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ck0001995745:doc_Venerable_Government_Money_Market_FundMember ck0001995745:S000098587Member ck0001995745:FinancialMarketsRiskMember 2026-04-29 2026-04-29 0001995745 ck0001995745:doc_Venerable_Government_Money_Market_FundMember ck0001995745:S000098587Member ck0001995745:ImpactOfLargeRedemptionsIncludingPossibleFundLiquidationRiskMember 2026-04-29 2026-04-29 pure iso4217:USD 2026-04-29 N-1A VENERABLE VARIABLE INSURANCE TRUST 2026-04-29 Venerable US Large Cap Core Equity Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable US Large Cap Core Equity Fund (the "Fund") seeks to provide long term capital growth.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.60</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.60</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.16</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.16</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.06</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.76</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.01</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.01</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.05</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.75</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until September 5, 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 Fees), 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 1.05% for Class V shares and 0.75% for Class I shares. Termination or modification of these obligations prior to September 5, 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.</span></p> 0.006 0.006 0.003 0 0.0016 0.0016 0.0106 0.0076 -0.0001 -0.0001 0.0105 0.0075 Based on estimated amounts for the current fiscal year. 2027-09-05 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">107</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">335</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">77</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">241</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 107 335 77 241 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period August 8, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 13% of the average value of its portfolio.</span></p> 0.13 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of U.S. listed large capitalization companies and in derivatives that have economic characteristics similar to such securities. The Fund defines large capitalization companies as those companies included in the Russell 1000 Index, a widely-recognized benchmark that measures the performance of the </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">approximately 1,000 largest U.S. stocks, or with market capitalization within the capitalization range of the Russell 1000 Index, at time of purchase. Equity securities in which the Fund invests include common stocks and preferred stocks. The Fund also invests in derivatives that are equity equivalent securities or instruments whose values are based on common stocks (i.e., convertible securities, rights, warrants or options (stock or stock index), futures contracts (stock or stock index), and index swaps).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the information technology sector. The Fund may also invest a portion of its assets in real estate investment trusts ("REITs"), which are companies that own and/or manage properties.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to a multi-style and multi-manager approach and investment guidelines provided by the Adviser. The Fund seeks to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves"), each of which is advised by RIM or by RIM and a non-discretionary sub-adviser that provides the Adviser and RIM with investment recommendations in the form of a model portfolio, which RIM utilizes to purchase and sell securities for the Fund. The non-discretionary sub-advisers utilize different investment strategies in providing investment recommendations for their respective sleeves, act independently from one another, and use their own methodologies for selecting investments. Non-discretionary sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both. The Fund's use of such model portfolios and the allocation of Fund assets may change at any time. RIM also manages the Fund's cash balances and may manage portions of the Fund during transitions between non-discretionary sub-adviser strategies. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index futures contracts.</span></p> The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of U.S. listed large capitalization companies and in derivatives that have economic characteristics similar to such securities. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•<i>  Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk, or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that their judgment regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that the Fund invests significantly in the information technology sector, the Fund will be sensitive to changes in, and the Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and, therefore, less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund may be used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable US Large Cap Strategic Equity Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable US Large Cap Strategic Equity Fund (the "Fund") seeks to provide long term capital growth.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.60</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.60</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.04</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.74</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.18</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.86</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.74</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Until September 6, 2026, 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 Fees), 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 0.86% for Class V shares and 0.75% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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.</span></p> 0.006 0.006 0.003 0 0.0014 0.0014 0.0104 0.0074 -0.0018 0 0.0086 0.0074 2026-09-06 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 76px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>5 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>10 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">88</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">313</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">557</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 43px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,255</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 76px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I Shares</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">76</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">237</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">411</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 43px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">918</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 88 313 557 1255 76 237 411 918 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 57% of the average value of its portfolio.</span></p> 0.57 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of large capitalization companies economically tied to the U.S. and in derivatives that have economic characteristics similar to such securities. The Fund defines large capitalization companies as those companies included in the Russell 1000 Index, a widely-recognized benchmark that measures the </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">performance of the approximately 1,000 largest U.S. stocks, or with market capitalization within the capitalization range of the Russell 1000 Index, at time of purchase. Equity securities in which the Fund invests include common stocks and preferred stocks. As a substitute for equities, the Fund also invests in derivatives that are equity equivalent securities or instruments whose values are based on common stocks (i.e., convertible securities, rights, warrants or options (stock or stock index), futures contracts (stock or stock index), and index swaps). The Fund's investments in derivative instruments and other investments which provide exposure to the investment focus indicated in the fund's 80% policy or provide exposure to one or more market risk factors associated with the investment focus indicated in the fund's name, are included in the fund's 80% policy.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the information technology sector. The Fund may also invest a portion of its assets in real estate investment trusts ("REITs"), which are companies that own and/or manage properties</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to a multi-style and multi-manager approach and investment guidelines provided by the Adviser. The Fund seeks to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves"), each of which is advised by FT or by FT and a non-discretionary sub-adviser affiliated with FT that provides the Adviser and FT with investment recommendations in the form of a model portfolio, which FT utilizes to purchase and sell securities for the Fund. The non-discretionary sub-advisers utilize different investment strategies in providing investment recommendations for their respective sleeves, act independently from one another, and use their own methodologies for selecting investments. Non-discretionary sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both. The Fund's use of such model portfolios and the allocation of Fund assets may change at any time. FT also manages the Fund's cash balances and may manage portions of the Fund during transitions between non-discretionary sub-adviser strategies.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that its judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that the Fund invests significantly in the information technology sector, the Fund will be sensitive to changes in, and the Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk. </i>The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown. Venerable US Large Cap Strategic Equity Fund – Class V <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2627062_ba001.jpg" style="-sec-ix-hidden: hidden-fact-0"/> </p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 142px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Best Quarter:</b> 10.38% 2nd quarter 2025<br/><b>Worst Quarter: </b>-3.81% 1st quarter 2025<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/></span> </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1038 2025-06-30 Worst Quarter: -0.0381 2025-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table compares the Fund's average annual total returns to those of a broad-based securities market index.</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Since<br/>Inception<br/>(9/4/2024)</b></span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable US Large Cap Strategic Equity Fund – <br/>Class V</span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">16.25</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">18.43</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable US Large Cap Strategic Equity Fund – <br/>Class I</span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">16.28</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">18.54</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Russell 1000 Index Return (reflects no deduction <br/>for fees, expenses or taxes)</span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">17.37</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">19.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2024-09-04 2024-09-04 0.1625 0.1843 0.1628 0.1854 (reflects no deduction for fees, expenses or taxes) 0.1737 0.1914 Venerable US Small Cap Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable US Small Cap Fund (the Fund") seeks to provide long term capital growth.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.85</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.85</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.26</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.26</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.41</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.11</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.56</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.11</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.85</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.00</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  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.</span></p> 0.0085 0.0085 0.003 0 0.0026 0.0026 0.0141 0.0111 -0.0056 -0.0011 0.0085 0.01 Based on estimated amounts for the current fiscal year. 2027-09-12 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">87</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">333</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">102</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">330</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 87 333 102 330 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 12, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.</span></p> 0.24 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in U.S. listed small capitalization companies and in derivatives that have economic characteristics similar to such securities. The Fund defines small capitalization companies as those companies included in the Russell 2000 Index or within the capitalization range of the Russell 2000 Index at the time of purchase. Equity </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">securities in which the Fund invests include common stocks and preferred stocks. The Fund also invests in derivatives that are equity equivalent securities or instruments whose values are based on common stocks (i.e., convertible securities, rights, warrants or options (stock or stock index), futures contracts (stock or stock index), and index swaps). The Fund's investments in derivative instruments and other investments which provide exposure to the investment focus indicated in the fund's 80% policy or provide exposure to one or more market risk factors associated with the investment focus indicated in the fund's name, are included in the fund's 80% policy.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund, from time to time, may invest a significant portion of its total assets in securities of companies in a particular sector or particular sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the financials and industrials sectors. The Fund may also invest a portion of its assets in real estate investment trusts ("REITs"), which are companies that own and/or manage properties.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to a multi-style and multi-manager approach and investment guidelines provided by the Adviser. The Fund seeks to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves"), each of which is advised by FT or by FT and a non-discretionary sub-adviser affiliated with FT that provides the Adviser and FT with investment recommendations in the form of a model portfolio, which FT utilizes to purchase and sell securities for the Fund. The sub-advisers utilize different investment strategies in providing investment recommendations for their respective sleeve, act independently from one another, and use their own methodologies for selecting investments. Non-discretionary sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both. The Fund's use of such model portfolios and the allocation of Fund assets may change at any time. FT also manages the Fund's cash balances and may manage portions of the Fund during transitions between sub-adviser strategies.</span></p> The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in U.S. listed small capitalization companies and in derivatives that have economic characteristics similar to such securities. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk. </i>Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Small Capitalization Companies Risk.</i> Small-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund's ability to purchase or sell these securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that its judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk. </i>A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk. </i>REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk. </i>Global economies and financial markets are becoming increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Fund's investments more than if the Fund were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory, and monetary policy changes.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industrials Sector Risk.</i> Industrials companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk. </i>With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund may be used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Real Estate Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Real Estate Fund (the "Fund") seeks to provide current income and long-term capital growth.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.80</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.80</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.25</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.95</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.25</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.00</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.95</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until March 20, 2028, 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 1.00% for Class V shares and 0.95% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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.</span></p> 0.008 0.008 0.003 0 0.0015 0.0015 0.0125 0.0095 -0.0025 0 0.01 0.0095 Based on estimated amounts for the current fiscal year. 2028-03-20 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">102</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">346</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">97</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">303</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 102 346 97 303 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. Because the Fund commenced operations after the most recent fiscal year end, portfolio turnover information is not yet available.</span></p> Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of the value of its net assets (plus borrowings for investment purposes) in real estate companies and in derivatives that have economic characteristics similar to such securities. The Fund considers a company to be a real estate company if it is included in the Global Industry Classification Standard ("GICS") real estate sector.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund seeks to achieve its objective by investing in equity securities of real estate companies economically tied to the U.S. In determining if a security is economically tied to the U.S., the Fund generally looks to the "country of risk" of the issuer as determined by a third party such as Bloomberg L.P. The Fund invests principally in securities of companies, known as real estate investment trusts ("REITs") and other REIT-like entities, that own interests in real estate or real estate-related loans. The Fund may also invest in equity securities of other types of real estate-related companies. The Fund concentrates (i.e., invests greater than 25% of its net assets) in companies in the real estate industry.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may invest in large, medium or small capitalization companies. </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to a multi-style and multi-manager approach and investment guidelines provided by the Adviser. The Fund seeks to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves"), each of which is advised by RIM or by RIM and a non-discretionary sub-adviser that provides the Adviser and RIM with investment recommendations in the form of a model portfolio, which RIM utilizes to purchase and sell securities for the Fund. The non-discretionary sub-advisers utilize different investment strategies in providing investment recommendations for their respective sleeves, act independently from one another, and use their own methodologies for selecting investments. Non-discretionary sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both. The Fund's use of such model portfolios and the allocation of Fund assets may change at any time. RIM also manages the Fund's cash balances and may manage portions of the Fund during transitions between non-discretionary sub-adviser strategies. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index futures contracts.</span></p> The Fund invests, under normal circumstances, at least 80% of the value of its net assets (plus borrowings for investment purposes) in real estate companies and in derivatives that have economic characteristics similar to such securities. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk. </i>REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions, and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Small Capitalization Companies Risk. </i>Small-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund's ability to purchase or sell these securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large and Medium Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investments in medium capitalization companies may involve greater risks than in larger companies because they may have narrower markets, more limited managerial and financial resources, and a less diversified product offering than larger companies. Some medium capitalization stocks may also be thinly traded and, thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk. </i>By concentrating in an industry, the Fund carries much greater risk of adverse developments in that industry than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Real Estate Industry Concentration Risk.</i> Securities of companies principally operating in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are becoming increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that its judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund may be used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable International Equity Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable International Equity Fund (the "Fund") seeks to provide long-term capital growth.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below. </b>If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.80</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.80</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.25</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.95</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.26</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.99</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.95</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until March 20, 2028, 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 0.99% for Class V shares and 0.95% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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.</span></p> 0.008 0.008 0.003 0 0.0015 0.0015 0.0125 0.0095 -0.0026 0 0.0099 0.0095 Based on estimated amounts for the current fiscal year. 2028-03-20 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">101</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">344</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">97</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">303</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 101 344 97 303 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. Because the Fund commenced operations after the most recent fiscal year end, portfolio turnover information is not yet available.</span></p> Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and in derivatives that have economic characteristics similar to such securities. Equity securities in which the Fund invests include common stocks, preferred stocks, warrants, rights, participatory notes ("P-Notes"), convertible securities, and depositary receipts. The Fund also invests in </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">derivatives that are equity-equivalent securities or instruments whose values are based on common stocks (i.e., synthetic foreign equity securities, convertible securities, rights, warrants or options to purchase common stock, futures contracts (stock or stock index), and index swaps and currency forwards). The fund invests principally in developed countries but may invest in emerging markets. The Fund's investments in derivative instruments and other investments which provide exposure to the investment focus indicated in the fund's 80% policy or provide exposure to one or more market risk factors associated with the investment focus indicated in the fund's name, are included in the fund's 80% policy.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Under normal market conditions, the Fund invests principally in issuers located outside of the United States. The Fund considers an investment to be tied economically to a country if the issuer: (i) has a class of its securities whose principal securities market is in the country; (ii) is organized under the laws of, or has a principal office in, the country; (iii) derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in the country; or (iv) maintains 50% or more of its assets in the country. The Fund is not limited in the amount of its total assets that may be denominated in a single currency or invested in securities of issuers located in a single country. The Fund may invest a portion of its assets in emerging market countries. The Fund considers emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The Fund invests principally in large and medium capitalization companies. The Fund defines large and medium capitalization companies as those companies represented by the MSCI EAFE Index (a widely recognized benchmark that measures the performance of mid- and large-cap companies across developed markets, excluding the U.S. and Canada).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may use derivatives to manage country and currency exposure and facilitate the implementation of its investment strategy. For example, the Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency. The Fund may use derivatives to take both long and short positions. The Fund may invest in synthetic foreign equity securities, which may be international warrants, local access products, participation notes or low exercise price warrants. International warrants are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular price or give holders the right to receive cash payment relating to the value of the underlying security or securities. Local access products are similar to options in that they are exercisable by the holder for an underlying security or the value of that security but are generally exercisable over a longer term than typical options. Participation notes are a form of derivative issued by a bank or broker-dealer that provide the same exposure to an underlying security as buying the underlying security directly. A low exercise price warrant gives the holder the right to purchase an underlying security at a price lower than the current market price, which can be advantageous if the market price of the underlying security increases. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single stock or a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the financials sector.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may also invest a portion of its assets in real estate investment trusts ("REITs"), which are companies that own, operate, or finance properties.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to a multi-style and multi-manager approach and investment guidelines provided by the Adviser. The Fund seeks to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves"), each of which is advised by FT or by FT and a non-discretionary sub-adviser affiliated with FT that provides the Adviser and FT with investment recommendations in the form of a model portfolio, which FT utilizes to purchase and sell securities for the Fund. The non-discretionary sub-advisers utilize different investment strategies in providing investment recommendations for their respective sleeves, act independently from one another, and use their own methodologies for selecting investments. Non-discretionary sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both. The Fund's use of such model portfolios and the allocation of Fund assets may change at any time. FT also manages the Fund's cash balances and may manage portions of the Fund during transitions between non-discretionary sub-adviser strategies.</span></p> The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and in derivatives that have economic characteristics similar to such securities. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Emerging Markets Equity Securities Risk.</i> Investing in emerging market equity securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a significant reduction in the number of market participants or transactions); significant price volatility; restrictions on foreign investment; possible difficulties in the repatriation of investment income and capital including as a result of the closure of securities markets in an emerging market country; and, generally, less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In addition, emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting, and record keeping and therefore, all material information may not be available or reliable. U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index. P-Notes are derivatives that are generally traded over-the-counter and constitute general unsecured contractual obligations of the banks and broker-dealers that issue them. Generally, these banks and broker-dealers buy securities listed on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of certain issuers and markets. The performance results of P-Notes will not correlate exactly to the performance of the issuers or markets that they seek to replicate due to transaction costs and other expenses. The holder of a P-Note typically does not receive voting or other rights as it would if it directly owned the underlying security, but is subject to the same risks as if it invested directly in the underlying security.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Synthetic Foreign Equity Securities Risk.</i> Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In addition, the exercise or settlement date may be affected by certain market disruption events which could cause the local access products to become worthless if the events continue for a period of time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Linked Notes Risk.</i> Equity linked notes are generally subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk (the risk that the other party in an agreement will fail to perform its obligations).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Fund's investments more than if the Fund were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory, and monetary policy changes. </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large and Medium Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investments in medium capitalization companies may involve greater risks than in larger companies because they may have narrower markets, more limited managerial and financial resources, and a less diversified product offering than larger companies. Some medium capitalization stocks may also be thinly traded and, thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's adviser will effectively assess the Fund's portfolio characteristics, and it is possible that their judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk. </i>A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk. </i>With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and, therefore, less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Emerging Markets Equity Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Emerging Markets Equity Fund (the "Fund") seeks to provide long term capital growth.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">1.01</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">1.01</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.27</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.27</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.58</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.28</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.09</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.44</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.19</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  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.</span></p> 0.0101 0.0101 0.003 0 0.0027 0.0027 0.0158 0.0128 -0.0014 -0.0009 0.0144 0.0119 Based on estimated amounts for the current fiscal year. 2027-09-12 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">147</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">471</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">121</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">388</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 147 471 121 388 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 12, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.</span></p> 0.14 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of emerging market companies and in derivatives that have economic characteristics similar to equity securities of emerging market companies.</span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests in equity securities, including common stocks and preferred stocks, of companies economically tied to emerging market countries and in depositary receipts representing shares in such companies. The Fund considers emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. In determining if a security is economically tied to an emerging market country, the Fund generally looks to the "country of risk" of the issuer as determined by a third party such as Bloomberg L.P. The Fund's securities are denominated principally in foreign currencies and are typically held outside the U.S. A portion of the Fund's investments may be illiquid investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may use derivatives, including country index futures, swaps, and/or currency forwards, to manage country and currency exposure and to facilitate the implementation of its investment strategy. For example, the Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency contracts. The Fund may use derivatives to take both long and short positions. The Fund may invest in synthetic foreign equity securities, which may be international warrants, local access products, participation notes or low exercise price warrants. International warrants are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular price or give holders the right to receive cash payment relating to the value of the underlying security or securities. Local access products are similar to options in that they are exercisable by the holder for an underlying security or the value of that security but are generally exercisable over a longer term than typical options. Participation notes are a form of derivative issued by a bank or broker-dealer that provide the same exposure to an underlying security as buying the underlying security directly. A low exercise price warrant gives the holder the right to purchase an underlying security at a price lower than the current market price, which can be advantageous if the market price of the underlying security increases. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single stock or a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the information technology sector and the financials sector. In addition, the Fund expects to have a significant focus on issuers located in China.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may invest in other investment companies and other pooled investment vehicles. The Fund may also invest a portion of its assets in real estate investment trusts ("REITs"), which are companies that own and/or manage properties.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to a multi-style and multi-manager approach and investment guidelines provided by the Adviser. The Fund seeks to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves"), each of which is advised by RIM or by RIM and a non-discretionary sub-adviser that provides the Adviser and RIM with investment recommendations in the form of a model portfolio, which RIM utilizes to purchase and sell securities for the Fund. The non-discretionary sub-advisers utilize different investment strategies in providing investment recommendations for their respective sleeves, act independently from one another, and use their own methodologies for selecting investments. Non-discretionary sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both. The Fund's use of such model portfolios and the allocation of Fund assets may change at any time. RIM also manages the Fund's cash balances and may manage portions of the Fund during transitions between non-discretionary sub-adviser strategies. The Fund usually, but not always, pursues a strategy of being fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk. </i>The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Emerging Markets Equity Securities Risk. </i>Investing in emerging market equity securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include a risk of loss due to political instability; exposure to economic structures that are </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a significant reduction in the number of market participants or transactions); significant price volatility; restrictions on foreign investment; possible difficulties in the repatriation of investment income and capital including as a result of the closure of securities markets in an emerging market country; and, generally, less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In addition, emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting, and record keeping and therefore, all material information may not be available or reliable. U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Risk of Investing in China.</i> Because China is an emerging market that may be subject to considerable government intervention and varying degrees of economic, political and social instability, such investments may be subject to greater risk of stock market, interest rate, and currency fluctuations, as well as inflation.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts are securities traded on a local stock exchange that represent interests in securities issued by a foreign publicly-listed company. Depositary receipts have the same currency and economic risks as the underlying shares they represent. They are affected by the risks associated with the underlying non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. The value of depositary receipts will rise and fall in response to the activities of the company that issued the securities represented by the depositary receipts, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that their judgment regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk. </i>While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Securities of Other Investment Companies Risk.</i> Investments in other investment companies expose shareholders to the expenses and risks associated with the investments of the Fund as well as to the expenses and risks of the underlying investment companies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Synthetic Foreign Equity Securities Risk. </i>Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In addition, the exercise or settlement date may be affected by certain market disruption events which could cause the local access products to become worthless if the events continue for a period of time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Linked Notes Risk.</i> Equity linked notes are generally subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk (the risk that the other party in an agreement will fail to perform its obligations).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that the Fund invests significantly in the information technology sector, the Fund will be sensitive to changes in, and the Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> To the extent that the Fund invests significantly in the financials sector, the Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Fund's investments more than if the Fund were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory and monetary policy changes.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and, therefore, less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund may be used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable World Equity Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Venerable World Equity Fund (the "Fund") seeks to provide long term capital growth.</span></p> Investment Objective:   Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.75</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.75</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.16</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.16</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.21</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.91</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.36</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.01</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.85</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.90</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  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.</span></p> 0.0075 0.0075 0.003 0 0.0016 0.0016 0.0121 0.0091 -0.0036 -0.0001 0.0085 0.009 Based on estimated amounts for the current fiscal year. 2027-09-12 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">87</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">311</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">92</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">288</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 87 311 92 288 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.</span></p> 0.33 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and in derivatives that have economic characteristics similar to such securities. Equity securities in which the Fund invests include common stocks, preferred stocks, warrants, rights, participation notes, convertible securities, and depositary receipts. The Fund also invests in derivatives that are </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">equity-equivalent securities or instruments whose values are based on common stocks (i.e., synthetic foreign equity securities, convertible securities, rights, warrants or options (stock or stock index), futures contracts (stock or stock index), and index swaps and currency forwards).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests in a number of countries around the world in a globally diversified manner. Under normal market conditions, the Fund will invest in issuers economically tied to at least three different countries (including the United States) and invests in U.S. and non-U.S. securities as apportioned in the MSCI World Index (plus or minus 5%). A portion of the Fund's securities are denominated in foreign currencies and are typically held outside the U.S. The Fund may invest a portion of its assets in emerging market countries. The Fund considers emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The Fund invests principally in large and medium capitalization companies. The Fund defines large and medium capitalization companies as those companies represented by the MSCI World Index (a widely-recognized benchmark that measures the performance of mid- and large-cap companies across developed markets) or with market capitalization within the capitalization range of the MSCI World Index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may use derivatives to manage country and currency exposure and facilitate the implementation of its investment strategy. For example, the Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency contracts. The Fund may use derivatives to take both long and short positions. The Fund may invest in synthetic foreign equity securities, which may be international warrants, local access products, participation notes or low exercise price warrants. International warrants are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular price or give holders the right to receive cash payment relating to the value of the underlying security or securities. Local access products are similar to options in that they are exercisable by the holder for an underlying security or the value of that security but are generally exercisable over a longer term than typical options. Participation notes are a form of derivative issued by a bank or broker-dealer that provide the same exposure to an underlying security as buying the underlying security directly. A low exercise price warrant gives the holder the right to purchase an underlying security at a price lower than the current market price, which can be advantageous if the market price of the underlying security increases. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single stock or a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the information technology sector.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may also invest a portion of its assets in real estate investment trusts ("REITs"), which are companies that own and/or manage properties.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to a multi-style and multi-manager approach and investment guidelines provided by the Adviser. The Fund seeks to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves"), each of which is advised by RIM or by RIM and a non-discretionary sub-adviser. that provides the Adviser and RIM with investment recommendations in the form of a model portfolio, which RIM utilizes to purchase and sell securities for the Fund. The non-discretionary sub-advisers utilize different investment strategies in providing investment recommendations for their respective sleeves, act independently from one another, and use their own methodologies for selecting investments. Non-discretionary sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both. The Fund's use of such model portfolios and the allocation of Fund assets may change at any time. RIM also manages the Fund's cash balances and may manage portions of the Fund during transitions between non-discretionary sub-adviser strategies. The Fund usually, but not always, pursues a strategy of being fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk. </i>The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Emerging Markets Equity Securities Risk. </i>Investing in emerging market equity securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a significant reduction in the number of market participants or transactions); significant price volatility; restrictions on foreign investment; possible difficulties in the repatriation of investment income and capital including as a result of the closure of securities markets in an emerging market country; and, generally, less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In addition, emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting, and record keeping and therefore, all material information may not be available or reliable. U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large and Medium Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investments in medium capitalization companies may involve greater risks than in larger companies because they may have narrower markets, more limited managerial and financial resources, and a less diversified product offering than larger companies. Some medium capitalization stocks may also be thinly traded and, thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">the Fund's portfolio characteristics, and it is possible that their judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk. </i>While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Synthetic Foreign Equity Securities Risk. </i>Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In addition, the exercise or settlement date may be affected by certain market disruption events which could cause the local access products to become worthless if the events continue for a period of time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Linked Notes Risk.</i> Equity linked notes are generally subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk (the risk that the other party in an agreement will fail to perform its obligations).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that the Fund invests significantly in the information technology sector, the Fund will be sensitive to changes in, and the Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and, therefore, less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable High Yield Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"> The Venerable High Yield Fund (the "Fund") seeks to earn a high level of current income with a </span></p> Investment Objective: secondary goal of seeking capital appreciation. Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.65</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.65</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.10</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%¹​</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.80</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.38</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.72</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.80</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until September 6, 2026, 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 0.72% for Class V shares and 0.80% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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.</span></p> 0.0065 0.0065 0.003 0 0.0015 0.0015 0.011 0.008 -0.0038 0 0.0072 0.008 2026-09-06 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 76px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>5 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>10 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">74</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">312</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">569</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 43px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,306</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 76px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I Shares</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">82</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">255</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">444</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 43px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">990</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 74 312 569 1306 82 255 444 990 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.</span></p> 0.46 Principal Investment Strategy The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in high yield corporate debt securities and investments that provide exposure to high yield corporate debt securities. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in high yield corporate debt securities and investments that provide exposure to high yield corporate debt securities.</span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">High yield debt securities are those that are rated below investment grade, also known as "junk bonds." High yield debt securities are rated at the time of purchase below the top four ratings categories by at least one independent rating agency such as S&amp;P Global Ratings (S&amp;P) (rated BB+ and lower) and Moody's Investors Service (Moody's) (rated Ba1 and lower) or, if unrated, are determined to be of comparable quality by FT. Corporate issuers may include corporate or other business entities in which a sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Lower-rated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. Debt securities include bonds; notes; debentures; convertible securities; bank loans and corporate loans; and senior and subordinated debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may invest up to 100% of its total assets in high yield debt securities. The Fund may buy both rated and unrated debt securities, including securities rated below B by Moody's or S&amp;P (or deemed comparable by FT). The Fund may purchase loans and other direct indebtedness, including bank loans (also called "leveraged loans"). The Fund may also invest in defaulted debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may invest in debt securities of any maturity or duration. The Fund may invest in U.S. dollar denominated debt securities of issuers located in developed markets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may purchase or receive equity securities and rights offerings, including in connection with restructurings.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may enter into certain derivative transactions, principally high yield credit default swaps and U.S. Treasury futures. The use of these derivative transactions may allow the Fund to obtain net long or short exposures to interest rates, durations and credit risks. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. Derivatives that provide exposure to high yield corporate debt securities or to one or more market risk factors associated with such securities may be used to satisfy the Fund's policy to invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in high yield corporate debt securities and investments that provide exposure to high yield corporate debt securities. The Fund's investments in derivative instruments and other investments which provide exposure to the investment focus indicated in the fund's 80% policy or provide exposure to one or more market risk factors associated with the investment focus indicated in the fund's name, are included in the fund's 80% policy.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Investment Grade Debt Securities ("High Yield" or "Junk Bonds") Risk.</i> Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade debt securities. Accordingly, non-investment grade debt securities are considered speculative investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's adviser will effectively assess the Fund's portfolio characteristics, and it is possible that its judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Debt Risk.</i> The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk.</i> Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, the Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk. </i>The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown. Venerable High Yield Fund – Class V <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2627062_bc002.jpg" style="-sec-ix-hidden: hidden-fact-1"/> </p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 142px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Best Quarter:</b> 3.51% 2nd quarter 2025<br/><b>Worst Quarter:</b> -0.71% 1st quarter 2025<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/></span> </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0351 2025-06-30 Worst Quarter: -0.0071 2025-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table compares the Fund's average annual total returns to those of a broad-based securities market index.</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Since<br/>Inception<br/>(9/4/2024)</b></span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable High Yield Fund – Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">8.49</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">6.82</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable High Yield Fund – Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">8.52</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">6.75</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Bloomberg U.S. High-Yield 2% Issuer Capped Bond <br/>Index Return (reflects no deduction for fees, <br/>expenses or taxes)</span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">8.62</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">7.89</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2024-09-04 2024-09-04 0.0849 0.0682 0.0852 0.0675 (reflects no deduction for fees, expenses or taxes) 0.0862 0.0789 Venerable Strategic Bond Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Strategic Bond Fund (the "Fund") seeks to maximize total return while investing to obtain the average duration specified below.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.45</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.45</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.89</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.59</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.09</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.80</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.59</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Until September 6, 2026, 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 0.80% for Class V shares and 0.60% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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.</span></p> 0.0045 0.0045 0.003 0 0.0014 0.0014 0.0089 0.0059 -0.0009 0 0.008 0.0059 2026-09-06 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 76px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>5 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>10 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">82</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">275</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">484</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 43px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,088</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 76px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I Shares</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">60</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">189</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">329</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 43px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">738</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 82 275 484 1088 60 189 329 738 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 122% of the average value of its portfolio.</span></p> 1.22 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in debt and fixed income securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Although the Fund may invest in debt and fixed income securities of any maturity, under normal market circumstances, the target dollar-weighted average effective duration for the Fund is expected to range within 20% of the average duration of the domestic bond market as a whole as estimated by FT based on the Bloomberg US Aggregate Bond Index. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund presently intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will generally only purchase debt securities rated, at the time of purchase, at least Baa3 by Moody's Investors Service or BBB- by S&amp;P Global Ratings, or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated (as determined by the sub-adviser). These securities are known as "investment grade securities." The Fund may invest in securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality. The Fund may invest up to 25% of its total assets in the securities of non-U.S. issuers and may invest a substantial portion of its assets in mortgage-backed and asset-backed securities. The Fund may purchase loans and other direct indebtedness, including bank loans (also called "leveraged loans"). The Fund may acquire securities on a "when-issued," "delayed delivery" or "to-be-announced" basis. These transactions are arrangements under which the Fund buys securities that have been authorized but not yet issued, with payment for and delivery of the security scheduled for a future time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may also enter into various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include futures, options and swaps. Derivatives that provide exposure to debt and fixed income securities or to one or more market risk factors associated with such securities may be used to satisfy the Fund's policy to invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in debt and fixed income securities. In particular, the Fund may use interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), credit default swap indices, options (including options on credit default swaps) and futures contracts. Other instruments may also be used from time to time. The Fund's investments in derivative instruments and other investments which provide exposure to the investment focus indicated in the fund's 80% policy or provide exposure to one or more market risk factors associated with the investment focus indicated in the fund's name, are included in the fund's 80% policy.</span></p> The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in debt and fixed income securities. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that its judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>When-Issued, Delayed Delivery and "To-Be-Announced" Securities Risk. </i>When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk. </i>Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk.</i> Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Debt Risk.</i> The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk.</i> Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown. Venerable Strategic Bond Fund – Class V <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2627062_bc003.jpg" style="-sec-ix-hidden: hidden-fact-2"/> </p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 142px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Best Quarter:</b> 2.57% 1st quarter 2025<br/><b>Worst Quarter:</b> 0.92% 4th quarter 2025<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/></span> </td> <td colspan="1"> </td> </tr> </table> Best Quarter 0.0257 2025-03-31 Worst Quarter 0.0092 2025-12-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table compares the Fund's average annual total returns to those of a broad-based securities market index.</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Since<br/>Inception<br/>(9/4/2024)</b></span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Strategic Bond Fund – Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">6.87</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">2.21</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Strategic Bond Fund – Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">7.09</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%*</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">2.48</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Bloomberg U.S. Aggregate Bond <br/>Index Return (reflects no deduction for fees, <br/>expenses or taxes)</span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">7.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">3.34</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">*  The return differs from the performance reported in the Financial Highlights as the return in the table is calculated in a manner consistent with standardized performance in accordance with SEC rules.</span></p> 2024-09-04 2024-09-04 0.0687 0.0221 0.0709 0.0248 (reflects no deduction for fees, expenses or taxes) 0.073 0.0334 Venerable Inflation Focused Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Inflation Focused Fund (the "Fund") seeks to maximize long term total real return, consistent with the preservation of real capital.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.43</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.43</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.88</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.58</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.04</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.84</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.58</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until March 20, 2028, 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 0.84% for Class V shares and 0.58% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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.</span></p> 0.0043 0.0043 0.003 0 0.0015 0.0015 0.0088 0.0058 -0.0004 0 0.0084 0.0058 Based on estimated amounts for the current fiscal year. 2028-03-20 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">86</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">273</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">59</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">186</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 86 273 59 186 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. Because the Fund commenced operations after the most recent fiscal year end, portfolio turnover information is not yet available.</span></p> Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">In pursuing its investment objective, the Fund seeks, over the long term, to provide investment returns that exceed the level of U.S. inflation, as measured by the Consumer Price Index for All Urban Consumers. The Fund invests, under normal circumstances, principally in:</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  inflation-indexed fixed income securities, including U.S. Treasury Inflation Protected Securities ("TIPS") and other inflation-indexed securities issued by U.S. government agencies and instrumentalities other than the U.S. Treasury.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  Other bonds and debt obligations of any kind, including nominal debt securities issued or guaranteed by the U.S. government or by any U.S. government agency or instrumentality, corporate bonds and notes, mortgage- or asset-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities, mortgage pass-through securities, to be announced ("TBA") securities, bank loans, collateralized loan obligations, commercial paper, and certificates of deposit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  Repurchase agreements, which are agreements under which the Fund acquires a fixed income security from a commercial bank, broker or dealer and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally the next business day).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  Various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options, swaps (including inflation swaps and total return swaps), foreign currency futures and forwards. In particular, the Fund may use interest rate swaps, inflation swaps, total return swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), options (including options on credit default swaps) and futures contracts to a significant extent, although the amounts invested in these instruments may change from time to time. Other instruments may also be used to a significant extent from time to time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may invest in securities of any maturity, although the Fund normally expects to maintain a dollar-weighted average effective duration, as estimated by the Fund's sub-adviser, within 3 years of that of its benchmark, the Bloomberg U.S. Treasury Inflation Notes Index. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will generally only purchase debt securities rated, at the time of purchase, at least Baa3 by Moody's Investors Service or BBB- by S&amp;P Global Ratings, or have an equivalent rating by a nationally recognized statistical rating organization or are of comparable quality if unrated (as determined by the sub-adviser). These securities are known as "investment grade securities."</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Risks Relating to Inflation-Indexed Securities.</i> The value of inflation-indexed fixed income securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed securities. The Fund may also experience a loss on an inflation-indexed security if there is deflation. If inflation is lower than expected during the period the Fund holds an inflation-indexed security, the Fund may earn less on the security than on a conventional bond.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Debt Risk.</i> The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk.</i> Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk. </i>Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk.</i> Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults or its credit is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Subordinated securities (meaning securities that rank below other securities with respect to claims on the issuer's assets) are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade, or perceived decline in creditworthiness. U.S. government investments are not free of credit risk. U.S. government securities that are not backed by the full faith and credit of the United States, such as federal agency bonds, are subject to higher credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk. </i>Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Repurchase Agreements Risk. </i>Repurchase agreements may be considered a form of borrowing for some purposes and their use involves certain risks. One risk is the seller's ability to pay the agreed-upon repurchase price on the repurchase date. If the seller defaults, the Fund may incur costs in disposing of the collateral, which would reduce the amount realized thereon. If the seller seeks relief under bankruptcy laws, the disposition of the collateral may be delayed or limited. For example, if the other party to the agreement becomes insolvent and subject to liquidation or reorganization under bankruptcy or other laws, a court may determine that the underlying securities that are collateral for a loan by the Fund are not within its control </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">and therefore the realization by the Fund on such collateral may be automatically stayed. Finally, it is possible that the Fund may not be able to substantiate its interest in the underlying securities and may be deemed an unsecured creditor of the other party to the agreement.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk. </i>Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk, or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Inflation Risk.</i> The market price of the Fund's fixed income securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because interest rates on variable rate debt securities may increase as inflation increases. The Fund may be subject to inflation risk because no more than 55% of the Fund's assets may be invested in securities issued by the same entity, such as the U.S. Treasury, due to the Internal Revenue Code provisions governing insurance product funds. Because the number of inflation-indexed debt securities issued by other entities is limited, the Fund may have a substantial position in non-inflation indexed securities. To the extent that this is the case, that portion of the Fund will not be automatically protected from inflation.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that their judgment regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk. </i>The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Large Cap Index Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Large Cap Index Fund (the "Fund") seeks to replicate the performance of a benchmark index that measures the investment return of large capitalization stocks as closely as possible before the deduction of Fund expenses.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.12</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.12</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.57</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.27</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.06</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.51</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.27</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%²​</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Until September 6, 2026, 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 0.51% for Class V shares and 0.28% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026 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.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding.</span></p> 0.0015 0.0015 0.003 0 0.0012 0.0012 0.0057 0.0027 -0.0006 0 0.0051 0.0027 2026-09-06 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 76px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>5 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>10 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">52</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">177</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">312</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 43px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">708</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 76px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I Shares</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">28</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">87</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">152</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 43px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">343</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 52 177 312 708 28 87 152 343 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</span></p> 0.20 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures the investment return of large capitalization companies. Typically, the actual percentage is considerably higher. For purposes of the Fund's 80% policy, "large capitalization companies" are defined as issuers with a market capitalization within the range of companies in the S&amp;P 500 Index at the time of purchase (the "Index"). The Fund uses an index-based investment approach designed to track the Index, a widely recognized benchmark of U.S. stock market performance whose constituents are generally considered large capitalization stocks.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund generally seeks to replicate the performance of the Index by giving approximately the same weight to a given stock as the Index does. However, under extraordinary circumstances, the Fund may at times hold securities not included in the Index or may not hold securities in the same proportions as the Index (for example, as a result of corporate actions with respect to stocks included in the Index (such as mergers and spin-offs), legal restrictions that apply to the Fund but not to the index (such as diversification requirements), or liquidity considerations with respect to a stock or extraordinary circumstances (such as if trading in a stock has been halted)). The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or buy securities that are not yet represented in the Index in anticipation of their addition to the Index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pursues a strategy to be fully invested by exposing its cash to the performance of the Index by purchasing index futures contracts, which are derivatives.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may concentrate its investments (i.e. hold more than 25% of its total assets) in an industry to the extent that the Index is also concentrated.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">As of the date of this Prospectus, a significant portion of the Index consisted of securities of companies in the information technology sector.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is classified as a diversified investment company, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its Index. A non-diversified fund generally invests a greater portion of its assets in a limited number of issuers relative to a diversified fund. The Fund may be non-diversified for an indefinite period.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> The Fund uses an index replication strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. The Fund will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause the Fund's return to be lower than if the Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of the Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk</i>. To the extent that the Fund invests significantly in the information technology sector, the Fund will be sensitive to changes in, and the Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent the Index (and therefore, the Fund) concentrates its investments in one or more industries, the Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent the Fund becomes non-diversified, the Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Fund is non-diversified, the Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than when the Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk</i>. The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown. Venerable Large Cap Index Fund – Class V <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2627062_bd004.jpg" style="-sec-ix-hidden: hidden-fact-3"/> </p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 142px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Best Quarter:</b> 10.76% 2nd quarter 2025<br/><b>Worst Quarter:</b> -4.38% 1st quarter 2025<br/> <br/> <br/> <br/> <br/></span> </td> <td colspan="1"> </td> </tr> </table> Best Quarter 0.1076 2025-06-30 Worst Quarter -0.0438 2025-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table compares the Fund's average annual total returns to those of a broad-based securities market index.</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Since<br/>Inception<br/>(9/4/2024)</b></span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Large Cap Index Fund – Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">17.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">20.40</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">S&amp;P 500 Index Return (reflects no deduction <br/>for fees, expenses or taxes)</span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">17.88</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">19.19</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2024-09-04 2024-09-04 0.173 0.204 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1919 Venerable Mid Cap Index Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Mid Cap Index Fund (the "Fund") seeks to replicate the performance of a benchmark index that measures the investment return of mid capitalization stocks as closely as possible before the deduction of Fund expenses.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom">  </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p></td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.26</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.26</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p></td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p></td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.14</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.14</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.70</b></span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p></td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.40</b></span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p></td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.05</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.65</b></span></p></td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p></td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.40</b></span></p></td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p></td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  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.</span></p> 0.0026 0.0026 0.003 0 0.0014 0.0014 0.007 0.004 -0.0005 0 0.0065 0.004 Based on estimated amounts for the current fiscal year. 2027-09-12 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom">  </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p></td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">66</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">214</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p></td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">41</span></p></td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom">  </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p></td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">128</span></p></td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom">  </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 66 214 41 128 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 12, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 57% of the average value of its portfolio.</span></p> 0.57 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures the investment return of mid capitalization companies. Typically, the actual percentage is considerably higher. The Fund uses an index-based investment approach designed to track the Russell Midcap Index (the "Index"), a widely recognized benchmark of U.S. stock market performance whose constituents are generally considered mid capitalization stocks.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund generally seeks to replicate the performance of the Index by giving approximately the same weight to a given security as the Index does. However, under extraordinary circumstances, the Fund may at times hold securities not included in the Index or may not hold securities in the same proportions as the Index (for example, as a result of corporate actions with respect to securities included in the Index (such as mergers and spin-offs), legal restrictions that apply to the Fund but not to the Index (such as diversification requirements), or liquidity considerations with respect to a security or extraordinary circumstances (such as if trading in a security has been halted). The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or buy securities that are not yet represented in the Index in anticipation of their addition to the Index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pursues a strategy of being fully invested by exposing its cash to the performance of mid cap stocks by purchasing index swaps and index futures contracts, which are derivatives.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is classified as a diversified investment company in the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in a limited number of issuers relative to a diversified fund. The Fund may be non-diversified for an indefinite period.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Medium Capitalization Companies Risk.</i> The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk, or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk</i>. The Fund uses an index replication strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. The Fund will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause the Fund's return to be lower than if the Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of the Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent the Index (and, therefore, the Fund) concentrates its investments in one or more industries, the Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent the Fund becomes non-diversified, the Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Fund is non-diversified, the Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than when the Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund may be used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Small Cap Index Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Small Cap Index Fund (the "Fund") seeks to replicate the performance of a benchmark index that measures the investment return of small capitalization stocks as closely as possible before the deduction of Fund expenses.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.31</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.31</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.20</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.20</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.81</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.51</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.13</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.06</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.68</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.45</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  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.</span></p> 0.0031 0.0031 0.003 0 0.002 0.002 0.0081 0.0051 -0.0013 -0.0006 0.0068 0.0045 Based on estimated amounts for the current fiscal year. 2027-09-12 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">69</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">232</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">46</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">151</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 69 232 46 151 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 12, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.</span></p> 0.07 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures investment return of small capitalization stocks. Typically, the actual percentage is considerably higher.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund uses an index-based investment approach designed to track the Russell 2000 Index (the "Index"), a widely recognized benchmark of U.S. stock market performance whose constituents are generally considered small capitalization stocks.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund generally seeks to replicate the performance of the Index by giving approximately the same weight to a given security as the Index does. However, under extraordinary circumstances, the Fund may at times hold securities not included in the Index or may not hold securities in the same proportions as the Index (for example, as a result of corporate actions with respect to securities included in the Index (such as mergers and spin-offs), legal restrictions that apply to the Fund but not to the Index (such as diversification requirements), or liquidity considerations with respect to a security or extraordinary circumstances (such as if trading in a security has been halted). The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or buy securities that are not yet represented in the Index in anticipation of their addition to the Index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pursues a strategy of being fully invested by exposing its cash to the performance of the Index by purchasing index futures contracts, which are derivatives.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is classified as a diversified investment company as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in a limited number of issuers relative to a diversified fund. The Fund may be non-diversified for an indefinite period.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Small Capitalization Companies Risk.</i> Small-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund's ability to purchase or sell these securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> The Fund uses an index replication strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. The Fund will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause the Fund's return to be lower than if the Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of the Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent the Index (and, therefore, the Fund) concentrates its investments in one or more industries, the Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent the Fund becomes non-diversified, the Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Fund is non-diversified, the Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than when the Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund may be used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable International Index Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable International Index Fund (the "Fund") seeks to replicate the performance of a benchmark index that measures the investment return of international developed markets stocks as closely as possible before the deduction of Fund expenses.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.16</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.16</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.76</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.46</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.06</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.70</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.46</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%³​</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  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.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">³​  Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding</span></p> 0.003 0.003 0.003 0 0.0016 0.0016 0.0076 0.0046 -0.0006 0 0.007 0.0046 Based on estimated amounts for the current fiscal year. 2027-09-12 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">72</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">231</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">47</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">148</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 72 231 47 148 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.</span></p> 0.05 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures the investment return of international developed market stocks. Typically, the actual percentage is considerably higher. The Fund uses an index-based investment approach designed to track the MSCI EAFE Index (the "Index"), a widely recognized benchmark of non-U.S. stock performance.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund generally seeks to replicate the performance of the Index by giving approximately the same weight to a given security as the Index does. However, under extraordinary circumstances, the Fund may at times hold securities not included in the Index or may not hold securities in the same proportions as the Index (for example, as a result of corporate actions with respect to securities included in the Index (such as mergers and spin-offs), legal restrictions that apply to the Fund but not to the Index (such as diversification requirements), or liquidity considerations with respect to a security or extraordinary circumstances (such as if trading in a security has been halted)). The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or buy securities that are not yet represented in the Index in anticipation of their addition to the Index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pursues a strategy of being fully invested by exposing its cash to the performance of the Index by purchasing index swaps and index futures contracts, which are derivatives. The Fund may enter into spot and forward currency contracts to facilitate settlement of securities transactions, which also are derivatives. The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency contracts.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">As of the date of this Prospectus, a significant portion of the Index consisted of securities of companies in the financials sector.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is classified as a diversified investment company, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in a limited number of issuers relative to a diversified fund. The Fund may be non-diversified for an indefinite period.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standard. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> The Fund uses an index replication strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. The Fund will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause the Fund's return to be lower than if the Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of the Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk</i>. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> To the extent that the Fund invests significantly in the financials sector, the Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Fund's investments more than if the Fund was not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory and monetary policy changes.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent the Index (and therefore, the Fund) concentrates its investments in one or more industries, the Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent the Fund becomes non-diversified, the Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Fund is non-diversified, the Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than when the Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Bond Index Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Bond Index Fund (the "Fund") seeks to replicate the performance of a benchmark index that measures investment grade bonds traded in the U.S. as closely as possible before the deduction of Fund expenses.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.23</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.23</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.18</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.18</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.71</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%³​</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.41</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.10</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.61</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.36</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  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.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">³​  Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding.</span></p> 0.0023 0.0023 0.003 0 0.0018 0.0018 0.0071 0.0041 -0.001 -0.0005 0.0061 0.0036 Based on estimated amounts for the current fiscal year. 2027-09-12 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">62</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">206</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">37</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">121</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 62 206 37 121 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.</span></p> 0.27 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures investment grade bonds traded in the U.S. Typically, the actual percentage is considerably higher. The Fund uses an index-based investment approach designed to track the Bloomberg U.S. Aggregate Bond Index (the "Index"), a widely recognized benchmark of U.S. investment grade fixed income performance. The Index includes investment grade, U.S. denominated, fixed-rate taxable bonds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund will generally employ a stratified sampling approach to build a portfolio whose broad characteristics match those of the Index without purchasing every security in that Index. The Fund's stratified sampling approach seeks to match the return and other characteristics of the Index by selecting a representative sample of component securities for the Fund based on the characteristics of the Index and the particular securities, such as interest rate sensitivity, credit quality and sector diversification. The Fund's securities holdings may differ from those represented in the Index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pursues a strategy of being fully invested by exposing its cash to the performance of the Index by purchasing index swaps and index futures contracts, which are derivatives.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may acquire securities on a "when-issued," "delayed delivery" or "to-be-announced" basis. These transactions are arrangements under which the Fund buys securities that have been authorized but not yet issued, with payment for and delivery of the security scheduled for a future time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is classified as a diversified investment company, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in a limited number of issuers relative to a diversified fund. The Fund may be non-diversified for an indefinite period.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk</i>. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk</i>. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Interest Rate Risk</i>. Prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. The risks associated with changing interest rates are heightened under current market conditions, given that interest rates in the United States and many other countries have fluctuated in recent periods and may continue to change in the foreseeable future. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it purchases only bonds that are of investment-grade quality.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk</i>. Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk</i>. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk, or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>When-Issued, Delayed Delivery and "To-Be-Announced" Securities Risk. </i>When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> The Fund uses a stratified sampling approach to attempt to match the return and other characteristics of the reference index by selecting a representative sample of component securities for the Fund based on the characteristics of the reference index and the particular securities, such as interest rate sensitivity, credit quality and sector diversification. The Fund will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause the Fund's return to be lower than if the Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of the Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent the Index (and, therefore the Fund) concentrates its investments in one or more industries, the Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent the Fund becomes non-diversified, the Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Fund is non-diversified, the Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than when the Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk</i>. The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Intermediate Corporate Bond Index Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Intermediate Corporate Bond Index Fund (the "Fund") seeks to replicate the performance of a benchmark index that measures investment grade intermediate-term corporate bonds traded in the U.S. as closely as possible before the deduction of Fund expenses.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.23</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.23</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.68</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.38</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.02</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.02</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.66</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.36</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until September 5, 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 0.66% for Class V shares and 0.36% for Class I shares. Termination or modification of these obligations prior to September 5, 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</span></p> 0.0023 0.0023 0.003 0 0.0015 0.0015 0.0068 0.0038 -0.0002 -0.0002 0.0066 0.0036 Based on estimated amounts for the current fiscal year. 2027-09-05 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">67</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">213</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">37</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">118</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 67 213 37 118 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund's performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.</span></p> 0.11 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures investment grade corporate bonds traded in the U.S. Typically, the actual percentage is considerably higher. The Fund uses an index-based investment approach designed to track the Bloomberg U.S. Credit Corp 5-10 Year Index (the "Index"), a widely recognized benchmark that measures the performance of U.S. investment grade, fixed-rate, taxable corporate bonds with five to ten years left to maturity.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund will generally employ a stratified sampling approach to build a portfolio whose broad characteristics match those of the Index without purchasing every security in that Index. The Fund's stratified sampling approach seeks to match the return and other characteristics of the Index by selecting a representative sample of component securities for the Fund based on the characteristics of the Index and the particular securities, such as interest rate sensitivity, credit quality and sector diversification. The Fund's securities holdings may differ from those represented in the Index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pursues a strategy of being fully invested by exposing its cash to the performance of the Index by purchasing index swaps, index futures contracts, interest rate swaps, credit default swaps, and credit default swap indices which are derivatives.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is classified as a diversified investment company, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in a limited number of issuers relative to a diversified fund. The Fund may be non-diversified for an indefinite period.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk</i>. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Interest Rate Risk</i>. Prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. The risks associated with changing interest rates are heightened under current market conditions, given that interest rates in the United States and many other countries have fluctuated in recent periods and may continue to change in the foreseeable future. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk</i>. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk</i>. Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it purchases only bonds that are of investment-grade quality.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk, or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> The Fund uses a stratified sampling approach to attempt to match the return and other characteristics of the reference index by selecting a representative sample of component securities for the Fund based on the characteristics of the reference index and the particular securities, such as interest rate sensitivity, credit quality and sector diversification. The Fund will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause the Fund's return to be lower than if the Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of the Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent the Index (and therefore the Fund) concentrates its investments in one or more industries, the Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent the Fund becomes non-diversified, the Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Fund is non-diversified, the Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than when the Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk</i>. The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Conservative Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Conservative Allocation Fund (the "Fund") seeks, over the long term, current income and a modest level of total investment return consistent with the preservation of capital.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.23</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.35</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.93</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.06</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.87</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until September 5, 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 0.87% for Class V shares. Termination or modification of these obligations prior to September 5, 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.</span></p> 0.0005 0.003 0.0023 0.0035 0.0093 -0.0006 0.0087 Based on estimated amounts for the current fiscal year. 2027-09-05 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">89</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">284</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 89 284 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.</span></p> 0.07 Principal Investment Strategy The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income funds – Venerable Bond Index Fund and Venerable Intermediate Corporate Bond Index Fund. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">funds – Venerable Bond Index Fund and Venerable Intermediate Corporate Bond Index Fund. The Fund's strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund seeks returns consistent with an investment approach that balances risk and return. The Fund's approximate target strategic asset allocation among the Underlying Funds is 25% equity and 75% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity securities (i.e., mid- and large capitalization companies listed in the U.S. and other developed markets) and U.S. fixed income securities (i.e., U.S. investment grade fixed income securities including U.S. Treasuries, corporate bonds, asset-back securities, and mortgage-backed securities) and derivatives (i.e., index futures contracts and spot and forward currency contracts).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation, including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund and may change the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk</i>. The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk</i>. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk. </i>Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk. </i>Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Interest Rate Risk</i>. Prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. The risks associated with changing interest rates are heightened under current market conditions, given that interest rates in the United States and many other countries have fluctuated in recent periods and may continue to change in the foreseeable future. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Underlying Fund because it purchases only bonds that are of investment-grade quality.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk</i>. Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk</i>. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk</i>. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk</i>. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> Certain of the Underlying Funds use either an index replication strategy or a stratified index strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. Certain Underlying Funds will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause an Underlying Fund's return to be lower than if the Underlying Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of an Underlying Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent an Underlying Fund's Index (and therefore the Underlying Fund) concentrates its investments in one or more industries, the Underlying Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the financial sector, the Underlying Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Underlying Fund's investments more than if the Underlying Fund were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory, and monetary policy changes.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk</i>. To the extent that an Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent an Underlying Fund becomes non-diversified, the Underlying Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Underlying Fund is non-diversified, the Underlying Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than when the Underlying Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk</i>. The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Conservative Appreciation Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Conservative Appreciation Allocation Fund (the "Fund") seeks, over the long term, current income and a moderate level of total investment return.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.17</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.35</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.87</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> 0.0005 0.003 0.0017 0.0035 0.0087 Based on estimated amounts for the current fiscal year. Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">89</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">278</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 89 278 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.</span></p> 0.07 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income funds – Venerable Bond Index Fund and Venerable Intermediate Corporate Bond Index Fund. The Fund's strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund seeks returns consistent with an investment approach that balances risk and return. The Fund's approximate target strategic asset allocation among the Underlying Funds is 40% equity and 60% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity securities (i.e., mid- and large capitalization companies listed in the U.S. and other developed markets) and U.S. fixed income securities (i.e., U.S. investment grade fixed income securities including U.S. Treasuries, </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">corporate bonds, asset-back securities, and mortgage-backed securities) and derivatives (i.e., index futures contracts and spot and forward currency contracts).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation, including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund and may change the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income funds – Venerable Bond Index Fund and Venerable Intermediate Corporate Bond Index Fund. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk</i>. The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk</i>. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk. </i>Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk.</i> Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it purchases only bonds that are of investment-grade quality.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Interest Rate Risk</i>. Prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. The risks associated with changing interest rates are heightened under current market conditions, given that interest rates in the United States and many other countries have fluctuated in recent periods and may continue to change in the foreseeable future. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk</i>. Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk</i>. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk</i>. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk</i>. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> Certain of the Underlying Funds use either an index replication strategy or a stratified index strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. Certain Underlying Funds will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause an Underlying Fund's return to be lower than if the Underlying Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of an Underlying Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent an Underlying Fund's Index (and therefore the Underlying Fund) concentrates its investments in one or more industries, the Underlying Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the financial sector, the Underlying Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Underlying Fund's investments more than if the Underlying Fund were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory, and monetary policy changes.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk</i>. To the extent that an Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent an Underlying Fund becomes non-diversified, the Underlying Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Underlying Fund is non-diversified, the Underlying Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than when the Underlying Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk</i>. The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable World Conservative Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable World Conservative Allocation Fund (the "Fund") seeks, over the long-term, current income and a moderate level of total investment return.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.24</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.79</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.38</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.52</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.86</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until September 5, 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 0.86% for Class V shares. Termination or modification of these obligations prior to September 5, 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.</span></p> 0.0005 0.003 0.0024 0.0079 0.0138 -0.0052 0.0086 Based on estimated amounts for the current fiscal year. 2027-09-05 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">88</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">332</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 88 332 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turnover" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.</span></p> 0.08 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity fund – Venerable World Equity Fund – and the following fixed income funds – Venerable Strategic Bond Fund and Venerable High Yield Fund. The Fund's strategy of investing in a combination of Underlying Funds is intended to </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund seeks returns consistent with an investment approach that balances risk and return. The Fund's approximate target strategic asset allocation among the Underlying Funds is 40% equity and 60% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity securities (i.e., common stocks, preferred stocks, warrants, rights, participation notes, convertible securities, and depositary receipts) and U.S. and non-U.S. fixed income securities ( i.e., high yield securities, bank loans, distressed securities, and investment grade securities including government securities, asset-back securities, and mortgage-backed securities), and derivatives (i.e., futures, options, and swaps including index futures, interest rate swaps, credit default swaps, currency forwards, and U.S. Treasury futures). Non-U.S. equity and fixed income securities may include emerging market securities. High yield debt securities are those that are rated below investment grade, also known as "junk bonds", and are speculative in nature. Under normal circumstances, the Fund will invest indirectly in issuers economically tied to at least three different countries (including the U.S.).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation, including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund and may change the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An Underlying Fund may seek to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves") advised by multiple sub-advisers, each of which may provide investment recommendations in the form of a model portfolio that is used to purchase and sell securities for the Underlying Fund. The sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both.</span></p> The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity fund – Venerable World Equity Fund – and the following fixed income funds – Venerable Strategic Bond Fund and Venerable High Yield Fund. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk</i>. The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk</i>. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Emerging Markets Equity Securities Risk.</i> Investing in emerging market equity securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a significant reduction in the number of market participants or transactions); significant price volatility; restrictions on foreign investment; possible difficulties in the repatriation of investment income and capital including as a result of the closure of securities markets in an emerging market country; and, generally, less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In addition, emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting, and record keeping and therefore, all material information may not be available or reliable. U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large and Medium Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investments in medium capitalization companies may involve greater risks than in larger companies because they may have narrower markets, more limited managerial and financial resources, and a less diversified product offering than larger companies. Some medium capitalization stocks may also be thinly traded and, thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Synthetic Foreign Equity Securities Risk.</i> Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In addition, the exercise or settlement date may be affected by certain market disruption events which could cause the local access products to become worthless if the events continue for a period of time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Linked Notes Risk.</i> Equity linked notes are generally subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk (the risk that the other party in an agreement will fail to perform its obligations).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk</i>. To the extent that the Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Investment Grade Debt Securities ("High Yield" or "Junk Bonds") Risk</i>. Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade debt securities. Accordingly, non-investment grade debt securities are considered speculative investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk</i>. Despite strategies designed to achieve an Underlying Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in an Underlying Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that an Underlying Fund's advisers will effectively assess an Underlying Fund's portfolio characteristics, and it is possible that their judgments regarding an Underlying Fund's exposures may prove incorrect. In addition, actions taken to manage Underlying Fund characteristics, including risk, may be ineffective and/or cause an Underlying Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> Certain Underlying Funds may be managed pursuant to a multi-manager approach, where multiple sub-advisers are responsible for providing investment advice with respect to separate portions of the Underlying Fund's assets. While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Debt Risk</i>. The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk</i>. Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk</i>. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. and Emerging Markets Debt Risk</i>. The value of an investment in non-U.S. and emerging markets debt, even when U.S. dollar denominated, may be affected by political, economic, or social conditions. Non-U.S. and emerging markets debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. Investing in emerging markets debt may involve more risk than investments in developed country debt.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk</i>. Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk</i>. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk</i>. REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of an Underlying Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause an Underlying Fund's return to be lower than if the Underlying Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk</i>. The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Moderate Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Moderate Allocation Fund (the "Fund") seeks, over the long-term, total investment return consistent with the preservation of capital.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.72</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.21</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.32</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers <br/>and Reimbursements</b></span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.89</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Until September 6, 2026, 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 0.89% for Class V shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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.</span></p> 0.0005 0.003 0.0014 0.0072 0.0121 -0.0032 0.0089 2026-09-06 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 76px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>5 Years</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>10 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 76px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">91</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">352</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">634</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 43px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,438</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 91 352 634 1438 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.</span></p> 0.36 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable US Large Cap Core Equity Fund and Venerable US Large Cap Strategic Equity Fund – and the following fixed income funds – Venerable Strategic Bond Fund and Venerable High Yield Fund. The Fund's </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund's approximate target strategic asset allocation among the Underlying Funds is 60% equity and 40% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. equity securities (i.e., common stocks and preferred stocks of U.S. listed large capitalization companies) and U.S. and non-U.S. fixed income securities (i.e., high yield securities, bank loans, distressed securities, and investment grade securities including government securities, asset-back securities, and mortgage-backed securities) and derivatives (i.e., futures, options, and swaps including index futures, index swaps, interest rate swaps, credit default swaps, currency forwards, and U.S. Treasury futures). Non-U.S. fixed income securities may include emerging market securities. High yield debt securities are those that are rated below investment grade, also known as "junk bonds", and are speculative in nature.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund, including changes to the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable US Large Cap Core Equity Fund and Venerable US Large Cap Strategic Equity Fund – and the following fixed income funds – Venerable Strategic Bond Fund and Venerable High Yield Fund. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk</i>. The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk</i>. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk</i>. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Investment Grade Debt Securities ("High Yield" or "Junk Bonds") Risk</i>. Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade debt securities. Accordingly, non-investment grade debt securities are considered speculative investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk</i>. Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk</i>. Despite strategies designed to achieve an Underlying Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in an Underlying Fund and you could lose money. The securities selected for the portfolio may not perform expect. Additionally, securities selected may cause an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that an Underlying Fund's advisers will effectively assess an Underlying Fund's portfolio characteristics, and it is possible that their judgments regarding an Underlying Fund's exposures may prove incorrect. In addition, actions taken to manage Underlying Fund characteristics, including risk, may be ineffective and/or cause an Underlying Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> Certain Underlying Funds may be managed pursuant to a multi-manager approach, where multiple sub-advisers are responsible for providing investment advice with respect to separate portions of the Underlying Fund's assets. While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk</i>. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit risk, default risk, counterparty risk (the risk that </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Debt Risk</i>. The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk</i>. Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk</i>. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. and Emerging Markets Debt Risk</i>. The value of an investment in non-U.S. and emerging markets debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. and emerging markets debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. Investing in emerging markets debt may involve more risk than investments in developed country debt.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk</i>. Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk</i>. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk</i>. To the extent that an Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk</i>. REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of an Underlying Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause an Underlying Fund's return to be lower than if the Underlying Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk</i>. The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were reflected, returns would be less than those shown. Venerable Moderate Allocation Fund – Class V <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2627062_be005.jpg" style="-sec-ix-hidden: hidden-fact-4"/> </p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 142px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Best Quarter: </b>7.31% 2nd quarter 2025<br/><b>Worst Quarter: </b>-1.63% 1st quarter 2025<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/></span> </td> <td colspan="1"> </td> </tr> </table> Best Quarter 0.0731 2025-06-30 Worst Quarter -0.0163 2025-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the Bloomberg U.S. Aggregate Bond Index and the Fund's blended benchmark which consists of the Russell 1000 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%)(the "60/40 Blended Benchmark).</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;" valign="bottom"> <span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Since<br/>Inception<br/>(9/4/2024)</b></span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Moderate Allocation Fund – Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">12.64</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">12.62</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Russell 1000 Index Return (reflects no deduction <br/>for fees, expenses or taxes)</span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">17.37</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">19.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 230px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Bloomberg U.S. Aggregate Bond Index Return <br/>(reflects no deduction for fees, expenses or taxes)</span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">7.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">3.34</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 230px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;">60/40 Blended Benchmark Return (reflects no <br/>deduction for fees, expenses or taxes)</span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">13.41</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 49px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">12.73</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 24px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2024-09-04 0.1264 0.1262 (reflects no deduction for fees, expenses or taxes) 0.1737 0.1914 0.073 0.0334 0.1341 0.1273 Venerable Moderate Appreciation Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"> The Venerable Moderate Appreciation Allocation Fund (the "Fund") seeks moderate long term capital appreciation and as a </span></p> Investment Objective: secondary objective, current income. Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> <p style="margin:3pt 0pt 3pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Annual Fund Operating Expenses</b></span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.16</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.34</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.85</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> 0.0005 0.003 0.0016 0.0034 0.0085 Based on estimated amounts for the current fiscal year. Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 47px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 47px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">87</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">271</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 87 271 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.</span></p> 0.06 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income funds – Venerable Bond Index Fund and Venerable Intermediate Corporate Bond Index Fund. The Fund's strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund seeks returns consistent with an investment approach that balances risk and return. The Fund's approximate target strategic asset allocation among the Underlying Funds is 60% equity and 40% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity securities (i.e., mid- and large capitalization companies listed in the U.S. and other developed markets) and U.S. fixed income securities (i.e., U.S. investment grade fixed income securities including U.S. Treasuries, </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">corporate bonds, asset-back securities, and mortgage-backed securities) and derivatives (i.e., index futures contracts and spot and forward currency contracts).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation, including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund and may change the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income funds – Venerable Bond Index Fund and Venerable Intermediate Corporate Bond Index Fund. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk.</i> The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value, or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•<i>  Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk.</i> Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk.</i> Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk.</i> Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Interest Rate Risk.</i> Prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. The risks associated with changing interest rates are heightened under current market conditions, given that interest rates in the United States and many other countries </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">have fluctuated in recent periods and may continue to change in the foreseeable future. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it purchases only bonds that are of investment-grade quality.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent an Underlying Fund's Index (and therefore the Underlying Fund) concentrates its investments in one or more industries, the Underlying Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> Certain of the Underlying Funds use either an index replication strategy or a stratified index strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. Certain Underlying Funds will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause an Underlying Fund's return to be lower than if the Underlying Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of an Underlying Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment, or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the financial sector, the Underlying Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Underlying Fund's investments more than if the Underlying Fund were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory, and monetary policy changes.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent an Underlying Fund becomes non-diversified, the Underlying Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Underlying Fund is non-diversified, the Underlying Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than when the Underlying Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk.</i> The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds, and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable World Moderate Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"> The Venerable World Moderate Allocation Fund (the "Fund") seeks moderate long term capital appreciation and as a </span></p> Investment Objective: secondary objective, current income. Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.19</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.81</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.35</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.35</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.00</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until September 5, 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 1.00% for Class V shares. Termination or modification of these obligations prior to September 5, 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.</span></p> 0.0005 0.003 0.0019 0.0081 0.0135 -0.0035 0.01 Based on estimated amounts for the current fiscal year. 2027-09-05 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 47px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 47px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">102</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">357</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 102 357 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turnover" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.</span></p> 0.06 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity fund – Venerable World Equity Fund – and the following fixed income funds – Venerable High Yield Fund and Venerable Strategic Bond Fund. The Fund's strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund seeks returns consistent with an investment approach that balances risk and return. The Fund's approximate target strategic asset allocation among the Underlying Funds is 60% equity and 40% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity securities (i.e., common stocks, preferred stocks, warrants, rights, participation notes, convertible securities, and depositary receipts) and U.S. and non-U.S. fixed income securities (i.e., high yield securities, bank loans, distressed securities, and investment grade securities including government securities, asset-back securities, and mortgage-backed securities), and derivatives (i.e., futures, options, and swaps including index futures, interest rate swaps, credit default swaps, currency forwards, and U.S. Treasury futures). High yield debt securities are those that are rated below investment grade, also known as "junk bonds", and are speculative in nature. Non-U.S. equity and fixed income securities may include emerging market securities. Under normal circumstances, the Fund will invest indirectly in issuers economically tied to at least three different countries (including the U.S.).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation, including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund and may change the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An Underlying Fund may seek to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves") advised by multiple sub-advisers, each of which may provide investment recommendations in the form of a model portfolio that is used to purchase and sell securities for the Underlying Fund. The sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both.</span></p> The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity fund – Venerable World Equity Fund – and the following fixed income funds – Venerable High Yield Fund and Venerable Strategic Bond Fund. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk.</i> The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Emerging Markets Equity Securities Risk.</i> Investing in emerging market equity securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a significant reduction in the number of market participants or transactions); significant price volatility; restrictions on foreign investment; possible difficulties in the repatriation of investment income and capital including as a result of the closure of securities markets in an emerging market country; and, generally, less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In addition, emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting, and record keeping and therefore, all material information may not be available or reliable. U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large and Medium Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investments in medium capitalization companies may involve greater risks than in larger companies because they may have narrower markets, more limited managerial and financial resources, and a less diversified product offering than larger companies. Some medium capitalization stocks may also be thinly traded and, thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Investment Grade Debt Securities ("High Yield" or "Junk Bonds") Risk.</i> Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade debt securities. Accordingly, non-investment grade debt securities are considered speculative investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve an Underlying Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in an Underlying Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that an Underlying Fund's advisers will effectively assess an Underlying Fund's portfolio characteristics, and it is possible that their judgments regarding an Underlying Fund's exposures may prove incorrect. In addition, actions taken to manage Underlying Fund characteristics, including risk, may be ineffective and/or cause an Underlying Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> Certain Underlying Funds may be managed pursuant to a multi-manager approach, where multiple sub-advisers are responsible for providing investment advice with respect to separate portions of the Underlying Fund's assets. While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk</i>. Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Debt Risk.</i> The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk.</i> Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk.</i> Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. and Emerging Markets Debt Risk.</i> The value of an investment in non-U.S. and emerging markets debt, even when U.S. dollar denominated, may be affected by political, economic, or social conditions. Non-U.S. and emerging markets debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. Investing in emerging markets debt may involve more risk than investments in developed country debt.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk.</i> Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk.</i> Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Synthetic Foreign Equity Securities Risk.</i> Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In addition, the exercise or settlement date may be affected by certain market disruption events which could cause the local access products to become worthless if the events continue for a period of time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Linked Notes Risk.</i> Equity linked notes are generally subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk (the risk that the other party in an agreement will fail to perform its obligations).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of an Underlying Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">cause an Underlying Fund's return to be lower than if the Underlying Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk.</i> The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Appreciation Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Appreciation Allocation Fund (the "Fund") seeks high long term capital appreciation.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.33</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.83</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> 0.0005 0.003 0.0015 0.0033 0.0083 Based on estimated amounts for the current fiscal year. Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 47px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 47px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">85</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">265</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 85 265 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.</span></p> 0.06 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income fund – Venerable Intermediate Corporate Bond Index Fund. The Fund's strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Venerable Investment Advisers, LLC (the "Adviser") has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund's approximate target strategic asset allocation among the Underlying Funds is 75% equity and 25% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity securities (i.e., mid- and large capitalization companies listed in the U.S. and other developed markets) and U.S. fixed income securities (i.e., U.S. investment grade corporate bonds) and derivatives (i.e., index futures contracts and spot and forward currency contracts).</span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation, including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund and may change the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable Large Cap Index Fund and Venerable International Index Fund – and the following fixed income fund – Venerable Intermediate Corporate Bond Index Fund. As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk.</i> The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region, or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Interest Rate Risk.</i> Prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. The risks associated with changing interest rates are heightened under current market conditions, given that interest rates in the United States and many other countries have fluctuated in recent periods and may continue to change in the foreseeable future. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk.</i> Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it purchases only bonds that are of investment-grade quality.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk.</i> Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Industry Concentration Risk.</i> To the extent an Underlying Fund's Index (and therefore the Underlying Fund) concentrates its investments in one or more industries, the Underlying Fund will carry much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Index-Based Investing Risk.</i> Certain of the Underlying Funds use an index replication strategy or a stratified index strategy to seek to purchase the securities in an index (the "reference index") in order to track the reference index's performance. The Underlying Fund will generally hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause an Underlying Fund's return to be lower than if the Underlying Fund employed a fundamental investment approach to security selection. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of an Underlying Fund will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows and operational inefficiencies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment, or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation, and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financials Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the financial sector, the Underlying Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Underlying Fund's investments more than if the Underlying Fund were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory, and monetary policy changes.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Diversification Risk.</i> To the extent an Underlying Fund becomes non-diversified, the Underlying Fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore, when the Underlying Fund is non-diversified, the Underlying Fund's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than when the Underlying Fund's invested assets are diversified.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk.</i> The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable World Appreciation Allocation Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable World Appreciation Allocation Fund (the "Fund") seeks high long term capital appreciation.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.05</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.19</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Acquired Fund Fees and Expenses¹​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.84</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.38</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 208px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.38</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 208px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>1.00</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 27px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until September 5, 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 1.00% for Class V shares. Termination or modification of these obligations prior to September 5, 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.</span></p> 0.0005 0.003 0.0019 0.0084 0.0138 -0.0038 0.01 Based on estimated amounts for the current fiscal year. 2027-09-05 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 47px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 47px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">102</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">360</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 102 360 Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund pays no transaction costs or commissions when it buys and sells shares of underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the underlying funds' performance. During the period September 5, 2025 through December 31, 2025, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.</span></p> 0.05 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity fund – Venerable World Equity Fund – and the following fixed income funds – Venerable High Yield Fund and Venerable </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Strategic Bond Fund. The Fund's strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund's approximate target strategic asset allocation among the Underlying Funds is 75% equity and 25% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity securities (i.e., common stocks, preferred stocks, warrants, rights, participation notes, convertible securities, and depositary receipts) and U.S. and non-U.S. fixed income securities (i.e., high yield securities, bank loans, distressed securities, and investment grade securities including government securities, asset-back securities, and mortgage-backed securities), and derivatives (i.e., futures, options, and swaps including index futures, interest rate swaps, credit default swaps, currency forwards, and U.S. Treasury futures). Non-U.S. equity and fixed income securities may include emerging market securities. High yield debt securities are those that are rated below investment grade, also known as "junk bonds", and are speculative in nature. Under normal circumstances, the Fund will invest indirectly in issuers economically tied to at least three different countries (including the U.S.).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation, including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund and may change the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An Underlying Fund may seek to achieve its investment objective by allocating its assets among a number of different investment strategies (or "sleeves") advised by multiple sub-advisers, each of which may provide investment recommendations in the form of a model portfolio that is used to purchase and sell securities for the Underlying Fund. The sub-advisers may employ a fundamental investment approach, a quantitative investment approach, or a combination of both.</span></p> As with all mutual funds, an investor is subject to the risk that his or her investment could lose money. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Underlying Funds Risk.</i> Investments in other investment companies expose the Fund to the expenses and risks of the underlying investment companies. In addition, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. If any of those Underlying Funds fails to meet its investment objective, or otherwise performs poorly, the Fund's performance could be negatively affected.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Affiliated Underlying Funds Risk.</i> The Adviser is the adviser for both the Fund and the Underlying Funds; therefore, the Adviser may be deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset Allocation Risk.</i> There is no assurance that the asset allocation of the Fund will achieve the Fund's investment objective. Nor is there any assurance that a recommended allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment may decrease if the Adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or industries or groups of industries that underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds, which are also principal risks of investing in the Fund as a result of its investment in those funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Securities Risk.</i> The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some small and medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Preferred Stock Risk.</i> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Securities Risk.</i> Non-U.S. securities have risks relating to political, economic, social, and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. In addition, the value of non-U.S. securities may be subject to foreign tax laws including withholding taxes, which may reduce the net amount available for distribution to the Fund's shareholders.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Emerging Markets Equity Securities Risk.</i> Investing in emerging market equity securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a significant reduction in the number of market participants or transactions); significant price volatility; restrictions on foreign investment; possible difficulties in the repatriation of investment income and capital including as a result of the closure of securities markets in an emerging market country; and, generally, less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In addition, emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting, and record keeping and therefore, all material information may not be available or reliable. U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Risk.</i> Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Large and Medium Capitalization Companies Risk.</i> More established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investments in medium capitalization companies may involve greater risks than in larger companies because they may have narrower markets, more limited managerial and financial resources, and a less diversified product offering than larger companies. Some medium capitalization stocks may also be thinly traded and, thus, difficult to buy and sell in the market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an Underlying Fund's investments in fixed income securities could lose money. In addition, an Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Investment Grade Debt Securities ("High Yield" or "Junk Bonds") Risk.</i> Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade debt securities. Accordingly, non-investment grade debt securities are considered speculative investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of an Underlying Fund's securities, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund's portfolio instruments or achieving an Underlying Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve an Underlying Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in an Underlying Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that an Underlying Fund's advisers will effectively assess an Underlying Fund's portfolio characteristics, and it is possible that their judgments regarding an Underlying Fund's exposures may prove incorrect. In addition, actions taken to manage Underlying Fund characteristics, including risk, may be ineffective and/or cause an Underlying Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Multi-Manager Approach Risk.</i> Certain Underlying Funds may be managed pursuant to a multi-manager approach, where multiple sub-advisers are responsible for providing investment advice with respect to separate portions of the Underlying Fund's assets. While the investment styles employed by the sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fundamental Investing Risk.</i> A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Quantitative Investing Risk.</i> Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Derivatives Risk.</i> Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus an Underlying Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies, or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk (the risk that the investment cannot be sold quickly), market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk, and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate, or index.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. and Non-U.S. Corporate Debt Securities Risk.</i> Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk than investments in U.S. corporate debt securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. Debt Risk.</i> The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss </span></p><p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Mortgage-Backed Securities Risk.</i> Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Asset-Backed Securities Risk.</i> Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-U.S. and Emerging Markets Debt Risk.</i> The value of an investment in non-U.S. and emerging markets debt, even when U.S. dollar denominated, may be affected by political, economic, or social conditions. Non-U.S. and emerging markets debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards. Investing in emerging markets debt may involve more risk than investments in developed country debt.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Loans and Other Direct Indebtedness Risk.</i> Loans and other direct indebtedness involve the risk that payment of principal, interest, and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Distressed Securities Risk.</i> Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Government Issued or Guaranteed Securities, U.S. Government Securities Risk.</i> Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Depositary Receipts Risk.</i> Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Synthetic Foreign Equity Securities Risk.</i> Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In addition, the exercise or settlement date may be affected by certain market disruption events which could cause the local access products to become worthless if the events continue for a period of time.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Equity Linked Notes Risk.</i> Equity linked notes are generally subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk (the risk that the other party in an agreement will fail to perform its obligations).</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Currency Trading Risk.</i> Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Information Technology Sector Risk.</i> To the extent that an Underlying Fund invests significantly in the information technology sector, the Underlying Fund will be sensitive to changes in, and the Underlying Fund's performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment, or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>REITs Risk.</i> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Non-Discretionary Implementation Risk.</i> With respect to the portion of an Underlying Fund that is managed pursuant to model portfolios provided by non-discretionary sub-advisers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary sub-advisers were employed. Given that values of investments change with market conditions, this could cause an Underlying Fund's return to be lower than if the Underlying Fund employed discretionary sub-advisers with respect to that portion of its portfolio.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Underlying Fund Liquidation) Risk.</i> The Underlying Funds may have a large percentage of their shares owned by the Fund and other fund of funds. Large redemption activity could result in an Underlying Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to an Underlying Fund's portfolio securities, higher Underlying Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Underlying Fund's portfolio. As a result, large redemption activity could adversely affect an Underlying Fund's ability to conduct its investment program which, in turn, could adversely impact the Underlying Fund's performance or may result in the Underlying Fund no longer remaining at an economically viable size, in which case the Underlying Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. The Adviser currently serves as the adviser of the Fund and the Underlying Funds and RIM currently serves as the sub-adviser of the Fund and certain of the Underlying Funds. Therefore, conflicts may arise as those persons fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> Performance information is not provided because the Fund did not complete one full calendar year of operations as of the date of this Prospectus. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. Venerable Government Money Market Fund <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">  The Venerable Government Money Market Fund (the "Fund") seeks maximum current income to the extent consistent with preservation of capital and the maintenance of liquidity.</span></p> Investment Objective: Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees and expenses such as fees and expenses imposed under your variable annuity contracts or variable life insurance policies ("Variable Contract"), which are not reflected in the tables and examples below.</b> If these fees or expenses were included in the table, the Fund's expenses would be higher. For more information on these charges, please refer to the documents governing your Variable Contract.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class V</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class I</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.20</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.20</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Distribution and/or Service Fees (12b-1 Fees)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Other Expenses¹​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">0.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses</b></span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.65</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.35</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 232px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Less Waivers and Reimbursements²​</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 40px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.12</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">(0.00</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">%)</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 3pt 0pt; width: 232px; text-align: left;" valign="bottom"> <span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Total Annual Operating Expenses Less Waivers<br/>and Reimbursements</b></span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 40px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.53</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 38px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>0.35</b></span></p> </td> <td colspan="1" style="padding:0pt .7pt 3pt 0pt; width: 29px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>%</b></span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:6pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">¹​  Based on estimated amounts for the current fiscal year.</span></p> <p style="margin:0pt 0pt 3pt 0pt;"><span style="font-size:9pt; font-family: Times New Roman, Times, serif;">²​  Until March 20, 2028, 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 0.53% for Class V shares and 0.35% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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.</span></p> 0.002 0.002 0.003 0 0.0015 0.0015 0.0065 0.0035 -0.0012 0 0.0053 0.0035 Based on estimated amounts for the current fiscal year. 2028-03-20 Example <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waivers and reimbursement obligations only for the term of the fee waivers and reimbursement obligations. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be:</span></p> <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 47px;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>1 Year</b></span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>3 Years</b></span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class V</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">54</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">183</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 47px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Class I</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">36</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">113</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> <span style="-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 54 183 36 113 Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests at least 99.5% of the Fund's total assets in cash, U.S. government securities and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. In addition, under normal circumstances, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in government securities and/or repurchase agreements that are fully collateralized by government securities. "Government securities" means any securities issued or guaranteed as to principal or interest by the U.S., or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. The Fund invests mainly in debt securities that are obligations of the U.S. government, its agencies and instrumentalities and accordingly are backed by the full faith and credit of the United States (e.g., U.S. </span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">Treasury bills) or by the credit of a federal agency or government-sponsored entity (e.g., securities issued by Fannie Mae and Freddie Mac). The U.S. government securities in which the Fund invests may also include variable and floating rate instruments and when-issued and delayed delivery securities (i.e., payment or delivery of the securities occurs at a future date for a predetermined price). The securities purchased by the Fund are subject to quality, maturity, diversification and other requirements pursuant to rules promulgated by the SEC. The Fund may consider, among other factors, credit and interest rate risks and characteristics of the issuer or counterparty, as well as general market conditions, when deciding whether to buy or sell investments.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may not hold an investment with more than 397 days remaining to maturity and the Fund's average weighted maturity will not exceed 60 days (in each case after giving effect to applicable maturity-shortening features such as interest rate resets or demand features, as described below). In addition, the weighted average life (determined without reference to maturity-shortening features) of the Fund will not exceed 120 days. Short-term investments may have lower yields than longer-term investments. Some investments that are purchased for the Fund have an interest rate that changes based on a market interest rate and/or allow the holder to demand payment of principal and accrued interest before the scheduled maturity date. The maturity of these obligations is measured using the relatively short period until the interest rate resets and/or payment could be demanded, as applicable. Because the interest rate on these investments can change, these investments are unlikely to be able to lock in favorable longer-term interest rates.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund maintains certain minimum liquidity standards, including that the Fund may not purchase:</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  a security other than a security offering daily liquidity (as specified by applicable rules governing money market funds) if, immediately after purchase, the Fund would have invested less than 25% of its total assets in securities offering daily liquidity;</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  may not purchase a security other than a security offering weekly liquidity (as specified by applicable rules governing money market funds) if, immediately after purchase, the Fund would have invested less than 50% of its total assets in securities offering weekly liquidity (i.e., liquidity within five business days); and</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  may not purchase an illiquid security (a security that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the market value ascribed to it by the Fund) if, immediately after purchase, the Fund would have invested more than 5% of its total assets in illiquid securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may purchase investments on a when-issued or delayed delivery basis.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund invests in securities that, at the time of purchase, are rated by one or more rating agencies in the highest short term rating category or, if not rated, are determined by the Sub-Adviser to be of equivalent quality. </span></p> The Fund invests at least 99.5% of the Fund's total assets in cash, U.S. government securities and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. You could lose money by investing in the Fund. <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Money Market Fund Risk.</i> Although government money market funds (such as the Fund) may seek to preserve the value of shareholders' investment at $1.00 per share, the NAVs of such money market fund shares can fall, and in infrequent cases in the past have fallen, below $1.00 per share, potentially causing shareholders who redeem their shares at such NAVs to lose money from their original investment.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>U.S. Government Securities Risk.</i> Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Repurchase Agreements Risk.</i> Repurchase agreements may be considered a form of borrowing for some purposes and their use involves certain risks. One risk is the seller's ability to pay the agreed-upon repurchase price on the repurchase date. If the seller defaults, the Fund may incur costs in disposing of the collateral, which would reduce the amount realized thereon. If the seller seeks relief under bankruptcy laws, the disposition of the collateral may be delayed or limited. For example, if the other party to the agreement becomes insolvent and subject to liquidation or reorganization under bankruptcy or other laws, a court may determine that the underlying securities that are collateral for a loan by the Fund are not within its control and therefore the realization by the Fund on such collateral may be automatically stayed. Finally, it is possible that the Fund may not be able to substantiate its interest in the underlying securities and may be deemed an unsecured creditor of the other party to the agreement.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Interest Rate Risk.</i> Prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. The risks associated with changing interest rates are heightened under current market conditions, given that interest rates in the United States and many other countries have fluctuated in recent periods and may continue to change in the foreseeable future. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Credit Risk.</i> If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults or its credit is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Subordinated securities (meaning securities that rank below other securities with respect to claims on the issuer's assets) are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade, or perceived decline in creditworthiness. U.S. government investments are not free of credit risk. U.S. government securities that are not backed by the full faith and credit of the United States, such as federal agency bonds, are subject to higher credit risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>When-Issued and Delayed Delivery Securities Risk.</i> The Fund may purchase or sell a security at a future date for a predetermined price. The market value of the securities may change before delivery.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Fixed Income Securities Risk.</i> Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default. Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Active Management Risk.</i> Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as expected. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the Fund's advisers will effectively assess the Fund's portfolio characteristics, and it is possible that their judgment regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund characteristics, including risk, may be ineffective and/or cause the Fund to underperform.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Financial Markets Risk.</i> Global economies and financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics, and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk, or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">•  <i>Impact of Large Redemptions (Including Possible Fund Liquidation) Risk.</i> The Fund is used as an investment by certain funds of funds and may have a large percentage of its shares owned by such funds. Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.</span></p> <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund is new and, therefore, has no performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance.</span></p> The Fund is new and, therefore, has no performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's return to a broad measure of market performance. 0.1625 0.0849 0.0687 0.1730 0.1264 <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span><strong>Best Quarter:</strong>&#xa0;10.38% 2nd quarter 2025<br/><strong>Worst Quarter:&#xa0;</strong>-3.81% 1st quarter 2025<br/></span></td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span><strong>Best Quarter:</strong>&#xa0;3.51% 2nd quarter 2025<br/><strong>Worst Quarter:</strong>&#xa0;-0.71% 1st quarter 2025<br/></span></td> </tr> </table> <p><strong>Best Quarter:</strong>&#xa0;2.57% 1st quarter 2025<br/><strong>Worst Quarter:</strong> 0.92% 4th quarter 2025</p> <p><strong>Best Quarter:</strong>&#xa0;10.76% 2nd quarter 2025<br/><strong>Worst Quarter:</strong> -4.38% 1st quarter 2025</p> <p><strong>Best Quarter:&#xa0;</strong>7.31% 2nd quarter 2025<br/><strong>Worst Quarter:&#xa0;</strong>-1.63% 1st quarter 2025</p> 485BPOS 0001995745 false The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of large capitalization companies economically tied to the U.S. and in derivatives that have economic characteristics similar to such securities. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the information technology sector. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of emerging market companies and in derivatives that have economic characteristics similar to equity securities of emerging market companies. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and in derivatives that have economic characteristics similar to such securities. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Fund expects to invest a significant portion of its assets in securities of companies in the information technology sector. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures the investment return of large capitalization companies. The Fund may concentrate its investments (i.e. hold more than 25% of its total assets) in an industry to the extent that the Index is also concentrated. As of the date of this Prospectus, a significant portion of the Index consisted of securities of companies in the information technology sector. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures the investment return of mid capitalization companies. The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures investment return of small capitalization stocks. The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures the investment return of international developed market stocks. The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated. As of the date of this Prospectus, a significant portion of the Index consisted of securities of companies in the financials sector. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures investment grade bonds traded in the U.S. The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated. The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in companies that are included in a benchmark index that measures investment grade corporate bonds traded in the U.S. The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in an industry or group of industries to the extent that the Index is so concentrated. The Fund is a &quot;fund of funds&quot; that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the &quot;Underlying Funds&quot;) including, but not limited to, the following equity fund &amp;#8211; Venerable World Equity Fund &amp;#8211; and the following fixed income funds &amp;#8211; Venerable High Yield Fund and Venerable Strategic Bond Fund. Strategic Bond Fund. Until September 5, 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 Fees), 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 1.05% for Class V shares and 0.75% for Class I shares. Termination or modification of these obligations prior to September 5, 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. Based on estimated amounts for the current fiscal year. Until September 6, 2026, 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 Fees), 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 0.86% for Class V shares and 0.75% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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. Based on estimated amounts for the current fiscal year. 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. Until March 20, 2028, 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 1.00% for Class V shares and 0.95% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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. Based on estimated amounts for the current fiscal year. Until March 20, 2028, 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 0.99% for Class V shares and 0.95% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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. Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. 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. 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. Based on estimated amounts for the current fiscal year. Until September 6, 2026, 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 0.72% for Class V shares and 0.80% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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. Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding. Until September 6, 2026, 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 0.80% for Class V shares and 0.60% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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. The return differs from the performance reported in the Financial Highlights as the return in the table is calculated in a manner consistent with standardized performance in accordance with SEC rules. Based on estimated amounts for the current fiscal year. Until March 20, 2028, 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 0.84% for Class V shares and 0.58% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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. Until September 6, 2026, 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 0.51% for Class V shares and 0.28% for Class I shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026 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. Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding. 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. Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. 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. 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. Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding Based on estimated amounts for the current fiscal year. Differs from the ratios of expenses to average net assets in the Financial Highlights section of the Prospectus due to rounding. Based on estimated amounts for the current fiscal year. 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. Based on estimated amounts for the current fiscal year. Until September 5, 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 0.66% for Class V shares and 0.36% for Class I shares. Termination or modification of these obligations prior to September 5, 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 Based on estimated amounts for the current fiscal year. Until September 5, 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 0.87% for Class V shares. Termination or modification of these obligations prior to September 5, 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. Based on estimated amounts for the current fiscal year. Until September 5, 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 0.86% for Class V shares. Termination or modification of these obligations prior to September 5, 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. Based on estimated amounts for the current fiscal year. Until September 6, 2026, 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 0.89% for Class V shares. These contractual obligations automatically renew for an additional one-year period beginning on September 6, 2026 unless terminated or modified in accordance with their terms. Termination or modification of these obligations prior to September 6, 2026, 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. Based on estimated amounts for the current fiscal year. Until September 5, 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 1.00% for Class V shares. Termination or modification of these obligations prior to September 5, 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. Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. Until September 5, 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 1.00% for Class V shares. Termination or modification of these obligations prior to September 5, 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. Based on estimated amounts for the current fiscal year. Until March 20, 2028, 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 0.53% for Class V shares and 0.35% for Class I shares. Termination or modification of these obligations prior to March 20, 2028, 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.