721,717

134,723

Fixed

Income

-

60.2%

Venerable

Bond

Index

Fund

Class

I

9,693,485

97,032

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

19,360,098

193,988

291,020

International

Equities

-

12.0%

Venerable

International

Index

Fund

Class

I(Æ)

5,472,196

58,115

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$472,473)

483,858

#### Total

#### Investments

#### -

#### 100.0%
(cost

$472,473)

483,858

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(208) #### Net

#### Assets

#### -

#### 100.0%
483,650

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

483,858

$

—

$

—

$

483,858

Total

Investments

$

483,858

$

—

$

—

$

483,858

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Appreciation

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

472,473

Investments,

at

fair

value(>)

........................................................................................................................................................

483,858

Receivables:

Investments

sold

...............................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

484,063

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

483,650

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

14,490

Paid-in

capital

..............................................................................................................................................................................

469,160

#### Net

#### Assets

#### ...............................................................................................................................................................
$

483,650

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

483,858

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.29 Class

V

—

Net

assets

...........................................................................................................................................................

$

483,650,360

Class

V

—

Shares

outstanding

............................................................................................................................................

47,009,632

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Appreciation

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

2,690

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

-

Class

V

...............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

815

Expense

reductions

..........................................................................................................................................................

(26) Net

expenses

................................................................................................................................................................................

789

Net

investment

income

(loss)

.......................................................................................................................................................

1,901

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

862

Net

realized

gain

(loss)

................................................................................................................................................................

862

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

11,385

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

11,385

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

12,247

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

14,148

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Appreciation

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

1,901

Net

realized

gain

(loss)

................................................................................................................

862

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

11,385

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

14,148

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

469,502

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
483,650

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

483,650

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

50,225

$

502,254

Payments

for

shares

redeemed

(3,215)

(32,752)

Total

increase

(decrease)

47,010

$

469,502

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Conservative

Appreciation

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Conservative

#### Appreciation

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

.25

$

Total

from

Investment

Operations

.29

$

Net

Asset

Value,

End

of

Period

10.29 %

Total

Return

(ǿ)

(±)

2.90 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 483,650

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)(Π)

.52

%

Expenses,

Net

(ɯ)(Π)(Ƃ)

.5

%

Net

Investment

Income

(‡)

(ǿ)

(Ƃ)

.38

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Conservative

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Fixed

Income

-

60.2%

Venerable

High

Yield

Fund

Class

I

5,330,458

53,998

Venerable

Strategic

Bond

Fund

Class

I

3,656,715

35,909

89,907

International

Equities

-

39.8%

Venerable

World

Equity

Fund

Class

I(Æ)

5,588,432

59,405

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$145,451)

149,312

#### Total

#### Investments

#### -

#### 100.0%
(cost

$145,451)

149,312

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(8) #### Net

#### Assets

#### -

#### 100.0%
149,304

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

149,312

$

—

$

—

$

149,312

Total

Investments

$

149,312

$

—

$

—

$

149,312

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Conservative

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

145,451

Investments,

at

fair

value(>)

........................................................................................................................................................

149,312

Cash

..............................................................................................................................................................................................

Receivables:

Fund

shares

sold

...............................................................................................................................................................

From

affiliates

..................................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

149,354

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

149,304

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

5,233

Paid-in

capital

..............................................................................................................................................................................

144,071

#### Net

#### Assets

#### ...............................................................................................................................................................
$

149,304

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

149,312

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.35 Class

V

—

Net

assets

...........................................................................................................................................................

$

149,304,029

Class

V

—

Shares

outstanding

............................................................................................................................................

14,425,333

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Conservative

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

1,159

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

-

Class

V

...............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

Expense

reductions

..........................................................................................................................................................

(247) Net

expenses

................................................................................................................................................................................

Net

investment

income

(loss)

.......................................................................................................................................................

1,124

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

3,861

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

3,861

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

4,109

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

5,233

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Conservative

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

1,12

Net

realized

gain

(loss)

................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

3,86

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

5,233

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

144,071

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
149,304

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

149,304

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

15,650

$

156,527

Payments

for

shares

redeemed

(1,225)

(12,456)

Total

increase

(decrease)

14,425

$

144,071

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Conservative

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Conservative

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

S

hare

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/2

#### 5
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.27

$

Total

from

Investment

Operations

.35

$

Net

Asset

Value,

End

of

Period

10.35 %

Total

Return

(ǿ)(±)

3.50 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 149,304

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)(Π)

.59

%

Expenses,

Net

(ɯ)(Π)(Ƃ)

.07

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

.74

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Domestic

Equities

-

59.9%

Venerable

US

Large

Cap

Core

Equity

Fund

Class

I(Æ)

61,926,196

655,179

Venerable

US

Large

Cap

Strategic

Equity

Fund

Class

I

53,041,267

655,060

1,310,239

Fixed

Income

-

40.1%

Venerable

High

Yield

Fund

Class

I

43,327,180

438,904

Venerable

Strategic

Bond

Fund

Class

I

44,463,249

436,629

875,533

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$2,033,772)

2,185,772

#### Total

#### Investments

#### -

#### 100.0%
(cost

$2,033,772)

2,185,772

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(360) #### Net

#### Assets

#### -

#### 100.0%
2,185,412

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

2,185,772

$

—

$

—

$

2,185,772

Total

Investments

$

2,185,772

$

—

$

—

$

2,185,772

For

a

desc

ription

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements

.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

2,033,772

Investments,

at

fair

value(>)

........................................................................................................................................................

2,185,772

Receivables:

Fund

shares

sold

...............................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

2,186,248

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

836

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,185,412

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

339,369

Paid-in

capital

..............................................................................................................................................................................

1,846,043

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,185,412

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

2,185,772

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

11.60 Class

V

—

Net

assets

...........................................................................................................................................................

$

2,185,411,858

Class

V

—

Shares

outstanding

.............................................................................................................................................

188,422,025

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

49,020

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,119

Administrative

fees

..........................................................................................................................................................

2,686

Distribution

fees

-

Class

V

...............................................................................................................................................

6,716

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

10,920

Expense

reductions

..........................................................................................................................................................

(7,081)

Net

expenses

................................................................................................................................................................................

3,839

Net

investment

income

(loss)

.......................................................................................................................................................

45,181

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

125,758

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

16,675

Net

realized

gain

(loss)

................................................................................................................................................................

142,433

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

76,431

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

76,431

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

218,864

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

264,045

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Allocation

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### Period

#### Ended

#### December

#### 31,

#### 2024
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

45,18

$

9,373

Net

realized

gain

(loss)

................................................................................................................

2,

11,362

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

76,431

75,569

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

264,045

96,304

#### Distributions
To

shareholders

Class

V

.....................................................................................................................................

(20,980)

—

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(20,980)

—

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(427,393)

2,273,436

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(184,328)

2,369,740

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

2,369,740

—

End

of

period

......................................................................................................................................

$

2,185,412

$

2,369,740

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

December

31,

2025

and

December

31,

2024

were

as

follows:

#### 2025

#### 2024
(1) #### Shares

#### Dollars

#### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

$

4,340

250,616

$

2,507,576

Proceeds

from

reinvestment

of

distributions

1,975

20,980

—

—

Payments

for

shares

redeemed

(42,014)

(452,713)

(22,536)

(234,140)

Total

increase

(decrease)

(39,658)

$

(427,393)

228,080

$

2,273,436

(1) For

the

period

September

4,

2024

(commencement

of

operations)

to

December

31,

2024. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### V

#### 12/31/25

#### 12/31/24
(ſ)

#### Per-Share

#### Data
–

–

$

Net

Asset

Value,

Beginning

of

Period

10.39 10.00 Income

(loss)

from

investment

operations:

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.2

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.0 9

.35

$

Total

from

Investment

Operations

1.31 .39

Less

distributions:

–

–

$

Distributions

from

Net

Investment

Income

(.05)

—

$

Distributions

from

Net

Realized

Gain

(.05)

—

$

Total

Distributions

(.10)

—

$

Net

Asset

Value,

End

of

Period

11.60 10.39 %

Total

Return

(ǿ)(±)

12.64 3.90 –

–

#### Ratios/Supplemental

#### Data
–

–

$

Net

Assets,

End

of

Period

(000) 2,185,412

2,369,740

Ratio

to

average

net

assets:

–

–

%

Expenses,

Gross

(ɯ)(Π)

.49

.50

%

Expenses,

Net

(ɯ)(Π)(Ƃ)

.17

.16

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

2. 02

.38

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Appreciation

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Domestic

Equities

-

42.0%

Venerable

Large

Cap

Index

Fund

Class

I(Æ)

39,995,654

423,554

Fixed

Income

-

39.9%

Venerable

Bond

Index

Fund

Class

I

10,060,819

100,709

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

30,160,678

302,210

402,919

International

Equities

-

18.1%

Venerable

International

Index

Fund

Class

I(Æ)

17,168,504

182,329

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$973,853)

1,008,802

#### Total

#### Investments

#### -

#### 100.0%
(cost

$973,853)

1,008,802

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(412) #### Net

#### Assets

#### -

#### 100.0%
1,008,390

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

1,008,802

$

—

$

—

$

1,008,802

Total

Investments

$

1,008,802

$

—

$

—

$

1,008,802

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

973,853

Investments,

at

fair

value(>)

........................................................................................................................................................

1,008,802

Receivables:

Investments

sold

...............................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,009,162

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

772

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,008,390

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

39,710

Paid-in

capital

..............................................................................................................................................................................

968,680

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,008,390

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

1,008,802

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.39 Class

V

—

Net

assets

...........................................................................................................................................................

$

1,008,389,865

Class

V

—

Shares

outstanding

............................................................................................................................................

97,078,611

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

3,721

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

-

Class

V

...............................................................................................................................................

968

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

1,640

Expense

reductions

..........................................................................................................................................................

(19) Net

expenses

................................................................................................................................................................................

1,621

Net

investment

income

(loss)

.......................................................................................................................................................

2,100

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

1,929

Net

realized

gain

(loss)

................................................................................................................................................................

1,929

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

34,949

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

34,949

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

36,878

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

38,978

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

2,100

Net

realized

gain

(loss)

................................................................................................................

1,929

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

34,949

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

38,978

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

969,412

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,008,390

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

1,008,390

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

103,122

$

1,031,233

Payments

for

shares

redeemed

(6,043)

(61,821)

Total

increase

(decrease)

97,079

$

969,412

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Moderate

Appreciation

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Moderate

#### Appreciation

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

S

hare

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

.37

$

Total

from

Investment

Operations

.39

$

Net

Asset

Value,

End

of

Period

10.39 %

Total

Return

(ǿ)(±)

3.90 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 1,008,390

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)(Π)

.51

%

Expenses,

Net

(ɯ)(Π)(Ƃ)

.5

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

.20

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Moderate

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Moderate

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Fixed

Income

-

39.9%

Venerable

High

Yield

Fund

Class

I

6,009,353

60,875

Venerable

Strategic

Bond

Fund

Class

I

9,227,188

90,611

151,486

International

Equities

-

60.1%

Venerable

World

Equity

Fund

Class

I(Æ)

21,500,388

228,549

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$366,002)

380,035

#### Total

#### Investments

#### -

#### 100.0%
(cost

$366,002)

380,035

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(60) #### Net

#### Assets

#### -

#### 100.0%
379,975

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

380,035

$

—

$

—

$

380,035

Total

Investments

$

380,035

$

—

$

—

$

380,035

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Moderate

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Moderate

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

366,002

Investments,

at

fair

value(>)

........................................................................................................................................................

380,035

Receivables:

Investments

sold

...............................................................................................................................................................

852

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

380,910

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

852

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

935

#### Net

#### Assets

#### ...............................................................................................................................................................
$

379,975

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

16,216

Paid-in

capital

..............................................................................................................................................................................

363,759

#### Net

#### Assets

#### ...............................................................................................................................................................
$

379,975

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

380,035

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.43 Class

V

—

Net

assets

...........................................................................................................................................................

$

379,975,128

Class

V

—

Shares

outstanding

............................................................................................................................................

36,426,629

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Moderate

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Moderate

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

................................................................................................................................

$

1,788

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

–

Class

V

..............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

653

Expense

reductions

..........................................................................................................................................................

(397) Net

expenses

................................................................................................................................................................................

Net

investment

income

(loss)

.......................................................................................................................................................

1,532

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

651

Net

realized

gain

(loss)

................................................................................................................................................................

651

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

14,033

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

14,033

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

14,684

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

16,216

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Moderate

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Moderate

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

1,532

Net

realized

gain

(loss)

................................................................................................................

651

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

14,033

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

16,216

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

363,759

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
379,975

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

379,975

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

38,637

$

386,372

Payments

for

shares

redeemed

(2,210)

(22,613)

Total

increase

(decrease)

36,427

$

363,759

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Moderate

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Moderate

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

.39

$

Total

from

Investment

Operations

.43

$

Net

Asset

Value,

End

of

Period

10.43 %

Total

Return

(ǿ)(±)

4.30 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 379,975

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)(Π)

.54

%

Expenses,

Net

(ɯ)(Π)(Ƃ)

.

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

.40

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Appreciation

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Domestic

Equities

-

52.5%

Venerable

Large

Cap

Index

Fund

Class

I(Æ)

77,988,674

825,900

Fixed

Income

-

24.9%

Venerable

Intermediate

Corporate

Bond

Index

Fund

Class

I

38,998,468

390,764

International

Equities

-

22.6%

Venerable

International

Index

Fund

Class

I

(Æ)

33,499,131

355,761

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$1,504,859)

1,572,425

#### Total

#### Investments

#### -

#### 100.0%
(cost

$1,504,859)

1,572,425

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(635) #### Net

#### Assets

#### -

#### 100.0%
1,571,790

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

1,572,425

$

—

$

—

$

1,572,425

Total

Investments

$

1,572,425

$

—

$

—

$

1,572,425

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements

.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,504,859

Investments,

at

fair

value(>)

........................................................................................................................................................

1,572,425

Receivables:

Investments

sold

...............................................................................................................................................................

664

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,573,177

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

664

Accrued

fees

to

affiliates

..................................................................................................................................................

637

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

1,387

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,571,790

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

,

Paid-in

capital

..............................................................................................................................................................................

1,49

,

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,571,790

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

1,572,425

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.46 Class

V

—

Net

assets

...........................................................................................................................................................

$

1,571,790,163

Class

V

—

Shares

outstanding

.............................................................................................................................................

150,229,378

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividend

distribution

s

from

affiliated

funds

................................................................................................................................

$

3,678

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

603

Distribution

fees

-

Class

V

...............................................................................................................................................

1,507

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Total

expenses

..............................................................................................................................................................................

2,523

Net

investment

income

(loss)

.......................................................................................................................................................

1,155

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

3,473

Net

realized

gain

(loss)

................................................................................................................................................................

3,473

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

67,566

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

67,566

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

71,039

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

72,194

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

1,155

Net

realized

gain

(loss)

................................................................................................................

3,473

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

67,566

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

72,194

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

1,499,596

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,571,790

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

1,571,790

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

159,787

$

1,597,867

Payments

for

shares

redeemed

(9,558)

(98,271)

Total

increase

(decrease)

150,229

$

1,499,596

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

Appreciation

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### Appreciation

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)

.01

$

Net

Realized

and

Unrealized

Gain

(Loss)

.45

$

Total

from

Investment

Operations

.46

$

Net

Asset

Value,

End

of

Period

10.46 %

Total

Return

(ǿ)(±)

4.60 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 1,571,790

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)(Π)

.50

%

Expenses,

Net

(ɯ)(Π)

.50

%

Net

Investment

Income

(‡)(ǿ)

.07

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Appreciation

#### Allocation

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Appreciation

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

H2

#### Number

#### of

#### Shares
H2

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Fixed

Income

-

24.8%

Venerable

High

Yield

Fund

Class

I

3,754,363

38,032

Venerable

Strategic

Bond

Fund

Class

I

5,745,732

56,423

94,455

International

Equities

-

75.2%

Venerable

World

Equity

Fund

Class

I(Æ)

26,886,470

285,803

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$363,015)

380,258

#### Total

#### Investments

#### -

#### 100.0%
(cost

$363,015)

380,258

#### Other

#### Assets

#### net

#### of

#### Liabilities

#### -

#### (0.0)%
(46) #### Net

#### Assets

#### -

#### 100.0%
380,212

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Investments

in

Affiliated

Funds

$

380,258

$

—

$

—

$

380,258

Total

Investments

$

380,258

$

—

$

—

$

380,258

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements

.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Appreciation

Allocation

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### December

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

363,015

Investments,

at

fair

value(>)

........................................................................................................................................................

380,258

Receivables:

Investments

sold

...............................................................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

380,668

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

380,212

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

18,812

Paid-in

capital

..............................................................................................................................................................................

361,400

#### Net

#### Assets

#### ...............................................................................................................................................................
$

380,212

(>)

Investments

in

affiliated

funds

............................................................................................................................................

$

380,258

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

V

(#)

..........................................................................................................................................

$

10.50 Class

V

—

Net

assets

...........................................................................................................................................................

$

380,212,054

Class

V

—

Shares

outstanding

.............................................................................................................................................

36,195,071

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

outstanding.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Appreciation

Allocation

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividend

distribution

s

from

affiliated

funds

................................................................................................................................

$

1,108

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Distribution

fees

–

Class

V

..............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Offering

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

649

Expense

reductions

..........................................................................................................................................................

(448) Net

expenses

................................................................................................................................................................................

Net

investment

income

(loss)

.......................................................................................................................................................

907

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

662

Net

realized

gain

(loss)

................................................................................................................................................................

662

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

17,243

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

17,243

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

17,905

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

18,812

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. #### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Appreciation

#### Allocation

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Appreciation

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### December

#### 31,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

907

Net

realized

gain

(loss)

................................................................................................................

662

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

17,243

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

18,812

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

361,400

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
380,212

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

380,212

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

December

31,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Class

V

Proceeds

from

shares

sold

38,081

$

380,809

Payments

for

shares

redeemed

(1,886)

(19,409)

Total

increase

(decrease)

36,195

$

361,400

(1) For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Venerable

World

Appreciation

Allocation

Fund

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Venerable

#### World

#### Appreciation

#### Allocation

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

S

hare

Outstanding

Throughout

the

Period.

#### Class

#### V

#### 12/31/25
(£)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

10.00 Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

.47

$

Total

from

Investment

Operations

.50

$

Net

Asset

Value,

End

of

Period

0.50 %

Total

Return

(ǿ)(±)

5.00 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 380,212

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)(Π)

.54

%

Expenses,

Net

(ɯ)(Π)(Ƃ)

.1

%

Net

Investment

Income

(‡)(ǿ)(Ƃ)

.24

%

Portfolio

Turnover

Rate

(ǿ)

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Schedules

#### of

#### Investments

#### —

#### December

#### 31,

#### 2025
Notes

to

Schedules

of

Investments

#### Footnotes:

#### Abbreviations:

#### Foreign

#### Currency

#### Abbreviations:
(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust.

(ç)

At

amortized

cost,

which

approximates

fair

value

–

due

within

days.

(ž)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(Þ)

Restricted

security.

Rule

144A

security

not

registered

under

the

Securities

Act

of

1933. (Ÿ)

Rate

noted

is

dividend

yield

at

period

end.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

entered

into

by

the

Fund.

(Š)

Value

was

determined

using

significant

unobservable

inputs.

Security

is

classified

as

Level

in

the

Fund's

fair

vale

hierarchy.

(~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

or

other

contractual

arrangements.

ADR

–

American

Depositary

Receipt

CME

–

Chicago

Mercantile

Exchange

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

–

European

Economic

and

Monetary

Union

GDR

–

Global

Depositary

Receipt

REMIC

–

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STRIPS

–

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

TBA

–

To

Be

Announced

Security

UK

–

United

Kingdom

USD

-

United

States

dollar

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

EUR

-

Euro

INR

-

Indian

rupee

JPY

-

Japanese

yen

GBP

-

British

pound

sterling

SEK

-

Swedish

krona

TWD

-

Taiwanese

dollar

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### December

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Notes

to

Financial

Highlights

(ſ)

For

the

period

September

4,

2024

(commencement

of

operations)

to

December

31,

2024. (℔)

For

the

period

August

8,

2025

(commencement

of

operations)

to

December

31,

2025. (£)

For

the

period

September

5,

2025

(commencement

of

operations)

to

December

31,

2025. (℈)

For

the

period

September

12,

2025

(commencement

of

operations)

to

December

31,

2025. (‡)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(Ƃ)

Reflects

amounts

waived

and/or

reimbursed

by

Venerable

Investment

Advisers,

LLC

("VIA")

and

Russell

Investments

Financial

Services,

LLC. (ǿ)

The

amounts

for

periods

less

than

one

year

are

not

annualized.

(±)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges

for

which

the

Funds

serve

as

an

underlying

investment

vehicle.

If

total

return

had

taken

these

into

account,

performance

would

have

been

lower.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

Historical

ratios

are

reflective

of

current

practice.

(Ɵ)

Less

than

$.01

per

share.

(Π)

The

calculation

includes

only

those

expenses

charged

directly

to

the

Fund

and

does

not

include

expenses

charged

to

the

Underlying

Funds

in

which

the

Fund

invests.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

1. #### Organization
Venerable

Variable

Insurance

Trust

(the

"Trust")

was

organized

as

a

Delaware

statutory

trust

on

October

2,

2023

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

As

of

December

31,

2025,

the

Trust

offered

twenty-one

different

investment

portfolios

(each

a

"Fund"

and

collectively,

the

"Funds").

Each

Fund's

shares

are

offered

at

net

asset

value

("NAV")

to

qualified

insurance

company

separate

accounts

serving

as

investment

options

under

variable

insurance

products.

Venerable

Investment

Advisers,

LLC

("VIA"

or

the

"Adviser"),

a

wholly-owned

subsidiary

of

Venerable

Holdings,

Inc.,

serves

as

the

investment

adviser

to

the

Funds.

VIA

oversees

all

investment

advisory

and

portfolio

management

services.

The

Adviser

acts

as

a

manager

of

managers

and

makes

recommendations

with

respect

to

the

selection

and

continued

employment

of

the

sub-advisers

to

manage

the

Funds'

assets.

The

Adviser

performs

diligence

on

and

monitors

the

sub-advisers

and

reviews

investment

performance

and

adherence

to

compliance

procedures.

The

Funds

are

authorized

to

issue

shares

of

beneficial

interest

in

one

or

more

classes.

Certain

of

the

Funds

currently

offer

two

classes

of

shares:

Class

V

and

Class

I. Class

V

is

subject

to

a

Rule

12b-1

distribution

fee

while

Class

I

is

not

subject

to

a

Rule

12b-1

fee.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

fiscal

period

ended

December

31,

2025. 2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies

under

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services

–

Investment

Companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

Topic

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

("CODM")

to

assess

performance

and

make

resource

allocation

decisions.

VIA

serves

as

the

CODM.

Since

VIA

evaluates

the

performance

of

each

Fund

holistically

as

outlined

in

the

Fund's

prospectus,

each

Fund

is

a

single

reporting

segment.

VIA

uses

the

holdings

composition

data,

total

returns,

Fund

expense

information,

and

share

transactions

presented

in

the

Funds'

financial

statements

to

assess

the

single

segment

performance

and

make

resource

allocation

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

Segment

assets

and

significant

segment

expenses

are

reflected

in

each

Funds'

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

of

Trustees

("the

Board")

has

designated

VIA

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

under

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Funds

have

the

ability

to

access.

Level

—

Observable

inputs

other

than

quoted

prices

included

in

Level

that

are

observable,

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

in

an

inactive

market,

prices

for

similar

instruments

in

markets

that

are

active,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Level

—

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

and

Level

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

Exchange

Traded

Funds

("ETFs"),

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

Equity

securities

and

ETFs

traded

on

the

NASDAQ

are

valued

in

accordance

with

the

NASDAQ

Official

Closing

Price,

which

may

not

be

the

last

sale

price.

If

on

a

particular

day

an

equity

security

or

ETF

does

not

trade,

then

the

mean

between

the

bid

and

ask

prices

is

used,

which

approximates

fair

value.

Securities

listed

on

a

foreign

exchange

are

valued

at

the

official

close

price

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

if

applicable.

Foreign

equity

securities

for

which

an

official

close

price

is

not

available

are

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

closing

NAV.

Investments

in

government

money

market

funds

have

a

stable

NAV.

U.S.

government

and

agency

securities

are

valued

at

the

evaluated

bid

price,

which

approximates

fair

value.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers'

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

NAV

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Investments

in

mutual

funds

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Short-term

investments

having

a

maturity

of

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

("OTC")

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

Secured

Overnight

Financing

Rate

("SOFR")

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

Fund

securities

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund's

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

in

U.S.

markets

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

and

2. The

NAV

of

a

Fund's

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

Level

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

VIA

and

are

categorized

as

Level

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

VIA

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund's

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

VIA

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund's

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

VIA

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

VIA

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

VIA

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

VIA

may

also

utilize

the

Funds'

sub-administrator

to

assist

with

the

determination

of

the

hierarchy

level

for

fair

values

securities

and

in

completing

the

required

financial

reporting

disclosure

for

Level

fair

value

securities.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

For

the

period

ended

December

31,

2025,

the

Funds

had

no

transfers

into

or

out

of

Level

of

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred

within

a

particular

Fund.

Investment

Income

Dividend

income

is

recorded on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management's

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Funds

classify

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

Losses

realized

on

principal

paydowns

may

result

in

negative

interest

income

on

the

Fund's

Statement

of

Operations

if

there

is

insufficient

interest

income

to

offset

such

losses.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Payment-in-kind

(PIK)

interest

is

accrued

and

recorded

as

income

when

earned.

For

PIK

securities,

interest

is

added

to

the

principal

balance

of

the

security

and

is

recognized

as

non-cash

income.

For

the

period

ended

December

31,

2025,

the

Venerable

High

Yield

Bond

Fund

earned

$145,088

in

PIK

interest

income.

Federal

Income

Taxes

The

Trust

consists

of

multiple

Funds

each

of

which

for

federal

income

tax

purposes

is

treated

separately

from

any

other.

Each

Fund

intends

to

elect

and

expects

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code").

If

a

Fund

so

qualifies,

it

will

not

be

subject

to

federal

income

tax

on

the

portion

of

its

income

and

gains

that

it

distributes

to

shareholders.

Each

Fund

intends

to

comply

with

the

diversification

requirements

of

Section

817(h)

of

the

Code

and

the

Treasury

regulations

promulgated

thereunder

such

that

the

owners

of

Variable

Contracts

should

not

currently

be

subject

to

federal

income

tax

on

distributions

by

a

Fund

of

its

net

investment

income

and

net

realized

capital

gains

that

are

left

to

accumulate

in

the

contracts

or

under

a

qualified

pension

or

retirement

plan.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds'

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

The

Funds

have

analyzed

the

tax

positions

taken

or

expected

to

be

taken

on

the

Funds'

federal

income

tax

return

from

the

period

from

January

1,

2025

through

the

period

ended

December

31,

2025,

and

have

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Funds'

financial

statements.

If

applicable,

the

Funds

recognize

interest

accrued

on

unrecognized

tax

benefits

in

interest

expense

and

penalties

in

other

expenses

on

the

Statement

of

Operations.

During

the

period

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

from

January

1,

2025

through

December

31,

2025,

the

Funds

did

not

incur

any

interest

or

tax

penalties.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Income

Taxes

Paid

The

Funds

did

not

pay

any

federal,

state,

or

local

taxes

during

the

period

ended

December

31,

2025. Additionally,

the

Funds

did

not

pay

any

material

foreign

income

taxes

during

the

period

ended

December

31,

2025. Accordingly,

no

disaggregated

disclosure

of

income

taxes

paid

by

jurisdiction

has

been

presented.

Dividends

and

Distributions

to

Shareholders

Each

Fund

intends

to

pay

dividends

at

least

annually

from

its

net

investment

income.

Capital

gains,

if

any,

may

be

paid

at

least

annually.

A

Fund

may

distribute

dividends

and

capital

gains

more

frequently,

if

necessary,

in

order

to

reduce

or

eliminate

federal

excise

or

income

taxes

on

the

Fund.

The

amount

of

any

distribution

will

vary,

and

there

is

no

guarantee

a

Fund

will

pay

either

dividends

or

capital

gain

distributions.

Dividends

and

distributions

from

a

Fund

will

be

automatically

reinvested

in

shares

of

that

Fund

unless

the

shareholder

elects

to

receive

distributions

in

cash.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

futures,

forward

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

amortization

of

premium

for

certain

debt

instruments,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Expenses

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

VIA,

the

Funds'

adviser

and

administrator.

Most

expenses

can

be

directly

attributed

to

the

individual

Funds.

Expenses

which

cannot

be

directly

attributed

to

a

specific

Fund

are

allocated

among

all

Funds

principally

based

on

their

relative

net

assets.

Cash

Cash

consists

of

U.S.

dollar

and

foreign

currency

deposits

held

at

the

Funds'

custodian

or

sub-custodians.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a) Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b) Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds'

books

and

the U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

among

others,

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds'

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

purposes

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

operational

risk,

legal

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange's

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

insolvency

risk

of

the

broker

with

respect

to

any

margin

held

in

the

broker's

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-

traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

receivables

for

variation

margin

on

futures

contracts

and

payables

for

variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

investments

at

fair

value

(securities)

or

receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities

as

due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

The

following

table

lists

the

fair

values

of

the

Funds'

derivative

holdings in

the

Statement

of

Assets

and

Liabilities as

of

December

31,

2025

and

the

net

realized

and

unrealized

gain

(loss)

included

in

the

Statement

of

Operations

during

the

current

period,

categorized

by

contract

type

and

risk

exposure.

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets
Variation

margin

on

futures

contracts\*

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

869

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets
Variation

margin

on

futures

contracts\*

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

5,161

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

1,503

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities
$

Variation

margin

on

futures

contracts\*

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

(101) #### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets
Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts\*

—

Total

$

$

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

—

Variation

margin

on

futures

contracts\*

$

$

—

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

$

—

Forward

foreign

currency

exchange

contracts

—

(26) Total

$

$

(26) #### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

(35) $

—

Forward

foreign

currency

exchange

contracts

—

Total

$

(35) $

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Venerable

#### World

#### Equity

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets
Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts\*

—

Total

$

$

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

—

Variation

margin

on

futures

contracts\*

$

2,437

$

—

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

—

953

Total

$

2,437

$

953

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

$

—

Forward

foreign

currency

exchange

contracts

—

Total

$

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

(2,236)

$

—

Forward

foreign

currency

exchange

contracts

—

(879) Total

$

(2,236)

$

(879) #### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

721

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets
Variation

margin

on

futures

contracts\*

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

3,151

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

1,197

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Financial

derivative

instruments

outstanding

as

of

period

end

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

table,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

("FX

contracts").

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

facilitate

settlement

of

securities

transactions

and

may

enter

into

these

contracts

in

order

to

"lock

in"

the

U.S.

dollar

price

of

a

security

that

they

plan

to

buy

or

sell.

Certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

Certain

Funds

may

also

purchase

or

sell

foreign

currencies,

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities
$

Variation

margin

on

futures

contracts\*

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

(242) #### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

(113) #### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Venerable

#### Small

#### Cap

#### Index

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities
$

Variation

margin

on

futures

contracts\*

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

(136) #### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Venerable

#### International

#### Index

#### Fund

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets
Variation

margin

on

futures

contracts\*

$

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### realized

#### gain
(loss)

Futures

contracts

$

1,163

#### Location:

#### Statement

#### of

#### Operations

#### -

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

Futures

contracts

$

\*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

mainly

through

the

use

of

forward

currency

contracts

or

currency

futures

contracts,

for

speculative

purposes

based

on

judgments

regarding

the

direction

of

the

market

for

a

particular

foreign

currency

or

currencies.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

December

31,

2025,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds'

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

December

31,

2025,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

Mortgage-Related

and

Other

Asset-Backed

Securities

Certain

Funds

may

invest

in

mortgage

or

other

asset-backed

securities

("ABS").

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

("agency

mortgages")

or

those

issued

by

private

entities

("non-

agency

mortgages").

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

("CMO"),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

Forward

Commitments

Certain

Funds

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated.

A

Fund

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

Certain

Funds

may

also

invest

in

to-be-announced

("TBA")

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-

backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

A

Fund

may

enter

into

TBA

commitments

to

purchase

securities

and/or

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

securities

it

owns

under

delayed

delivery

arrangements,

or

take

a

short

position

in

mortgage-backed

securities.

Due

to

timing

differences,

TBAs

may

be

reflected

as

Securities

Sold

Short

in

the

Schedule

of

Investments.

The

actual

principal

amount

and

maturity

date

will

be

#### Funds

#### Strategies
Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

International

Index

Fund

Return

enhancement,

hedging

purposes,

exposing

cash

to

markets,

and

trade

settlement

Return

enhancement,

hedging

purposes,

exposing

cash

to

markets,

and

trade

settlement

Trade

settlement

#### Funds

#### Strategies
Venerable

US

Large

Cap

Core

Equity

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

US

Small

Cap

Fund

Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

Strategic

Bond

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Small

Cap

Index

Fund

Venerable

International

Index

Fund

Exposing

cash

to

markets

Exposing

cash

to

markets

Exposing

cash

to

markets

Return

enhancement,

hedging

purposes,

and

exposing

cash

to

markets

Return

enhancement,

hedging

purposes,

and

exposing

cash

to

markets

Hedging

purposes

Exposing

cash

to

markets

and

trade

settlement

Exposing

cash

to

markets

Exposing

cash

to

markets

Exposing

cash

to

markets

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

"good

delivery"

standards.

These

transactions

involve

a

commitment

by

a

Fund

to

purchase

securities

for

a

predetermined

price

or

yield

with

payment

and

delivery

taking

place

more

than

three

days

in

the

future,

or

after

a

period

longer

than

the

customary

settlement

period

for

that

type

of

security.

No

interest

will

be

earned

by

a

Fund

on

such

purchases

until

the

securities

are

delivered;

however,

the

market

value

may

change

prior

to

delivery.

Inflation-Indexed

Bonds

Certain

Funds

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

("TIPS").

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments,

in

the

form

of

investment

income,

rise

with

inflation

and

fall

with

deflation.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

below

table.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

$

—

$

—

$

Total

$

$

—

$

—

$

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

^Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

3. #### Investment

#### Transactions
Securities

During

the

period

ended

December

31,

2025,

the

Funds'

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

and

in-kind

transactions)

were

as

follows:

#### Venerable

#### World

#### Equity

#### Fund

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Derivative

#### Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(49) —

(49) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

Total

$

$

$

—

$

#### Venerable

#### World

#### Equity

#### Fund

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

$

953

$

—

$

953

Total

Financial

and

Derivative

Liabilities

953

—

953

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(951) —

(951) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

—

Total

$

$

$

—

$

—

#### Funds

#### Purchases

#### Sales
Venerable

US

Large

Cap

Core

Equity

Fund

$

693,575,915

$

76,069,031

Venerable

US

Large

Cap

Strategic

Equity

Fund

1,834,805,542

3,196,678,983

Venerable

US

Small

Cap

Fund

166,139,693

33,867,766

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

During

the

period

ended

December

31,

2025,

the

Funds'

purchases

and

sales

of

U.S.

government

and

agency

obligations

(excluding

short-term

investments,

and

in-kind

transactions)

were

as

follows:

During

the

period

ended

December

31,

2025,

the

Funds'

in-kind

purchases

and

sales

of

investment

securities

were

as

follows:

4. #### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Adviser

and

Administrator

The

Adviser

oversees

all

investment

advisory

and

portfolio

management

services.

In

addition,

the

Adviser

makes

recommendations

with

respect

to

the

selection

and

continued

employment

of

the

sub-advisers

to

manage

the

Funds'

assets,

performs

diligence

on

and

monitors

the

sub-advisers

and

reviews

investment

performance

and

adherence

to

compliance

procedures.

The

Adviser

pays

each

sub-adviser's

fees

out

of

the

advisory

fee

paid

by

the

respective

Fund

to

the

Adviser.

The

remainder

of

the

advisory

fee

is

retained

by

the

Adviser

as

compensation.

From

its

sub-advisory

fees

received

from

the

Adviser,

Franklin

Advisers,

Inc.,

a

sub-adviser

to

certain

Funds,

pays

all

fees

to

the

non-discretionary

sub-advisers

for

their

investment

advisory

services.

The

Adviser

also

serves

as

the

administrator

of

the

Trust.

The

Adviser

provides

the

Funds

with

office

space,

equipment,

and

the

personnel

necessary

to

operate

and

administer

the

Funds'

business.

The

Adviser

furnishes,

or

arranges

for

others

to

furnish,

custodial,

fund

accounting,

transfer

agency

and

certain

fund

administration

services.

Each

Fund

is

responsible

for

bearing

all

other

operating

expenses.

Each

of

the

Funds

pays

the

following

annual

advisory

fee

directly

to

VIA,

billed

monthly

on

a

pro

rata

basis

and

calculated

as

a

specified

percentage

of

the

average

daily

net

assets

of

each

of

the

Funds.

The

annual

administrative

fee

specified

in

the

table

below

is

based

on

the

average

daily

net

assets

of

the

Funds

and

is

payable

monthly

to

VIA.

#### Funds

#### Purchases

#### Sales
Venerable

Emerging

Markets

Equity

Fund

146,770,998

19,064,444

Venerable

World

Equity

Fund

1,059,753,078

362,834,513

Venerable

High

Yield

Fund

363,803,086

276,359,409

Venerable

Strategic

Bond

Fund

396,017,345

,

,

631

Venerable

Large

Cap

Index

Fund

1,469,466,399

721,561,700

Venerable

Mid

Cap

Index

Fund

611,308,001

632,388,613

Venerable

Small

Cap

Index

Fund

30,406,172

17,168,496

Venerable

International

Index

Fund

610,133,305

50,861,222

Venerable

Bond

Index

Fund

122,049,236

15,625,881

Venerable

Intermediate

Corporate

Bond

Index

Fund

1,050,086,047

107,655,967

Venerable

Conservative

Allocation

Fund

168,070,765

11,128,863

Venerable

Conservative

Appreciation

Allocation

Fund

504,944,533

33,333,503

Venerable

World

Conservative

Allocation

Fund

157,686,311

12,483,357

Venerable

Moderate

Allocation

Fund

808,525,474

1,195,007,096

Venerable

Moderate

Appreciation

Allocation

Fund

1,034,901,734

62,977,660

Venerable

World

Moderate

Allocation

Fund

388,159,811

22,809,266

Venerable

Appreciation

Allocation

Fund

1,601,544,695

100,158,452

Venerable

World

Appreciation

Allocation

Fund

381,917,210

19,564,535

#### Funds

#### Purchases

#### Sales
Venerable

Strategic

Bond

Fund

$

2,116,188,634

$

2,069,520,525

Venerable

Bond

Index

Fund

352,807,052

91,334,885

#### Funds

#### Purchases

#### Sales
Venerable

World

Equity

Fund

$

305,374,008

$

—

Venerable

Mid

Cap

Index

Fund

1,076,514,050

—

Venerable

Small

Cap

Index

Fund

209,495,703

—

Venerable

International

Index

Fund

404,091,811

—

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

December

31,

2025:

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

(the

"Transfer

Agent")

serves

as

the

transfer

and

dividend

disbursing

agent

for

the

Trust.

The

Transfer

Agent

does

not

earn

a

fee

for

this

service.

#### Annual

#### Rate

#### Funds

#### Advisory

#### (%)

#### Administration

#### (%)
Venerable

US

Large

Cap

Core

Equity

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

US

Small

Cap

Fund

Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Small

Cap

Index

Fund

Venerable

International

Index

Fund

Venerable

Bond

Index

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

Conservative

Allocation

Fund

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

World

Conservative

Allocation

Fund

Venerable

Moderate

Allocation

Fund

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

World

Moderate

Allocation

Fund

Venerable

Appreciation

Allocation

Fund

Venerable

World

Appreciation

Allocation

Fund

0.60 0.60 0.85 1.01 0.75 0.65 0.45 0.15 0.26 0.31 0.30 0.23 0.23 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.10 0.10 0.10 0.10 0.10 0.10 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 #### Funds

#### Advisory

#### Administrative
Venerable

US

Large

Cap

Core

Equity

Fund

$

1,294,602

$

258,920

Venerable

US

Large

Cap

Strategic

Equity

Fund

19,915,137

3,983,027

Venerable

US

Small

Cap

Fund

363,662

51,341

Venerable

Emerging

Markets

Equity

Fund

422,286

50,173

Venerable

World

Equity

Fund

2,599,960

415,994

Venerable

High

Yield

Fund

3,974,174

733,694

Venerable

Strategic

Bond

Fund

7,912,623

2,110,033

Venerable

Large

Cap

Index

Fund

5,557,152

3,704,768

Venerable

Mid

Cap

Index

Fund

840,544

323,286

Venerable

Small

Cap

Index

Fund

221,959

71,600

Venerable

International

Index

Fund

953,671

317,890

Venerable

Bond

Index

Fund

284,139

123,539

Venerable

Intermediate

Corporate

Bond

Index

Fund

706,152

307,023

Venerable

Conservative

Allocation

Fund

25,609

61,463

Venerable

Conservative

Appreciation

Allocation

Fund

78,121

187,491

Venerable

World

Conservative

Allocation

Fund

24,026

57,663

Venerable

Moderate

Allocation

Fund

1,119,278

2,686,268

Venerable

Moderate

Appreciation

Allocation

Fund

161,345

387,228

Venerable

World

Moderate

Allocation

Fund

60,529

145,270

Venerable

Appreciation

Allocation

Fund

251,217

602,921

Venerable

World

Appreciation

Allocation

Fund

60,217

144,522

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Distributor

Russell

Investments

Financial

Services,

LLC

(the

"Distributor")

serves

as

the

Trust's

distributor.

The

Distributor

is

a

wholly-owned

subsidiary

of

Russell

Investment

Management,

LLC. While

the

Distributor

is

entitled

to

the

Rule

12b-1

distribution

fee

from

each

Fund's

Class

V

shares,

the

Distributor

has

agreed

to

waive

receipt

of

all

or

a

portion

of

the

fee

for

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

Venerable

Large

Cap

Index

Fund,

Venerable

High

Yield

Fund,

Venerable

Strategic

Bond

Fund,

and

Venerable

Moderate

Allocation

Fund

until

September

6,

2026,

and

for

the

Venerable

US

Large

Cap

Core

Equity

Fund,

Venerable

Intermediate

Corporate

Bond

Index

Fund,

Venerable

Conservative

Allocation

Fund,

Venerable

Conservative

Appreciation

Allocation

Fund,

Venerable

World

Conservative

Allocation

Fund,

Venerable

Moderate

Appreciation

Allocation

Fund,

Venerable

World

Moderate

Allocation

Fund,

Venerable

Appreciation

Allocation

Fund,

and

Venerable

World

Appreciation

Allocation

Fund

until

September

5,

2027,

and

for

the

Venerable

US

Small

Cap

Fund,

Venerable

Emerging

Markets

Equity

Fund,

Venerable

World

Equity

Fund,

Venerable

Mid

Cap

Index

Fund,

Venerable

Small

Cap

Index

Fund,

Venerable

International

Index

Fund,

and

Venerable

Bond

Index

Fund

until

September

12,

2027

to

the

extent

necessary

to

limit

total

annual

operating

expenses

of

Class

V

shares

to

the

amount

of

the

expense

limitation

for

each

Fund's

Class

V. Expenses

Until

September

6,

2026,

the

Adviser,

Distributor,

and

certain

financial

intermediaries

have

contractually

agreed

to

waive

all

or

a

portion

of

fees

(including

management

fee,

administrative

services

fee,

and

distribution

and

services

fee

(12b-1

fee),

as

applicable)

and/or

reimburse

other

operating

expenses

to

the

extent

necessary

to

limit

the

below

Funds'

total

annual

operating

expenses

(excluding

interest

expenses,

short

sale

expenses,

taxes,

brokerage

commissions,

and

extraordinary

expenses

such

as

litigation

expenses)

to

the

following

annual

rate

based

on

average

daily

net

assets:

Until

September

5,

2027,

the

Adviser,

Distributor,

and

certain

financial

intermediaries

have

contractually

agreed

to

waive

all

or

a

portion

of

fees

(including

management

fee,

administrative

services

fee,

and

distribution

and

services

fee

(12b-1

fee),

as

applicable)

and/or

reimburse

other

operating

expenses

to

the

extent

necessary

to

limit

the

below

Funds'

total

annual

operating

expenses

(excluding

interest

expenses,

short

sale

expenses,

taxes,

brokerage

commissions,

and

extraordinary

expenses

such

as

litigation

expenses)

to

the

following

annual

rate

based

on

average

daily

net

assets:

Until

September

12,

2027,

the

Adviser,

Distributor,

and

certain

financial

intermediaries

have

contractually

agreed

to

waive

all

or

a

portion

of

fees

(including

management

fee,

administrative

services

fee,

and

distribution

and

services

fee

(12b-1

fee),

as

applicable)

and/or

reimburse

other

operating

expenses

to

the

extent

necessary

to

limit

the

below

Funds'

total

annual

operating

expenses

(excluding

interest

expenses,

short

sale

expenses,

taxes,

brokerage

commissions,

and

extraordinary

expenses

such

as

litigation

expenses)

to

the

following

annual

rate

based

on

average

daily

net

assets:

#### Funds

#### Class

#### V

#### (%)

#### Class

#### I

#### (%)
Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Moderate

Allocation

Fund

0.86 0.72 0.80 0.51 0.89 0.75 0.80 0.60 0.28 N/A

#### Funds

#### Class

#### V

#### (%)

#### Class

#### I

#### (%)
Venerable

US

Large

Cap

Core

Equity

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

Conservative

Allocation

Fund

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

World

Conservative

Allocation

Fund

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

World

Moderate

Allocation

Fund

Venerable

Appreciation

Allocation

Fund

Venerable

World

Appreciation

Allocation

Fund

N/A

N/A

0.87 0.91 0.86 0.99 1.00 1.01 1.00 0.75 0.36 N/A

N/A

N/A

N/A

N/A

N/A

N/A

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

In

limiting

a

Fund's

expenses,

the

Distributor's

contractual

waiver

of

the

Fund's

Class

V

Rule

12b-1

fee

will

be

applied

first,

as

applicable.

After

taking

into

account

the

effect

of

any

waiver

by

the

Distributor,

the

Adviser

first

will

waive

its

administrative

services

fee,

then,

if

necessary,

its

advisory

fee,

and,

finally,

reimburse

other

operating

expenses.

Termination

or

modification

of

these

obligations

prior

to

the

termination

date

as

noted

above

requires

approval

by

the

Board.

To

the

extent

these

obligations

terminate

or

are

modified,

a

Fund's

total

annual

operating

expenses

may

increase.

For

the

period

ended

December

31,

2025,

the

total

fee

waivers

were

as

follows:

VIA

and

the

Distributor

do

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

There

were

no

reimbursements

for

the

period

ended

December

31,

2025. Accrued

Fees

Payable

to

Affiliates

Accrued

fees

payable

to

affiliates as

of

December

31,

2025,

were

as

follows:

#### Funds

#### Class

#### V

#### (%)

#### Class

#### I

#### (%)
Venerable

US

Small

Cap

Fund

Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Small

Cap

Index

Fund

Venerable

International

Index

Fund

Venerable

Bond

Index

Fund

0.85 1.44 0.85 0.65 0.68 0.70 0.61 N/A

N/A

0.90 N/A

N/A

0.46 0.36 #### Funds

#### 12b-1

#### Administrative

#### Advisory
Venerable

US

Large

Cap

Core

Equity

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

US

Small

Cap

Fund

Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Small

Cap

Index

Fund

Venerable

International

Index

Fund

Venerable

Bond

Index

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

Conservative

Allocation

Fund

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

World

Conservative

Allocation

Fund

Venerable

Moderate

Allocation

Fund

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

World

Moderate

Allocation

Fund

Venerable

Appreciation

Allocation

Fund

Venerable

World

Appreciation

Allocation

Fund

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —

3,918,073

128,351

59,727

492,064

342,206

1,146,304

1,935,215

171,492

80,073

59,829

42,015

—

41,708

25,816

144,158

6,715,670

18,618

363,176

—

361,305

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,835

8,676

51,341

—

122,559

85,538

6,600

—

—

—

12,873

38,819

55,150

—

—

57,663

365,069

—

33,961

—

86,613

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —

—

61,177

—

—

—

—

—

—

—

—

—

—

—

—

45,329

—

—

—

—

—

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund

#### Venerable

#### US

#### Small

#### Cap

#### Fund

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund

#### Venerable

#### World

#### Equity

#### Fund
Advisory

fees

$

337,589

$

1,463,221

$

86,514

$

119,975

$

719,765

Administrative

fees

65,342

289,656

—

14,255

81,725

Distribution

fees

—

197,452

—

18,351

—

Trustees'

fees

1,439

15,298

569

597

4,406

$

404,370

$

1,965,627

$

87,083

$

153,178

$

805,896

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Board

of

Trustees

The

Board

is

currently

comprised

of

five

(5) Trustees

—

two

Trustees

who

are

"interested

persons"

of

the

Trust

as

defined

under

the

1940

Act

("Interested

Trustees")

and

three

Trustees

who

are

not

"interested

persons"

of

the

Trust

("Independent

Trustees").

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets.

Interested

Trustees

and

the

Trust's

officers

are

not

paid

by

the

Trust.

For

the

period

ended

December

31,

2025,

the

regular

compensation

paid

to

the

Trustees

by

the

Funds

was

$315,000.

Transactions

with

Affiliated

Companies

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

Transactions

(amounts

in

thousands)

during

the

period

ended

December

31,

2025,

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Venerable

#### High

#### Yield

#### Fund

#### Venerable

#### Strategic

#### Bond

#### Fund

#### Venerable

#### Large

#### Cap

#### Index

#### Fund

#### Venerable

#### Mid

#### Cap

#### Index

#### Fund

#### Venerable

#### Small

#### Cap

#### Index

#### Fund
Advisory

fees

$

387,274

$

688,920

$

603,164

$

238,541

$

63,848

Administrative

fees

63,671

181,195

402,109

91,747

20,596

Distribution

fees

—

196,542

619,478

225,121

32,921

Trustees'

fees

1,654

6,082

6,763

3,836

872

$

452,599

$

1,072,739

$

1,631,514

$

559,245

$

118,237

#### Venerable

#### International

#### Index

#### Fund

#### Venerable

#### Bond

#### Index

#### Fund

#### Venerable

#### Intermediate

#### Corporate

#### Bond

#### Index

#### Fund

#### Venerable

#### Conservative

#### Allocation

#### Fund

#### Venerable

#### Conservative

#### Appreciation

#### Allocation

#### Fund
Advisory

fees

$

263,002

$

72,024

$

187,753

$

6,830

$

20,725

Administrative

fees

75,630

20,121

66,167

16,393

49,740

Distribution

fees

81,005

20,401

—

29,747

116,543

Trustees'

fees

3,978

1,753

3,471

742

1,937

$

423,615

$

114,299

$

257,391

$

53,712

$

188,945

#### Venerable

#### World

#### Conservative

#### Allocation

#### Fund

#### Venerable

#### Moderate

#### Allocation

#### Fund

#### Venerable

#### Moderate

#### Appreciation

#### Allocation

#### Fund

#### Venerable

#### World

#### Moderate

#### Allocation

#### Fund

#### Venerable

#### Appreciation

#### Allocation

#### Fund
Advisory

fees

$

—

$

93,449

$

43,087

$

16,228

$

67,175

Administrative

fees

—

178,091

103,408

20,964

161,220

Distribution

fees

—

—

250,551

—

403,049

Trustees'

fees

782

8,732

3,492

1,466

5,096

$

782

$

280,272

$

400,538

$

38,658

$

636,540

#### Venerable

#### World

#### Appreciation

#### Allocation

#### Fund
Advisory

fees

$

16,225

Administrative

fees

6,967

Trustees'

fees

1,483

$

24,675

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions

#### Venerable

#### Conservative

#### Allocation

#### Fund
Venerable

Large

Cap

Index

Fund

$

—

$

29,035

$

2,988

$

$

1,543

$

27,705

$

—

$

—

Venerable

Bond

Index

Fund

—

50,533

2,609

47,974

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

—

75,926

4,170

71,902

681

—

Venerable

International

Index

Fund

—

12,577

1,362

698

11,952

—

—

$

—

$

168,071

$

11,129

$

$

2,434

$

159,533

$

1,099

$

—

#### Venerable

#### Conservative

#### Appreciation

#### Allocation

#### Fund
Venerable

Large

Cap

Index

Fund

$

—

$

140,915

$

14,321

$

623

$

7,506

$

134,723

$

—

$

—

Venerable

Bond

Index

Fund

—

101,107

4,180

97,032

847

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

—

202,361

8,769

193,988

1,843

—

Venerable

International

Index

Fund

—

60,562

6,064

3,393

58,115

—

—

$

—

$

504,945

$

33,334

$

862

$

11,385

$

483,858

$

2,690

$

—

#### Venerable

#### World

#### Conservative

#### Allocation

#### Fund
Venerable

High

Yield

Fund

$

—

$

57,140

$

3,401

$

(10)

$

$

53,998

$

807

$

—

Venerable

Strategic

Bond

Fund

—

38,174

2,344

35,909

—

Venerable

World

Equity

Fund

—

62,372

6,738

3,518

59,405

—

—

$

—

$

157,686

$

12,483

$

$

3,861

$

149,312

$

1,160

$

—

#### Venerable

#### Moderate

#### Allocation

#### Fund
Venerable

US

Large

Cap

Core

Equity

Fund

$

—

$

675,659

$

45,941

$

712

$

24,749

$

655,179

$

—

$

—

Venerable

US

Large

Cap

Strategic

Equity

Fund

1,415,950

49,524

965,270

129,183

25,673

655,060

3,026

16,675

Venerable

High

Yield

Fund

476,874

28,374

75,537

(517)

9,710

438,904

27,344

—

Venerable

Strategic

Bond

Fund

477,241

54,968

108,259

(3,620)

16,299

436,629

18,650

—

$

2,370,065

$

808,525

$

1,195,007

$

125,758

$

76,431

$

2,185,772

$

49,020

$

16,675

#### Venerable

#### Moderate

#### Appreciation

#### Allocation

#### Fund
Venerable

Large

Cap

Index

Fund

$

—

$

432,891

$

34,342

$

1,408

$

23,597

$

423,554

$

—

$

—

Venerable

Bond

Index

Fund

—

104,052

3,453

100,709

873

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

—

312,362

10,763

607

302,210

2,848

—

Venerable

International

Index

Fund

—

185,597

14,420

508

10,644

182,329

—

—

$

—

$

1,034,902

$

62,978

$

1,929

$

34,949

$

1,008,802

$

3,721

$

—

#### Venerable

#### World

#### Moderate

#### Allocation

#### Fund
Venerable

High

Yield

Fund

$

—

$

62,709

$

2,130

$

(8)

$

$

60,875

$

901

$

—

Venerable

Strategic

Bond

Fund

—

93,600

3,182

90,611

887

—

Venerable

World

Equity

Fund

—

231,851

17,497

650

13,545

228,549

—

—

$

—

$

388,160

$

22,809

$

651

$

14,033

$

380,035

$

1,788

$

—

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

5. #### Federal

#### Income

#### Taxes
As

of

December

31,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

As

of

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions

#### Venerable

#### Appreciation

#### Allocation

#### Fund
Venerable

Large

Cap

Index

Fund

$

—

$

838,881

$

61,568

$

2,574

$

46,013

$

825,900

$

—

$

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

—

403,144

13,154

(9)

783

390,764

3,678

—

Venerable

International

Index

Fund

—

359,520

25,437

908

20,770

355,761

—

—

$

—

$

1,601,545

$

100,159

$

3,473

$

67,566

$

1,572,425

$

3,678

$

—

#### Venerable

#### World

#### Appreciation

#### Allocation

#### Fund
Venerable

High

Yield

Fund

$

—

$

38,640

$

792

$

(5)

$

$

38,032

$

559

$

—

Venerable

Strategic

Bond

Fund

—

57,676

1,371

56,423

549

—

Venerable

World

Equity

Fund

—

285,602

17,402

664

16,939

285,803

—

—

$

—

$

381,918

$

19,565

$

662

$

17,243

$

380,258

$

1,108

$

—

#### No

#### Expiration

#### Funds

#### Short

#### Term

#### Long

#### Term

#### Total
Venerable

US

Small

Cap

Fund

Venerable

Emerging

Markets

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Bond

Index

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480,387

14,351

2,424,371

30,286,721

510,952

228,977

202,144

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —

—

1,979,859

9,269,294

78,936

—

—

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480,387

14,351

4,404,230

39,556,015

589,888

228,977

202,144

#### Funds

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

Venerable

US

Large

Cap

Core

Equity

Fund

$

631,669,834

$

45,396,767

$

(22,324,272)

$

23,072,495

Venerable

US

Large

Cap

Strategic

Equity

Fund

2,304,035,098

563,587,719

(28,757,662)

534,830,057

Venerable

US

Small

Cap

Fund

136,514,639

11,228,447

(7,206,839)

4,021,608

Venerable

Emerging

Markets

Equity

Fund

134,083,192

12,348,787

(5,144,472)

7,204,315

Venerable

World

Equity

Fund

1,048,900,190

86,853,312

(31,584,027)

55,269,285

Venerable

High

Yield

Fund

682,217,291

12,572,807

(5,301,184)

7,271,623

Venerable

Strategic

Bond

Fund

2,

176,900,221

14,966,102

(17,514,041)

(2,547,939)

Venerable

Large

Cap

Index

Fund

3,893,399,690

917,742,900

(126,559,202)

791,183,698

Venerable

Mid

Cap

Index

Fund

1,063,747,580

72,596,609

(74,562,128)

(1,965,520)

Venerable

Small

Cap

Index

Fund

227,801,254

22,637,986

(15,201,424)

7,436,562

Venerable

International

Index

Fund

974,120,333

79,761,991

(29,450,380)

50,311,611

Venerable

Bond

Index

Fund

364,744,580

327,36

(1,626,703)

(1,299,336)

Venerable

Intermediate

Corporate

Bond

Index

Fund

946,021,223

1,068,568

(2,898,700)

(1,830,132)

Venerable

Conservative

Allocation

Fund

157,108,654

2,424,195

—

2,424,195

Venerable

Conservative

Appreciation

Allocation

Fund

472,481,689

11,375,986

—

11,375,986

Venerable

World

Conservative

Allocation

Fund

145,454,857

3,856,653

—

3,856,653

Venerable

Moderate

Allocation

Fund

2,036,769,744

154,440,993

(5,438,501)

149,002,492

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

For

the

fiscal

years

ended

December

31,

2025

and

December

31,

2024,

respectively,

the

Funds

made

the

following

tax

basis

distributions:

#### Funds

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

Venerable

Moderate

Appreciation

Allocation

Fund

973,863,208

34,939,066

—

34,939,066

Venerable

World

Moderate

Allocation

Fund

366,005,945

14,028,908

—

14,028,908

Venerable

Appreciation

Allocation

Fund

1,504,867,917

67,557,568

—

67,557,568

Venerable

World

Appreciation

Allocation

Fund

363,017,961

17,240,000

—

17,240,000

#### Funds

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

Venerable

US

Large

Cap

Core

Equity

Fund

$

1,983,436

$

542,024

$

23,072,495

$

—

$

25,597,955

Venerable

US

Large

Cap

Strategic

Equity

Fund

72,386,070

129,883,474

534,829,456

—

737,099,000

Venerable

US

Small

Cap

Fund

159,243

(480,387)

4,021,608

—

3,700,464

Venerable

Emerging

Markets

Equity

Fund

661,183

(14,351)

7,212,440

—

7,859,272

Venerable

World

Equity

Fund

7,959,741

—

55,274,173

—

63,233,914

Venerable

High

Yield

Fund

4,235,495

(4,404,230)

7,271,622

—

7,102,887

Venerable

Strategic

Bond

Fund

6,461,570

(39,556,015)

(2,548,029)

(1,428,886)

(37,071,360)

Venerable

Large

Cap

Index

Fund

70,489,449

—

791,183,698

—

861,673,147

Venerable

Mid

Cap

Index

Fund

3,875,419

(589,888)

(1,965,519)

—

1,320,012

Venerable

Small

Cap

Index

Fund

1,597,146

70,740

7,437,162

—

9,105,048

Venerable

International

Index

Fund

6,642,797

700,426

50,310,681

—

57,653,904

Venerable

Bond

Index

Fund

1,479,743

(228,977)

(1,299,335)

—

(48,569)

Venerable

Intermediate

Corporate

Bond

Index

Fund

4,185,912

(202,144)

(1,831,133)

—

2,152,635

Venerable

Conservative

Allocation

Fund

1,095,348

—

2,424,195

—

3,519,543

Venerable

Conservative

Appreciation

Allocation

Fund

3,114,479

—

11,375,987

—

14,490,466

Venerable

World

Conservative

Allocation

Fund

1,376,856

—

3,856,499

—

5,233,355

Venerable

Moderate

Allocation

Fund

121,884,272

68,481,305

149,003,502

—

339,369,079

Venerable

Moderate

Appreciation

Allocation

Fund

4,770,216

—

34,939,566

—

39,709,782

Venerable

World

Moderate

Allocation

Fund

2,187,636

—

14,028,407

—

16,216,043

Venerable

Appreciation

Allocation

Fund

5,792,916

—

67,557,568

—

73,350,484

Venerable

World

Appreciation

Allocation

Fund

1,572,202

—

17,240,000

—

18,812,202

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024

#### Funds

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
Venerable

US

Large

Cap

Strategic

Equity

Fund

$

42,132,896

$

8,786,340

$

—

$

—

$

—

$

—

Venerable

High

Yield

Fund

36,647,149

—

—

7,836,414

—

—

Venerable

Strategic

Bond

Fund

70,393,931

—

—

15,707,142

—

—

Venerable

Large

Cap

Index

Fund

32,208,051

1,284,801

—

—

—

—

Venerable

Bond

Index

Fund

3,250,648

—

—

—

—

—

Venerable

Intermediate

Corporate

Bond

Index

Fund

9,049,392

—

—

—

—

—

Venerable

Moderate

Allocation

Fund

20,980,078

—

—

—

—

—

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025
Notes

to

Financial

Statements

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

non-deductible

expenses.

These

adjustments

have

no

impact

on

the

net

assets.

At

December

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

6. #### Record Ownership
As

of

December

31,

2025,

the

following

table

includes

shareholders

of

record

with

greater

than

5%

of

the

total

outstanding

shares

of

each

respective

Fund:

7. #### Restricted

#### Securities
Restricted

Securities

are

subject

to

contractual

restrictions

on

resale,

are

often

issued

in

private

placement

transactions,

and

are

not

registered

under

the

Securities

Act

of

1933,

as

amended

("the

Act").

As

of

December

31,

2025,

the

restricted

securities

held

in

the

Funds

were

acquired

under

Rule

144A

of

the

Act

and

may

be

sold

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

As

of

December

31,

2025,

the

Funds'

exposure

to

restricted

securities

(as

a

percentage

of

net

assets)

was

as

follows:

#### Funds

#### Total

#### distributable

#### earnings
(losses)

#### Paid-in

#### capital
Venerable

Emerging

Markets

Equity

Fund

$

$

(54) Venerable

Mid

Cap

Index

Fund

653

(653) Venerable

Small

Cap

Index

Fund

(114) Venerable

International

Index

Fund

(241) Venerable

Bond

Index

Fund

(74) Venerable

Conservative

Allocation

Fund

(86) Venerable

Conservative

Appreciation

Allocation

Fund

(342) Venerable

Moderate

Appreciation

Allocation

Fund

732

(732) Venerable

Appreciation

Allocation

Fund

1,156

(1,156)

#### Funds

#### #

#### of

#### Shareholders

#### %
Venerable

US

Large

Cap

Core

Equity

Fund

100.0 Venerable

US

Large

Cap

Strategic

Equity

Fund

100.0 Venerable

US

Small

Cap

Fund

100.0 Venerable

Emerging

Markets

Equity

Fund

100.0 Venerable

World

Equity

Fund

94.7 Venerable

High

Yield

Fund

78.2 Venerable

Strategic

Bond

Fund

89.9 Venerable

Large

Cap

Index

Fund

96.1 Venerable

Mid

Cap

Index

Fund

100.0 Venerable

Small

Cap

Index

Fund

100.0 Venerable

International

Index

Fund

93.2 Venerable

Bond

Index

Fund

100.0 Venerable

Intermediate

Corporate

Bond

Index

Fund

92.5 Venerable

Conservative

Allocation

Fund

100.0 Venerable

Conservative

Appreciation

Allocation

Fund

100.0 Venerable

World

Conservative

Allocation

Fund

100.0 Venerable

Moderate

Allocation

Fund

100.0 Venerable

Moderate

Appreciation

Allocation

Fund

100.0 Venerable

World

Moderate

Allocation

Fund

100.0 Venerable

Appreciation

Allocation

Fund

100.0 Venerable

World

Appreciation

Allocation

Fund

100.0 #### Venerable

#### Variable

#### Insurance

#### Trust

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### December

#### 31,

#### 2025

Notes

to

Financial

Statements

8. #### Contractual

#### Obligations
In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

9. #### Risk

#### Factors
In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds'

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

("public

health

events")

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

10. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### Funds

#### %
Venerable

Emerging

Markets

Equity

Fund

Venerable

World

Equity

Fund

Venerable

High

Yield

Fund

Venerable

Strategic

Bond

Fund

Venerable

Small Cap

Index

Fund

Venerable

International

Index

Fund

Venerable

Bond

Index

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

4.4 0.7 92.6 24.1 0.0 1.1 0.2 0.4 Report

of

Independent

Registered

Public

Accounting

Firm

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

the

Board

of

Trustees

of

Venerable

Variable

Insurance

Trust

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Venerable

Variable

Insurance

Trust

(the

"Trust")

(comprising

Venerable

Appreciation

Allocation

Fund,

Venerable

Bond

Index

Fund,

Venerable

Conservative

Allocation

Fund,

Venerable

Conservative

Appreciation

Allocation

Fund,

Venerable

Emerging

Markets

Equity

Fund,

Venerable

High

Yield

Fund,

Venerable

Intermediate

Corporate

Bond

Index

Fund,

Venerable

International

Index

Fund,

Venerable

Large

Cap

Index

Fund,

Venerable

Mid

Cap

Index

Fund,

Venerable

Moderate

Allocation

Fund,

Venerable

Moderate

Appreciation

Allocation

Fund,

Venerable

Small

Cap

Index

Fund,

Venerable

Strategic

Bond

Fund,

Venerable

US

Large

Cap

Core

Equity

Fund,

Venerable

US

Large

Cap

Strategic

Equity

Fund,

Venerable

US

Small

Cap

Fund,

Venerable

World

Appreciation

Allocation

Fund,

Venerable

World

Conservative

Allocation

Fund,

Venerable

World

Equity

Fund,

and

Venerable

World

Moderate

Allocation

Fund

(collectively

referred

to

as

the

"Funds")),

including

the

schedules

of

investments,

as

of

December

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

comprising

Venerable

Variable

Insurance

Trust

at

December

31,

2025,

and

the

results

of

their

operations,

changes

in

net

assets

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Funds

comprising

Venerable

Variable

Insurance

Trust

Statement

of

operations

Statements

of

changes

in

net

assets

Financial

highlights

Venerable

High

Yield

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Moderate

Allocation

Fund

Venerable

Strategic

Bond

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

For

the

year

ended

December

31,

2025

For

the

year

ended

December

31,

2025,

and

for

the

period

from

September

4,

2024

(commencement

of

operations)

through

December

31,

2024

Venerable

US

Large

Cap

Core

Equity

Fund

For

the

period

from

August

8,

2025

(commencement

of

operations)

through

December

31,

2025

Venerable

Appreciation

Allocation

Fund

Venerable

Bond

Index

Fund

Venerable

Conservative

Allocation

Fund

Venerable

Conservative

Appreciation

Allocation

Fund

Venerable

Intermediate

Corporate

Bond

Index

Fund

Venerable

International

Index

Fund

Venerable

Moderate

Appreciation

Allocation

Fund

Venerable

World

Appreciation

Allocation

Fund

Venerable

World

Conservative

Allocation

Fund

Venerable

World

Moderate

Allocation

Fund

Venerable

World

Equity

Fund

For

the

period

from

September

5,

2025

(commencement

of

operations)

through

December

31,

2025

Venerable

Emerging

Markets

Equity

Fund

Venerable

Mid

Cap

Index

Fund

Venerable

Small

Cap

Index

Fund

Venerable

US

Small

Cap

Fund

For

the

period

from

September

12,

2025

(commencement

of

operations)

through

December

31,

2025

Report

of

Independent

Registered

Public

Accounting

Firm

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust's

management.

Our

responsibility

is

to

express

an

opinion

on

each

of

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust's

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust's

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

We

have

served

as

the

auditor

of

one

or

more

Venerable

Variable

Insurance

Trust

investment

companies

since

2024. Philadelphia,

Pennsylvania

February

23,

2026

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Tax

#### Information

#### —

#### December

#### 31,

#### 2025
(Unaudited)

Tax

Information

The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividends

for

their

taxable

year

ended

December

31,

2025:

The

Funds

listed

below

paid

foreign

taxes

and

recognized

foreign

source

income

during

the

taxable

year

ended

December

31,

2025. Pursuant

to

Section

853

of

the

Code,

the

Funds

designate

the

following

per

share

amounts

of

foreign

taxes

paid

and

income

earned

from

foreign

sources:

Please

consult

a

tax

adviser

for

any

questions

about

federal

or

state

income

tax

laws.

Venerable

US

Large

Cap

Strategic

Equity

Fund

88.3%

Venerable

Large

Cap

Index

Fund

100.0%

Venerable

Moderate

Allocation

Fund

68.8%

Venerable

US

Large

Cap

Strategic

Equity

Fund

$

8,786,340

Venerable

Large

Cap

Index

Fund

1,284,801

#### Funds

#### Foreign

#### Taxes

#### Paid

#### Foreign

#### Taxes

#### Paid

#### Per

#### Share

#### Foreign

#### Source

#### Income

#### Foreign

#### Source

#### Income

#### Per

#### Share
Venerable

Emerging

Markets

Equity

Fund

$

82,626

$

0.0062 $

436,723

$

0.0330 Venerable

International

Index

Fund

573,042

0.0059 5,402,928

0.0561 Venerable

Appreciation

Allocation

Fund

199,253

0.0013 1,529,840

0.0102 Venerable

Conservative

Allocation

Fund

6,694

0.0004 54,697

0.0035 Venerable

Conservative

Appreciation

Allocation

Fund

32,549

0.0007 268,730

0.0057 Venerable

Moderate

Appreciation

Allocation

Fund

102,118

0.0011 814,241

0.0084 #### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

At

in-person

meetings

held

on

March

–

28,

2025,

June

17,

2025,

September

16,

2025

and

December

–

12,

2025,

the

Board

of

Trustees

(the

"Board")

of

the

Venerable

Variable

Insurance

Trust

(the

"Trust"

and

members

thereof,

the

"Trustees"),

including

those

Trustees

who

are

not

parties

to

any

Agreements

(as

defined

below)

or

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

such

parties

or

the

Trust

(the

"Independent

Trustees"),

considered

and

unanimously

approved

the

following

investment

advisory

agreements

(together,

the

"Agreements"):

• an

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Venerable

Investment

Advisers,

LLC

(the

"Adviser"),

with

respect

to

the

Venerable

US

Small

Cap

Fund,

Venerable

International

Index

Fund,

Venerable

Mid

Cap

Index

Fund,

Venerable

Small

Cap

Index

Fund,

Venerable

Bond

Index

Fund,

Venerable

Intermediate

Corporate

Bond

Index

Fund,

Venerable

World

Conservative

Allocation

Fund,

Venerable

World

Moderate

Allocation

Fund,

Venerable

World

Appreciation

Allocation

Fund,

Venerable

Conservative

Allocation

Fund,

Venerable

Conservative

Appreciation

Allocation

Fund,

Venerable

Appreciation

Allocation

Fund,

Venerable

Moderate

Appreciation

Allocation

Fund,

Venerable

US

Large

Cap

Core

Equity

Fund,

Venerable

Emerging

Market

Equity

Fund,

Venerable

World

Equity

Fund,

Venerable

International

Equity

Fund,

Venerable

Real

Estate

Fund,

Venerable

Inflation

Focused

Fund,

and

Venerable

Government

Money

Market

Fund

each

a

series

of

the

Trust

(each

a

"Fund,"

and

collectively,

the

"Funds");

• a

Sub-Management

and

Compliance

Agreement

(the

"RIM

Agreement")

between

the

Trust,

the

Adviser,

and

Russell

Investment

Management,

LLC

("RIM"),

with

respect

to

the

Venerable

Large

Cap

Index

Fund,

Venerable

Moderate

Allocation

Fund,

Venerable

US

Large

Cap

Core

Equity

Fund,

Venerable

Emerging

Markets

Equity

Fund,

Venerable

World

Equity

Fund,

Venerable

International

Index

Fund,

Venerable

Mid

Cap

Index

Fund,

Venerable

Small

Cap

Index

Fund,

Venerable

Conservative

Allocation

Fund,

Venerable

Conservative

Appreciation

Allocation

Fund,

Venerable

World

Conservative

Allocation

Fund,

Venerable

Moderate

Appreciation

Allocation

Fund,

Venerable

Appreciation

Allocation

Fund,

Venerable

World

Moderate

Allocation

Fund,

Venerable

World

Appreciation

Allocation

Fund,

and

Venerable

Real

Estate

Fund

(the

"RIM

Funds");

• a

Discretionary

Sub-Management

Agreement

(the

"Franklin

Agreement")

between

the

Trust,

the

Adviser,

and

Franklin

Advisers,

Inc.

("Franklin"),

with

respect

to

the

Venerable

High

Yield

Fund,

Venerable

US

Small

Cap

Fund,

Venerable

Bond

Index

Fund,

Venerable

Intermediate

Corporate

Bond

Index

Fund,

Venerable

US

Large

Cap

Strategic

Equity

Fund,

Venerable

Strategic

Bond

Fund,

Venerable

International

Equity

Fund,

Venerable

Inflation

Focused

Fund,

and

Venerable

Government

Money

Market

Fund

(collectively,

the

"FT

Funds");

• Non-Discretionary

Sub-Management

Agreements

(collectively,

the

"RIM

Sub-Management

Agreements")

between

the

Adviser,

RIM

and

each

of

(i) Allspring

Global

Investments,

LLC

("Allspring"),

J.P.

Morgan

Investment

Management,

Inc.

("JPMAM"),

Mar

Vista

Investment

Partners

LLC

("Mar

Vista"),

and

Jacobs

Levy

Equity

Management,

Inc.

("Jacobs

Levy,"

together

with

Allspring,

JPMAM,

and

Mar

Vista,

the

"RIM

Large

Cap

Core

Non-Discretionary

Sub-Advisers")

with

respect

to

the

Venerable

US

Large

Cap

Core

Equity

Fund;

(ii) Axiom

Investors

LLC

("Axiom"),

Barrow,

Hanley,

Mewhinney

&

Strauss

LLC

("Barrow

Hanley"),

Numeric

Investors

LLC

("Numeric"),

Oaktree

Fund

Advisors,

LLC

("Oaktree"),

Pzena

Investment

Management,

LLC

("Pzena"),

and

Sands

Capital

Management,

LLC

("Sands,"

and

together

with

Axiom,

Barrow

Hanley,

Numeric,

Oaktree,

and

Pzena,

the

"RIM

Emerging

Markets

Non-Discretionary

Sub-Advisers")

for

the

Venerable

Emerging

Markets

Equity

Fund;

(iii) Intermede

Investment

Partners

Limited

and

Intermede

Global

Partners

Inc.

(collectively,

"Intermede"),

Numeric,

Sanders

Capital,

LLC

("Sanders"),

and

Wellington

Management

Company

LLP

("Wellington,"

and

together

with

Intermede,

Numeric

and

Sanders

the

"RIM

World

Equity

Non-Discretionary

Sub-Advisers"),

with

respect

to

the

Venerable

World

Equity

Fund;

and

(iv) Duff

&

Phelps

Investment

Management

Co.

("D&P")

and

Wellington

(together

with

D&P,

the

"RIM

Real

Estate

Fund

Non-Discretionary

Sub-Advisers")

for

the

Venerable

Real

Estate

Fund;

and

• Non-Discretionary

Sub-Management

Agreements

(collectively,

the

"Franklin

Sub-Management

Agreements")

between

Franklin

and

each

of

(i) ClearBridge

Investments,

LLC

("Clearbridge")

and

Brandywine

Global

Investment

Management,

LLC

("Brandywine,"

and

together

with

Clearbridge,

the

"Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Advisers"),

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

(ii) Putnam

Investment

Management,

LLC

("Putnam")

and

Royce

Investment

Partners

("Royce,"

and

together

with

Putnam,

the

"Franklin

US

Small

Cap

Non-Discretionary

Sub-Advisers"),

with

respect

to

the

Venerable

US

Small

Cap

Fund;

and

(iii) Putnam

and

Clearbridge

(together

the

"Franklin

International

Equity

Non-Discretionary

Sub-Advisers")

with

respect

to

the

Venerable

International

Equity

Fund.

The

RIM

Large

Cap

Core

Non-Discretionary

Sub-Advisers,

RIM

Emerging

Markets

Non-Discretionary

Sub-Advisers,

RIM

World

Equity

Non-Discretionary

Sub-Advisers,

and

RIM

Real

Estate

Non-Discretionary

Sub-Advisers

are

collectively

referred

to

herein

as

the

RIM

Non-Discretionary

Sub-Advisers.

The

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Advisers,

Franklin

US

Small

Cap

Non-Discretionary

Sub-Advisers,

and

Franklin

International

Equity

Non-Discretionary

Sub-Advisers

are

collectively

referred

to

herein

as

the

Franklin

Non-Discretionary

Sub-Advisers.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

RIM,

Franklin,

RIM

Non-Discretionary

Sub-Advisers,

and

Franklin

Non-Discretionary

Sub-Advisers

are

collectively

referred

to

herein

as

"Sub-Advisers."

The

Sub-Advisers

provide

investment

sub-advisory

services

to

the

applicable

Funds.

In

connection

with

its

deliberations,

the

Board

considered

information

requested

on

behalf

of

the

Independent

Trustees

and

prepared

by

the

Adviser

and

the

Sub-Advisers

including

memoranda

and

other

materials

provided

to

the

Trustees

prior

to

and

during

the

meetings.

The

information

provided

to

the

Trustees

described,

among

other

things,

the

services

to

be

provided

by

and

fees

to

be

paid

to

the

Adviser

and

the

Sub-Advisers;

related

performance

information;

and

other

matters.

The

Board

considered

that

the

Adviser

had

conducted

extensive

due

diligence

on

the

proposed

Sub-Advisers

from

an

investment

management,

operational

and

compliance

perspective.

The

Independent

Trustees

also

met

in

executive

session

during

each

meeting

to

discuss

the

Agreements

and

review

the

information

provided.

The

Independent

Trustees

were

assisted

by

independent

legal

counsel

prior

to

and

during

the

meetings

and

during

their

deliberations

regarding

the

Agreements,

and

also

received

from

legal

counsel

materials

addressing,

among

other

things,

the

legal

standards

applicable

to

their

consideration

of

the

Agreements.

As

applicable,

the

Board

also

considered

the

foregoing

and

other

information

provided

at

the

Board's

April

2-3,

2024

meeting.

In

approving

the

Agreements

with

respect

to

each

Fund,

each

Trustee,

after

considering

all

factors

they

deemed

relevant,

reached

a

determination,

with

the

assistance

of

Independent

Trustees'

counsel

and

fund

counsel

and

through

the

exercise

of

their

own

business

judgment,

that

the

proposed

fee

payable

to

the

Adviser

and

the

Sub-Advisers,

as

applicable,

was

fair

and

reasonable

and

that

the

approval

of

the

Agreements

was

in

the

best

interests

of

each

applicable

Fund

and

its

investors.

The

Board

considered

each

Fund

and

each

Agreement

separately.

In

considering

the

Agreements,

the

Trustees

did

not

identify

any

particular

factor

or

information

that

was

all-important

or

controlling,

and

each

Trustee

may

have

given

different

weights

to

different

factors

and,

thus,

each

Trustee

may

have

had

a

different

basis

for

his

or

her

decision.

Although

the

Board

gave

attention

to

all

information

provided,

some

of

the

primary

factors

the

Board

deemed

relevant

to

its

decision

to

approve

the

Agreements

with

respect

to

each

Fund

are

discussed

below.

Appointment

of

Venerable

Investment

Advisers,

LLC

as

Investment

Adviser

and

Approval

of

the

Investment

Advisory

Agreement

(All

Funds)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

and

the

Adviser's

responsibilities

with

respect

to

each

of

the

Funds.

The

Board

considered

that

the

Adviser

would

be

responsible

for,

among

other

things,

developing

the

investment

strategy

for

the

Funds;

researching,

selecting

and

hiring

any

Sub-Adviser(s),

and

conducting

on-going

due

diligence

on

and

monitoring

of

any

Sub-Adviser(s);

overseeing

the

selection

of

investments

for

the

Funds;

monitoring

and

evaluating

the

performance

of

the

Funds;

monitoring

the

investment

operations

and

composition

of

the

Funds

and,

in

connection

therewith,

monitoring

compliance

with

each

Fund's

investment

objective,

policies

and

restrictions,

as

well

as

each

Fund's

compliance

with

applicable

law;

monitoring

brokerage

selection,

commission

and

other

trading

costs,

quality

of

execution,

and

other

brokerage

matters;

coordinating

and

managing

the

flow

of

information

and

communications

relating

to

the

Funds

among

any

Sub-Adviser

and

other

applicable

parties;

coordinating

responses

to

regulatory

agency

inquiries

relating

to

the

operations

of

the

Trust

and

coordinating

litigation

matters

involving

the

Adviser

and

the

Trust;

and

implementing

Board

directives

as

they

relate

to

the

Funds.

The

Board

also

considered

information

regarding

the

Adviser's

process

for

selecting

and

monitoring

any

Sub-Advisers

to

the

Funds

and

the

other

service

providers

to

each

Fund,

as

well

as

its

process

for

evaluating,

monitoring

and

overseeing

any

Sub-Adviser's

investment

strategy.

In

addition,

the

Board

considered

information

regarding

the

qualifications

and

experience

of,

and

resources

available

to,

the

Adviser

personnel

who

would

perform

those

functions

with

respect

to

the

Funds.

The

Board

further

considered

that

the

Adviser

also

provides

the

Trust

with

personnel,

including

Trust

officers,

in

connection

with

carrying

out

its

responsibilities

and

is

responsible

for

coordinating

the

development

of

new

initiatives

and

evaluating

the

impact

of

proposed

products

and

services

on

the

Trust

and

its

assets.

The

Board

also

considered

that

the

Adviser

has

assumed

significant

entrepreneurial

risk

in

sponsoring

the

Funds

and

that

the

Adviser

would

bear

and

assume

significant

ongoing

risks,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks,

with

respect

to

each

Fund.

The

Board

considered

that

the

Adviser's

responsibilities

with

respect

to

the

Funds

also

would

include

monitoring

of

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks

as

they

relate

to

the

Funds.

The

Board

also

considered

the

benefits

that

would

be

provided

to

shareholders

from

participation

in

a

Fund

sponsored

by

the

Adviser,

including

the

benefits

of

investing

in

a

Fund

that

is

part

of

a

large

fund

complex

that

offers

a

wide

range

of

portfolios,

Sub-Advisers

and

investment

styles.

In

addition,

the

Board

considered

the

nature,

quality

and

extent

of

the

administrative,

investor

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

servicing

and

distribution

services

that

the

Adviser

and

its

affiliates

would

provide

to

the

Funds

and

their

shareholders.

The

Board

noted

that

the

Funds

did

not

have

any

performance

history

as

each

is

a

newly

created

series

of

the

Trust

and

none

had

commenced

operations

prior

to

the

consideration

of

the

Advisory

Agreement.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

the

Adviser

were

appropriate

for

the

Funds.

• Expenses

The

Board

considered

each

Fund's

proposed

advisory

fee

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

the

Adviser.

In

addition,

the

Board

considered

the

relative

level

of

the

sub-advisory

fee

to

be

paid

to

each

Fund's

Sub-Adviser

and

the

advisory

fee

to

be

retained

by

the

Adviser

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained,

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

a

Sub-Adviser.

With

respect

to

the

Advisory

Agreement,

the

Board

also

considered

information

provided

by

the

Adviser

comparing

the

proposed

advisory

fee

rate

and

expense

ratios

for

each

Fund

to

the

advisory

fee

rates

and

expense

ratios

of

comparable

mutual

funds,

including

information

compiled

with

data

from

Broadridge,

an

independent

provider

of

mutual

fund

industry

data.

In

particular,

the

Board

noted

the

following

information

included

in

the

Broadridge

data:

• With

respect

to

the

Venerable

US

Small

Cap

Fund,

the

Board

noted

that

the

Fund's

proposed

advisory

fee

rate

was

slightly

above

the

median

of

its

expense

group

and

similar

to

the

median

of

its

expense

universe.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

among

the

lowest

in

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

Emerging

Markets

Equity

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

World

Equity

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

slightly

higher

than

the

median

of

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

lower

than

the

median

of

both

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

Mid

Cap

Index

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

above

the

median

of

its

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

Small

Cap

Index

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

International

Index

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

above

the

median

of

its

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

Bond

Index

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

Intermediate

Corporate

Bond

Index

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

The

Board

further

noted

that

the

expense

group

and

expense

universe

included

other

credit

funds

more

broadly.

However,

as

compared

to

the

sole

corporate

bond

index

fund

in

the

peer

group,

the

Fund's

proposed

advisory

fee

was

very

similar.

• With

respect

to

the

Venerable

Conservative

Allocation

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

among

the

lowest

in

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

Conservative

Appreciation

Allocation

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

among

the

lowest

in

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

World

Conservative

Allocation

Fund,

the

Board

noted

that

the

Fund's

proposed

advisory

fee

rate

was

among

the

lowest

in

its

expense

group

and

expense

universe.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

among

the

lowest

in

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

Moderate

Appreciation

Allocation

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

among

the

lowest

in

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

World

Moderate

Allocation

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

the

highest

in

its

expense

group

and

among

the

highest

in

its

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

Appreciation

Allocation

Fund,

the

Board

noted

the

Fund's

proposed

advisory

fee

rate

was

slightly

above

the

median

of

its

expense

group

and

similar

to

the

median

of

its

expense

universe.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

among

the

lowest

in

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

World

Appreciation

Allocation

Fund,

the

Board

noted

the

Fund's

proposed

advisory

fee

rate

was

slightly

above

the

median

of

its

expense

group

and

its

expense

universe.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

lower

than

the

median

in

its

expense

group

and

slightly

higher

than

the

median

in

its

expense

universe.

• With

respect

to

the

Venerable

High

Yield

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

lower

than

the

median

of

both

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

Large

Cap

Index

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

the

highest

among

its

expense

group

and

above

the

median

of

its

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

similar

to

the

median

of

both

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

Moderate

Allocation

Fund,

the

Board

noted

the

Fund's

proposed

advisory

fee

rate

was

slightly

above

the

median

of

its

expense

group

and

similar

to

the

median

of

its

expense

universe.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

among

the

lowest

in

its

expense

group

and

expense

universe.

• With

respect

to

the

Venerable

Strategic

Bond

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

US

Large

Cap

Core

Equity

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

the

Board

noted

that

although

the

Fund's

proposed

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

advisory

fee

rate

was

among

the

highest

in

its

expense

group

and

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

its

expense

group,

although

not

significantly

so,

and

below

the

median

of

its

expense

universe.

• With

respect

to

the

Venerable

International

Equity

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

the

highest

in

its

expense

group

and

its

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

considered

that

substantially

all

of

the

Fund's

initial

assets

would

be

received

from

the

substitution

of

the

Fund

in

place

of

another

mutual

fund

as

the

investment

option

for

a

variable

insurance

contract,

subject

to

the

condition

that

the

advisory

fees

remain

the

same,

among

other

conditions.

The

Board

also

noted

the

Fund's

estimated

total

expenses

were

lower

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

lower

than

the

median

of

either.

• With

respect

to

the

Venerable

Government

Money

Market

Fund,

the

Board

noted

the

Fund's

proposed

advisory

fee

rate

was

higher

than

the

median

of

its

expense

group

and

slightly

higher

than

the

median

of

its

expense

universe.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

slightly

lower

than

the

median

in

its

expense

group

and

similar

to

the

median

in

its

expense

universe.

• With

respect

to

the

Venerable

Inflation

Focused

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

the

highest

in

its

expense

group

and

its

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

considered

that

substantially

all

of

the

Fund's

initial

assets

would

be

received

via

the

substitution

of

the

Fund

in

place

of

another

mutual

fund

as

the

investment

option

for

a

variable

insurance

contract,

subject

to

the

condition

that

the

advisory

fees

remain

the

same,

among

other

conditions.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

higher

than

the

median

of

both

its

expense

group

and

expense

universe;

however,

the

total

expenses

were

not

significantly

higher

than

the

median

of

either.

• With

respect

to

the

Venerable

Real

Estate

Fund,

the

Board

noted

that

although

the

Fund's

proposed

advisory

fee

rate

was

the

highest

in

its

expense

group

and

its

expense

universe,

it

was

not

significantly

higher

than

the

median

of

either.

The

Board

considered

that

substantially

all

of

the

Fund's

initial

assets

would

be

received

via

the

substitution

of

the

Fund

in

place

of

another

mutual

fund

as

the

investment

option

for

a

variable

insurance

contract,

subject

to

the

condition

that

the

advisory

fees

remain

the

same,

among

other

conditions.

In

addition,

the

Board

noted

the

Fund's

estimated

total

expenses

were

lower

than

the

median

of

its

expense

universe

and

slightly

higher

than

the

median

of

its

expense

group;

however,

the

total

expenses

were

not

significantly

higher

or

lower

than

the

median

of

either.

In

addition,

the

Board

considered

that

the

Adviser

had

contractually

agreed

to

make

payments

or

waive

all

or

a

portion

of

its

fees

so

that

each

Fund's

net

expense

ratios

would

not

exceed

certain

levels

as

set

forth

in

each

Fund's

prospectus.

The

Board

also

noted

that,

to

the

extent

that

the

Adviser

waived

fees

pursuant

to

the

expense

limitation

arrangement,

the

Fund's

actual

advisory

fee

could

be

lower

than

its

contractual

advisory

fee.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined

that

the

Adviser's

proposed

fee

for

each

Fund

was

fair

and

reasonable.

• Profitability

and

Costs

The

Board

considered

the

anticipated

level

of

profits

to

be

realized

by

the

Adviser

in

connection

with

the

operation

of

each

Fund.

The

Board

referred

to

a

report

included

in

the

meeting

materials

that

included

the

Adviser's

estimated

profitability

by

Fund

for

the

first

year

of

operations.

The

Board

noted

the

report

took

into

account

the

revenue

the

Adviser

would

receive

under

both

the

Advisory

Agreement

and

the

administrative

services

agreement

between

the

Trust

and

the

Adviser

with

respect

to

each

Fund.

Based

on

its

review,

the

Board

did

not

consider

the

Adviser's

estimated

profitability

to

be

excessive

but

noted

that

it

would

continue

to

periodically

evaluate

profitability.

• Economies

of

Scale

The

Board

considered

whether

economies

of

scale

or

efficiencies

would

be

realized

by

the

Adviser

as

the

Funds

grow

larger

and

the

extent

to

which

this

is

reflected

in

the

proposed

advisory

and

administrative

fee

schedules

for

each

Fund.

While

recognizing

that

any

precise

determination

is

inherently

subject

to

assumptions

and

subjective

assessments,

the

Board

considered

that

any

economies

of

scale

or

efficiencies

may

be

shared

with

Funds

and

their

shareholders

in

a

variety

of

ways

including

(i) subsidizing

a

Fund's

expenses

by

making

payments

or

waiving

all

or

a

portion

of

the

advisory

fee

or

other

fees

so

that

the

Fund's

total

expense

ratio

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

does

not

exceed

certain

levels,

(ii) setting

the

advisory

fee

or

other

fees

so

that

a

portfolio

is

priced

to

scale,

which

assumes

that

the

Fund

has

sufficient

assets

from

inception

to

operate

at

a

competitive

fee

rate

without

any

fee

waiver

or

expense

reimbursement

from

the

Adviser,

and

(iii) reinvestment

in,

and

enhancements

to,

the

services

that

the

Adviser

and

its

affiliates

provide

to

a

Fund

and

its

shareholders.

The

Adviser

explained

that

it

had

agreed,

for

a

period

of

two

years

from

the

commencement

of

operations,

to

assume

certain

expenses

of

each

of

the

Funds

by

making

payments

or

waiving

all

or

a

portion

of

its

and

its

affiliates'

advisory,

administrative

and

other

fees

so

that

each

Fund's

net

expense

ratios

do

not

exceed

certain

contractual

levels.

The

Board

also

considered

that

the

Adviser

could

potentially

share

economies

of

scale

or

efficiencies

with

the

Funds

through

reinvestment

in,

and

enhancements

to,

the

services

that

the

Adviser

provide

to

the

Funds

and

their

shareholders

over

time,

such

as

hiring

additional

personnel,

providing

additional

resources

in

areas

relating

to

management

and

administration

of

the

Funds,

and

the

ongoing

development

of

the

Adviser's

infrastructure.

The

Board

considered

these

factors,

and

the

relationship

they

bore

to

the

fee

charged

to

each

Fund

by

the

Adviser

and

concluded

that

there

would

be

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

or

efficiencies

with

each

Fund

once

it

commences

operations

and

at

reasonably

anticipated

asset

levels.

The

Board

noted,

however,

that

it

would

monitor

future

growth

in

each

Fund's

assets

to

determine

whether

economies

of

scale

or

efficiencies

continued

to

be

reflected

in

the

applicable

Fund's

fee

arrangements.

• Fall-Out

and

Other

Benefits

The

Board

considered

the

extent

to

which

fall-out

benefits

could

accrue

to

the

Adviser

and

its

affiliates

as

a

result

of

the

Adviser's

relationship

with

the

Trust.

In

particular,

the

Board

noted

that

it

was

proposed

that

the

Adviser

would

also

serve

as

the

administrator

for

the

Funds

and

would

receive

compensation

for

acting

in

that

capacity

and

that

it

was

proposed

that

Directed

Services

LLC,

an

affiliate

of

the

Adviser,

receive

payments

through

a

Rule

12b-1

plan

to

compensate

it

for

providing

distribution

and

shareholder

services

to

owners

of

variable

annuity

contracts

and

variable

life

insurance

policies

that

may

invest

in

the

Funds.

The

Board

noted

that

the

Adviser's

affiliated

insurance

company,

as

depositor

of

the

insurance

company

separate

accounts

investing

in

each

of

the

Funds,

would

receive

certain

significant

tax

benefits

associated

with

such

investments

as

well

as

other

potential

benefits.

The

Board

considered

that

the

Funds

would

be

offered

as

investment

options

through

variable

insurance

contracts

offered

and

sold

by

the

Adviser's

insurance

company

affiliate

and

that

the

performance

of

a

Fund

may

impact,

positively

or

negatively,

the

insurance

company's

ability

to

hedge

the

risks

associated

with

guarantees

that

each

insurance

company

may

provide

as

the

issuer

of

such

contracts.

The

Board

also

noted

that

the

Adviser's

insurance

company

affiliate

and

Directed

Services

LLC

each

received

compensation,

which

could

include

sales

charges,

separate

account

fees

and

charges,

and

other

variable

contract

fees

and

charges,

from

the

sale

and

administration

of

these

variable

insurance

contracts.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

Appointment

of

Russell

Investment

Management,

LLC

as

Sub-Adviser

and

Approval

of

Sub-Management

and

Compliance

Services

Agreement

(RIM

Funds)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

to

each

RIM

Fund

by

RIM.

The

Board

considered

RIM's

responsibilities

with

respect

to

each

RIM

Fund

pursuant

to

the

RIM

Agreement,

and

RIM's

relevant

experience.

The

Board

noted

that,

subject

to

the

oversight

of

the

Adviser,

RIM

would

be

responsible

for

making

investment

decisions

with

respect

to

each

RIM

Fund;

placing

with

brokers

or

dealers

orders

for

the

purchase

and

sale

of

investments

for

each

RIM

Fund;

assisting

the

Adviser

in

overseeing

any

RIM

Non-Discretionary

Sub-Advisers

to

a

RIM

Fund;

and

performing

certain

related

administrative

and

compliance

functions.

The

Board

also

considered

information

regarding

RIM's

process

for

selecting

investments

for

each

RIM

Fund,

as

well

as

information

regarding

the

qualifications

and

experience

of

RIM's

portfolio

managers

who

would

provide

services

to

each

RIM

Fund.

In

addition,

the

Board

considered

the

Adviser's

familiarity

with,

and

confidence

in,

RIM,

and

the

results

of

the

Adviser's

due

diligence.

The

Board

also

considered

information

regarding

RIM's

procedures

for

executing

portfolio

transactions

for

each

RIM

Fund

and

RIM's

policies

and

procedures

for

selecting

brokers

and

dealers.

In

addition,

the

Board

considered

information

regarding

RIM's

trading

experience

and

how

RIM

would

seek

to

achieve

"best

execution"

on

behalf

of

each

RIM

Fund.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

The

Board

then

reviewed

performance

data

relating

to

RIM's

management

of

other

funds

with

a

similar

investment

strategy

to

those

proposed

for

the

RIM

Funds,

as

compared

to

an

appropriate

benchmark

and

peer

group.

The

Board

also

considered

RIM's

expertise,

resources,

proposed

investment

strategy,

and

personnel

for

advising

each

RIM

Fund.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

each

RIM

Fund,

that

the

nature,

quality,

and

extent

of

the

services

to

be

provided

by

RIM

were

appropriate

for

the

RIM

Funds

in

light

of

each

RIM

Fund's

investment

objective

and,

thus,

supported

a

decision

to

approve

the

RIM

Agreement.

• Fee

With

respect

to

the

RIM

Agreement

relating

to

each

RIM

Fund,

the

Board

considered

the

proposed

sub-advisory

fee

to

be

paid

to

RIM

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

RIM.

The

Board

considered

the

relative

level

of

the

sub-advisory

fee

to

be

paid

to

RIM

with

respect

to

each

RIM

Fund

and

the

advisory

fee

to

be

retained

by

the

Adviser

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained,

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

RIM.

The

Board

further

noted

that

the

Adviser,

and

not

the

RIM

Funds,

would

pay

RIM

and

that

the

proposed

sub-advisory

fees

were

negotiated

between

RIM

and

the

Adviser.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fees

agreed

upon

with

RIM

were

reasonable

in

light

of

the

nature,

quality,

and

extent

of

the

investment

sub-advisory

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

each

RIM

Fund,

that

the

proposed

sub-advisory

fee

for

RIM

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

RIM

and

its

affiliates

as

a

result

of

RIM's

relationship

with

the

Trust.

In

particular,

the

Board

noted

(i) RIM's

affiliated

broker,

Russell

Investments

Implementation

Services,

LLC,

could

receive

commissions

as

it

was

being

considered

for

effecting

portfolio

transactions

for

the

RIM

Funds;

(ii) RIM,

its

affiliates

and

their

fund

complexes

could

obtain

lower

commission

rates

and

more

effective

trade

execution

from

aggregation

of

trades

of

the

RIM

Funds

and

other

clients;

(iii) RIM,

its

affiliates

and

their

fund

complexes

could

benefit

from

fee

schedules

negotiated

with

certain

service

providers

which

are

based

on

global

assets

under

management

(e.g.,

Non-Discretionary

Sub-Advisers

and

custodians);

(iv) it

was

possible

that

certain

service

providers

could

charge

RIM

and

its

affiliates

lower

fees

based

on

the

totality

of

the

business

relationships

between

the

parties;

and

(v) certain

RIM

affiliates

could

provide

services

to

the

Trust

and

receive

fees

for

such

services.

In

addition,

the

Board

noted

RIM

could

benefit

indirectly

from

its

relationships

with

the

RIM

Funds,

including

through

the

reputation

of

being

employed

by

the

Adviser

and

if

RIM

included

the

RIM

Funds'

assets

and

performance

record

in

composites

it

uses,

that

could

contribute

to

RIM's

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board

also

noted

that

RIM

would

benefit

from

greater

exposure

in

the

marketplace

with

respect

to

its

investment

processes

and

from

expanding

its

level

of

assets

under

management,

and

that

RIM

could

derive

benefits

from

its

association

with

the

Adviser

and

other

Sub-Advisers

(as

applicable)

to

a

Fund.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

Fund.

Appointment

of

Franklin

Advisers,

LLC

as

Sub-Adviser

and

Approval

of

Discretionary

Sub-Management

Agreement

(FT

Funds)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

to

each

FT

Fund

by

Franklin.

The

Board

considered

Franklin's

responsibilities

with

respect

to

each

FT

Fund

pursuant

to

the

Franklin

Agreement,

and

Franklin's

relevant

experience.

The

Board

noted

that,

subject

to

the

oversight

of

the

Adviser,

Franklin

would

be

responsible

for

making

investment

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

decisions

with

respect

to

each

FT

Fund;

placing

with

brokers

or

dealers

orders

for

the

purchase

and

sale

of

investments

for

each

FT

Fund;

and

assisting

the

Adviser

in

overseeing

any

Franklin

Non-Discretionary

Sub-Advisers

to

an

FT

Fund.

The

Board

also

considered

information

regarding

Franklin's

process

for

selecting

investments

for

each

FT

Fund,

as

well

as

information

regarding

the

qualifications

and

experience

of

Franklin's

portfolio

managers

who

would

provide

services

to

each

FT

Fund.

The

Board

also

considered

the

Adviser's

familiarity

with,

and

confidence

in,

Franklin,

and

the

results

of

the

Adviser's

due

diligence.

The

Board

also

considered

information

regarding

Franklin's

procedures

for

executing

portfolio

transactions

for

each

FT

Fund

and

Franklin's

policies

and

procedures

for

selecting

brokers

and

dealers.

In

addition,

the

Board

considered

information

regarding

Franklin's

trading

experience

and

how

Franklin

would

seek

to

achieve

"best

execution"

on

behalf

of

each

FT

Fund.

The

Board

then

reviewed

hypothetical

returns

representing

a

customized

portfolio

produced

using

publicly

disclosed

fund

returns

for

(i) the

Putnam

Small

Cap

Growth

Fund,

and

the

Royce

Small

Cap

Opportunity

Fund,

as

well

as

returns

from

the

simulated

Franklin

U.S.

Multi-Factor

Equity

Strategy,

all

representative

of

the

models

that

will

comprise

the

Venerable

US

Small

Cap

Fund

and

(ii) the

ClearBridge

International

Growth

Fund,

the

Putnam

International

Value

Fund,

as

well

as

the

Franklin

International

Low

Vol

High

Dividend

strategy,

all

representatives

of

models

that

will

comprise

the

Venerable

International

Equity

Fund.

The

Board

also

considered

Franklin's

expertise,

resources,

proposed

investment

strategy,

and

personnel

for

advising

each

FT

Fund.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

each

FT

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

Franklin

were

appropriate

for

the

FT

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

Franklin

Agreement.

• Fee

With

respect

to

the

Franklin

Agreement

relating

to

each

FT

Fund,

the

Board

considered

the

proposed

sub-advisory

fee

to

be

paid

to

Franklin

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

Franklin.

The

Board

considered

the

relative

levels

of

the

sub-advisory

fee

to

be

paid

to

Franklin

with

respect

to

each

FT

Fund

and

the

advisory

fee

to

be

retained

by

the

Adviser

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

Franklin.

The

Board

noted

that

the

Adviser,

and

not

the

FT

Funds,

would

pay

Franklin

and

that

each

proposed

sub-advisory

fee

was

negotiated

between

Franklin

and

the

Adviser.

Moreover,

the

Board

noted

that

the

Adviser

believed

the

fee

agreed

upon

with

Franklin

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

investment

sub-advisory

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

each

FT

Fund,

that

the

proposed

sub-advisory

fee

for

Franklin

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

Franklin

as

a

result

of

its

relationship

with

the

Trust.

In

particular,

the

Board

noted

Franklin

could

benefit

indirectly

from

its

relationships

with

the

FT

Funds,

including

through

the

reputation

of

being

employed

by

the

Adviser

and

if

Franklin

included

the

FT

Funds'

assets

and

performance

record

in

composites

it

used,

that

could

contribute

to

Franklin's

ability

to

obtain

other

clients

for

its

investment

management

services.

In

addition,

Franklin

could

receive

research

and

services

obtained

with

client

commissions

generated

by

the

FT

Funds.

Research/

services

obtained

with

client

commissions

generated

by

Franklin's

clients

could

be

shared

with

Franklin's

advisory

affiliates.

The

Board

also

noted

that

Franklin

could

benefit

from

greater

exposure

in

the

marketplace

with

respect

to

its

investment

process

and

from

expanding

its

level

of

assets

under

management,

and

that

Franklin

could

derive

benefits

from

its

association

with

the

Adviser

and

other

Sub-Advisers/Non-Discretionary

Sub-Advisers

(as

applicable)

to

a

Fund.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

Appointment

of

RIM

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

US

Large

Cap

Core

Equity

Fund)

• Nature,

Quality

and

Extent

of

Services

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

Large

Cap

Core

Non-

Discretionary

Sub-Adviser

to

the

Venerable

US

Large

Cap

Core

Equity

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

RIM,

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

would

be

responsible

for

providing

RIM

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

Venerable

US

Large

Cap

Core

Equity

Fund

and

RIM

would

utilize

each

model

portfolio

when

purchasing

and

selling

securities

for

a

specific

portion

of

the

Fund.

The

Board

also

considered

the

Adviser's

and

RIM's

familiarity

with,

and

confidence

in,

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser's

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

US

Large

Cap

Core

Equity

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-

Adviser

were

appropriate

for

the

Venerable

US

Large

Cap

Core

Equity

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

RIM

Sub-Management

Agreements.

• Fee

With

respect

to

each

RIM

Sub-Management

Agreement

relating

to

the

Venerable

Large

Cap

Core

Equity

Fund,

the

Board

considered

the

proposed

sub-management

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-management

fee

to

be

paid

to

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

with

respect

to

the

Venerable

US

Large

Cap

Core

Equity

Fund,

the

sub-

advisory

fee

to

be

retained

by

RIM,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

RIM

or

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser.

The

Board

further

noted

that

the

Adviser,

and

not

the

Fund,

would

pay

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

and

that

the

proposed

sub-management

fees

were

negotiated

between

RIM

and

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

US

Large

Cap

Core

Equity

Fund,

that

the

proposed

sub-management

fee

for

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

may

accrue

to

each

proposed

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

may

benefit

indirectly

from

its

relationship

with

the

Venerable

US

Large

Cap

Core

Equity

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

RIM,

and

if

a

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser

includes

the

Venerable

US

Large

Cap

Core

Equity

Fund's

assets

and

performance

record

in

composites

it

uses.

This

may

contribute

to

a

RIM

Large

Cap

Core

Non-Discretionary

Sub-Adviser's

ability

to

obtain

other

clients

for

their

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that,

at

that

time,

they

were

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

Fund.

Appointment

of

RIM

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

Emerging

Markets

Equity

Fund)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

Emerging

Markets

Non-

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

Discretionary

Sub-Adviser

to

the

Emerging

Markets

Equity

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

RIM,

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

would

be

responsible

for

providing

RIM

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

Emerging

Markets

Equity

Fund.

The

Board

also

considered

the

Adviser's

and

RIM's

familiarity

with,

and

confidence

in,

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser's

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Emerging

Markets

Equity

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

were

appropriate

for

the

Emerging

Markets

Equity

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

RIM

Sub-Management

Agreements.

• Fee

With

respect

to

each

RIM

Sub-Management

Agreement

relating

to

the

Emerging

Markets

Equity

Fund,

the

Board

considered

the

proposed

sub-management

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-management

fee

to

be

paid

to

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

with

respect

to

the

Emerging

Markets

Equity

Fund,

the

sub-

advisory

fee

to

be

retained

by

RIM,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

RIM

or

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser.

The

Board

further

noted

that

the

Adviser,

and

not

the

Emerging

Markets

Equity

Fund,

would

pay

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

and

that

the

proposed

Non-Discretionary

Sub-Adviser

fees

were

negotiated

between

RIM

and

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

respect

to

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Emerging

Markets

Equity

Fund,

that

the

proposed

Non-Discretionary

Sub-Adviser

fee

for

each

RIM

Emerging

Markets

Non-

Discretionary

Sub-Adviser

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

each

proposed

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

could

benefit

indirectly

from

its

relationship

with

the

Emerging

Markets

Equity

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

RIM,

and

if

a

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser

included

the

Emerging

Markets

Equity

Fund's

assets

and

performance

record

in

composites

it

used,

that

could

contribute

to

a

RIM

Emerging

Markets

Non-Discretionary

Sub-Adviser's

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

Fund.

Appointment

of

RIM

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

World

Equity

Fund)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

World

Equity

Non-

Discretionary

Sub-Adviser

to

the

World

Equity

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

RIM,

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser

would

be

responsible

for

providing

RIM

with

a

model

portfolio

based

on

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

certain

investment

guidelines

for

the

World

Equity

Fund.

The

Board

also

considered

the

Adviser's

and

RIM's

familiarity

with,

and

confidence

in,

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser's

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

World

Equity

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser

were

appropriate

for

the

World

Equity

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

RIM

Sub-Management

Agreements.

• Fee

With

respect

to

each

RIM

Sub-Management

Agreement

relating

to

the

World

Equity

Fund,

the

Board

considered

the

proposed

sub-management

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-management

fee

to

be

paid

to

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser

with

respect

to

the

World

Equity

Fund,

the

sub-advisory

fee

to

be

retained

by

RIM,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

RIM

or

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser.

The

Board

further

noted

that

the

Adviser,

and

not

the

World

Equity

Fund,

would

pay

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser

and

that

the

proposed

Non-Discretionary

Sub-Adviser

fees

were

negotiated

between

RIM

and

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

respect

to

each

RIM

World

Equity

Non-Discretionary

Sub-

Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

World

Equity

Fund,

that

the

proposed

Non-Discretionary

Sub-

Adviser

fee

for

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

each

proposed

RIM

World

Equity

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

RIM

World

Equity

Non-Discretionary

Sub-Adviser

could

benefit

indirectly

from

its

relationship

with

the

World

Equity

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

RIM,

and

if

a

RIM

World

Equity

Non-Discretionary

Sub-Adviser

included

the

World

Equity

Fund's

assets

and

performance

record

in

composites

it

used,

that

could

contribute

to

a

RIM

World

Equity

Non-Discretionary

Sub-Adviser's

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

are

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

Fund.

Appointment

of

RIM

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

Real

Estate

Fund)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

to

the

Real

Estate

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

RIM,

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

would

be

responsible

for

providing

RIM

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

Real

Estate

Fund.

The

Board

also

considered

the

Adviser's

and

RIM's

familiarity

with,

and

confidence

in,

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser's

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Real

Estate

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

were

appropriate

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

for

the

Real

Estate

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

RIM

Sub-Management

Agreements.

• Fee

With

respect

to

each

RIM

Sub-Management

Agreement

relating

to

the

Real

Estate

Fund,

the

Board

considered

the

proposed

sub-

management

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

RIM

Real

Estate

Non-

Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-management

fee

to

be

paid

to

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

with

respect

to

the

Real

Estate

Fund,

the

sub-advisory

fee

to

be

retained

by

RIM,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

RIM

or

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser.

The

Board

further

noted

that

the

Adviser,

and

not

the

Real

Estate

Fund,

would

pay

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

and

that

the

proposed

Non-Discretionary

Sub-Adviser

fees

were

negotiated

between

RIM

and

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Real

Estate

Fund,

that

the

proposed

Non-Discretionary

Sub-Adviser

fee

for

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

each

proposed

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

could

benefit

indirectly

from

its

relationship

with

the

Real

Estate

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

RIM,

and

if

a

RIM

Real

Estate

Non-Discretionary

Sub-Adviser

included

the

Real

Estate

Fund's

assets

and

performance

record

in

composites

it

used,

that

could

contribute

to

a

RIM

Real

Estate

Non-Discretionary

Sub-Adviser's

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

Fund.

Appointment

of

Franklin

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

US

Large

Cap

Strategic

Equity

Fund)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

Franklin,

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

would

be

responsible

for

providing

Franklin

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

and

Franklin

would

utilize

each

model

portfolio

when

purchasing

and

selling

securities

for

a

specific

portion

of

the

Fund.

The

Board

also

considered

the

Adviser's

and

Franklin's

familiarity

with,

and

confidence

in,

each

Franklin

Large

Cap

Strategic

Non-

Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser's

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

were

appropriate

for

the

Venerable

US

Large

Cap

Strategic

Equity

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

Franklin

Sub-Management

Agreements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

• Fee

With

respect

to

the

Franklin

Sub-Management

Agreements

relating

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

the

Board

considered

the

proposed

sub-management

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-management

fee

to

be

paid

to

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

the

sub-advisory

fee

to

be

retained

by

Franklin,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

Franklin

or

a

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser.

The

Board

noted

that,

with

respect

to

sub-management

compensation,

Franklin

and

its

affiliated

Sub-Advisers

utilized

internal

transfer

pricing

arrangements.

The

Board

further

noted

that

Franklin,

and

not

the

Fund,

would

pay

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

and

that

each

proposed

sub-management

fee

was

negotiated

between

Franklin

and

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

that

the

proposed

sub-management

fee

for

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

may

accrue

to

each

proposed

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

may

benefit

indirectly

from

its

relationship

with

the

Venerable

US

Large

Cap

Strategic

Equity

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

Franklin,

and

if

a

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser

includes

the

Venerable

US

Large

Cap

Strategic

Equity

Fund's

assets

and

performance

record

in

composites

it

uses.

This

may

contribute

to

a

Franklin

Large

Cap

Strategic

Non-Discretionary

Sub-Adviser's

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that,

at

that

time,

they

are

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

Fund.

Appointment

of

Franklin

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

US

Small

Cap

Fund)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

Franklin

US

Small

Cap

Non-

Discretionary

Sub-Adviser

to

the

US

Small

Cap

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

Franklin,

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

would

be

responsible

for

providing

Franklin

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

US

Small

Cap

Fund.

The

Board

also

considered

the

Adviser's

and

Franklin's

familiarity

with,

and

confidence

in,

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser's

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

US

Small

Cap

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

were

appropriate

for

the

US

Small

Cap

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

Franklin

Sub-Management

Agreements.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

• Fee

With

respect

to

the

Franklin

Sub-Management

Agreement

relating

to

the

US

Small

Cap

Fund,

the

Board

considered

the

proposed

sub-advisory

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-advisory

fee

to

be

paid

to

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

with

respect

to

the

US

Small

Cap

Fund,

the

sub-advisory

fee

to

be

retained

by

Franklin,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

Franklin

or

a

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser.

The

Board

noted

that,

with

respect

to

Non-Discretionary

Sub-Adviser

compensation,

Franklin

and

its

affiliated

Non-

Discretionary

Sub-Advisers

utilized

internal

transfer

pricing

arrangements.

The

Board

further

noted

that

the

Adviser,

and

not

the

Fund,

would

pay

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

and

that

each

proposed

Non-Discretionary

sub-

advisory

fee

was

negotiated

between

Franklin

and

each

Franklin

Non-Discretionary

Sub-Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

US

Small

Cap

Fund,

that

the

proposed

Non-Discretionary

sub-advisory

fee

for

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

each

proposed

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

could

benefit

indirectly

from

its

relationship

with

the

US

Small

Cap

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

Franklin,

and

if

a

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser

included

the

US

Small

Cap

Fund's

assets

and

performance

record

in

composites

it

used,

that

could

contribute

to

a

Franklin

US

Small

Cap

Non-Discretionary

Sub-Adviser's

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

FT

Fund.

Appointment

of

Franklin

Non-Discretionary

Sub-Advisers

and

Approval

of

Non-Discretionary

Sub-Management

Agreements

(Venerable

International

Equity

Fund)

• Nature,

Quality

and

Extent

of

Services

The

Board

evaluated

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

to

the

International

Equity

Fund.

The

Board

considered

that,

subject

to

the

oversight

of

the

Adviser

and

Franklin,

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

would

be

responsible

for

providing

Franklin

with

a

model

portfolio

based

on

certain

investment

guidelines

for

the

International

Equity

Fund.

The

Board

also

considered

the

Adviser's

and

Franklin's

familiarity

with,

and

confidence

in,

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser,

and

the

results

of

the

Adviser's

due

diligence.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

International

Equity

Fund,

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

were

appropriate

for

the

International

Equity

Fund

in

light

of

its

investment

objective

and,

thus,

supported

a

decision

to

approve

the

Franklin

Sub-Management

Agreements.

• Fee

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

With

respect

to

the

Franklin

Sub-Management

Agreement

relating

to

the

International

Equity

Fund,

the

Board

considered

the

proposed

sub-advisory

fees

in

light

of

the

nature,

quality

and

extent

of

the

services

proposed

to

be

provided

by

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser.

The

Board

considered

the

relative

levels

of

the

sub-advisory

fee

to

be

paid

to

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

with

respect

to

the

International

Equity

Fund,

the

sub-advisory

fee

to

be

retained

by

Franklin,

and

the

advisory

fee

to

be

retained

by

the

Adviser,

in

light

of,

among

other

factors,

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser

and

not

delegated

to

or

assumed

by

Franklin

or

a

Franklin

International

Equity

Non-Discretionary

Sub-Adviser.

The

Board

noted

that,

with

respect

to

Non-Discretionary

Sub-Adviser

compensation,

Franklin

and

its

affiliated

Non-Discretionary

Sub-Advisers

utilized

internal

transfer

pricing

arrangements.

The

Board

further

noted

that

the

Adviser,

and

not

the

Fund,

would

pay

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

and

that

each

proposed

Non-Discretionary

sub-advisory

fee

was

negotiated

between

Franklin

and

each

Franklin

Non-Discretionary

Sub-

Adviser,

with

final

sign-off

by

the

Adviser

prior

to

submission

to

the

Board

for

approval.

Moreover,

the

Board

noted

that

the

Adviser

believed

that

the

fee

agreed

upon

with

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

the

services

to

be

provided.

Based

on

its

review,

the

Board,

including

the

Independent

Trustees,

determined,

with

respect

to

the

International

Equity

Fund,

that

the

proposed

Non-Discretionary

sub-advisory

fee

for

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

was

fair

and

reasonable.

• Fall-Out

and

Other

Benefits

The

Board

also

considered

possible

fall-out

benefits

and

other

types

of

benefits

that

could

accrue

to

each

proposed

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

as

a

result

of

its

relationship

with

the

Trust,

including

greater

exposure

in

the

marketplace.

The

Board

noted

that

each

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

could

benefit

indirectly

from

its

relationship

with

the

International

Equity

Fund,

including

through

the

reputation

of

being

engaged

by

the

Adviser

and

Franklin,

and

if

a

Franklin

International

Equity

Non-Discretionary

Sub-Adviser

included

the

International

Equity

Fund's

assets

and

performance

record

in

composites

it

used,

that

could

contribute

to

a

Franklin

International

Equity

Non-Discretionary

Sub-Adviser's

ability

to

obtain

other

clients

for

its

investment

management

services.

The

Board,

including

the

Independent

Trustees,

determined

that

it

would

continue

to

review

any

"fall-out"

and

other

benefits

on

an

ongoing

basis.

The

Board

discussed

profitability

and

economies

of

scale

as

factors

of

consideration

and

determined

that

they

were

most

relevant

in

the

context

of

the

Board's

consideration

of

the

Advisory

Agreement

and

the

aggregate

advisory

fee

to

be

paid

by

each

FT

Fund.

#### Venerable

#### Variable

#### Insurance

#### Trust

#### Adviser,

#### Sub-Advisers

#### and

#### Service

#### Providers

#### —

#### December

#### 31,

#### 2025
(Unaudited)

Adviser,

Sub-Advisers

and

Service

Providers

#### Interested

#### Trustees
Michal

Levy

Timothy

W. Brown

#### Independent

#### Trustees
Sherilyn

Anderson

John

Guy

Julian

Sluyters

#### Officers
Michal

Levy,

President

and

Chief

Executive

Officer

Ross

Erickson,

Treasurer

John

Bruggeman,

Assistant

Treasurer

Cheryl

Wichers,

Chief

Compliance

Officer

Kristina

Magolis,

Secretary

and

Chief

Legal

Officer

Julie

Vossler,

Assistant

Secretary

#### Adviser

#### and

#### Administrator
Venerable

Investment

Advisers,

LLC

1475

Dunwoody

Drive,

Suite

West

Chester, PA

19380

#### Discretionary

#### Sub-Advisers
Russell

Investment

Management,

LLC

Union

Street

18th

floor

Seattle,

WA

98101

Franklin

Advisers,

Inc.

Franklin

Parkway

San

Mateo,

CA

94403

#### Transfer

#### and

#### Dividend

#### Disbursing

#### Agent
Russell

Investments

Fund

Services,

LLC

Union

Street

18th

floor

Seattle, WA

98101

#### Custodian
State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

#### Office

#### of

#### Shareholder

#### Inquiries
1475

Dunwoody

Drive,

Suite

West

Chester,

PA

19380

(800) 366-0066

#### Legal

#### Counsel
Morgan,

Lewis

&

Bockius

LLP

Park

Avenue

New

York,

NY

10178

#### Distributor
Russell

Investments

Financial

Services,

LLC

Union

Street

18th

floor

Seattle, WA

98101

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Ernst

&

Young

LLP

2005

Market

Street,

Suite

700

Philadelphia,

PA

19103

#### Non-Discretionary

#### Sub-Advisers

#### Venerable

#### US

#### Large

#### Cap

#### Core

#### Equity

#### Fund
Allspring

Global

Investments,

LLC,

Charlotte,

NC

J.P.

Morgan

Investment

Management

Inc.,

New

York,

NY

Jacobs

Levy

Equity

Management,

Inc.,

Florham,

NJ

Mar

Vista

Investment

Partners,

LLC,

Los

Angeles,

CA

#### Venerable

#### US

#### Large

#### Cap

#### Strategic

#### Equity

#### Fund
Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

ClearBridge

Investments,

LLC,

New

York,

NY

Putnam

Investment

Management,

LLC,

Boston,

MA

#### Venerable

#### US

#### Small

#### Cap

#### Fund
Putnam

Investment

Management,

LLC,

Boston,

MA

Royce

Investment

Partners,

New

York,

NY

#### Venerable

#### Emerging

#### Markets

#### Equity

#### Fund
Axiom

Investors

LLC,

Greenwich,

CT

Barrow,

Hanley,

Mewhinney

&

Strauss

LLC,

Dallas,

TX

Numeric

Investors

LLC,

Boston,

MA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

Pzena

Investment

Management,

LLC,

New

York,

NY

Sands

Capital

Management,

LLC,

Arlington,

VA

#### Venerable

#### World

#### Equity

#### Fund
Intermede

Global

Partners

Inc.,

San

Francisco,

CA

and

Intermede

Investment

Partners

Limited,

London,

UK

Numeric

Investors

LLC,

Boston,

MA

Sanders

Capital,

LLC,

West

Palm

Beach,

FL

Wellington

Management

Company

LLP,

Boston,

MA

Note:

Venerable

High

Yield

Fund,

Venerable

Strategic

Bond

Fund,

Venerable

Bond

Index

Fund

and

Venerable

Intermediate

Corporate

Bond

Index

Fund

are

sub-advised

by

Franklin

Advisers,

Inc.

Venerable

Large

Cap

Index

Fund,

Venerable

Mid

Cap

Index

Fund,

Venerable

Small

Cap

Index

Fund,

Venerable

International

Index

Fund,

Venerable

Conservative

Allocation

Fund,

Venerable

Conservative

Appreciation

Allocation

Fund,

Venerable

World

Conservative

Allocation

Fund,

Venerable

Moderate

Allocation

Fund,

Venerable

Moderate

Appreciation

Allocation

Fund,

Venerable

World

Moder-

ate

Allocation

Fund,

Venerable

Appreciation

Allocation

Fund

and

Venerable

World

Appreciation

Allocation

Fund

are

sub-advised

by

Russell

Investment

Management,

LLC. This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Venerable

Variable

Insurance

Trust

1475

Dunwoody

Dr

Suite

West

Chester,

Pennsylvania

19380

800-366-0066

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not Applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** 

The information is included in Note 4 in the Notes to Financial Statements in the Financial Statements filed under Item 7 of this form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** 

The information is included as part of the Financial Statements filed under Item 7 of this form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not Applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not Applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not Applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that would require disclosure herein.

**Item 16. Controls and Procedures**

(a) Registrant's principal executive officer and principal financial officer have concluded that registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.

(b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not Applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

**Item 19. Exhibit List**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as [codeofethics](codeofethics.htm)

(b) Certification for principal executive officer of registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of registrant as required by Rule 30a-2(a) under the Act. [ex99_cert](ex99_cert.htm)

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. [ex99.906_cert](ex99_906cert.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.

**Venerable Variable Insurance Trust**

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michal Levy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michal Levy

President and Chief Executive Officer (Principal Executive Officer), Venerable Variable Insurance Trust

Date: February 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michal Levy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michal Levy

President and Chief Executive Officer (Principal Executive Officer), Venerable Variable Insurance Trust

Date: February 26, 2026

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Erickson

Treasurer (Principal Financial Officer), Venerable Variable Insurance Trust

Date: February 26, 2026

## Ex-99.Code

**Exhibit (a)**

VENERABLE VARIABLE INSURANCE TRUST

CODE OF ETHICS<br> FOR<br> SENIOR MUTUAL FUND OFFICERS

This Code of Ethics ("Code") applies to the Chief Executive Officer and Fund Treasurer (each, a "Senior Mutual Fund Officer") of Venerable Variable Insurance Trust ("VVIT") and, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, is designed to promote:

▪honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

▪full, fair, accurate, timely and understandable disclosure in reports and documents that VVIT files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by VVIT;

▪compliance with applicable laws and governmental rules and regulations;

▪the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

▪accountability for adherence to the Code.

For purposes of this Code, references to VVIT's Chief Compliance Officer shall be deemed to include a delegate or designee selected by the Chief Compliance Officer for a particular matter; provided, that any such delegate or designee must have the requisite knowledge, position with VVIT or other entity, and experience to carry out the associated responsibilities.

This Code is in addition to, and separate from, the Trust's Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") to which the Senior Mutual Fund Officers are also subject.

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR MUTUAL FUND OFFICERS SHOULD ACT HONESTLY AND CANDIDLY

Each Senior Mutual Fund Officer owes a duty to VVIT to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Mutual Fund Officer must:

▪act with integrity including being honest and candid while still maintaining the confidentiality of information where required by law or by VVIT's policies;

▪observe both the form and spirit of laws and governmental rules and regulations, accounting standards, and VVIT's policies and procedures;

▪adhere to a high standard of business ethics; and

▪place the interests of VVIT before the Senior Mutual Fund Officer's own personal interests.

All activities of Senior Mutual Fund Officers should be guided by and should adhere to these fiduciary standards.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR MUTUAL FUND OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

**Guiding Principles.** A "conflict of interest" occurs when a Senior Mutual Fund Officer's private interest interferes with the interests of his or her service to VVIT. A conflict of interest can arise when a Senior Mutual Fund Officer takes actions or has interests that may make it difficult to perform his or her work for VVIT objectively and effectively. For example, a conflict of interest would arise if a Senior Mutual Fund Officer, or a member or his family, receives improper personal benefits as a result of his or her position with VVIT. In addition, Senior Mutual Fund Officers should be sensitive to situations that create apparent, if not actual, conflicts of interest. Service to VVIT should never be subordinated to personal gain and advantage.

Certain conflicts of interest arise out of the relationships between Senior Mutual Fund Officers and VVIT that already are subject to conflict of interest provisions in the 1940 Act and the s Act of 1940. For example, Senior Mutual Fund Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with VVIT because of their status as "affiliated persons" of VVIT. Accordingly, the existing statutory and regulatory prohibitions on individual behavior will be deemed to be incorporated into the Code and, therefore, any such violation will also be deemed a violation of the Code. Senior Mutual Fund Officers must in all cases comply with applicable statutes and regulations.

As to conflicts arising from, or as a result of, the contractual relationship between VVIT and its investment advisers Venerable Investment Advisers, LLC ("VIA") and Russell Investment Management, LLC ("RIM") of which the Senior Mutual Fund Officers are also officers or employees, it is recognized by VVIT's Board of Trustees (the "Board") that, subject to an adviser's fiduciary duties to VVIT, the Senior Mutual Fund Officers will, in the normal course of their duties (whether formally for VVIT or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and VVIT. The Board recognizes that the participation of the Senior Mutual Fund Officers in such activities is inherent in the contractual relationship between VVIT and the advisers and is consistent with the Board's expectation of the performance by the Senior Mutual Fund Officers of their duties as officers of VVIT. In addition, it is recognized by the Board that the Senior Mutual Fund Officers may also be officers or employees of other investment companies advised by the same adviser and the codes of ethics of those investment companies will apply to the Senior Mutual Fund Officers acting in those distinct capacities.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Each Senior Mutual Fund Officer must:

▪avoid conflicts of interest wherever possible;

▪handle any actual or apparent conflict of interest ethically;

▪not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by VVIT whereby the Senior Mutual Fund Officer would benefit personally to the detriment of VVIT;

▪not cause VVIT to take action, or fail to take action, for the personal benefit of the Senior Mutual Fund Officer rather than for the benefit of VVIT;

▪not use material non-public knowledge of portfolio transactions made or contemplated for VVIT to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

▪discuss with VVIT's Chief Compliance Officer any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest; and

▪report at least annually any affiliations or other relationships related to conflicts of interest as requested from time to time in VVIT's trustee & officer questionnaire.

The Senior Mutual Fund Officers should follow the precepts and requirements of VIA's or RIM's code of ethics, as applicable, including the policies regarding personal securities accounts, outside business affiliations, gifts and entertainment, and conflicts of interest contained therein.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISCLOSURE

Each Senior Mutual Fund Officer is required to be familiar with, and comply with, the Sarbanes-Oxley Policy of VVIT's sub-administrator and any corresponding disclosure controls and procedures so that VVIT's reports and documents filed with the SEC and other public communications comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Senior Mutual Fund Officer having direct or supervisory authority regarding these SEC filings or VVIT's other public communications should, to the extent appropriate within his or her area of responsibility, consult with other VVIT officers and VVIT's investment advisers, and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Senior Mutual Fund Officer must:

▪familiarize himself or herself with the disclosure requirements generally applicable to VVIT; and

▪not knowingly misrepresent, or cause others to misrepresent, facts about VVIT to others, whether within or outside VVIT, including to VVIT's independent trustees, independent auditors, or governmental regulators and self-regulatory organizations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE

It is VVIT's policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Senior Mutual Fund Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions and accounting and auditing matters.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REPORTING AND ACCOUNTABILITY

Each Senior Mutual Fund Officer must:

▪upon receipt of this Code, and annually thereafter, acknowledge that he or she has read the Code, understands its provisions and agrees to abide by its requirements as set forth elsewhere in this Code;

▪not retaliate against any officer or employee of VVIT or their affiliated persons for reports of potential violations that are made in good faith; and

▪notify VVIT's Chief Compliance Officer promptly if he or she becomes aware of any existing or potential violation of the Code. Failure to do so is itself a violation of the Code.

Except as described otherwise below, VVIT's Chief Compliance Officer is responsible for applying the Code to specific situations in which questions are presented to him or her and has the authority to initially interpret the Code in any particular situation. VVIT's Chief Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations.

VVIT's Chief Compliance Officer is authorized to consult, as appropriate, with VVIT's counsel, counsel to VVIT's independent trustees, or the chair of the Audit Committee (the "Committee"), and is encouraged to do so.

The Committee is responsible for granting waivers, granting approvals, final interpretations and determining sanctions, as appropriate.[\[1\]](#_ftn1)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTIGATIONS AND ENFORCEMENTS

VVIT will follow these procedures in investigating and enforcing the Code:

▪VVIT's Chief Compliance Officer will take all action he or she deems appropriate to investigate any potential violations reported to him or her;

▪if, after such investigation, VVIT's Chief Compliance Officer believes that no violation has occurred, the VVIT's Chief Compliance Officer is not required to take any further action;

▪any matter that the VVIT's Chief Compliance Officer believes is a violation will be reported to the Committee or to the Board;

▪if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include (i) review of, and appropriate modifications to, applicable policies and procedures, (ii) notification to appropriate personnel of the adviser or its board, or (iii) a recommendation to dismiss the Senior Mutual Fund Officer;

▪the Committee will be responsible for granting waivers, as appropriate; and

▪any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENTS

The Code may not be amended except in a written document that is specifically approved by a majority vote of VVIT's Board, including a majority of independent trustees.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONFIDENTIALITY

All reports and records prepared or maintained pursuant to the Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than VVIT's Chief Compliance Officer, the members of the Board and their counsel, and VVIT, VIA, RIM, VVIT's principal underwriter, and their legal counsel. The obligation to preserve confidential information continues after employment as a Senior Mutual Fund Officer ends.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERNAL USE

The Code is intended solely for the internal use by VVIT and does not constitute an admission, by or on behalf of any Mutual Fund, as to any fact, circumstance, or legal conclusion.

Dated: July 11, 2024

Non-Material Changes: August 28, 2025

------

[\[1\]](#_ftnref1) Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer , as defined in Rule 3b-7 under the Exchange Act (17 CFR 240 3b-7) of the registrant."

## Exhibit 99.906

**Exhibit (c)**

EX-99.906CERT

**SECTION 906 CERTIFICATIONS**

Michal Levy, President and Chief Executive Officer of Venerable Variable Insurance Trust, a Delaware Business Trust (the "registrant"), and Ross Erickson, Treasurer, of the registrant, each certify that:

1. The registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Venerable Variable Insurance Trust and will be retained by Venerable Variable Insurance Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Venerable Variable Insurance Trust

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michal Levy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michal Levy

President and Chief Executive Officer (Principal Executive Officer), Venerable Variable Insurance Trust

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Erickson

Treasurer (Principal Financial Officer), Venerable Variable Insurance Trust

Date: February 26, 2026

\*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.

## Ex-99.Cert

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Michal Levy, certify that:

1. I have reviewed this report on Form N-CSR of Venerable 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 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:

(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 me by others within those entities, particularly during the period in which this report is being prepared;

(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;

(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

(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 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):

(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

(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: February 26, 2026

<u>/s/ Michal Levy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Michal Levy<br> President and Chief Executive Officer (Principal Executive Officer), Venerable Variable Insurance Trust

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Ross Erickson, certify that:

1. I have reviewed this report on Form N-CSR of Venerable 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 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:

(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 me by others within those entities, particularly during the period in which this report is being prepared;

(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;

(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

(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 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):

(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

(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: February 26, 2026

<u>/s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Ross Erickson

Treasurer (Principal Financial Officer), Venerable Variable Insurance Trust