# EDGAR Filing Document

**Accession Number:** 0001995745
**File Stem:** 0001104659-25-101740
**Filing Date:** 2025-10
**Character Count:** 25385
**Document Hash:** 43f723f6782371a9c04ae1f8419d66ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101740.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001104659-25-101740

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-274984
- **FILM NUMBER:** 251412066

**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 US Small Cap Fund (Series ID: S000090882)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class V    | C000258265 |
| Class I    | C000258266 |

---

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

---

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

---

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

---

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

---

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

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000258278 |
| Class V    | C000258279 |

---

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

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000258281 |
| Class V    | C000258282 |

---

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

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class V    | C000259908 |
| Class I    | C000259909 |

---

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

---

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

---

## Series and Classes Contracts Data

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258265 | Class V      |  |
| C000258266 | Class I      |  |

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

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

### 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   |
|:---|:---|:---|
| C000258278 | Class I      |  |
| C000258279 | Class V      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258281 | Class I      |  |
| C000258282 | Class V      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259908 | Class V      |  |
| C000259909 | Class I      |  |

### 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'?

**VENERABLE VARIABLE INSURANCE TRUST**

**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**

**SUPPLEMENT DATED OCTOBER 23, 2025, TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 29, 2025**

This Supplement updates certain information contained in the Prospectus and Statement of Additional Information ("SAI") dated April 29, 2025, of 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 Equity Fund, and Venerable Bond Index Fund (each a "Fund", collectively, the "Funds"), each a series of Venerable Variable Insurance Trust (the "Trust"). You should read this Supplement in conjunction with the Funds' Prospectus and SAI and retain it for future reference. You may obtain these documents, free of charge, by writing to the Trust at 1475 Dunwoody Drive, Suite 200, West Chester, PA 19380, or you can view, download, and print the documents at the Trust's website at <u>https://docs.venerable.com/#/venerable-variable-insurance-trust</u>.

The following changes are being made to the Funds' Prospectus and SAI, effective immediately:

**I.** **The sub-section titled "Annual Fund Operating Expenses" under the section titled "FUND SUMMARIES" in the Venerable US Small Cap Fund's Prospectus is deleted in its entirety and replaced with the following:** 

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class V** | **Class I** |
| Management Fees | 0.85% | 0.85% |
| Distribution and/or Service Fees (12b-1 Fees) | 0.30% | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% | 0.15% |
| **Total Annual Operating Expenses** | **1.30%** | **1.00%** |
| Less Waivers and Reimbursements<sup>2</sup> | (0.45%) | (0.00%) |
| **Total Annual Operating Expenses Less Waivers and Reimbursements** | **0.85%** | **1.00%** |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> Until September 12, 2027, Venerable Investment Advisers, LLC (the "Adviser"), the distributor, and certain financial intermediaries have contractually agreed to waive all or a portion of fees (including management fee, administrative services fee, and/or distribution and/or service fee (12b-1 Fee), as applicable) and/or reimburse other operating expenses to the extent necessary to limit total annual operating expenses (excluding interest expenses, short sale expenses, taxes, brokerage commissions, and extraordinary expenses such as litigation expenses) to 0.85% for Class V shares and 1.00% for Class I shares. Termination or modification of these obligations prior to September 12, 2027, requires approval by the Fund's Board of Trustees (the "Board"). To the extent these obligations terminate or are modified, the Fund's total annual operating expenses may increase.

**II.** **The sub-section titled "Annual Fund Operating Expenses" under the section titled "FUND SUMMARIES" in the Venerable Emerging Markets Equity Fund's Prospectus is deleted in its entirety and replaced with the following:** 

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class V** | **Class I** |
| Management Fees | 1.01% | 1.01% |
| Distribution and/or Service Fees (12b-1 Fees) | 0.30% | 0.00% |
| Other Expenses<sup>1</sup> | 0.18% | 0.18% |
| **Total Annual Operating Expenses** | **1.49%** | **1.19%** |
| Less Waivers and Reimbursements<sup>2</sup> | (0.05%) | (0.00%) |
| **Total Annual Operating Expenses Less Waivers and Reimbursements** | **1.44%** | **1.19%** |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> Until September 12, 2027, Venerable Investment Advisers, LLC (the "Adviser"), the distributor, and certain financial intermediaries have contractually agreed to waive all or a portion of fees (including management fee, administrative services fee, and/or distribution and/or service fee (12b-1 Fee), as applicable) and/or reimburse other operating expenses to the extent necessary to limit total annual operating expenses (excluding interest expenses, short sale expenses, taxes, brokerage commissions, and extraordinary expenses such as litigation expenses) to 1.44% for Class V shares and 1.19% for Class I shares. Termination or modification of these obligations prior to September 12, 2027, requires approval by the Fund's Board of Trustees (the "Board"). To the extent these obligations terminate or are modified, the Fund's total annual operating expenses may increase.

**III.** **The sub-section titled "Annual Fund Operating Expenses" under the section titled "FUND SUMMARIES" in the Venerable World Equity Fund's Prospectus is deleted in its entirety and replaced with the following:** 

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class V** | **Class I** |
| Management Fees | 0.75% | 0.75% |
| Distribution and/or Service Fees (12b-1 Fees) | 0.30% | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% | 0.15% |
| **Total Annual Operating Expenses** | **1.20%** | **0.90%** |
| Less Waivers and Reimbursements<sup>2</sup> | (0.35%) | (0.00%) |
| **Total Annual Operating Expenses Less Waivers and Reimbursements** | **0.85%** | **0.90%** |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> Until September 12, 2027, Venerable Investment Advisers, LLC (the "Adviser"), the distributor, and certain financial intermediaries have contractually agreed to waive all or a portion of fees (including management fee, administrative services fee, and/or distribution and/or service fee (12b-1 Fee), as applicable) and/or reimburse other operating expenses to the extent necessary to limit total annual operating expenses (excluding interest expenses, short sale expenses, taxes, brokerage commissions, and extraordinary expenses such as litigation expenses) to 0.85% for Class V shares and 0.90% for Class I shares. Termination or modification of these obligations prior to September 12, 2027, requires approval by the Fund's Board of Trustees (the "Board"). To the extent these obligations terminate or are modified, the Fund's total annual operating expenses may increase.

**IV.** **The sub-section titled "Annual Fund Operating Expenses" under the section titled "FUND SUMMARIES" in the Venerable Mid Cap Index Fund's Prospectus is deleted in its entirety and replaced with the following:** 

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class V** | **Class I** |
| Management Fees | 0.26% | 0.26% |
| Distribution and/or Service Fees (12b-1 Fees) | 0.30% | 0.00% |
| Other Expenses<sup>1</sup> | 0.14% | 0.14% |
| **Total Annual Operating Expenses** | **0.70%** | **0.40%** |
| Less Waivers and Reimbursements<sup>2</sup> | (0.05%) | (0.00%) |
| **Total Annual Operating Expenses Less Waivers and Reimbursements** | **0.65%** | **0.40%** |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> Until September 12, 2027, Venerable Investment Advisers, LLC (the "Adviser"), the distributor, and certain financial intermediaries have contractually agreed to waive all or a portion of fees (including management fee, administrative services fee, and/or distribution and/or service fee (12b-1 Fee), as applicable) and/or reimburse other operating expenses to the extent necessary to limit total annual operating expenses (excluding interest expenses, short sale expenses, taxes, brokerage commissions, and extraordinary expenses such as litigation expenses) to 0.65% for Class V shares and 0.40% for Class I shares. Termination or modification of these obligations prior to September 12, 2027, requires approval by the Fund's Board of Trustees (the "Board"). To the extent these obligations terminate or are modified, the Fund's total annual operating expenses may increase.

**V.** **The sub-section titled "Annual Fund Operating Expenses" under the section titled "FUND SUMMARIES" in the Venerable Small Cap Index Fund's Prospectus is deleted in its entirety and replaced with the following:** 

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class V** | **Class I** |
| Management Fees | 0.31% | 0.31% |
| Distribution and/or Service Fees (12b-1 Fees) | 0.30% | 0.00% |
| Other Expenses<sup>1</sup> | 0.14% | 0.14% |
| **Total Annual Operating Expenses** | **0.75%** | **0.45%** |
| Less Waivers and Reimbursements<sup>2</sup> | (0.07%) | (0.00%) |
| **Total Annual Operating Expenses Less Waivers and Reimbursements** | **0.68%** | **0.45%** |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> Until September 12, 2027, Venerable Investment Advisers, LLC (the "Adviser"), the distributor, and certain financial intermediaries have contractually agreed to waive all or a portion of fees (including management fee, administrative services fee, and/or distribution and/or service fee (12b-1 Fee), as applicable) and/or reimburse other operating expenses to the extent necessary to limit total annual operating expenses (excluding interest expenses, short sale expenses, taxes, brokerage commissions, and extraordinary expenses such as litigation expenses) to 0.68% for Class V shares and 0.45% for Class I shares. Termination or modification of these obligations prior to September 12, 2027, requires approval by the Fund's Board of Trustees (the "Board"). To the extent these obligations terminate or are modified, the Fund's total annual operating expenses may increase.

**VI.** **The sub-section titled "Annual Fund Operating Expenses" under the section titled "FUND SUMMARIES" in the Venerable International Index Fund's Prospectus is deleted in its entirety and replaced with the following:** 

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class V** | **Class I** |
| Management Fees | 0.30% | 0.30% |
| Distribution and/or Service Fees (12b-1 Fees) | 0.30% | 0.00% |
| Other Expenses<sup>1</sup> | 0.16% | 0.16% |
| **Total Annual Operating Expenses** | **0.76%** | **0.46%** |
| Less Waivers and Reimbursements<sup>2</sup> | (0.06%) | (0.00%) |
| **Total Annual Operating Expenses Less Waivers and Reimbursements** | **0.70%** | **0.46%** |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> Until September 12, 2027, Venerable Investment Advisers, LLC (the "Adviser"), the distributor, and certain financial intermediaries have contractually agreed to waive all or a portion of fees (including management fee, administrative services fee, and/or distribution and/or service fee (12b-1 Fee), as applicable) and/or reimburse other operating expenses to the extent necessary to limit total annual operating expenses (excluding interest expenses, short sale expenses, taxes, brokerage commissions, and extraordinary expenses such as litigation expenses) to 0.70% for Class V shares and 0.46% for Class I shares. Termination or modification of these obligations prior to September 12, 2027, requires approval by the Fund's Board of Trustees (the "Board"). To the extent these obligations terminate or are modified, the Fund's total annual operating expenses may increase.

**VII.** **The sub-section titled "Annual Fund Operating Expenses" under the section titled "FUND SUMMARIES" in the Venerable Bond Index Fund's Prospectus is deleted in its entirety and replaced with the following:** 

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class V** | **Class I** |
| Management Fees | 0.23% | 0.23% |
| Distribution and/or Service Fees (12b-1 Fees) | 0.30% | 0.00% |
| Other Expenses<sup>1</sup> | 0.13% | 0.13% |
| **Total Annual Operating Expenses** | **0.66%** | **0.36%** |
| Less Waivers and Reimbursements<sup>2</sup> | (0.05%) | (0.00%) |
| **Total Annual Operating Expenses Less Waivers and Reimbursements** | **0.61%** | **0.36%** |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> Until September 12, 2027, Venerable Investment Advisers, LLC (the "Adviser"), the distributor, and certain financial intermediaries have contractually agreed to waive all or a portion of fees (including management fee, administrative services fee, and/or distribution and/or service fee (12b-1 Fee), as applicable) and/or reimburse other operating expenses to the extent necessary to limit total annual operating expenses (excluding interest expenses, short sale expenses, taxes, brokerage commissions, and extraordinary expenses such as litigation expenses) to 0.61% for Class V shares and 0.36% for Class I shares. Termination or modification of these obligations prior to September 12, 2027, requires approval by the Fund's Board of Trustees (the "Board"). To the extent these obligations terminate or are modified, the Fund's total annual operating expenses may increase.

**VIII.** **The section in the Prospectus titled "Fee Waivers and Expense Reimbursements" under "MANAGEMENT" is deleted in its entirety and replaced with the following:** 

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class V** | **Class I** |
| Venerable US Large Cap Strategic Equity Fund | 0.86% | 0.75% |
| Venerable High Yield Fund | 0.72% | 0.80% |
| Venerable Strategic Bond Fund | 0.80% | 0.60% |
| Venerable Large Cap Index Fund | 0.51% | 0.28% |
| Venerable Moderate Allocation Fund | 0.89% | N/A |

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class V** | **Class I** |
| Venerable US Large Cap Core Equity Fund | 1.05% | 0.75% |
| Venerable Intermediate Corporate Bond Index Fund | 0.66% | 0.36% |
| Venerable Conservative Allocation Fund | 0.87% | N/A |
| Venerable Conservative Appreciation Allocation Fund | 0.91% | N/A |
| Venerable World Conservative Allocation Fund | 0.86% | N/A |
| Venerable Moderate Appreciation Allocation Fund | 0.99% | N/A |
| Venerable World Moderate Allocation Fund | 1.02% | N/A |
| Venerable Appreciation Allocation Fund | 1.01% | N/A |
| Venerable World Appreciation Allocation Fund | 1.01% | N/A |

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class V** | **Class I** |
| Venerable US Small Cap Fund | 0.85% | 1.00% |
| Venerable Emerging Markets Equity Fund | 1.44% | 1.19% |
| Venerable World Equity Fund | 0.85% | 0.90% |
| Venerable Mid Cap Index Fund | 0.65% | 0.40% |
| Venerable Small Cap Index Fund | 0.68% | 0.45% |
| Venerable International Index Fund | 0.70% | 0.46% |
| Venerable Bond Index Fund | 0.61% | 0.36% |

---

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.

**IX.** **Certain paragraphs in the section in the SAI titled "ADVISER." are deleted in their entirety and replaced with the following:** 

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class V** | **Class I** |
| Venerable US Large Cap Strategic Equity Fund | 0.86% | 0.75% |
| Venerable High Yield Fund | 0.72% | 0.80% |
| Venerable Strategic Bond Fund | 0.80% | 0.60% |
| Venerable Large Cap Index Fund | 0.51% | 0.28% |
| Venerable Moderate Allocation Fund | 0.89% | N/A |

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class V** | **Class I** |
| Venerable US Large Cap Core Equity Fund | 1.05% | 0.75% |
| Venerable Intermediate Corporate Bond Index Fund | 0.66% | 0.36% |
| Venerable Conservative Allocation Fund | 0.87% | N/A |
| Venerable Conservative Appreciation Allocation Fund | 0.91% | N/A |
| Venerable World Conservative Allocation Fund | 0.86% | N/A |
| Venerable Moderate Appreciation Allocation Fund | 0.99% | N/A |
| Venerable World Moderate Allocation Fund | 1.02% | N/A |
| Venerable Appreciation Allocation Fund | 1.01% | N/A |
| Venerable World Appreciation Allocation Fund | 1.01% | N/A |

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class V** | **Class I** |
| Venerable US Small Cap Fund | 0.85% | 1.00% |
| Venerable Emerging Markets Equity Fund | 1.44% | 1.19% |
| Venerable World Equity Fund | 0.85% | 0.90% |
| Venerable Mid Cap Index Fund | 0.65% | 0.40% |
| Venerable Small Cap Index Fund | 0.68% | 0.45% |
| Venerable International Index Fund | 0.70% | 0.46% |
| Venerable Bond Index Fund | 0.61% | 0.36% |

---

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 (see "Distributor" below). 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, as applicable, September 6, 2026, September 5, 2027, or September 12, 2027, requires approval by the Board. To the extent these obligations terminate or are modified, a Fund's total annual operating expenses may increase.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**