Venerable Variable Insurance Trust NPORT-P Venerable Strategic Bond Fund (Sep 2024 report)

2024

QUARTERLY

REPORT

Venerable

Variable

Insurance

Trust

September

30,

2024

FUND

Venerable

High

Yield

Fund

Venerable

Large

Cap

Index

Fund

Venerable

Moderate

Allocation

Fund

Venerable

Strategic

Bond

Fund

Venerable

US

Large

Cap

Strategic

Equity

Fund

Venerable

Variable

Insurance

Trust

Venerable

Variable

Insurance

Trust

is

a

series

investment

company

with

five

different

investment

portfolios

referred

to

as

Funds.

Page

Venerable

High

Yield

Fund

3

Venerable

Large

Cap

Index

Fund

11

Venerable

Moderate

Allocation

Fund

18

Venerable

Strategic

Bond

Fund

20

Venerable

US

Large

Cap

Strategic

Equity

Fund

33

Notes

to

Schedules

of

Investments

40

Notes

to

Quarterly

Report

41

Venerable

Variable

Insurance

Trust

Quarterly

Report

September

30,

2024

(Unaudited)

Table

of

Contents

Venerable

Variable

Insurance

Trust

(the

“Trust”)

The

Trust’s

investment

adviser

is

Venerable

Investment

Advisers,

LLC

(the

"Adviser").

The

Adviser

is

a

wholly-

owned

subsidiary

of

Venerable

Holdings,

Inc.

("Venerable").

Venerable

owns

and

manages

legacy

variable

annuity

business

acquired

from

other

entities.

Created

by

an

investor

group

led

by

affiliates

of

Apollo

Global

Management,

Inc.,

Crestview

Partners,

Reverence

Capital

Partners,

and

Athene

Holdings,

Ltd.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

The

Funds

are

distributed

by

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”)

(member

FINRA),

which

is

not

affiliated

with

the

Adviser.

The

Distributor

will

make

payments

to

financial

intermediaries,

including

to

Directed

Services

LLC

(“DSL”),

an

affiliate

of

the

investment

adviser

to

the

Trust

which

will

provide

distribution-related

services

to

the

Trust.

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

High

Yield

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

95.7%

Corporate

Bonds

and

Notes

-

82.6%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

8.500%

due

06/15/29

(Þ)

2,300

2,405

7.500%

due

11/06/30

(Þ)

2,400

2,472

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%

due

04/15/28

(Þ)

1,700

1,727

7.000%

due

01/15/31

(Þ)

2,900

2,981

7.375%

due

10/01/32

(Þ)

600

609

Allied

Universal

Holdco

LLC

7.875%

due

02/15/31

(Þ)

1,700

1,738

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

1,633

1,629

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

2,500

2,471

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29

(Þ)

3,600

3,224

APX

Group,

Inc.

5.750%

due

07/15/29

(Þ)

2,000

1,980

Arcosa,

Inc.

4.375%

due

04/15/29

(Þ)

4,000

3,832

6.875%

due

08/15/32

(Þ)

1,200

1,256

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

4.625%

due

04/01/30

(Þ)

2,400

2,305

ATI,

Inc.

7.250%

due

08/15/30

2,600

2,771

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

8.250%

due

01/15/30

(Þ)

4,400

4,502

Bausch

&

Lomb

Escrow

Corp.

8.375%

due

10/01/28

(Þ)

2,600

2,750

Boeing

Co.

(The)

6.528%

due

05/01/34

(Þ)

2,900

3,111

Caesars

Entertainment,

Inc.

4.625%

due

10/15/29

(Þ)

2,800

2,665

7.000%

due

02/15/30

(Þ)

1,200

1,254

6.500%

due

02/15/32

(Þ)

2,000

2,069

Calpine

Corp.

4.500%

due

02/15/28

(Þ)

2,400

2,343

5.125%

due

03/15/28

(Þ)

900

887

Calumet

Specialty

Products

Partners,

LP

/

Calumet

Finance

Corp.

8.125%

due

01/15/27

(Þ)

1,600

1,559

Carnival

Corp.

7.625%

due

03/01/26

(Þ)

1,100

1,111

5.750%

due

03/01/27

(Þ)

4,700

4,761

10.375%

due

05/01/28

(Þ)

1,100

1,187

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.375%

due

06/01/29

(Þ)

4,900

4,720

4.500%

due

08/15/30

(Þ)

3,500

3,168

Chesapeake

Energy

Corp.

6.750%

due

04/15/29

(Þ)

4,300

4,382

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

7.625%

due

07/01/29

(Þ)

4,800

5,041

CHS/Community

Health

Systems,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.875%

due

04/01/28

(Þ)

1,600

1,342

6.000%

due

01/15/29

(Þ)

2,200

2,135

10.875%

due

01/15/32

(Þ)

3,300

3,637

CITGO

Petroleum

Corp.

8.375%

due

01/15/29

(Þ)

2,000

2,081

Civitas

Resources,

Inc.

8.375%

due

07/01/28

(Þ)

2,600

2,717

8.750%

due

07/01/31

(Þ)

2,800

2,968

Clear

Channel

Outdoor

Holdings,

Inc.

7.875%

due

04/01/30

(Þ)

3,400

3,558

Clear

Channel

Worldwide

Holdings,

Inc.

7.500%

due

06/01/29

(Þ)

1,900

1,635

Cleveland-Cliffs,

Inc.

7.000%

due

03/15/32

(Þ)

5,300

5,359

Cogent

Communications

Group,

Inc.

/

Cogent

Communications

Finance,

Inc.

Series

144A

7.000%

due

06/15/27

(Þ)

2,400

2,440

Concenta

Escrow

Issuer

Corp.

6.875%

due

07/15/32

(Þ)

3,800

4,001

Constellium

SE

Series

144A

6.375%

due

08/15/32

(Þ)

3,100

3,185

Cornerstone

Building

Brands,

Inc.

6.125%

due

01/15/29

(Þ)

2,400

2,123

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

6.625%

due

07/15/30

(Þ)

2,900

3,013

CSC

Holdings

LLC

3.375%

due

02/15/31

(Þ)

4,800

3,413

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

6,400

6,090

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

5.875%

due

08/15/27

(Þ)

3,600

3,530

Dornoch

Debt

Merger

Sub,

Inc.

6.625%

due

10/15/29

(Þ)

5,900

5,193

Dream

Finders

Homes,

Inc.

8.250%

due

08/15/28

(Þ)

2,900

3,062

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

1,200

1,148

Element

Solutions,

Inc.

3.875%

due

09/01/28

(Þ)

3,300

3,145

Emerald

Debt

Merger

Sub

LLC

6.625%

due

12/15/30

(Þ)

4,800

4,949

Encore

Capital

Group,

Inc.

9.250%

due

04/01/29

(Þ)

1,300

1,400

8.500%

due

05/15/30

(Þ)

2,600

2,740

Endo

Finance

Holdings,

Inc.

8.500%

due

04/15/31

(Þ)

4,400

4,716

Energizer

Holdings,

Inc.

4.375%

due

03/31/29

(Þ)

3,300

3,126

EQM

Midstream

Partners,

LP

7.500%

due

06/01/27

(Þ)

2,800

2,884

EquipmentShare.com,

Inc.

9.000%

due

05/15/28

(Þ)

4,100

4,283

8.625%

due

05/15/32

(Þ)

1,500

1,575

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Esab

Corp.

6.250%

due

04/15/29

(Þ)

2,000

2,057

Evergreen

Acqco

1,

LP

/

TVI,

Inc.

9.750%

due

04/26/28

(Þ)

1,400

1,477

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%

due

01/15/29

(Þ)

1,200

1,145

6.750%

due

01/15/30

(Þ)

4,800

4,465

First

Student

Bidco,

Inc.

4.000%

due

07/31/29

(Þ)

2,000

1,877

FirstCash,

Inc.

4.625%

due

09/01/28

(Þ)

500

483

6.875%

due

03/01/32

(Þ)

3,700

3,813

Fortress

Intermediate

3,

Inc.

7.500%

due

06/01/31

(Þ)

5,600

5,911

Freedom

Mortgage

Holdings

LLC

9.250%

due

02/01/29

(Þ)

4,200

4,369

Garden

Spinco

Corp.

8.625%

due

07/20/30

(Þ)

4,300

4,757

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

SARL

7.750%

due

05/31/32

(Þ)

3,000

3,072

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

1,300

1,288

Gates

Corp.

6.875%

due

07/01/29

(Þ)

4,500

4,662

Glatfelter

Corp.

4.750%

due

11/15/29

(Þ)

1,500

1,348

Global

Net

Lease,

Inc.

3.750%

due

12/15/27

(Þ)

4,100

3,823

GPD

Cos.,

Inc.

10.125%

due

04/01/26

(Þ)

4,700

4,347

Graham

Packaging

Co.,

Inc.

7.125%

due

08/15/28

(Þ)

1,300

1,287

Grand

Canyon

University

5.125%

due

10/01/28

5,700

5,353

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

1,400

1,333

Hannesbrands,

Inc.

9.000%

due

02/15/31

(Þ)

3,600

3,886

Herc

Holdings,

Inc.

6.625%

due

06/15/29

(Þ)

2,600

2,694

Hess

Midstream

Operations,

LP

6.500%

due

06/01/29

(Þ)

1,700

1,757

Hillenbrand,

Inc.

6.250%

due

02/15/29

1,800

1,834

HUB

International,

Ltd.

7.250%

due

06/15/30

(Þ)

1,700

1,772

Iron

Mountain,

Inc.

7.000%

due

02/15/29

(Þ)

2,400

2,500

5.625%

due

07/15/32

(Þ)

4,800

4,788

Jane

Street

Group

/

JSG

Finance,

Inc.

4.500%

due

11/15/29

(Þ)

900

867

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26

(Þ)

1,000

1,001

9.500%

due

02/15/29

(Þ)

3,400

3,635

Kinetik

Holdings,

LP

5.875%

due

06/15/30

(Þ)

2,600

2,618

Kodiak

Gas

Services,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.250%

due

02/15/29

(Þ)

2,600

2,692

Kraken

Oil

&

Gas

Partners

LLC

7.625%

due

08/15/29

(Þ)

5,700

5,693

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

4.750%

due

06/15/29

(Þ)

2,700

2,638

Leeward

Renewable

Energy

Operations

LLC

4.250%

due

07/01/29

(Þ)

4,600

4,336

LGI

Homes,

Inc.

8.750%

due

12/15/28

(Þ)

2,400

2,570

Martin

Midstream

Partners,

LP

/

Martin

Midstream

Fianance

Corp.

11.500%

due

02/15/28

(Þ)

2,800

3,082

Matador

Resources

Co.

6.500%

due

04/15/32

(Þ)

4,600

4,591

6.250%

due

04/15/33

(Þ)

3,600

3,546

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

04/15/27

(Þ)

1,300

1,344

9.250%

due

04/15/27

(Þ)

900

923

McAfee

Corp.

7.375%

due

02/15/30

(Þ)

4,900

4,781

McGraw-Hill

Education,

Inc.

7.375%

due

09/01/31

(Þ)

4,600

4,772

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

6.750%

due

04/01/32

(Þ)

4,100

4,250

MPH

Acquisition

Holdings

LLC

5.750%

due

11/01/28

(Þ)

4,200

1,933

Nabors

Industries,

Inc.

7.375%

due

05/15/27

(Þ)

1,500

1,504

9.125%

due

01/31/30

(Þ)

2,000

2,063

8.875%

due

08/15/31

(Þ)

2,400

2,283

Nationstr

Mortgage

Holdings,

Inc.

5.750%

due

11/15/31

(Þ)

5,500

5,389

NCL

Corp.,

Ltd.

5.875%

due

03/15/26

(Þ)

3,300

3,301

7.750%

due

02/15/29

(Þ)

2,200

2,357

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

3,500

3,389

OI

European

Group

BV

4.750%

due

02/15/30

(Þ)

2,000

1,892

OneMain

Finance

Corp.

9.000%

due

01/15/29

3,900

4,132

7.125%

due

11/15/31

1,400

1,417

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

4.625%

due

03/15/30

(Þ)

3,700

3,519

7.375%

due

02/15/31

(Þ)

1,700

1,815

Owens-Brockway

Glass

Container,

Inc.

7.250%

due

05/15/31

(Þ)

2,100

2,155

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

4.000%

due

10/15/27

(Þ)

2,600

2,502

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

7.875%

due

09/15/30

(Þ)

1,300

1,339

Series

WI

6.000%

due

02/15/28

500

494

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

High

Yield

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pebblebrook

Hotel,

LP

/

PEB

Finance

Corp.

6.375%

due

10/15/29

(Þ)

700

705

PMHC

II,

Inc.

9.000%

due

02/15/30

(Þ)

4,100

3,836

Post

Holdings,

Inc.

6.250%

due

02/15/32

(Þ)

2,400

2,472

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

500

519

5.000%

due

10/01/29

(Þ)

3,700

3,406

8.875%

due

01/31/30

(Þ)

1,400

1,457

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%

due

08/31/27

(Þ)

4,000

3,809

Primo

Water

Holdings,

Inc.

4.375%

due

04/30/29

(Þ)

3,500

3,355

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

3,200

3,157

Rain

Carbon,

Inc.

12.250%

due

09/01/29

(Þ)

4,500

4,859

RHP

Hotel

Properties,

LP

7.250%

due

07/15/28

(Þ)

2,200

2,303

6.500%

due

04/01/32

(Þ)

2,800

2,895

Ritchie

Bros

Holdings,

Inc.

6.750%

due

03/15/28

(Þ)

800

828

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

3.625%

due

03/01/29

(Þ)

3,400

3,199

Rockie

Bros

Holdings,

Inc.

6.500%

due

02/15/29

(Þ)

1,400

1,332

Royal

Caribbean

Cruises,

Ltd.

5.500%

due

08/31/26

(Þ)

500

505

6.000%

due

02/01/33

(Þ)

5,500

5,639

RR

Donnelley

&

Sons

Co.

9.500%

due

08/01/29

(Þ)

5,500

5,543

Sirius

XM

Radio,

Inc.

4.000%

due

07/15/28

(Þ)

2,700

2,547

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.

6.625%

due

05/01/32

(Þ)

3,700

3,831

Smyrna

Ready

Mix

Concrete

LLC

8.875%

due

11/15/31

(Þ)

3,900

4,208

Standard

Building

Solutions,

Inc.

6.500%

due

08/15/32

(Þ)

4,100

4,254

Station

Casinos

LLC

4.500%

due

02/15/28

(Þ)

4,600

4,443

StoneX

Group,

Inc.

7.875%

due

03/01/31

(Þ)

5,100

5,432

Sunoco,

LP

7.250%

due

05/01/32

(Þ)

1,700

1,801

Sunoco,

LP

/

Sunoco

Finance

Corp.

Series

WI

6.000%

due

04/15/27

700

702

Talen

Energy

Supply

LLC

8.625%

due

06/01/30

(Þ)

3,500

3,816

Tenet

Healthcare

Corp.

6.125%

due

10/01/28

1,700

1,714

6.125%

due

06/15/30

2,600

2,644

6.750%

due

05/15/31

1,500

1,565

Terex

Corp

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.250%

due

10/15/32

(Þ)

1,300

1,300

Tranocean

Aquila,

Ltd.

8.000%

due

09/30/28

(Þ)

1,180

1,207

Transocean

Titan

Financing,

Ltd.

8.375%

due

02/01/28

(Þ)

700

721

Transocean,

Inc.

8.750%

due

02/15/30

(Þ)

1,105

1,152

Tri

Painte

Homes,

Inc.

5.700%

due

06/15/28

1,500

1,527

TTM

Technologies,

Inc.

4.000%

due

03/01/29

(Þ)

5,000

4,741

United

Airlines,

Inc.

Series

144A

4.375%

due

04/15/26

(Þ)

3,100

3,053

United

Rentals

NA,

Inc.

5.500%

due

05/15/27

1,300

1,302

6.125%

due

03/15/34

(Þ)

6,100

6,302

US

Foods,

Inc.

7.250%

due

01/15/32

(Þ)

1,500

1,588

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

1,700

1,607

4.125%

due

08/15/31

(Þ)

1,400

1,302

Venture

Global

LNG,

Inc.

9.500%

due

02/01/29

(Þ)

2,400

2,698

8.375%

due

06/01/31

(Þ)

2,100

2,213

Series

144A

8.125%

due

06/01/28

(Þ)

1,500

1,564

Vertiv

Group

Corp.

4.125%

due

11/15/28

(Þ)

3,300

3,193

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

3,600

3,446

Viking

Cruises,

Ltd.

9.125%

due

07/15/31

(Þ)

900

984

Series

144A

7.000%

due

02/15/29

(Þ)

2,900

2,936

Viper

Energy,

Ltd.

5.375%

due

11/01/27

(Þ)

1,300

1,297

7.375%

due

11/01/31

(Þ)

2,100

2,221

Vistra

Operations

Co.

LLC

5.500%

due

09/01/26

(Þ)

3,100

3,100

7.750%

due

10/15/31

(Þ)

3,700

3,982

Vital

Energy,

Inc.

9.750%

due

10/15/30

3,100

3,312

VM

Consolidated,

Inc.

5.500%

due

04/15/29

(Þ)

6,100

6,019

Watco

Cos.

LLC

/

Watco

Finance

Corp.

7.125%

due

08/01/32

(Þ)

5,900

6,150

Wayfair

LLC

7.250%

due

10/31/29

(Þ)

800

819

Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

1,500

1,563

Weekly

Homes

LLC

/

Weekley

Finance

Corp.

4.875%

due

09/15/28

(Þ)

1,600

1,559

Wrangler

Holdco

Corp.

6.625%

due

04/01/32

(Þ)

6,000

6,242

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Venerable

High

Yield

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

05/15/27

(Þ)

3,200

3,201

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.125%

due

02/15/31

(Þ)

4,000

4,330

XPO,

Inc.

7.125%

due

02/01/32

(Þ)

4,100

4,309

Zebra

Technologies

Corp.

6.500%

due

06/01/32

(Þ)

3,200

3,343

520,338

International

Debt

-

13.1%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

6.125%

due

06/15/29

(Þ)

3,100

3,187

Adient

Global

Holdings,

Ltd.

7.000%

due

04/15/28

(Þ)

3,400

3,503

Atlantica

Sustainable

Infrastructure

PLC

4.125%

due

06/15/28

(Þ)

2,800

2,777

ATS

Automation

Tooling

Systems,

Inc.

4.125%

due

12/15/28

(Þ)

3,000

2,823

Banjay

Entertainment

SAS

8.125%

due

05/01/29

(Þ)

3,900

4,055

Bombardier,

Inc.

7.000%

due

06/01/32

(Þ)

4,600

4,811

Calderys

Financing

LLC

11.250%

due

06/01/28

(Þ)

3,200

3,440

Cerdia

Finanz

GMBH

9.375%

due

10/03/31

(Þ)

1,900

1,938

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.000%

due

09/15/29

(Þ)

3,000

2,900

Consolidated

Energy

Finance

SA

Series

144A

5.625%

due

10/15/28

(Þ)

700

591

Constellium

SE

3.750%

due

04/15/29

(Þ)

3,500

3,269

Coronado

Finance

Pty,

Ltd.

9.250%

due

10/01/29

(Þ)

1,100

1,131

GGAM

Finance,

Ltd.

8.000%

due

02/15/27

(Þ)

600

627

8.000%

due

06/15/28

(Þ)

2,700

2,896

Grifols

Escrow

Issuer

SA

Series

144A

4.750%

due

10/15/28

(Þ)

4,300

4,034

Harbour

Energy

PLC

5.500%

due

10/15/26

(Þ)

5,000

4,984

Iliad

SA

6.500%

due

10/15/26

(Þ)

1,400

1,415

Intelligent

Packaging,

Ltd.

6.000%

due

09/15/28

(Þ)

1,300

1,292

Jaguar

Land

Rover

Automotive

PLC

5.500%

due

07/15/29

(Þ)

3,500

3,473

Jones

Deslauriers

Insurance

Management,

Inc.

10.500%

due

12/15/30

(Þ)

3,500

3,810

Kedrion

SpA

6.500%

due

09/01/29

(Þ)

5,900

5,624

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

1,900

1,978

6.500%

due

03/26/31

(Þ)

1,700

1,793

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northriver

Midstream

Finance

LP

6.750%

due

07/15/32

(Þ)

3,700

3,825

Trivium

Packaging

Finance

BV

5.500%

due

08/15/26

(Þ)

1,700

1,691

Viking

Cruises,

Ltd.

5.875%

due

09/15/27

(Þ)

1,100

1,098

Zegona

Finance

PLC

8.625%

due

07/15/29

(Þ)

4,500

4,800

ZF

NA

Capital,

Inc.

6.875%

due

04/23/32

(Þ)

4,500

4,511

82,276

Total

Long-Term

Investments

(cost

$600,403)

602,614

Short-Term

Investments

-

3.5%

EnLink

Midstream

Partners,

LP

4.150%

due

06/01/25

4,000

3,966

Federal

Home

Loan

Bank

Discount

Notes

4.650%

due

10/01/24

(ž)

17,450

17,448

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

7.250%

due

04/01/25

(Þ)

700

694

Total

Short-Term

Investments

(cost

$22,113)

22,108

Total

Investments

-

99.2%

(identified

cost

$622,516)

624,722

Other

Assets

and

Liabilities,

Net

-

0.8%

4,904

Net

Assets

-

100.0%

629,626

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

High

Yield

Fund

7

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

91.3%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

09/06/24

3,100,000

102.46

3,176

3,187

Acrisure

LLC

/

Acrisure

Finance,

Inc.

09/06/24

2,400,000

102.96

2,471

2,472

Acrisure

LLC

/

Acrisure

Finance,

Inc.

09/06/24

2,300,000

103.84

2,388

2,405

Adient

Global

Holdings,

Ltd.

09/06/24

3,400,000

103.01

3,503

3,503

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

09/06/24

1,700,000

101.52

1,726

1,727

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

09/06/24

2,900,000

103.13

2,991

2,981

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

09/12/24

600,000

100.00

600

609

Allied

Universal

Holdco

LLC

09/06/24

1,700,000

101.66

1,728

1,738

American

Airlines

Group,

Inc.

09/06/24

1,633,333

99.73

1,629

1,629

Antero

Resources

Corp.

09/06/24

2,500,000

99.07

2,477

2,471

Apollo

Commercial

Real

Estate

Finance,

Inc.

09/06/24

3,600,000

88.38

3,182

3,224

APX

Group,

Inc.

09/06/24

2,000,000

99.26

1,985

1,980

Arcosa,

Inc.

09/06/24

1,200,000

104.37

1,252

1,256

Arcosa,

Inc.

09/06/24

4,000,000

95.12

3,805

3,832

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

09/06/24

2,400,000

94.81

2,276

2,305

Atlantica

Sustainable

Infrastructure

PLC

09/06/24

2,800,000

99.30

2,780

2,777

ATS

Automation

Tooling

Systems,

Inc.

09/06/24

3,000,000

93.81

2,814

2,823

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

09/10/24

4,400,000

100.00

4,400

4,502

Banjay

Entertainment

SAS

09/06/24

3,900,000

103.75

4,046

4,055

Bausch

&

Lomb

Escrow

Corp.

09/06/24

2,600,000

105.52

2,744

2,750

Boeing

Co.

(The)

09/06/24

2,900,000

107.50

3,118

3,111

Bombardier,

Inc.

09/06/24

4,600,000

104.20

4,793

4,811

Caesars

Entertainment,

Inc.

09/06/24

2,000,000

103.25

2,065

2,069

Caesars

Entertainment,

Inc.

09/06/24

1,200,000

103.82

1,246

1,254

Caesars

Entertainment,

Inc.

09/06/24

2,800,000

94.75

2,653

2,665

Calderys

Financing

LLC

09/06/24

3,200,000

107.92

3,453

3,440

Calpine

Corp.

09/06/24

2,400,000

97.07

2,330

2,343

Calpine

Corp.

09/06/24

900,000

98.15

883

887

Calumet

Specialty

Products

Partners,

LP

/

Calumet

Finance

Corp.

09/06/24

1,600,000

97.14

1,554

1,559

Carnival

Corp.

09/06/24

4,700,000

100.61

4,728

4,761

Carnival

Corp.

09/06/24

1,100,000

101.22

1,113

1,111

Carnival

Corp.

09/06/24

1,100,000

108.13

1,189

1,187

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

09/06/24

3,500,000

89.46

3,131

3,168

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

09/06/24

4,900,000

94.84

4,647

4,720

Cerdia

Finanz

GMBH

09/24/24

1,900,000

100.00

1,900

1,938

Chesapeake

Energy

Corp.

09/06/24

4,300,000

101.46

4,363

4,382

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

09/06/24

4,800,000

105.54

5,066

5,041

CHS/Community

Health

Systems,

Inc.

09/06/24

3,300,000

108.06

3,566

3,637

CHS/Community

Health

Systems,

Inc.

09/06/24

1,600,000

80.06

1,281

1,342

CHS/Community

Health

Systems,

Inc.

09/06/24

2,200,000

94.92

2,088

2,135

CITGO

Petroleum

Corp.

09/06/24

2,000,000

104.33

2,087

2,081

Civitas

Resources,

Inc.

09/06/24

2,600,000

105.51

2,743

2,717

Civitas

Resources,

Inc.

09/06/24

2,800,000

107.84

3,020

2,968

Clear

Channel

Outdoor

Holdings,

Inc.

09/06/24

3,400,000

104.84

3,565

3,558

Clear

Channel

Worldwide

Holdings,

Inc.

09/06/24

1,900,000

85.45

1,624

1,635

Cleveland-Cliffs,

Inc.

09/06/24

5,300,000

99.44

5,270

5,359

Cogent

Communications

Group,

Inc.

/

Cogent

Communications

Finance,

Inc.

09/06/24

2,400,000

100.96

2,423

2,440

Concenta

Escrow

Issuer

Corp.

09/06/24

3,800,000

105.46

4,008

4,001

Connect

Finco

SARL

/

Connect

US

Finco

LLC

09/11/24

3,000,000

100.15

3,004

2,900

Consolidated

Energy

Finance

SA

09/06/24

700,000

81.81

573

591

Constellium

SE

09/06/24

3,100,000

101.70

3,153

3,185

Constellium

SE

09/06/24

3,500,000

92.91

3,252

3,269

Cornerstone

Building

Brands,

Inc.

09/06/24

2,400,000

84.05

2,017

2,123

Coronado

Finance

Pty,

Ltd.

09/24/24

1,100,000

100.00

1,100

1,131

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

09/06/24

2,900,000

103.92

3,014

3,013

CSC

Holdings

LLC

09/06/24

4,800,000

66.74

3,204

3,413

DaVita,

Inc.

09/06/24

6,400,000

95.04

6,083

6,090

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

09/06/24

3,600,000

96.25

3,465

3,530

Dornoch

Debt

Merger

Sub,

Inc.

09/06/24

5,900,000

84.95

5,012

5,193

Dream

Finders

Homes,

Inc.

09/06/24

2,900,000

105.34

3,055

3,062

DT

Midstream,

Inc.

09/06/24

1,200,000

95.38

1,145

1,148

Element

Solutions,

Inc.

09/06/24

3,300,000

94.95

3,133

3,145

Emerald

Debt

Merger

Sub

LLC

09/06/24

4,800,000

103.11

4,949

4,949

Encore

Capital

Group,

Inc.

09/06/24

2,600,000

104.53

2,718

2,740

Encore

Capital

Group,

Inc.

09/06/24

1,300,000

106.82

1,389

1,400

Endo

Finance

Holdings,

Inc.

09/06/24

4,400,000

107.12

4,713

4,716

Energizer

Holdings,

Inc.

09/06/24

3,300,000

94.68

3,125

3,126

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

Venerable

High

Yield

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

EQM

Midstream

Partners,

LP

09/06/24

2,800,000

103.01

2,884

2,884

EquipmentShare.com,

Inc.

09/06/24

4,100,000

104.38

4,279

4,283

EquipmentShare.com,

Inc.

09/06/24

1,500,000

104.41

1,566

1,575

Esab

Corp.

09/06/24

2,000,000

102.58

2,052

2,057

Evergreen

Acqco

1,

LP

/

TVI,

Inc.

09/06/24

1,400,000

105.72

1,480

1,477

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

09/06/24

4,800,000

91.10

4,373

4,465

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

09/06/24

1,200,000

94.68

1,136

1,145

First

Student

Bidco,

Inc.

09/06/24

2,000,000

93.09

1,862

1,877

FirstCash,

Inc.

09/06/24

3,700,000

103.14

3,816

3,813

FirstCash,

Inc.

09/06/24

500,000

96.62

483

483

Fortress

Intermediate

3,

Inc.

09/06/24

5,600,000

104.41

5,847

5,911

Freedom

Mortgage

Holdings

LLC

09/06/24

4,200,000

102.34

4,298

4,369

Garden

Spinco

Corp.

09/06/24

4,300,000

109.25

4,698

4,757

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

SARL

09/06/24

3,000,000

103.33

3,100

3,072

Gartner,

Inc.

09/06/24

1,300,000

98.54

1,281

1,288

Gates

Corp.

09/06/24

4,500,000

102.84

4,628

4,662

GGAM

Finance,

Ltd.

09/06/24

600,000

104.57

627

627

GGAM

Finance,

Ltd.

09/06/24

2,700,000

107.22

2,895

2,896

Glatfelter

Corp.

09/06/24

1,500,000

87.52

1,313

1,348

Global

Net

Lease,

Inc.

09/06/24

4,100,000

92.59

3,796

3,823

GPD

Cos.,

Inc.

09/06/24

4,700,000

89.77

4,219

4,347

Graham

Packaging

Co.,

Inc.

09/06/24

1,300,000

99.49

1,293

1,287

Graphic

Packaging

International

LLC

09/06/24

1,400,000

94.50

1,323

1,333

Grifols

Escrow

Issuer

SA

09/06/24

4,300,000

95.26

4,096

4,034

Hannesbrands,

Inc.

09/06/24

3,600,000

108.18

3,894

3,886

Harbour

Energy

PLC

09/06/24

5,000,000

99.77

4,988

4,984

Herc

Holdings,

Inc.

09/06/24

2,600,000

102.79

2,673

2,694

Hess

Midstream

Operations,

LP

09/06/24

1,700,000

103.08

1,752

1,757

HUB

International,

Ltd.

09/06/24

1,700,000

104.42

1,775

1,772

Iliad

SA

09/06/24

1,400,000

101.16

1,416

1,415

Intelligent

Packaging,

Ltd.

09/06/24

1,300,000

98.96

1,286

1,292

Iron

Mountain,

Inc.

09/06/24

2,400,000

104.11

2,499

2,500

Iron

Mountain,

Inc.

09/06/24

4,800,000

99.04

4,754

4,788

Jaguar

Land

Rover

Automotive

PLC

09/06/24

3,500,000

99.72

3,490

3,473

Jane

Street

Group

/

JSG

Finance,

Inc.

09/06/24

900,000

95.59

860

867

Jefferson

Capital

Holdings

LLC

09/06/24

3,400,000

106.95

3,636

3,635

Jefferson

Capital

Holdings

LLC

09/06/24

1,000,000

99.97

1,000

1,001

Jones

Deslauriers

Insurance

Management,

Inc.

09/06/24

3,500,000

108.81

3,809

3,810

Kedrion

SpA

09/06/24

5,900,000

95.01

5,606

5,624

Kinetik

Holdings,

LP

09/06/24

2,600,000

100.61

2,616

2,618

Kodiak

Gas

Services,

Inc.

09/06/24

2,600,000

103.45

2,690

2,692

Kraken

Oil

&

Gas

Partners

LLC

09/06/24

5,700,000

102.67

5,852

5,693

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

09/06/24

2,700,000

97.02

2,619

2,638

Leeward

Renewable

Energy

Operations

LLC

09/06/24

4,600,000

94.82

4,362

4,336

LGI

Homes,

Inc.

09/06/24

2,400,000

106.56

2,558

2,570

Macquarie

Airfinance

Holdings,

Ltd.

09/06/24

1,900,000

104.52

1,986

1,978

Macquarie

Airfinance

Holdings,

Ltd.

09/06/24

1,700,000

105.68

1,797

1,793

Martin

Midstream

Partners,

LP

/

Martin

Midstream

Fianance

Corp.

09/06/24

2,800,000

109.79

3,074

3,082

Matador

Resources

Co.

09/06/24

4,600,000

101.53

4,670

4,591

Matador

Resources

Co.

09/20/24

3,600,000

100.00

3,600

3,546

Mauser

Packaging

Solutions

Holding

Co.

09/06/24

900,000

101.93

917

923

Mauser

Packaging

Solutions

Holding

Co.

09/06/24

1,300,000

103.45

1,345

1,344

McAfee

Corp.

09/06/24

4,900,000

95.48

4,679

4,781

McGraw-Hill

Education,

Inc.

09/06/24

4,600,000

103.53

4,762

4,772

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

09/06/24

4,100,000

102.85

4,217

4,250

MPH

Acquisition

Holdings

LLC

09/06/24

4,200,000

46.94

1,972

1,933

Nabors

Industries,

Inc.

09/06/24

1,500,000

100.57

1,509

1,504

Nabors

Industries,

Inc.

09/06/24

2,000,000

105.78

2,116

2,063

Nabors

Industries,

Inc.

09/06/24

2,400,000

98.32

2,360

2,283

Nationstr

Mortgage

Holdings,

Inc.

09/06/24

5,500,000

98.31

5,407

5,389

NCL

Corp.,

Ltd.

09/06/24

3,300,000

100.21

3,307

3,301

NCL

Corp.,

Ltd.

09/06/24

2,200,000

106.40

2,341

2,357

Northriver

Midstream

Finance

LP

09/06/24

3,700,000

103.54

3,831

3,825

Novelis

Corp.

09/06/24

3,500,000

95.94

3,358

3,389

OI

European

Group

BV

09/06/24

2,000,000

94.36

1,887

1,892

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

09/06/24

1,700,000

106.26

1,806

1,815

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

09/06/24

3,700,000

94.12

3,482

3,519

Owens-Brockway

Glass

Container,

Inc.

09/06/24

2,100,000

101.05

2,122

2,155

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

High

Yield

Fund

9

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

09/06/24

2,600,000

95.75

2,490

2,502

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

09/06/24

1,300,000

104.32

1,356

1,339

Pebblebrook

Hotel,

LP

/

PEB

Finance

Corp.

09/23/24

700,000

100.00

700

705

PMHC

II,

Inc.

09/06/24

4,100,000

91.47

3,750

3,836

Post

Holdings,

Inc.

09/06/24

2,400,000

103.12

2,475

2,472

PRA

Group,

Inc.

09/06/24

500,000

102.44

512

519

PRA

Group,

Inc.

09/06/24

1,400,000

103.50

1,449

1,457

PRA

Group,

Inc.

09/06/24

3,700,000

90.28

3,340

3,406

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

09/06/24

4,000,000

95.04

3,802

3,809

Primo

Water

Holdings,

Inc.

09/06/24

3,500,000

95.62

3,347

3,355

PROG

Holdings,

Inc.

09/06/24

3,200,000

97.55

3,122

3,157

Rain

Carbon,

Inc.

09/06/24

4,500,000

107.16

4,822

4,859

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

09/06/24

700,000

99.19

694

694

RHP

Hotel

Properties,

LP

09/06/24

2,800,000

102.92

2,882

2,895

RHP

Hotel

Properties,

LP

09/06/24

2,200,000

104.26

2,294

2,303

Ritchie

Bros

Holdings,

Inc.

09/06/24

800,000

103.16

825

828

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

09/06/24

3,400,000

93.59

3,182

3,199

Rockie

Bros

Holdings,

Inc.

09/06/24

1,400,000

94.11

1,318

1,332

Royal

Caribbean

Cruises,

Ltd.

09/06/24

500,000

100.42

502

505

Royal

Caribbean

Cruises,

Ltd.

09/06/24

5,500,000

102.54

5,640

5,639

RR

Donnelley

&

Sons

Co.

09/06/24

5,500,000

99.72

5,485

5,543

Sirius

XM

Radio,

Inc.

09/06/24

2,700,000

93.90

2,535

2,547

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.

09/06/24

3,700,000

103.10

3,815

3,831

Smyrna

Ready

Mix

Concrete

LLC

09/06/24

3,900,000

107.85

4,206

4,208

Standard

Building

Solutions,

Inc.

09/06/24

4,100,000

103.22

4,232

4,254

Station

Casinos

LLC

09/06/24

4,600,000

96.46

4,437

4,443

StoneX

Group,

Inc.

09/06/24

5,100,000

105.73

5,392

5,432

Sunoco,

LP

09/06/24

1,700,000

105.96

1,801

1,801

Talen

Energy

Supply

LLC

09/06/24

3,500,000

108.52

3,798

3,816

Terex

Corp

09/30/24

1,300,000

100.00

1,300

1,300

Tranocean

Aquila,

Ltd.

09/06/24

1,180,000

102.81

1,213

1,207

Transocean

Titan

Financing,

Ltd.

09/06/24

700,000

103.83

727

721

Transocean,

Inc.

09/06/24

1,105,000

105.11

1,161

1,152

Trivium

Packaging

Finance

BV

09/06/24

1,700,000

99.00

1,683

1,691

TTM

Technologies,

Inc.

09/06/24

5,000,000

94.80

4,740

4,741

United

Airlines,

Inc.

09/06/24

3,100,000

98.03

3,039

3,053

United

Rentals

NA,

Inc.

09/06/24

6,100,000

102.43

6,248

6,302

US

Foods,

Inc.

09/06/24

1,500,000

106.01

1,590

1,588

Venture

Global

Calcasieu

Pass

LLC

09/06/24

1,400,000

93.03

1,302

1,302

Venture

Global

Calcasieu

Pass

LLC

09/06/24

1,700,000

94.66

1,609

1,607

Venture

Global

LNG,

Inc.

09/06/24

1,500,000

104.86

1,573

1,564

Venture

Global

LNG,

Inc.

09/06/24

2,100,000

106.12

2,228

2,213

Venture

Global

LNG,

Inc.

09/06/24

2,400,000

112.59

2,702

2,698

Vertiv

Group

Corp.

09/06/24

3,300,000

95.80

3,162

3,193

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

09/06/24

3,600,000

95.92

3,453

3,446

Viking

Cruises,

Ltd.

09/06/24

1,100,000

100.16

1,102

1,098

Viking

Cruises,

Ltd.

09/06/24

2,900,000

101.45

2,942

2,936

Viking

Cruises,

Ltd.

09/06/24

900,000

109.82

988

984

Viper

Energy,

Ltd.

09/06/24

2,100,000

106.19

2,230

2,221

Viper

Energy,

Ltd.

09/06/24

1,300,000

99.52

1,294

1,297

Vistra

Operations

Co.

LLC

09/06/24

3,100,000

100.03

3,101

3,100

Vistra

Operations

Co.

LLC

09/06/24

3,700,000

107.12

3,963

3,982

VM

Consolidated,

Inc.

09/06/24

6,100,000

98.10

5,984

6,019

Watco

Cos.

LLC

/

Watco

Finance

Corp.

09/06/24

5,900,000

104.34

6,156

6,150

Wayfair

LLC

09/24/24

800,000

100.00

800

819

Weatherford

International,

Ltd.

09/06/24

1,500,000

103.87

1,558

1,563

Weekly

Homes

LLC

/

Weekley

Finance

Corp.

09/06/24

1,600,000

96.88

1,550

1,559

Wrangler

Holdco

Corp.

09/06/24

6,000,000

103.54

6,212

6,242

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

09/06/24

3,200,000

99.46

3,183

3,201

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

09/06/24

4,000,000

106.16

4,246

4,330

XPO,

Inc.

09/06/24

4,100,000

104.25

4,274

4,309

Zebra

Technologies

Corp.

09/06/24

3,200,000

103.74

3,320

3,343

Zegona

Finance

PLC

09/06/24

4,500,000

104.49

4,702

4,800

ZF

NA

Capital,

Inc.

09/06/24

4,500,000

104.47

4,701

4,511

574,541

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Venerable

Variable

Insurance

Trust

Venerable

High

Yield

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

Venerable

High

Yield

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Corporate

Bonds

and

Notes

$

—

$

520,33

8

$

—

$

—

$

520,33

8

International

Debt

—

82,276

—

—

82,276

Short-Term

Investments

—

22,10

8

—

—

22,10

8

Total

Investments

$

—

$

624,722

$

—

$

—

$

624,722

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

1,131

Bermuda

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

4,439

Canada

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

19,747

Cayman

Islands

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

4,102

France

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

8,739

Germany

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

6,449

Ireland

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

627

Italy

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

5,625

Jersey

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

3,503

Netherlands

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

1,691

Spain

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

4,034

Switzerland

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

591

United

Kingdom

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

19,805

United

States

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

544,239

Total

Investments

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

624,722

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Large

Cap

Index

Fund

11

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.9%

Consumer

Discretionary

-

13.1%

Amazon.com,

Inc.(Æ)

651,366

121,369

AutoZone,

Inc.(Æ)

1,173

3,695

Axon

Enterprise,

Inc.(Æ)

5,072

2,027

Best

Buy

Co.,

Inc.

13,768

1,422

BorgWarner,

Inc.

16,291

591

Caesars

Entertainment,

Inc.(Æ)

15,474

646

CarMax,

Inc.(Æ)

11,254

871

Carnival

Corp.(Æ)

72,225

1,335

Charter

Communications,

Inc.

Class

A(Æ)

6,666

2,160

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

95,744

5,517

Comcast

Corp.

Class

A

265,239

11,079

Costco

Wholesale

Corp.

30,905

27,398

Darden

Restaurants,

Inc.

8,535

1,401

Deckers

Outdoor

Corp.(Æ)

11,010

1,756

Dollar

General

Corp.

15,707

1,328

Dollar

Tree,

Inc.(Æ)

14,818

1,042

Domino's

Pizza,

Inc.

2,494

1,073

DR

Horton,

Inc.

20,655

3,940

eBay,

Inc.

33,573

2,186

Expedia

Group,

Inc.(Æ)

9,077

1,344

FactSet

Research

Systems,

Inc.

2,725

1,253

Ford

Motor

Co.

268,078

2,831

Fox

Corp.

Class

A

16,528

700

Fox

Corp.

Class

B

9,433

366

Garmin,

Ltd.

10,987

1,934

General

Motors

Co.

77,169

3,460

Genuine

Parts

Co.

9,960

1,391

Hasbro,

Inc.

9,357

677

Hilton

Worldwide

Holdings,

Inc.

16,920

3,900

Home

Depot,

Inc.

(The)

69,124

28,009

Hubbell,

Inc.

Class

B

3,839

1,644

Interpublic

Group

of

Cos.,

Inc.

(The)

26,987

854

Las

Vegas

Sands

Corp.

26,104

1,314

Lennar

Corp.

Class

A

16,594

3,111

Live

Nation

Entertainment,

Inc.(Æ)

10,185

1,115

Lowe's

Cos.,

Inc.

39,892

10,805

Lululemon

Athletica,

Inc.(Æ)

8,193

2,223

Marriott

International,

Inc.

Class

A

16,039

3,987

McDonald's

Corp.

50,225

15,294

MGM

Resorts

International(Æ)

15,852

620

Netflix,

Inc.

Class

B(Æ)

30,013

21,287

News

Corp.

Class

A

27,114

722

News

Corp.

Class

B

8,180

229

Nike,

Inc.

Class

B

84,433

7,464

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

30,677

629

NVR,

Inc.(Æ)

214

2,100

Omnicom

Group,

Inc.

14,003

1,448

O'Reilly

Automotive,

Inc.(Æ)

4,098

4,719

Paramount

Global

Class

B

35,348

375

PulteGroup,

Inc.

14,249

2,045

Ralph

Lauren

Corp.

Class

A

2,792

541

Raytheon

Technologies

Corp.

92,654

11,226

Ross

Stores,

Inc.

22,904

3,447

Royal

Caribbean

Cruises,

Ltd.

16,261

2,884

Starbucks

Corp.

78,930

7,695

Tapestry,

Inc.

16,429

772

Target

Corp.

32,267

5,029

Tesla,

Inc.(Æ)

192,990

50,492

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TJX

Cos.,

Inc.

(The)

78,925

9,277

Tractor

Supply

Co.

7,709

2,243

Ulta

Beauty,

Inc.(Æ)

3,427

1,334

Walmart,

Inc.

302,848

24,455

Walt

Disney

Co.

(The)

127,062

12,222

Warner

Bros

Discovery,

Inc.(Æ)

159,437

1,315

Wynn

Resorts,

Ltd.

6,752

647

Yum!

Brands,

Inc.

19,305

2,697

454,962

Consumer

Staples

-

4.2%

Altria

Group,

Inc.

119,710

6,110

Archer-Daniels-Midland

Co.

32,830

1,961

Brown-Forman

Corp.

Class

B

-

ADR

12,800

630

Bunge,

Ltd.

10,125

978

Campbell

Soup

Co.

14,068

688

Church

&

Dwight

Co.,

Inc.

17,484

1,831

Clorox

Co.

(The)

8,880

1,447

Coca-Cola

Co.

(The)

270,163

19,414

Colgate-Palmolive

Co.

57,204

5,938

Conagra

Brands,

Inc.

34,183

1,112

Constellation

Brands,

Inc.

Class

A

10,759

2,772

CVS

Health

Corp.

87,503

5,502

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

16,662

1,661

General

Mills,

Inc.

38,218

2,822

Hershey

Co.

(The)

10,555

2,024

Hormel

Foods

Corp.

20,756

658

JM

Smucker

Co.

(The)

7,592

919

Kellanova

18,823

1,519

Kenvue,

Inc.

131,496

3,042

Keurig

Dr

Pepper,

Inc.

74,634

2,797

Kimberly-Clark

Corp.

23,124

3,290

Kraft

Heinz

Co.

(The)

61,523

2,160

Kroger

Co.

(The)

45,594

2,613

McCormick

&

Co.,

Inc.

18,001

1,481

Molson

Coors

Beverage

Co.

Class

B

13,002

748

Mondelez

International,

Inc.

Class

A

93,468

6,886

Monster

Beverage

Corp.(Æ)

48,415

2,526

PepsiCo,

Inc.

95,839

16,297

Philip

Morris

International,

Inc.

108,347

13,153

Procter

&

Gamble

Co.

(The)

162,966

28,227

Sysco

Corp.

33,765

2,636

Tyson

Foods,

Inc.

Class

A

20,451

1,218

Walgreens

Boots

Alliance,

Inc.

51,200

459

145,519

Energy

-

3.3%

Baker

Hughes

Co.

68,172

2,464

Chevron

Corp.

117,010

17,232

Coterra

Energy,

Inc.

53,215

1,274

Devon

Energy

Corp.

45,190

1,768

Diamondback

Energy,

Inc.

12,752

2,198

Eaton

Corp.

PLC

27,864

9,235

Enphase

Energy,

Inc.(Æ)

9,729

1,100

EOG

Resources,

Inc.

40,074

4,926

EQT

Corp.

42,440

1,555

Exxon

Mobil

Corp.

309,694

36,302

First

Solar,

Inc.(Æ)

7,654

1,909

Halliburton

Co.

63,301

1,839

Hess

Corp.

19,762

2,684

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kinder

Morgan,

Inc.

132,579

2,929

Marathon

Oil

Corp.

40,330

1,074

Marathon

Petroleum

Corp.

22,980

3,744

Occidental

Petroleum

Corp.

48,145

2,481

ONEOK,

Inc.

40,103

3,655

Phillips

66

28,740

3,778

Schlumberger

NV

99,611

4,179

Targa

Resources

Corp.

15,043

2,227

Valero

Energy

Corp.

21,995

2,970

Williams

Cos.,

Inc.

(The)

84,945

3,878

115,401

Financial

Services

-

13.7%

Aflac,

Inc.

34,597

3,868

Alexandria

Real

Estate

Equities,

Inc.(ö)

11,254

1,336

Allstate

Corp.

(The)

18,130

3,438

American

Express

Co.

38,562

10,458

American

International

Group,

Inc.

44,214

3,238

American

Tower

Corp.(ö)

32,544

7,568

Ameriprise

Financial,

Inc.

6,742

3,167

Aon

PLC

Class

A

15,153

5,243

Arch

Capital

Group,

Ltd.(Æ)

25,709

2,876

Arthur

J

Gallagher

&

Co.

15,228

4,285

Assurant,

Inc.

3,717

739

AvalonBay

Communities,

Inc.(ö)

10,153

2,287

Bank

of

America

Corp.

465,154

18,457

Bank

of

New

York

Mellon

Corp.

(The)

50,672

3,641

Berkshire

Hathaway,

Inc.

Class

B(Æ)

127,720

58,785

BlackRock,

Inc.

Class

A

9,735

9,243

Blackstone,

Inc.

Class

A

49,806

7,627

Brown

&

Brown,

Inc.

16,929

1,754

BXP,

Inc.(ö)

10,332

831

Camden

Property

Trust(ö)

7,618

941

Capital

One

Financial

Corp.

26,219

3,926

Cboe

Global

Markets,

Inc.

7,519

1,540

CBRE

Group,

Inc.

Class

A(Æ)

20,682

2,574

Charles

Schwab

Corp.

(The)

103,977

6,739

Chubb,

Ltd.

26,189

7,553

Cincinnati

Financial

Corp.

11,194

1,524

Citigroup,

Inc.

132,934

8,322

Citizens

Financial

Group,

Inc.

32,535

1,336

CME

Group,

Inc.

Class

A

25,090

5,536

Crown

Castle,

Inc.(ö)

29,838

3,540

Digital

Realty

Trust,

Inc.(ö)

21,144

3,422

Discover

Financial

Services

17,919

2,514

Equinix,

Inc.(ö)

6,601

5,859

Equity

Residential(ö)

24,659

1,836

Erie

Indemnity

Co.

Class

A

1,739

939

Essex

Property

Trust,

Inc.(ö)

4,591

1,356

Everest

Re

Group,

Ltd.

3,107

1,217

Extra

Space

Storage,

Inc.(ö)

15,139

2,728

Federal

Realty

Investment

Trust(ö)

5,338

614

Fifth

Third

Bancorp

46,470

1,991

Franklin

Resources,

Inc.

21,442

432

Globe

Life,

Inc.

6,004

636

Goldman

Sachs

Group,

Inc.

(The)

21,728

10,758

Hartford

Financial

Services

Group,

Inc.

20,119

2,366

Healthpeak

Properties,

Inc.(ö)

50,323

1,151

Host

Hotels

&

Resorts,

Inc.(ö)

50,413

887

Huntington

Bancshares,

Inc.

103,625

1,523

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intercontinental

Exchange,

Inc.

39,974

6,421

Invesco,

Ltd.

32,165

565

Invitation

Homes,

Inc.(ö)

41,170

1,452

Iron

Mountain,

Inc.(ö)

20,960

2,491

JPMorgan

Chase

&

Co.

198,377

41,831

KeyCorp

67,417

1,129

Kimco

Realty

Corp.(ö)

47,719

1,108

KKR

&

Co.,

Inc.

Class

A

46,383

6,057

Loews

Corp.

12,981

1,026

M&T

Bank

Corp.

11,931

2,125

Marsh

&

McLennan

Cos.,

Inc.

34,339

7,661

MasterCard,

Inc.

Class

A

57,627

28,457

MetLife,

Inc.

40,392

3,332

Mid-America

Apartment

Communities,

Inc.

(ö)

8,353

1,327

Morgan

Stanley

87,209

9,091

Nasdaq,

Inc.

29,589

2,160

Northern

Trust

Corp.

14,629

1,317

PNC

Financial

Services

Group,

Inc.

(The)

27,731

5,126

Principal

Financial

Group,

Inc.

15,419

1,324

Progressive

Corp.

(The)

40,818

10,358

Prologis,

Inc.(ö)

64,528

8,149

Prudential

Financial,

Inc.

24,510

2,968

Public

Storage(ö)

11,022

4,011

Raymond

James

Financial,

Inc.

13,339

1,633

Realty

Income

Corp.(ö)

60,666

3,847

Regency

Centers

Corp.(ö)

11,759

849

Regions

Financial

Corp.

65,484

1,528

SBA

Communications

Corp.(ö)

7,683

1,849

Simon

Property

Group,

Inc.(ö)

21,087

3,564

State

Street

Corp.

21,541

1,906

Synchrony

Financial

28,711

1,432

T

Rowe

Price

Group,

Inc.

15,967

1,739

Travelers

Cos.,

Inc.

(The)

15,650

3,664

Truist

Financial

Corp.

93,253

3,988

UDR,

Inc.(ö)

21,663

982

US

Bancorp

108,749

4,973

Ventas,

Inc.(ö)

28,942

1,856

VICI

Properties,

Inc.(ö)

74,591

2,485

Visa,

Inc.

Class

A

116,470

32,024

Wells

Fargo

&

Co.

234,187

13,229

Welltower,

Inc.(ö)

39,734

5,087

Weyerhaeuser

Co.(ö)

52,127

1,765

Willis

Towers

Watson

PLC

7,310

2,153

WR

Berkley

Corp.

21,663

1,229

473,869

Health

Care

-

11.1%

Abbott

Laboratories

121,277

13,827

AbbVie,

Inc.

123,093

24,309

Agilent

Technologies,

Inc.

20,033

2,974

Align

Technology,

Inc.(Æ)

5,006

1,273

Amgen,

Inc.

37,367

12,040

Baxter

International,

Inc.

36,437

1,384

Becton

Dickinson

&

Co.

20,152

4,859

Biogen,

Inc.(Æ)

10,411

2,018

Bio-Techne

Corp.

11,268

901

Boston

Scientific

Corp.(Æ)

102,458

8,586

Bristol-Myers

Squibb

Co.

141,270

7,309

Cardinal

Health,

Inc.

17,416

1,925

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Large

Cap

Index

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Catalent,

Inc.(Æ)

12,941

784

Cencora,

Inc.

Class

A

11,837

2,664

Centene

Corp.(Æ)

36,118

2,719

Charles

River

Laboratories

International,

Inc.(Æ)

3,683

725

Cigna

Group

(The)

19,194

6,650

Cooper

Cos,

Inc.

(The)(Æ)

14,212

1,568

Danaher

Corp.

44,224

12,295

DaVita

HealthCare

Partners,

Inc.(Æ)

3,169

519

DexCom,

Inc.(Æ)

28,436

1,906

Edwards

Lifesciences

Corp.(Æ)

41,368

2,730

Elevance

Health,

Inc.

16,198

8,423

Eli

Lilly

&

Co.

54,993

48,721

GE

HealthCare

Technologies,

Inc.

30,354

2,849

Gilead

Sciences,

Inc.

86,814

7,278

HCA

Healthcare,

Inc.

12,758

5,185

Henry

Schein,

Inc.(Æ)

9,156

667

Hologic,

Inc.(Æ)

16,687

1,359

Humana,

Inc.

8,267

2,618

IDEXX

Laboratories,

Inc.(Æ)

5,649

2,854

Incyte

Corp.(Æ)

11,368

751

Insulet

Corp.(Æ)

5,008

1,166

Intuitive

Surgical,

Inc.(Æ)

24,719

12,144

IQVIA,

Inc.(Æ)

11,891

2,818

Johnson

&

Johnson

167,723

27,182

Labcorp

Holdings,

Inc.

6,027

1,347

McKesson

Corp.

9,067

4,483

Medtronic

PLC

88,241

7,944

Merck

&

Co.,

Inc.

176,557

20,050

Moderna,

Inc.(Æ)

23,840

1,593

Molina

Healthcare,

Inc.(Æ)

4,190

1,444

Pfizer,

Inc.

394,793

11,425

Quest

Diagnostics,

Inc.

7,944

1,233

Regeneron

Pharmaceuticals,

Inc.(Æ)

7,380

7,758

ResMed,

Inc.

10,504

2,564

Revvity,

Inc.

8,823

1,127

Solventum

Corp.(Æ)

9,879

689

STERIS

PLC

7,065

1,714

Stryker

Corp.

23,629

8,536

Teleflex,

Inc.

3,368

833

Thermo

Fisher

Scientific,

Inc.

26,605

16,457

UnitedHealth

Group,

Inc.

64,003

37,422

Universal

Health

Services,

Inc.

Class

B

4,267

977

Vertex

Pharmaceuticals,

Inc.(Æ)

17,959

8,352

Viatris,

Inc.

85,137

988

Waters

Corp.(Æ)

4,242

1,527

West

Pharmaceutical

Services,

Inc.

5,209

1,564

Zimmer

Biomet

Holdings,

Inc.

14,710

1,588

Zoetis,

Inc.

Class

A

31,800

6,213

385,808

Materials

and

Processing

-

3.2%

Air

Products

&

Chemicals,

Inc.

15,496

4,614

Albemarle

Corp.

8,404

796

Amcor

PLC

103,348

1,171

Ball

Corp.

22,193

1,507

Builders

FirstSource,

Inc.(Æ)

7,996

1,550

Carrier

Global

Corp.

58,404

4,701

Celanese

Corp.

Class

A

7,185

977

CF

Industries

Holdings,

Inc.

13,069

1,121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Copart,

Inc.(Æ)

60,120

3,150

Dow,

Inc.

48,126

2,629

DuPont

de

Nemours,

Inc.

29,896

2,664

Eastman

Chemical

Co.

8,412

942

Ecolab,

Inc.

17,713

4,523

Fastenal

Co.

39,313

2,808

FMC

Corp.

8,925

589

Freeport-McMoRan,

Inc.

100,110

4,997

General

Electric

Co.

74,450

14,040

International

Flavors

&

Fragrances,

Inc.

18,258

1,916

International

Paper

Co.

24,835

1,213

Johnson

Controls

International

PLC

45,867

3,560

Linde

PLC

33,494

15,971

LKQ

Corp.

19,076

762

LyondellBasell

Industries

NV

Class

A

18,394

1,764

Martin

Marietta

Materials,

Inc.

4,197

2,259

Masco

Corp.

15,748

1,322

Mohawk

Industries,

Inc.(Æ)

3,790

609

Mosaic

Co.

(The)

22,980

615

Newmont

Corp.

80,363

4,295

Nucor

Corp.

16,296

2,450

Packaging

Corp.

of

America

6,374

1,373

Pool

Corp.

2,741

1,033

PPG

Industries,

Inc.

16,019

2,122

Sherwin-Williams

Co.

(The)

16,257

6,205

Smurfit

WestRock

PLC

33,877

1,674

Steel

Dynamics,

Inc.

10,561

1,332

Trane

Technologies

PLC

15,775

6,132

Vulcan

Materials

Co.

9,456

2,368

111,754

Producer

Durables

-

7.5%

3M

Co.

38,564

5,272

Ametek,

Inc.

15,898

2,730

Amphenol

Corp.

Class

A

83,713

5,455

AO

Smith

Corp.

8,636

776

Aptiv

PLC(Æ)

19,453

1,401

Automatic

Data

Processing,

Inc.

28,486

7,883

Avery

Dennison

Corp.

5,760

1,272

Boeing

Co.

(The)(Æ)

40,227

6,116

Caterpillar,

Inc.

33,294

13,021

CH

Robinson

Worldwide,

Inc.

8,373

924

Cintas

Corp.

24,021

4,945

Corpay,

Inc.(Æ)

5,024

1,571

CoStar

Group,

Inc.(Æ)

29,198

2,203

CSX

Corp.

136,300

4,706

Cummins,

Inc.

9,410

3,047

Deere

&

Co.

17,597

7,344

Delta

Air

Lines,

Inc.

46,142

2,344

Dover

Corp.

9,827

1,884

Emerson

Electric

Co.

39,866

4,360

Equifax,

Inc.

8,839

2,597

Expeditors

International

of

Washington,

Inc.

10,100

1,327

FedEx

Corp.

15,778

4,318

Fortive

Corp.

25,171

1,987

Gartner,

Inc.(Æ)

5,291

2,681

GE

Vernova,

Inc.(Æ)

19,091

4,868

Generac

Holdings,

Inc.(Æ)

4,334

689

General

Dynamics

Corp.

17,980

5,434

Global

Payments,

Inc.

18,251

1,869

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

Venerable

Large

Cap

Index

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Honeywell

International,

Inc.

45,361

9,377

Howmet

Aerospace,

Inc.

27,727

2,780

Huntington

Ingalls

Industries,

Inc.

2,820

746

IDEX

Corp.

5,412

1,161

Illinois

Tool

Works,

Inc.

18,924

4,959

Ingersoll

Rand,

Inc.

27,704

2,719

Jacobs

Solutions,

Inc.

8,953

1,172

JB

Hunt

Transport

Services,

Inc.

5,829

1,005

Keysight

Technologies,

Inc.(Æ)

12,481

1,984

L3Harris

Technologies,

Inc.

13,026

3,098

Lamb

Weston

Holdings,

Inc.

10,325

668

Lockheed

Martin

Corp.

14,882

8,699

MarketAxess

Holdings,

Inc.

2,710

694

Mettler-Toledo

International,

Inc.(Æ)

1,527

2,290

Moody's

Corp.

10,944

5,194

Nordson

Corp.

3,885

1,020

Norfolk

Southern

Corp.

15,524

3,858

Northrop

Grumman

Corp.

9,695

5,120

Old

Dominion

Freight

Line,

Inc.

12,740

2,531

Otis

Worldwide

Corp.

27,503

2,859

PACCAR,

Inc.

35,979

3,550

Parker-Hannifin

Corp.

8,959

5,660

Paychex,

Inc.

21,997

2,952

PayPal

Holdings,

Inc.(Æ)

70,190

5,477

Pentair

PLC

11,871

1,161

Quanta

Services,

Inc.

10,467

3,121

Republic

Services,

Inc.

Class

A

14,017

2,815

Rockwell

Automation,

Inc.

8,152

2,188

Rollins,

Inc.

20,082

1,016

S&P

Global,

Inc.

22,308

11,524

Snap-on,

Inc.

3,770

1,092

Southwest

Airlines

Co.

42,792

1,268

Stanley

Black

&

Decker,

Inc.

11,003

1,212

Teledyne

Technologies,

Inc.(Æ)

3,391

1,484

Textron,

Inc.

13,636

1,208

TransDigm

Group,

Inc.

3,900

5,566

Trimble

Navigation,

Ltd.(Æ)

17,462

1,084

Union

Pacific

Corp.

42,520

10,480

United

Airlines,

Inc.(Æ)

23,510

1,341

United

Parcel

Service,

Inc.

Class

B

50,832

6,930

United

Rentals,

Inc.

4,573

3,703

Veralto

Corp.

15,709

1,757

Verisk

Analytics,

Inc.

Class

A

9,772

2,619

Waste

Management,

Inc.

25,436

5,281

Westinghouse

Air

Brake

Technologies

Corp.

12,029

2,187

WW

Grainger,

Inc.

3,127

3,248

Xylem,

Inc.

17,336

2,341

Zebra

Technologies

Corp.

Class

A(Æ)

3,677

1,362

258,585

Technology

-

38.1%

Accenture

PLC

Class

A

43,817

15,488

Adobe,

Inc.(Æ)

30,502

15,793

Advanced

Micro

Devices,

Inc.(Æ)

112,401

18,443

Airbnb,

Inc.

Class

A(Æ)

30,203

3,830

Akamai

Technologies,

Inc.(Æ)

10,891

1,099

Allegion

PLC

6,252

911

Alphabet,

Inc.

Class

A

408,446

67,741

Alphabet,

Inc.

Class

C

334,796

55,975

Analog

Devices,

Inc.

34,544

7,951

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ansys,

Inc.(Æ)

6,242

1,989

Apple,

Inc.

1,059,867

246,949

Applied

Materials,

Inc.

57,881

11,695

Arista

Networks,

Inc.(Æ)

17,693

6,791

Autodesk,

Inc.(Æ)

14,895

4,103

Booking

Holdings,

Inc.

2,301

9,692

Broadcom,

Inc.

324,462

55,970

Broadridge

Financial

Solutions,

Inc.

8,450

1,817

Cadence

Design

Systems,

Inc.(Æ)

18,954

5,137

CDW

Corp.

9,610

2,175

Ceridian

HCM

Holding,

Inc.(Æ)

11,291

692

Cisco

Systems,

Inc.

276,567

14,719

Cognizant

Technology

Solutions

Corp.

Class

A

34,033

2,627

Corning,

Inc.

55,126

2,489

Corteva,

Inc.

47,530

2,794

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

16,075

4,509

Dell

Technologies,

Inc.

Class

C

20,057

2,378

Electronic

Arts,

Inc.

16,508

2,368

EPAM

Systems,

Inc.(Æ)

4,145

825

F5,

Inc.(Æ)

4,191

923

Fair

Isaac

Corp.(Æ)

1,684

3,273

Fidelity

National

Information

Services,

Inc.

37,459

3,137

Fiserv,

Inc.(Æ)

39,536

7,103

Fortinet,

Inc.(Æ)

43,591

3,380

Gen

Digital,

Inc.

39,399

1,081

GoDaddy,

Inc.

Class

A(Æ)

10,078

1,580

Hewlett

Packard

Enterprise

Co.

92,953

1,902

HP,

Inc.

68,239

2,448

Intel

Corp.

296,379

6,953

International

Business

Machines

Corp.

64,002

14,150

Intuit,

Inc.

19,512

12,117

Jabil

Circuit,

Inc.

7,790

933

Jack

Henry

&

Associates,

Inc.

5,213

920

Juniper

Networks,

Inc.

23,238

906

KLA

Corp.

9,385

7,268

Lam

Research

Corp.

9,098

7,425

Leidos

Holdings,

Inc.

9,668

1,576

Match

Group,

Inc.(Æ)

18,996

719

Meta

Platforms,

Inc.

Class

A

152,290

87,177

Microchip

Technology,

Inc.

36,832

2,957

Micron

Technology,

Inc.

77,156

8,002

Microsoft

Corp.

518,116

222,945

Monolithic

Power

Systems,

Inc.

3,344

3,092

Motorola

Solutions,

Inc.

11,624

5,226

MSCI,

Inc.

Class

A

5,401

3,148

NetApp,

Inc.

14,757

1,823

NVIDIA

Corp.

1,714,854

208,252

NXP

Semiconductors

NV

17,818

4,276

ON

Semiconductor

Corp.(Æ)

30,763

2,234

Oracle

Corp.

111,143

18,939

Palantir

Technologies,

Inc.

Class

A(Æ)

140,409

5,223

Palo

Alto

Networks,

Inc.(Æ)

22,511

7,694

Paycom

Software,

Inc.

3,438

573

PTC,

Inc.(Æ)

8,562

1,547

Qorvo,

Inc.(Æ)

6,903

713

QUALCOMM,

Inc.

77,896

13,246

Roper

Technologies,

Inc.

7,455

4,148

Salesforce,

Inc.

67,674

18,523

Seagate

Technology

Holdings

PLC

13,964

1,529

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Large

Cap

Index

Fund

15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ServiceNow,

Inc.(Æ)

14,287

12,778

Skyworks

Solutions,

Inc.

11,472

1,133

Super

Micro

Computer,

Inc.(Æ)

3,601

1,499

Synopsys,

Inc.(Æ)

10,605

5,370

Take-Two

Interactive

Software,

Inc.(Æ)

11,354

1,745

TE

Connectivity

PLC

20,868

3,151

Teradyne,

Inc.

11,163

1,495

Texas

Instruments,

Inc.

63,436

13,104

Tyler

Technologies,

Inc.(Æ)

3,036

1,772

Uber

Technologies,

Inc.(Æ)

145,618

10,945

VeriSign,

Inc.(Æ)

6,196

1,177

Western

Digital

Corp.(Æ)

23,348

1,594

1,321,774

Utilities

-

3.7%

AES

Corp.

(The)

50,814

1,019

Alliant

Energy

Corp.

18,332

1,113

Ameren

Corp.

19,068

1,668

American

Electric

Power

Co.,

Inc.

37,691

3,867

American

Water

Works

Co.,

Inc.

13,930

2,037

APA

Corp.

25,746

630

AT&T,

Inc.

499,691

10,993

Atmos

Energy

Corp.

10,788

1,496

CenterPoint

Energy,

Inc.

45,742

1,346

CMS

Energy

Corp.

21,353

1,508

ConocoPhillips

81,509

8,581

Consolidated

Edison,

Inc.

24,728

2,575

Constellation

Energy

Generation

LLC

21,951

5,708

Dominion

Energy,

Inc.

57,602

3,329

DTE

Energy

Co.

14,797

1,900

Duke

Energy

Corp.

53,794

6,202

Edison

International

27,511

2,396

Entergy

Corp.

15,269

2,010

Evergy,

Inc.

16,441

1,020

Eversource

Energy

25,187

1,714

Exelon

Corp.

68,652

2,784

FirstEnergy

Corp.

37,036

1,643

NextEra

Energy,

Inc.

143,215

12,106

NiSource,

Inc.

32,056

1,111

NRG

Energy,

Inc.

14,907

1,358

PG&E

Corp.

146,759

2,901

Pinnacle

West

Capital

Corp.

8,120

719

PPL

Corp.

52,751

1,745

Public

Service

Enterprise

Group,

Inc.

34,204

3,051

Sempra

Energy

43,473

3,636

Southern

Co.

(The)

76,202

6,872

T-Mobile

US,

Inc.

33,714

6,957

Verizon

Communications,

Inc.

293,378

13,176

Vistra

Corp.

23,354

2,768

WEC

Energy

Group,

Inc.

22,582

2,172

Xcel

Energy,

Inc.

39,730

2,594

126,705

Total

Common

Stocks

(cost

$3,192,847)

3,394,377

Short-Term

Investments

-

2.1%

State

Street

Institutional

Liquid

Reserves

Fund

74,837,525

74,867

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$74,866)

74,867

Total

Investments

-

100.0%

(identified

cost

$3,267,713)

3,469,244

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(832)

Net

Assets

-

100.0%

3,468,412

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

Venerable

Large

Cap

Index

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

280

USD

81,400

12/24

1,036

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

1,036

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

454,962

$

—

$

—

$

—

$

454,962

Consumer

Staples

145,519

—

—

—

145,519

Energy

115,401

—

—

—

115,401

Financial

Services

473,869

—

—

—

473,869

Health

Care

385,808

—

—

—

385,808

Materials

and

Processing

111,754

—

—

—

111,754

Producer

Durables

258,585

—

—

—

258,585

Technology

1,321,774

—

—

—

1,321,774

Utilities

126,705

—

—

—

126,705

Short-Term

Investments

—

—

—

74,867

74,867

Total

Investments

3,394,377

—

—

74,867

3,469,244

Other

Financial

Instruments

Assets

Futures

Contracts

1,036

—

—

—

1,036

Total

Other

Financial

Instruments

*

$

1,036

$

—

$

—

$

—

$

1,036

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

Venerable

Variable

Insurance

Trust

Venerable

Large

Cap

Index

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Large

Cap

Index

Fund

17

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

State

Street

Institutional

Liquid

Reserves

Fund

$

—

$

122,145

$

47,282

$

2

$

2

$

74,867

$

159

$

—

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Allocation

Fund

Schedule

of

Investments

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

Venerable

Moderate

Allocation

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.0%

Domestic

Equities

-

60.1%

Venerable

US

Large

Cap

Strategic

Equity

Fund

Class

I

142,925,902

1,510,727

Fixed

Income

-

39.9%

Venerable

High

Yield

Fund

Class

I

49,880,792

502,299

Venerable

Strategic

Bond

Fund

Class

I

50,228,163

500,775

1,003,074

Total

Investments

in

Affiliated

Funds

(cost

$2,431,075)

2,513,801

Total

Investments

-

100.0%

(identified

cost

$2,431,075)

2,513,801

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(242)

Net

Assets

-

100.0%

2,513,559

Venerable

Variable

Insurance

Trust

Venerable

Moderate

Allocation

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Moderate

Allocation

Fund

19

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

Venerable

US

Large

Cap

Strategic

Equity

Fund

$

—

$

1,499,657

$

71,941

$

2,180

$

80,831

$

1,510,727

$

—

$

—

Venerable

High

Yield

Fund

—

503,228

4,358

14

3,415

502,299

—

—

Venerable

Strategic

Bond

Fund

—

504,692

2,408

11

(1,520

)

500,775

—

—

$

—

$

2,507,577

$

78,707

$

2,205

$

82,726

$

2,513,801

$

—

$

—

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

97.5%

Asset-Backed

Securities

-

5.8%

Aaset

Trust

Series

2019-2

Class

A

3.376%

due

10/16/39

(Þ)

5,061

4,862

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

Series

2023-1A

Class

A2

7.824%

due

03/05/53

(Þ)

4,260

4,458

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

Series

2023-8A

Class

A

6.020%

due

02/20/30

(Þ)

3,800

3,996

Series

2024-1A

Class

A

5.360%

due

06/20/30

(Þ)

2,000

2,056

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-8A

Class

C

7.340%

due

02/20/30

(Þ)

3,700

3,916

Business

Jet

Securities

LLC

Series

2024-1A

Class

B

6.924%

due

05/15/39

(Þ)

3,158

3,252

Cayuga

Park

CLO,

Ltd.

Series

2021-1A

Class

AR

6.690%

due

07/17/34

(CME

Term

SOFR

3

Month

+

1.382%)(Ê)(Þ)

2,030

2,034

CLI

Funding

IX

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

1,703

1,719

Ford

Credit

Auto

Owner

Trust

Series

2021-2

Class

C

2.110%

due

05/15/34

(Þ)

1,870

1,758

ITE

Rail

Fund

Levered,

LP

Series

2021-1A

Class

A

2.250%

due

02/28/51

(Þ)

2,302

2,112

JG

Wentworth

LV

LLC

Series

2023-D

Class

A

6.530%

due

12/31/77

(Þ)

4,957

5,403

Libra

Solutions

LLC

Series

2024-1A

Class

A

5.880%

due

09/30/38

(Š)(Þ)

4,000

4,000

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

4,803

4,397

MVW

LLC

Series

2024-2A

Class

A

4.430%

due

03/20/42

(Þ)

3,960

3,953

Navient

Student

Loan

Trust

Series

2020-BA

Class

B

2.770%

due

01/15/69

(Þ)

5,000

4,293

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2020-1A

Class

A1

1.850%

due

10/20/50

(Þ)

4,599

4,409

Octagon

Investment

Partners

11,

Ltd.

Series

2014-1A

Class

AAR3

6.378%

due

02/14/31

(CME

Term

SOFR

3

Month

+

1.262%)(Ê)(Þ)

4,165

4,168

Renew

Financial

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2024-2A

Class

A

5.326%

due

11/20/60

(Š)(Þ)

5,632

5,601

SMB

Private

Education

Loan

Trust

Series

2023-B

Class

B

5.770%

due

10/16/56

(Þ)

1,100

1,120

Series

2024-A

Class

A1A

5.240%

due

03/15/56

(Þ)

5,710

5,832

Subway

Funding

LLC

Series

2024-3A

Class

A23

5.914%

due

07/30/54

(Þ)

5,000

4,995

Sunrun

Vulcan

Issuer

LLC

Series

2021-1A

Class

A

2.460%

due

01/30/52

(Þ)

3,612

3,006

Sunrun

Xanadu

Issuer

Series

2024-3A

Class

A2

5.880%

due

10/30/59

(Þ)

5,400

5,364

Synchrony

Card

Funding

LLC

Series

2022-A2

Class

A

3.860%

due

07/15/28

5,000

4,970

Taco

Bell

Funding

LLC

Series

2021-1A

Class

A23

2.542%

due

08/25/51

(Þ)

4,176

3,582

USQ

Rail

III

LLC

Series

2024-1A

Class

A

4.990%

due

09/28/54

(Þ)

5,000

4,996

VB-S1

Issuer

LLC

-

VBTEL

Series

2024-1A

Class

C2

5.590%

due

05/15/54

(Þ)

5,000

5,081

Woodmont

Trust

Series

2024-12A

Class

A1R

1.000%

due

10/25/32

(CME

Term

SOFR

3

Month

+

1.400%)(Ê)(Þ)

4,230

4,231

109,564

Corporate

Bonds

and

Notes

-

25.3%

AbbVie,

Inc.

5.050%

due

03/15/34

2,640

2,757

Series

WI

3.200%

due

11/21/29

5,340

5,107

4.250%

due

11/21/49

2,150

1,924

Aetna,

Inc.

3.875%

due

08/15/47

1,210

945

Air

Lease

Corp.

5.300%

due

02/01/28

2,740

2,814

Altria

Group,

Inc.

4.800%

due

02/14/29

410

415

2.450%

due

02/04/32

1,550

1,322

6.875%

due

11/01/33

1,100

1,242

5.800%

due

02/14/39

1,000

1,051

5.950%

due

02/14/49

2,200

2,308

American

Express

Co.

5.532%

due

04/25/30

(SOFR

+

1.090%)(Ê)

880

922

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

2,150

1,888

Amgen,

Inc.

5.250%

due

03/02/33

1,800

1,874

5.650%

due

03/02/53

1,800

1,894

Aon

NA,

Inc.

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Strategic

Bond

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.450%

due

03/01/34

3,600

3,780

AT&T,

Inc.

5.550%

due

08/15/41

910

936

Series

WI

2.550%

due

12/01/33

2,230

1,880

3.500%

due

09/15/53

2,540

1,865

3.550%

due

09/15/55

1,020

745

Bank

of

America

Corp.

1.319%

due

06/19/26

(SOFR

+

1.150%)(Ê)

8,700

8,487

2.592%

due

04/29/31

(SOFR

+

2.150%)(Ê)

2,630

2,387

2.572%

due

10/20/32

(SOFR

+

1.210%)(Ê)

5,340

4,680

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

4,460

4,434

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

6,640

5,605

Series

MTN

4.083%

due

03/20/51

(CME

Term

SOFR

3

Month

+

3.412%)(Ê)

1,710

1,485

Series

WI

3.419%

due

12/20/28

(CME

Term

SOFR

3

Month

+

1.302%)(Ê)

7,710

7,504

Boeing

Co.

(The)

3.200%

due

03/01/29

1,220

1,129

BP

Capital

Markets

America,

Inc.

3.633%

due

04/06/30

1,590

1,544

2.939%

due

06/04/51

2,700

1,834

Bristol-Myers

Squibb

Co.

5.200%

due

02/22/34

1,940

2,044

5.550%

due

02/22/54

1,240

1,315

Broadcom,

Inc.

3.137%

due

11/15/35

(Þ)

3,300

2,821

Series

WI

4.150%

due

11/15/30

950

935

Cameron

LNG

LLC

2.902%

due

07/15/31

(Þ)

2,000

1,797

3.302%

due

01/15/35

(Þ)

2,000

1,724

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

1,800

1,837

Charles

Schwab

Corp.

(The)

6.136%

due

08/24/34

(SOFR

+

2.010%)(Ê)

3,450

3,772

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.050%

due

03/30/29

3,300

3,284

2.800%

due

04/01/31

900

770

4.400%

due

04/01/33

1,350

1,236

6.550%

due

06/01/34

1,250

1,298

5.750%

due

04/01/48

370

322

4.800%

due

03/01/50

1,420

1,084

3.900%

due

06/01/52

1,230

806

5.500%

due

04/01/63

1,050

853

Series

WI

4.200%

due

03/15/28

900

876

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.484%

due

10/23/45

500

482

Cheniere

Energy

Partners,

LP

Series

WI

4.000%

due

03/01/31

490

464

3.250%

due

01/31/32

1,850

1,653

Cigna

Corp.

2.375%

due

03/15/31

1,310

1,154

Cigna

Group

(The)

Series

WI

4.375%

due

10/15/28

3,400

3,413

4.800%

due

08/15/38

1,930

1,878

4.900%

due

12/15/48

1,000

942

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

450

446

3.520%

due

10/27/28

(CME

Term

SOFR

3

Month

+

1.413%)(Ê)

2,550

2,489

3.980%

due

03/20/30

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)

4,730

4,633

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

6,390

5,619

3.785%

due

03/17/33

(SOFR

+

1.939%)(Ê)

3,960

3,708

6.125%

due

08/25/36

700

761

8.125%

due

07/15/39

240

319

4.650%

due

07/23/48

800

755

Series

9-RG

4.650%

due

07/30/45

530

502

Columbia

Pipelines

Operating

Co.

LLC

6.036%

due

11/15/33

(Þ)

1,560

1,668

6.544%

due

11/15/53

(Þ)

310

349

Comcast

Corp.

3.400%

due

04/01/30

970

930

3.750%

due

04/01/40

2,150

1,860

2.800%

due

01/15/51

2,840

1,884

Constellation

Brands,

Inc.

4.350%

due

05/09/27

550

551

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

2,000

1,899

5.750%

due

01/15/31

(Þ)

1,110

1,136

4.900%

due

06/01/44

1,000

854

Series

WI

4.375%

due

01/15/28

1,800

1,774

Coterra

Energy,

Inc.

5.600%

due

03/15/34

2,000

2,070

Series

WI

3.900%

due

05/15/27

3,400

3,350

CVS

Health

Corp.

4.300%

due

03/25/28

1,550

1,545

3.750%

due

04/01/30

2,130

2,042

2.125%

due

09/15/31

970

819

4.780%

due

03/25/38

2,560

2,417

5.125%

due

07/20/45

1,630

1,519

5.050%

due

03/25/48

3,050

2,783

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

3,000

2,995

Devon

Energy

Corp.

5.200%

due

09/15/34

2,000

1,992

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

22

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

09/15/54

3,840

3,733

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

1,400

1,333

3.125%

due

03/24/31

3,200

2,916

4.400%

due

03/24/51

640

533

6.250%

due

03/15/53

1,000

1,073

Duke

Energy

Corp.

3.150%

due

08/15/27

1,000

972

Duke

Energy

Indiana

LLC

5.400%

due

04/01/53

900

927

Duke

Energy

Ohio,

Inc.

5.250%

due

04/01/33

900

940

Elevance

Health,

Inc.

4.100%

due

05/15/32

850

829

4.550%

due

05/15/52

220

196

Emerson

Electric

Co.

2.800%

due

12/21/51

1,700

1,167

Energy

Transfer

Operating,

LP

5.550%

due

05/15/34

3,600

3,727

Energy

Transfer,

LP

4.750%

due

01/15/26

1,900

1,903

5.250%

due

04/15/29

900

926

3.750%

due

05/15/30

2,000

1,911

6.250%

due

04/15/49

1,700

1,789

Enterprise

Products

Operating

LLC

4.150%

due

10/16/28

3,710

3,708

4.850%

due

01/31/34

4,610

4,676

3.700%

due

01/31/51

1,200

935

EOG

Resources,

Inc.

3.900%

due

04/01/35

1,400

1,312

4.950%

due

04/15/50

1,040

1,002

EQT

Corp.

3.900%

due

10/01/27

3,770

3,705

7.000%

due

02/01/30

1,000

1,093

Exxon

Mobil

Corp.

3.452%

due

04/15/51

2,390

1,854

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

5,000

4,944

Series

C

4.850%

due

07/15/47

820

752

FirstEnergy

Transmission

LLC

4.550%

due

01/15/30

(Þ)

930

938

5.000%

due

01/15/35

(Þ)

2,000

2,031

Ford

Motor

Co.

7.350%

due

03/06/30

4,320

4,674

6.100%

due

08/19/32

1,380

1,413

Ford

Motor

Credit

Co.

LLC

4.950%

due

05/28/27

2,790

2,782

Foundry

JV

Holdco

LLC

5.900%

due

01/25/30

(Þ)

1,800

1,864

Fox

Corp.

6.500%

due

10/13/33

2,020

2,210

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

3,600

3,728

General

Dynamics

Corp.

4.250%

due

04/01/40

1,000

936

General

Motors

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.600%

due

10/15/32

500

517

6.250%

due

10/02/43

1,000

1,026

General

Motors

Financial

Co.,

Inc.

2.350%

due

01/08/31

1,000

855

Gilead

Sciences,

Inc.

4.750%

due

03/01/46

790

756

Goldman

Sachs

Group,

Inc.

(The)

4.250%

due

10/21/25

1,290

1,285

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

1,130

1,112

3.814%

due

04/23/29

(CME

Term

SOFR

3

Month

+

1.420%)(Ê)

6,650

6,520

6.750%

due

10/01/37

610

702

2.908%

due

07/21/42

(SOFR

+

1.472%)(Ê)

1,490

1,131

5.150%

due

05/22/45

400

400

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

7,620

6,608

Haleon

US

Capital

LLC

Series

WI

3.375%

due

03/24/29

1,000

965

3.625%

due

03/24/32

2,000

1,879

Halliburton

Co.

5.000%

due

11/15/45

780

749

HCA,

Inc.

3.500%

due

09/01/30

2,000

1,885

Home

Depot,

Inc.

(The)

2.700%

due

04/15/30

970

902

3.300%

due

04/15/40

1,110

927

3.350%

due

04/15/50

2,420

1,857

Honeywell

International,

Inc.

5.000%

due

03/01/35

1,630

1,696

Humana,

Inc.

3.125%

due

08/15/29

4,000

3,776

2.150%

due

02/03/32

500

420

Hyundai

Capital

America

5.400%

due

06/24/31

(Þ)

1,800

1,866

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

1,760

1,886

Intel

Corp.

5.200%

due

02/10/33

630

638

3.050%

due

08/12/51

1,510

967

Intercontinental

Exchange,

Inc.

4.600%

due

03/15/33

1,460

1,476

JPMorgan

Chase

&

Co.

4.452%

due

12/05/29

(CME

Term

SOFR

3

Month

+

1.592%)(Ê)

4,000

4,018

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

2,700

2,453

2.545%

due

11/08/32

(SOFR

+

1.180%)(Ê)

5,800

5,102

3.109%

due

04/22/51

(SOFR

+

2.440%)(Ê)

280

207

Kinder

Morgan,

Inc.

4.300%

due

03/01/28

2,000

2,004

Kroger

Co.

(The)

5.000%

due

09/15/34

1,000

1,009

L3Harris

Technologies,

Inc.

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Strategic

Bond

Fund

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.854%

due

04/27/35

560

560

Las

Vegas

Sands

Corp.

6.000%

due

08/15/29

890

924

Lockheed

Martin

Corp.

4.150%

due

06/15/53

2,480

2,184

Lowe's

Cos.,

Inc.

1.700%

due

09/15/28

2,060

1,877

LPL

Holdings,

Inc.

6.750%

due

11/17/28

2,730

2,935

Mars,

Inc.

3.200%

due

04/01/30

(Þ)

530

501

2.375%

due

07/16/40

(Þ)

660

470

McDonald's

Corp.

Series

MTN

3.600%

due

07/01/30

970

942

4.200%

due

04/01/50

2,160

1,867

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

1,500

1,014

Micron

Technology,

Inc.

5.300%

due

01/15/31

830

863

5.875%

due

02/09/33

1,770

1,890

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

479

484

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

1,700

1,674

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

4,000

3,832

Series

GMTN

3.772%

due

01/24/29

(CME

Term

SOFR

3

Month

+

1.402%)(Ê)

1,300

1,278

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)

900

902

2.699%

due

01/22/31

(SOFR

+

1.143%)(Ê)

6,200

5,681

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

1,550

1,334

MPLX,

LP

4.000%

due

03/15/28

1,870

1,845

2.650%

due

08/15/30

2,080

1,872

4.700%

due

04/15/48

1,050

916

Nevada

Power

Co.

Series

CC

3.700%

due

05/01/29

1,900

1,862

Northrop

Grumman

Corp.

5.250%

due

05/01/50

2,730

2,788

Series

F0TZ

3.250%

due

01/15/28

430

418

Occidental

Petroleum

Corp.

5.200%

due

08/01/29

2,200

2,236

7.875%

due

09/15/31

690

800

6.600%

due

03/15/46

3,360

3,612

ONEOK,

Inc.

5.550%

due

11/01/26

900

920

5.800%

due

11/01/30

870

927

6.050%

due

09/01/33

710

759

6.625%

due

09/01/53

340

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Oracle

Corp.

1.650%

due

03/25/26

3,000

2,884

2.875%

due

03/25/31

2,500

2,274

6.900%

due

11/09/52

750

903

5.375%

due

09/27/54

550

551

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

2,000

1,875

2.500%

due

02/01/31

1,000

876

5.800%

due

05/15/34

2,600

2,749

3.300%

due

08/01/40

1,500

1,166

3.500%

due

08/01/50

1,300

941

PacifiCorp

5.450%

due

02/15/34

3,630

3,774

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

1,000

906

Pfizer,

Inc.

2.550%

due

05/28/40

1,510

1,129

PG&E

Recovery

Funding

LLC

Series

A-2

5.256%

due

01/15/38

4,900

5,160

Philip

Morris

International,

Inc.

4.875%

due

02/13/29

810

830

5.125%

due

02/13/31

180

187

5.250%

due

02/13/34

1,090

1,132

4.500%

due

03/20/42

180

166

Pioneer

Natural

Resources

Co.

2.150%

due

01/15/31

2,100

1,845

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

1,000

1,006

5.582%

due

06/12/29

(SOFR

+

1.841%)(Ê)

1,500

1,561

Raytheon

Technologies

Corp.

4.125%

due

11/16/28

400

399

3.125%

due

07/01/50

1,310

938

RTX

Corp.

6.000%

due

03/15/31

1,180

1,284

4.500%

due

06/01/42

1,610

1,499

Shell

International

Finance

BV

4.000%

due

05/10/46

2,180

1,869

Solventum

Corp.

5.400%

due

03/01/29

(Þ)

1,050

1,080

5.450%

due

03/13/31

(Þ)

1,330

1,371

5.600%

due

03/23/34

(Þ)

1,730

1,792

5.900%

due

04/30/54

(Þ)

1,390

1,442

Southern

California

Edison

Co.

2.250%

due

06/01/30

2,100

1,877

5.200%

due

06/01/34

2,700

2,801

Series

C

4.125%

due

03/01/48

360

304

Targa

Resources

Corp.

6.500%

due

03/30/34

3,330

3,683

4.950%

due

04/15/52

360

324

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

2,000

1,831

Texas

Instruments,

Inc.

4.150%

due

05/15/48

2,000

1,781

Time

Warner

Cable

LLC

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

24

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.300%

due

07/01/38

1,760

1,860

T-Mobile

USA,

Inc.

5.150%

due

04/15/34

1,440

1,483

Series

WI

3.875%

due

04/15/30

4,330

4,211

2.250%

due

11/15/31

2,750

2,372

4.375%

due

04/15/40

1,210

1,116

3.300%

due

02/15/51

250

181

Transcontinental

Gas

Pipe

Line

Co.

LLC

Series

WI

7.850%

due

02/01/26

3,200

3,310

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

1,270

1,303

Union

Pacific

Corp.

Series

WI

3.839%

due

03/20/60

600

481

UnitedHealth

Group,

Inc.

2.000%

due

05/15/30

780

695

4.200%

due

05/15/32

1,880

1,865

5.700%

due

10/15/40

2,070

2,223

3.250%

due

05/15/51

2,510

1,857

US

Bancorp

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

1,780

1,865

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

870

928

Verizon

Communications,

Inc.

3.875%

due

02/08/29

350

345

3.150%

due

03/22/30

810

763

1.750%

due

01/20/31

3,340

2,848

4.500%

due

08/10/33

1,230

1,214

4.780%

due

02/15/35

(Þ)

2,790

2,786

3.850%

due

11/01/42

3,290

2,812

4.000%

due

03/22/50

790

658

WarnerMedia

Holdings,

Inc.

Series

WI

3.755%

due

03/15/27

690

667

4.054%

due

03/15/29

920

872

4.279%

due

03/15/32

2,090

1,856

Waste

Connections,

Inc.

5.000%

due

03/01/34

1,830

1,877

Wells

Fargo

&

Co.

2.188%

due

04/30/26

(SOFR

+

2.000%)(Ê)

1,920

1,889

3.584%

due

05/22/28

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

1,910

1,873

2.879%

due

10/30/30

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)

3,390

3,145

3.350%

due

03/02/33

(SOFR

+

1.500%)(Ê)

4,140

3,786

5.499%

due

01/23/35

(SOFR

+

1.780%)(Ê)

10,750

11,272

4.750%

due

12/07/46

1,240

1,136

Series

GMTN

4.300%

due

07/22/27

1,860

1,863

Western

Midstream

Operating,

LP

4.050%

due

02/01/30

1,500

1,444

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

02/01/50

630

572

Williams

Cos.,

Inc.

(The)

3.500%

due

11/15/30

1,000

945

2.600%

due

03/15/31

2,100

1,856

5.150%

due

03/15/34

2,700

2,730

5.100%

due

09/15/45

1,000

952

474,858

International

Debt

-

11.1%

522

Funding

CLO,

Ltd.

Series

2021-6A

Class

A1R

6.695%

due

10/23/34

(CME

Term

SOFR

3

Month

+

1.412%)(Ê)(Þ)

5,000

5,009

AB

BSL

CLO

4,

Ltd.

Series

2023-4A

Class

A

7.282%

due

04/20/36

(CME

Term

SOFR

3

Month

+

2.000%)(Ê)(Þ)

3,870

3,893

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%

due

10/29/26

2,820

2,709

3.000%

due

10/29/28

2,100

1,984

3.300%

due

01/30/32

1,680

1,514

AGL

CLO

33,

Ltd.

Series

2024-33A

Class

A1

6.559%

due

07/21/37

(CME

Term

SOFR

3

Month

+

1.350%)(Ê)(Þ)

1,630

1,632

Anglo

American

Capital

PLC

4.750%

due

04/10/27

(Þ)

1,100

1,105

Anheuser-Busch

InBev

Worldwide,

Inc.

4.350%

due

06/01/40

1,970

1,861

4.900%

due

02/01/46

2,390

2,353

Apidos

CLO

XXVI

Series

2024-12A

Class

ARR

6.381%

due

04/15/31

(CME

Term

SOFR

3

Month

+

1.080%)(Ê)(Þ)

1,840

1,841

Ares

Loan

Funding

IV,

Ltd.

Series

2023-ALF4A

Class

A1

7.051%

due

10/15/36

(CME

Term

SOFR

3

Month

+

1.750%)(Ê)(Þ)

5,370

5,408

ARES

XLVII

CLO,

Ltd.

Series

2018-47A

Class

A1

6.483%

due

04/15/30

(CME

Term

SOFR

3

Month

+

1.182%)(Ê)(Þ)

2,104

2,107

Ballyrock

CLO,

Ltd.

Series

2018-1A

Class

A1

6.544%

due

04/20/31

(CME

Term

SOFR

3

Month

+

1.262%)(Ê)(Þ)

1,362

1,364

Series

2018-1A

Class

C

8.694%

due

04/20/31

(CME

Term

SOFR

3

Month

+

3.412%)(Ê)(Þ)

750

751

Banco

Santander

SA

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

2,800

2,774

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.432%)(Ê)

770

748

Bank

of

Nova

Scotia

(The)

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Strategic

Bond

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

1,960

1,869

Basswood

Park

CLO,

Ltd.

Series

2021-1A

Class

A

6.250%

due

04/20/34

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

1,950

1,950

BAT

Capital

Corp.

2.259%

due

03/25/28

3,010

2,799

6.000%

due

02/20/34

1,230

1,314

Birch

Grove

CLO

7,

Ltd.

Series

2023-7A

Class

A1

7.082%

due

10/20/36

(CME

Term

SOFR

3

Month

+

1.800%)(Ê)(Þ)

4,815

4,845

Birch

Grove

CLO,

Ltd.

Series

2024-8A

Class

A1

6.928%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.630%)(Ê)(Þ)

3,000

3,022

Black

Diamond

CLO,

Ltd.

Series

2024-1A

Class

A1

1.000%

due

10/25/37

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

5,000

5,001

BlueMountain

CLO

XXX,

Ltd.

Series

2022-30A

Class

CR

7.451%

due

04/15/35

(CME

Term

SOFR

3

Month

+

2.150%)(Ê)(Þ)

1,000

1,000

BNP

Paribas

SA

4.400%

due

08/14/28

(Þ)

750

747

5.125%

due

01/13/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

3,650

3,727

3.052%

due

01/13/31

(SOFR

+

1.507%)(Ê)(Þ)

960

885

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.483%)(Ê)

(Þ)

1,930

1,880

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

2,900

3,133

Series

144a

5.198%

due

01/10/30

(CME

Term

SOFR

3

Month

+

2.829%)(Ê)(Þ)

1,640

1,679

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2018-3RA

Class

A1A

3.138%

due

07/27/31

(CME

Term

SOFR

3

Month

+

1.312%)(Ê)(Þ)

2,767

2,771

CarVal

CLO

VII-C,

Ltd.

Series

2024-1A

Class

A1R

6.722%

due

07/20/37

(CME

Term

SOFR

3

Month

+

1.440%)(Ê)(Þ)

1,920

1,928

CIFC

Funding,

Ltd.

Series

2021-1A

Class

CR

7.563%

due

07/15/36

(CME

Term

SOFR

3

Month

+

2.262%)(Ê)(Þ)

2,000

2,003

Series

2021-2A

Class

BR

7.088%

due

04/20/30

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

910

911

Series

2021-4A

Class

A1A2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.614%

due

04/20/34

(CME

Term

SOFR

3

Month

+

1.332%)(Ê)(Þ)

1,000

1,002

Cooperatieve

Rabobank

UA

1.339%

due

06/24/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

3,000

2,924

3.649%

due

04/06/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.220%)(Ê)(Þ)

850

834

3.758%

due

04/06/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.420%)(Ê)(Þ)

1,000

933

Series

BKNT

3.750%

due

07/21/26

400

394

Credit

Agricole

SA

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

1,540

1,507

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

780

751

Daimler

Truck

Finance

NA

LLC

2.500%

due

12/14/31

(Þ)

3,240

2,807

Danske

Bank

A/S

3.244%

due

12/20/25

(USD

3

Month

LIBOR

+

1.591%)(Ê)(Þ)

2,000

1,990

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

2,000

1,991

Dryden

Senior

Loan

Fund

Series

2021-75A

Class

AR2

6.603%

due

04/15/34

(CME

Term

SOFR

3

Month

+

1.302%)(Ê)(Þ)

5,250

5,250

Series

2021-87A

Class

A1

6.729%

due

05/20/34

(CME

Term

SOFR

3

Month

+

1.362%)(Ê)(Þ)

5,000

4,999

Elmwood

CLO

I,

Ltd.

Series

2024-1A

Class

A1RR

6.802%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.520%)(Ê)(Þ)

5,180

5,193

Empower

CLO,

Ltd.

Series

2023-2A

Class

A1

7.501%

due

07/15/36

(CME

Term

SOFR

3

Month

+

2.200%)(Ê)(Þ)

210

212

Series

2024-1A

Class

A1

6.911%

due

04/25/37

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)(Þ)

1,750

1,760

Galaxy

XXI

CLO,

Ltd.

Series

2018-21A

Class

AR

6.564%

due

04/20/31

(CME

Term

SOFR

3

Month

+

1.282%)(Ê)(Þ)

1,033

1,035

Glencore

Funding

LLC

4.000%

due

03/27/27

(Þ)

2,800

2,773

2.625%

due

09/23/31

(Þ)

1,500

1,314

Goldentree

Loan

Management,

LP

Series

2024-4A

Class

ARR

6.433%

due

04/24/31

(CME

Term

SOFR

3

Month

+

1.150%)(Ê)(Þ)

889

889

HPS

Loan

Management,

Ltd.

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

26

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2022-19

Class

A1R

6.602%

due

01/22/35

(CME

Term

SOFR

3

Month

+

1.320%)(Ê)(Þ)

2,590

2,591

HSBC

Holdings

PLC

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

3,800

3,727

4.583%

due

06/19/29

(CME

Term

SOFR

3

Month

+

1.796%)(Ê)

1,900

1,901

2.804%

due

05/24/32

(SOFR

+

1.187%)(Ê)

2,130

1,884

Kings

Park

CLO,

Ltd.

Series

2021-1A

Class

A

6.674%

due

01/21/35

(CME

Term

SOFR

3

Month

+

1.392%)(Ê)(Þ)

735

735

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

400

399

4.375%

due

03/22/28

550

549

Magnetite

XVII,

Ltd.

Series

2024-17A

Class

AR2

6.782%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.500%)(Ê)(Þ)

870

876

Magnetite

XXVI,

Ltd.

Series

2021-26A

Class

A1R

6.666%

due

07/25/34

(CME

Term

SOFR

3

Month

+

1.382%)(Ê)(Þ)

5,000

5,009

Navigator

Aviation,

Ltd.

Series

2024-1

Class

A

5.400%

due

08/15/49

(Š)(Þ)

6,000

5,991

Oaktree

CLO,

Ltd.

Series

2024-25A

Class

A

6.854%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.550%)(Ê)(Þ)

4,800

4,832

Ocean

Trails

Clo

X

Series

2024-10A

Class

AR2

1.000%

due

10/15/34

(CME

Term

SOFR

3

Month

+

1.300%)(Ê)(Þ)

1,250

1,250

Series

2024-10A

Class

BR2

1.000%

due

10/15/34

(CME

Term

SOFR

3

Month

+

1.700%)(Ê)(Þ)

3,640

3,641

Octagon

Investment

Partners,

Ltd.

Series

2018-1A

Class

A1A

5.303%

due

01/20/31

(USD

3

Month

LIBOR

+

1.060%)(Ê)(Þ)

3,224

3,227

OHA

Credit

Funding

18,

Ltd.

Series

2024-18A

Class

A1

6.792%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.500%)(Ê)(Þ)

2,050

2,062

OHA

Loan

Funding,

Ltd.

Series

2018-2A

Class

AR

1.190%

due

05/23/31

(USD

3

Month

LIBOR

+

1.040%)(Ê)(Þ)

1,033

1,035

Park

Blue

CLO,

Ltd.

Series

2024-5A

Class

A1

6.798%

due

07/25/37

(CME

Term

SOFR

3

Month

+

1.480%)(Ê)(Þ)

5,000

5,011

Rad

CLO

22,

Ltd.

Series

2023-22A

Class

A1

7.112%

due

01/20/37

(CME

Term

SOFR

3

Month

+

1.830%)(Ê)(Þ)

3,000

3,023

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Reynolds

American,

Inc.

5.850%

due

08/15/45

940

940

Rogers

Communications,

Inc.

5.300%

due

02/15/34

1,000

1,017

Royal

Bank

of

Canada

3.875%

due

05/04/32

1,800

1,738

Series

GMTN

5.150%

due

02/01/34

700

728

Slam,

Ltd.

Series

2024-1A

Class

A

5.335%

due

09/15/49

(Þ)

3,750

3,740

SMB

Private

Education

Loan

Trust

5.880%

due

03/15/56

(Þ)

500

514

Symphony

CLO

XIX,

Ltd.

Series

2023-40A

Class

A1

6.941%

due

01/14/34

(CME

Term

SOFR

3

Month

+

1.640%)(Ê)(Þ)

1,570

1,572

Toronto-Dominion

Bank

(The)

4.456%

due

06/08/32

330

328

UBS

Group

AG

4.488%

due

05/12/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

4,660

4,647

4.751%

due

05/12/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

3,700

3,723

4.194%

due

04/01/31

(SOFR

+

3.730%)(Ê)(Þ)

2,620

2,560

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

4,170

3,755

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

5,130

6,485

Verdelite

Static

CLO,

Ltd.

Series

2024-1A

Class

B

6.944%

due

07/20/32

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

3,880

3,885

Whitebox

CLO

I,

Ltd.

Series

2024-1A

Class

A1RR

6.661%

due

07/24/36

(CME

Term

SOFR

3

Month

+

1.320%)(Ê)(Þ)

4,000

4,006

Whitebox

CLO

II,

Ltd.

Series

2021-2A

Class

A1R

6.036%

due

10/24/34

(USD

3

Month

LIBOR

+

1.220%)(Ê)(Þ)

150

150

Whitebox

CLO

III,

Ltd.

Series

2024-3A

Class

A1R

1.000%

due

10/15/35

(CME

Term

SOFR

3

Month

+

1.270%)(Ê)(Þ)

4,700

4,700

209,306

Mortgage-Backed

Securities

-

36.4%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.732%

due

12/05/38

(~)(Ê)(Þ)

5,000

5,515

Angel

Oak

Mortgage

Trust

Series

2022-3

Class

A1

4.000%

due

01/25/67

(Þ)

3,862

3,745

Series

2022-3

Class

A3

4.136%

due

01/25/67

(~)(Ê)(Þ)

1,209

1,144

ARES

Commercial

Mortgage

Trust

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Strategic

Bond

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.000%

due

10/15/34

(Þ)

5,000

4,987

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2024-BNK48

Class

A5

5.053%

due

09/15/34

5,000

5,113

BRAVO

Residential

Funding

Trust

Series

2022-NQM2

Class

A1

4.272%

due

11/25/61

(~)(Ê)(Þ)

4,601

4,526

Series

2023-NQM4

Class

A1

6.435%

due

05/25/63

(~)(Ê)(Þ)

3,694

3,737

BX

Commercial

Mortgage

Trust

Series

2021-PAC

Class

A

0.779%

due

10/15/36

(USD

1

Month

LIBOR

+

0.689%)(Ê)(Þ)

5,000

4,953

Series

2021-VOLT

Class

A

6.148%

due

09/15/36

(CME

Term

SOFR

1

Month

+

0.814%)(Ê)(Þ)

5,000

4,964

Series

2023-XL3

Class

A

6.858%

due

12/09/40

(CME

Term

SOFR

1

Month

+

1.761%)(Ê)(Þ)

3,486

3,496

BX

Trust

Series

2021-ARIA

Class

A

0.979%

due

10/15/36

(USD

1

Month

LIBOR

+

0.899%)(Ê)(Þ)

5,000

4,972

Series

2021-XL2

Class

A

0.789%

due

10/15/36

(USD

1

Month

LIBOR

+

0.689%)(Ê)(Þ)

3,204

3,178

Chase

Home

Lending

Mortgage

Trust

Series

2024-RPL4

Class

A1A

3.375%

due

12/25/64

(~)(Ê)(Š)(Þ)

4,080

3,756

COLT

Mortgage

Loan

Trust

Series

2024-2

Class

A1

6.125%

due

04/25/69

(~)(Ê)(Þ)

3,180

3,222

Fannie

Mae

2.500%

due

2041

10,423

9,386

1.500%

due

2042

17,591

14,855

2.000%

due

2042

43,818

38,133

3.000%

due

2042

5,204

4,847

3.500%

due

2042

3,286

3,134

2.000%

due

2046

14,369

11,933

2.000%

due

2051

19,110

15,784

2.500%

due

2051

30,085

26,219

3.000%

due

2051

27,578

24,838

2.500%

due

2052

17,262

14,906

3.000%

due

2052

40,984

37,310

3.500%

due

2052

24,706

23,127

5.500%

due

2052

5,848

5,979

4.500%

due

2053

21,890

21,537

5.000%

due

2053

21,119

21,147

6.000%

due

2054

21,169

21,668

6.500%

due

2054

12,946

13,444

2.500%

due

2063

13,023

11,013

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2023-R01

Class

1M1

7.748%

due

12/25/42

(SOFR

30

Day

Average

+

2.400%)(Ê)(Þ)

2,085

2,137

Series

2023-R06

Class

1M2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.980%

due

07/25/43

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

3,630

3,749

Fannie

Mae

REMICS

Series

2020-76

Class

AD

1.250%

due

11/25/50

30,312

23,330

Series

2023-59

Class

IK

Interest

Only

STRIPS

3.500%

due

04/25/51

23,228

5,031

Freddie

Mac

3.000%

due

2039

5,510

5,152

2.000%

due

2051

10,797

8,977

2.500%

due

2051

42,473

37,113

4.000%

due

2052

22,434

21,690

5.500%

due

2054

18,681

18,962

Freddie

Mac

REMICS

Series

2021-5154

Class

EI

Interest

Only

STRIPS

3.000%

due

01/25/50

27,084

4,718

Series

2022-5280

Class

PZ

3.000%

due

02/25/52

15,202

11,314

Ginnie

Mae

II

2.000%

due

2051

28,927

24,528

4.000%

due

2051

11,530

11,173

2.500%

due

2052

10,236

8,798

5.000%

due

2052

13,919

13,959

3.000%

due

2053

12,298

11,235

3.500%

due

2053

14,712

13,869

4.500%

due

2053

15,278

15,100

5.500%

due

2053

9,408

9,665

6.000%

due

2053

5,996

6,187

6.500%

due

2054

2,170

2,266

Ginnie

Mae

REMICS

Series

2024-6

Class

IO

Interest

Only

STRIPS

3.500%

due

01/20/52

27,959

5,084

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2024-INV2

Class

A1

6.500%

due

02/25/54

(~)(Ê)(Þ)

4,399

4,464

NJ

Trust

Series

2023-GSP

Class

A

6.697%

due

01/06/29

(~)(Ê)(Þ)

5,000

5,290

OBX

Trust

Series

2022-NQM1

Class

A1

2.305%

due

11/25/61

(~)(Ê)(Þ)

3,347

3,008

ONNI

Commerical

Mortgage

Trust

Series

2024-APT

Class

A

5.753%

due

07/15/39

(~)(Ê)(Þ)

4,460

4,562

Onslow

Bay

Financial

LLC

Series

2023-NQM4

Class

A1

6.113%

due

03/25/63

(~)(Ê)(Þ)

1,448

1,461

Series

2024-NQM13

Class

A1

5.116%

due

06/25/64

(Þ)

3,481

3,497

RCKT

Mortgage

Trust

Series

2024-INV1

Class

A1

6.500%

due

06/25/54

(~)(Ê)(Þ)

1,454

1,478

SG

Capital

Partners

LLC

Series

2022-1

Class

A1

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

28

Venerable

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.166%

due

03/27/62

(~)(Ê)(Þ)

1,421

1,337

SMRT

Trust

Series

2022-MINI

Class

A

6.334%

due

01/15/39

(CME

Term

SOFR

1

Month

+

1.000%)(Ê)(Þ)

5,000

4,956

Sunway

Real

Estate

Investment

Trust

Series

2021-PALM

Class

A

0.690%

due

10/15/34

(USD

1

Month

LIBOR

+

0.590%)(Ê)(Þ)

5,000

4,950

Verus

Securitization

Trust

Series

2023-3

Class

A1

5.930%

due

03/25/68

(~)(Ê)(Þ)

1,441

1,448

Wells

Fargo

Commercial

Mortgage

Trust

Series

2024-C63

Class

A5

5.309%

due

08/15/57

5,000

5,249

682,305

Municipal

Bonds

-

1.2%

California

State

University

Revenue

Bonds

2.897%

due

11/01/51

4,375

3,275

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

3.236%

due

10/01/52

4,700

3,621

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5.072%

due

07/15/53

5,900

5,987

State

of

Illinois

General

Obligation

Unlimited

5.100%

due

06/01/33

9,685

9,815

22,698

United

States

Government

Treasuries

-

17.7%

United

States

Treasury

Inflation

Indexed

Bonds

1.875%

due

07/15/34

20,519

21,027

United

States

Treasury

Notes

3.750%

due

08/31/26

49,000

49,071

3.750%

due

08/15/27

36,000

36,174

3.625%

due

08/31/29

50,300

50,457

3.750%

due

08/31/31

45,000

45,246

3.625%

due

09/30/31

18,320

18,286

3.875%

due

08/15/33

37,000

37,306

4.000%

due

11/15/42

22,000

21,653

4.250%

due

08/15/44

25,000

24,809

3.375%

due

11/15/48

13,000

11,265

4.625%

due

05/15/54

15,000

16,273

331,567

Total

Long-Term

Investments

(cost

$1,841,116)

1,830,298

Short-Term

Investments

-

3.2%

Banco

Santander

SA

2.746%

due

05/28/25

2,000

1,973

Boeing

Co.

(The)

4.875%

due

05/01/25

3,350

3,339

Citigroup,

Inc.

4.400%

due

06/10/25

920

916

Energy

Transfer,

LP

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.900%

due

05/15/25

3,800

3,753

State

Street

Institutional

Liquid

Reserves

Fund

49,098,906

49,119

Total

Short-Term

Investments

(cost

$59,096)

59,100

Total

Investments

-

100.7%

(identified

cost

$1,900,212)

1,889,398

Other

Assets

and

Liabilities,

Net

-

(0.7)%

(12,731)

Net

Assets

-

100.0%

1,876,667

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Strategic

Bond

Fund

29

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

21.8%

2023-MIC

Trust

(The)

09/11/24

5,000,000

110.83

5,541

5,515

522

Funding

CLO,

Ltd.

09/09/24

5,000,000

100.11

5,006

5,009

Aaset

Trust

09/09/24

5,061,317

95.87

4,852

4,862

AB

BSL

CLO

4,

Ltd.

09/09/24

3,870,000

100.70

3,897

3,893

AGL

CLO

33,

Ltd.

09/09/24

1,630,000

100.35

1,636

1,632

American

Transmission

Systems,

Inc.

09/09/24

2,150,000

88.00

1,892

1,888

Angel

Oak

Mortgage

Trust

09/10/24

3,861,564

97.69

3,772

3,745

Angel

Oak

Mortgage

Trust

09/26/24

1,209,295

94.19

1,139

1,144

Anglo

American

Capital

PLC

09/09/24

1,100,000

100.50

1,105

1,105

Apidos

CLO

XXVI

09/23/24

1,840,213

100.17

1,843

1,841

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

09/11/24

4,260,000

105.59

4,498

4,458

ARES

Commercial

Mortgage

Trust

09/30/24

5,000,000

99.75

4,988

4,987

Ares

Loan

Funding

IV,

Ltd.

09/10/24

5,370,000

100.75

5,410

5,408

ARES

XLVII

CLO,

Ltd.

09/13/24

2,103,555

100.18

2,107

2,107

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

09/09/24

2,000,000

102.97

2,059

2,056

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

09/23/24

3,800,000

105.41

4,005

3,996

Avis

Budget

Rental

Car

Funding

AESOP

LLC

09/12/24

3,700,000

106.24

3,931

3,916

Ballyrock

CLO,

Ltd.

09/09/24

1,362,314

100.18

1,365

1,364

Ballyrock

CLO,

Ltd.

09/23/24

750,000

100.12

751

751

Basswood

Park

CLO,

Ltd.

09/13/24

1,950,000

100.07

1,951

1,950

Birch

Grove

CLO

7,

Ltd.

09/09/24

4,815,000

100.90

4,858

4,845

Birch

Grove

CLO,

Ltd.

09/23/24

3,000,000

100.71

3,021

3,022

Black

Diamond

CLO,

Ltd.

09/18/24

5,000,000

100.00

5,000

5,001

BlueMountain

CLO

XXX,

Ltd.

09/13/24

1,000,000

100.00

1,000

1,000

BNP

Paribas

SA

09/09/24

3,650,000

102.11

3,727

3,727

BNP

Paribas

SA

09/09/24

1,640,000

102.67

1,684

1,679

BNP

Paribas

SA

09/09/24

2,900,000

108.07

3,134

3,133

BNP

Paribas

SA

09/09/24

960,000

92.33

886

885

BNP

Paribas

SA

09/09/24

1,930,000

97.64

1,885

1,880

BNP

Paribas

SA

09/09/24

750,000

99.79

748

747

BRAVO

Residential

Funding

Trust

09/10/24

3,694,040

101.19

3,738

3,737

BRAVO

Residential

Funding

Trust

09/12/24

4,600,635

98.61

4,537

4,526

Broadcom,

Inc.

09/09/24

3,300,000

85.26

2,814

2,821

Business

Jet

Securities

LLC

09/09/24

3,157,882

103.31

3,263

3,252

BX

Commercial

Mortgage

Trust

09/10/24

5,000,000

99.00

4,950

4,953

BX

Commercial

Mortgage

Trust

09/12/24

3,485,660

100.37

3,499

3,496

BX

Commercial

Mortgage

Trust

09/13/24

5,000,000

99.16

4,958

4,964

BX

Trust

09/13/24

3,204,464

99.00

3,173

3,178

BX

Trust

09/13/24

5,000,000

99.25

4,963

4,972

Cameron

LNG

LLC

09/09/24

2,000,000

86.66

1,733

1,724

Cameron

LNG

LLC

09/09/24

2,000,000

89.59

1,792

1,797

Carlyle

Global

Market

Strategies

CLO,

Ltd.

09/09/24

2,766,564

100.19

2,772

2,771

CarVal

CLO

VII-C,

Ltd.

09/23/24

1,920,000

100.17

1,923

1,928

Cayuga

Park

CLO,

Ltd.

09/20/24

2,030,000

100.14

2,033

2,034

Chase

Home

Lending

Mortgage

Trust

09/24/24

4,080,000

92.19

3,762

3,756

CIFC

Funding,

Ltd.

09/09/24

2,000,000

100.35

2,007

2,003

CIFC

Funding,

Ltd.

09/19/24

910,000

100.13

911

911

CIFC

Funding,

Ltd.

09/19/24

1,000,000

100.20

1,002

1,002

CLI

Funding

IX

LLC

09/23/24

1,702,608

101.19

1,723

1,719

COLT

Mortgage

Loan

Trust

09/19/24

3,179,959

101.42

3,225

3,222

Columbia

Pipelines

Operating

Co.

LLC

09/09/24

1,560,000

106.89

1,668

1,668

Columbia

Pipelines

Operating

Co.

LLC

09/09/24

310,000

113.93

353

349

Continental

Resources,

Inc.

09/09/24

1,110,000

102.40

1,137

1,136

Continental

Resources,

Inc.

09/09/24

2,000,000

95.05

1,901

1,899

Cooperatieve

Rabobank

UA

09/09/24

1,000,000

93.40

934

933

Cooperatieve

Rabobank

UA

09/09/24

3,000,000

97.34

2,920

2,924

Cooperatieve

Rabobank

UA

09/09/24

850,000

98.08

834

834

Credit

Agricole

SA

09/09/24

780,000

96.42

752

751

Credit

Agricole

SA

09/09/24

1,540,000

97.79

1,506

1,507

Daimler

Truck

Finance

NA

LLC

09/09/24

3,240,000

87.20

2,825

2,807

Danske

Bank

A/S

09/09/24

2,000,000

99.40

1,988

1,990

Danske

Bank

A/S

09/09/24

2,000,000

99.51

1,990

1,991

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/09/24

3,000,000

99.79

2,994

2,995

Dryden

Senior

Loan

Fund

09/09/24

5,250,000

100.05

5,253

5,250

Dryden

Senior

Loan

Fund

09/09/24

5,000,000

100.15

5,007

4,999

Elmwood

CLO

I,

Ltd.

09/09/24

5,180,000

100.72

5,217

5,193

Empower

CLO,

Ltd.

09/19/24

1,750,000

100.66

1,762

1,760

Empower

CLO,

Ltd.

09/19/24

210,000

100.95

212

212

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

Venerable

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Fannie

Mae

Connecticut

Avenue

Securities

Trust

09/16/24

2,084,611

102.65

2,140

2,137

Fannie

Mae

Connecticut

Avenue

Securities

Trust

09/26/24

3,630,000

103.31

3,750

3,749

FirstEnergy

Transmission

LLC

09/09/24

930,000

101.00

939

938

FirstEnergy

Transmission

LLC

09/13/24

2,000,000

102.30

2,046

2,031

Ford

Credit

Auto

Owner

Trust

09/12/24

1,870,000

93.98

1,757

1,758

Foundry

JV

Holdco

LLC

09/09/24

1,800,000

102.81

1,851

1,864

Galaxy

XXI

CLO,

Ltd.

09/13/24

1,033,307

100.18

1,035

1,035

Glencore

Funding

LLC

09/09/24

2,800,000

98.82

2,767

2,773

Glencore

Funding

LLC

09/13/24

1,500,000

87.29

1,309

1,314

Goldentree

Loan

Management,

LP

09/19/24

889,017

100.19

891

889

HPS

Loan

Management,

Ltd.

09/20/24

2,590,000

100.09

2,592

2,591

Hyundai

Capital

America

09/09/24

1,800,000

104.14

1,874

1,866

ITE

Rail

Fund

Levered,

LP

09/12/24

2,302,072

91.76

2,112

2,112

JG

Wentworth

LV

LLC

09/17/24

4,957,484

109.93

5,450

5,403

Kings

Park

CLO,

Ltd.

09/13/24

735,000

100.15

736

735

Libra

Solutions

LLC

09/24/24

4,000,000

99.98

3,999

4,000

Lunar

Structured

Aircraft

Portfolio

Notes

09/13/24

4,802,645

91.60

4,399

4,397

Magnetite

XVII,

Ltd.

09/19/24

870,000

100.58

875

876

Magnetite

XXVI,

Ltd.

09/13/24

5,000,000

100.23

5,011

5,009

Mars,

Inc.

09/09/24

660,000

71.49

472

470

Mars,

Inc.

09/09/24

530,000

94.91

503

501

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

09/09/24

478,500

101.11

484

484

Morgan

Stanley

Residential

Mortgage

Loan

Trust

09/13/24

4,399,017

101.63

4,471

4,464

MVW

LLC

09/24/24

3,960,000

99.99

3,959

3,953

Navient

Student

Loan

Trust

09/12/24

5,000,000

86.44

4,322

4,293

Navigator

Aviation,

Ltd.

09/13/24

6,000,000

99.96

5,998

5,991

NJ

Trust

09/11/24

5,000,000

106.86

5,343

5,290

Oak

Street

Investment

Grade

Net

Lease

Fund

09/17/24

4,599,142

95.86

4,409

4,409

Oaktree

CLO,

Ltd.

09/20/24

4,800,000

100.60

4,829

4,832

OBX

Trust

09/11/24

3,346,854

90.14

3,017

3,008

Ocean

Trails

Clo

X

09/17/24

1,250,000

100.00

1,250

1,250

Ocean

Trails

Clo

X

09/17/24

3,640,000

100.00

3,640

3,641

Octagon

Investment

Partners

11,

Ltd.

09/09/24

4,164,631

100.15

4,171

4,168

Octagon

Investment

Partners,

Ltd.

09/13/24

3,223,542

100.17

3,229

3,227

OHA

Credit

Funding

18,

Ltd.

09/20/24

2,050,000

100.50

2,060

2,062

OHA

Loan

Funding,

Ltd.

09/20/24

1,032,874

100.20

1,035

1,035

ONNI

Commerical

Mortgage

Trust

09/11/24

4,460,000

103.18

4,602

4,562

Onslow

Bay

Financial

LLC

09/16/24

3,481,000

100.53

3,499

3,497

Onslow

Bay

Financial

LLC

09/17/24

1,448,204

101.08

1,464

1,461

Park

Blue

CLO,

Ltd.

09/09/24

5,000,000

100.30

5,015

5,011

Rad

CLO

22,

Ltd.

09/23/24

3,000,000

100.93

3,028

3,023

RCKT

Mortgage

Trust

09/19/24

1,453,638

101.12

1,470

1,478

Renew

Financial

09/17/24

5,632,000

99.99

5,632

5,601

SG

Capital

Partners

LLC

09/20/24

1,421,428

94.58

1,344

1,337

Slam,

Ltd.

09/17/24

3,750,000

100.00

3,750

3,740

SMB

Private

Education

Loan

Trust

09/12/24

1,100,000

102.25

1,125

1,120

SMB

Private

Education

Loan

Trust

09/12/24

5,710,174

102.84

5,872

5,832

SMB

Private

Education

Loan

Trust

09/30/24

500,000

102.97

515

514

SMRT

Trust

09/11/24

5,000,000

99.13

4,956

4,956

Solventum

Corp.

09/09/24

1,050,000

102.76

1,079

1,080

Solventum

Corp.

09/09/24

1,330,000

103.21

1,373

1,371

Solventum

Corp.

09/09/24

1,730,000

103.78

1,795

1,792

Solventum

Corp.

09/09/24

1,390,000

104.25

1,449

1,442

Subway

Funding

LLC

09/10/24

5,000,000

100.68

5,034

4,995

Sunrun

Vulcan

Issuer

LLC

09/11/24

3,612,195

83.15

3,004

3,006

Sunrun

Xanadu

Issuer

09/17/24

5,400,000

99.95

5,397

5,364

Sunway

Real

Estate

Investment

Trust

09/11/24

5,000,000

98.88

4,944

4,950

Symphony

CLO

XIX,

Ltd.

09/09/24

1,570,000

100.26

1,574

1,572

Taco

Bell

Funding

LLC

09/13/24

4,175,625

86.47

3,611

3,582

Tennessee

Gas

Pipeline

Co.

LLC

09/09/24

2,000,000

91.81

1,836

1,831

UBS

Group

AG

09/09/24

3,700,000

100.63

3,723

3,723

UBS

Group

AG

09/09/24

5,130,000

126.02

6,465

6,485

UBS

Group

AG

09/09/24

4,170,000

89.83

3,746

3,755

UBS

Group

AG

09/09/24

2,620,000

97.59

2,557

2,560

UBS

Group

AG

09/09/24

4,660,000

99.68

4,645

4,647

USQ

Rail

III

LLC

09/24/24

5,000,000

99.97

4,998

4,996

VB-S1

Issuer

LLC

-

VBTEL

09/11/24

5,000,000

101.99

5,099

5,081

Verdelite

Static

CLO,

Ltd.

09/16/24

3,880,000

100.16

3,886

3,885

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

Strategic

Bond

Fund

31

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Verizon

Communications,

Inc.

09/09/24

2,790,000

100.09

2,793

2,786

Verus

Securitization

Trust

09/17/24

1,441,104

100.75

1,452

1,448

Whitebox

CLO

I,

Ltd.

09/23/24

4,000,000

100.17

4,007

4,006

Whitebox

CLO

II,

Ltd.

09/19/24

150,000

100.13

150

150

Whitebox

CLO

III,

Ltd.

09/26/24

4,700,000

100.00

4,700

4,700

Woodmont

Trust

09/11/24

4,230,000

100.00

4,230

4,231

409,635

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

United

States

2

Year

Treasury

Note

Futures

804

USD

167,427

12/24

(299)

United

States

5

Year

Treasury

Note

Futures

1,549

USD

170,208

12/24

(771)

United

States

Treasury

Long

Bond

Futures

720

USD

89,415

12/24

(1,188)

United

States

Treasury

Ultra

Bond

Futures

462

USD

61,489

12/24

(1,190)

Short

Positions

United

States

10

Year

Treasury

Note

Futures

1,093

USD

124,909

12/24

1,253

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(2,195)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Asset-Backed

Securities

$

—

$

99,963

$

9,601

$

—

$

109,564

Corporate

Bonds

and

Notes

—

474,858

—

—

474,858

International

Debt

—

203,315

5,991

—

209,306

Mortgage-Backed

Securities

—

678,549

3,756

—

682,305

Municipal

Bonds

—

22,698

—

—

22,698

United

States

Government

Treasuries

—

331,567

—

—

331,567

Short-Term

Investments

—

9,981

—

49,

119

59,

100

Total

Investments

—

1,820,931

19,348

49,

119

1,889,

398

Other

Financial

Instruments

Assets

Futures

Contracts

1,253

—

—

—

1,253

Liabilities

Futures

Contracts

(3,448)

—

—

—

(3,448)

Total

Other

Financial

Instruments

*

$

(2,195)

$

—

$

—

$

—

$

(2,195)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Venerable

Variable

Insurance

Trust

Venerable

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

32

Venerable

Strategic

Bond

Fund

oh

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

non

broker

quoted

price

sources

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

September

30,

2024

were

less

than

1%

of

net

assets.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

September

30,

2024

were

as

follows:

Category

and

Subcategory

Beginning

Balance

9/4/2024

Gross

Purchases

Gross

Sales

Accrued

Discounts/

(Premiums)

Realized

Gain

(Loss)

Net

Transfers

into

Level

3

Net

Transfers

out

of

Level

3

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

Ending

Balance

9/30/2024

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

as

of

9/30/2024

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

9,631

$

—

$

—

$

—

$

—

$

—

$

(30)

$

9,601

$

(30)

International

Debt

—

5,998

—

—

—

—

—

(7)

5,991

(7)

Mortgage-Backed

Securities

—

3,761

—

—

—

—

—

(5)

3,756

(5)

Total

Investments

$

—

$

19,390

$

—

$

—

$

—

$

—

$

—

$

(42)

$

19,348

$

(42)

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

4,087

Belgium

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

4,214

Bermuda

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

3,633

Canada

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

6,428

Cayman

Islands

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

97,422

Denmark

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

3,981

France

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

14,309

Germany

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

2,807

Ireland

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

6,207

Jersey

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

24,089

Netherlands

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

5,086

South

Africa

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

1,105

Spain

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

4,747

Switzerland

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

21,170

United

Kingdom

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

13,514

United

States

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

1,676,599

Total

Investments

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

1,889,398

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

State

Street

Institutional

Liquid

Reserves

Fund

$

—

$

1,925,470

$

1,876,396

$

42

$

3

$

49,119

$

1,214

$

—

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

US

Large

Cap

Strategic

Equity

Fund

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

98.0%

Consumer

Discretionary

-

11.9%

Amazon.com,

Inc.(Æ)

687,625

128,126

AutoNation,

Inc.(Æ)

4,708

842

AutoZone,

Inc.(Æ)

870

2,741

Bath

&

Body

Works,

Inc.

59,786

1,908

Best

Buy

Co.,

Inc.

57,738

5,964

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

3,549

293

BorgWarner,

Inc.

45,270

1,643

CarMax,

Inc.(Æ)

9,419

729

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

72,843

4,197

Comcast

Corp.

Class

A

513,478

21,448

Costco

Wholesale

Corp.

13,562

12,023

Crocs,

Inc.(Æ)

14,147

2,049

Curtiss-Wright

Corp.

12,758

4,193

Darden

Restaurants,

Inc.

6,468

1,062

Deckers

Outdoor

Corp.(Æ)

10,050

1,602

Dick's

Sporting

Goods,

Inc.

8,307

1,734

DR

Horton,

Inc.

22,310

4,256

eBay,

Inc.

56,056

3,650

Expedia

Group,

Inc.(Æ)

18,734

2,773

Ford

Motor

Co.

378,614

3,998

Fox

Corp.

Class

A

20,602

872

Garmin,

Ltd.

19,201

3,380

General

Motors

Co.

186,604

8,367

Genuine

Parts

Co.

8,231

1,150

Hasbro,

Inc.

8,388

607

Home

Depot,

Inc.

(The)

6,299

2,552

Interpublic

Group

of

Cos.,

Inc.

(The)

22,769

720

Lennar

Corp.

Class

A

16,773

3,145

Light

&

Wonder,

Inc.

Class

A(Æ)

14,381

1,305

Lithia

Motors,

Inc.

Class

A

602

191

Lowe's

Cos.,

Inc.

58,810

15,929

Lululemon

Athletica

,

Inc.(Æ)

11,012

2,988

Mattel,

Inc.(Æ)

81,262

1,548

MGM

Resorts

International(Æ)

18,566

726

Netflix,

Inc.

Class

B(Æ)

41,767

29,624

New

York

Times

Co.

(The)

Class

A

47,790

2,660

Nike,

Inc.

Class

B

52,481

4,639

NVR,

Inc.(Æ)

436

4,278

Omnicom

Group,

Inc.

12,934

1,337

Paramount

Global

Class

B

175,907

1,868

Penske

Automotive

Group,

Inc.

4,123

670

PulteGroup,

Inc.

16,449

2,361

Ralph

Lauren

Corp.

Class

A

12,663

2,455

Raytheon

Technologies

Corp.

277,146

33,579

Service

Corp.

International

10,596

836

Skechers

USA,

Inc.

Class

A(Æ)

7,785

521

Starbucks

Corp.

23,317

2,273

Tapestry,

Inc.

13,786

648

Target

Corp.

99,631

15,528

Tesla,

Inc.(Æ)

80,617

21,092

Texas

Roadhouse,

Inc.

Class

A

19,821

3,500

TJX

Cos.,

Inc.

(The)

272,326

32,009

Toll

Brothers,

Inc.

2,997

463

Ulta

Beauty,

Inc.(Æ)

4,371

1,701

Walmart,

Inc.

412,188

33,284

Walt

Disney

Co.

(The)

108,689

10,455

Warner

Bros

Discovery,

Inc.(Æ)

196,728

1,623

Williams-Sonoma,

Inc.

31,971

4,953

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wingstop

,

Inc.

3,995

1,662

462,730

Consumer

Staples

-

3.9%

Altria

Group,

Inc.

224,257

11,446

Aramark

77,840

3,015

Archer-Daniels-Midland

Co.

91,374

5,459

BellRing

Brands,

Inc.(Æ)

27,576

1,674

Bunge,

Ltd.

38,009

3,673

Campbell

Soup

Co.

17,647

863

Celsius

Holdings,

Inc.(Æ)

40,556

1,272

Coca-Cola

Co.

(The)

255,769

18,381

Coca-Cola

Consolidated,

Inc.

1,845

2,429

Colgate-Palmolive

Co.

164,199

17,046

Conagra

Brands,

Inc.

28,821

937

Constellation

Brands,

Inc.

Class

A

15,147

3,903

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

16,827

1,677

General

Mills,

Inc.

31,753

2,345

Hormel

Foods

Corp.

5,875

186

Ingredion,

Inc.

23,671

3,253

Kimberly-Clark

Corp.

37,398

5,321

Kraft

Heinz

Co.

(The)

62,275

2,186

Kroger

Co.

(The)

194,183

11,127

Mondelez

International,

Inc.

Class

A

49,653

3,658

Monster

Beverage

Corp.(Æ)

207,405

10,820

PepsiCo,

Inc.

108,381

18,431

Philip

Morris

International,

Inc.

92,145

11,186

Procter

&

Gamble

Co.

(The)

53,992

9,351

Sysco

Corp.

29,372

2,293

151,932

Energy

-

3.5%

Baker

Hughes

Co.

42,522

1,537

Chevron

Corp.

147,495

21,722

Devon

Energy

Corp.

236,728

9,261

Eaton

Corp.

PLC

87,427

28,977

EOG

Resources,

Inc.

117,354

14,426

EQT

Corp.

102,223

3,745

Exxon

Mobil

Corp.

171,569

20,111

Kinder

Morgan,

Inc.

373,477

8,250

Marathon

Oil

Corp.

112,083

2,985

Marathon

Petroleum

Corp.

29,677

4,835

Matador

Resources

Co.

34,941

1,727

Phillips

66

25,162

3,308

TechnipFMC

PLC

76,759

2,013

Texas

Pacific

Land

Corp.

2,130

1,884

Valero

Energy

Corp.

67,582

9,126

Weatherford

International

PLC

14,697

1,248

135,155

Financial

Services

-

15.4%

Affiliated

Managers

Group,

Inc.

9,497

1,689

Aflac,

Inc.

166,958

18,666

Ally

Financial,

Inc.

14,164

504

American

Express

Co.

42,939

11,645

American

Financial

Group,

Inc.

4,124

555

American

International

Group,

Inc.

34,067

2,495

American

Tower

Corp.(ö)

40,750

9,477

Ameriprise

Financial,

Inc.

5,257

2,470

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

34

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Apollo

Global

Management,

Inc.

28,772

3,594

Arch

Capital

Group,

Ltd.(Æ)

19,386

2,169

Assurant,

Inc.

2,359

469

AvalonBay

Communities,

Inc.(ö)

6,833

1,539

AXA

Equitable

Holdings

21,179

890

Axis

Capital

Holdings,

Ltd.

23,079

1,837

Bank

of

America

Corp.

914,041

36,269

Bank

of

New

York

Mellon

Corp.

(The)

191,592

13,768

Berkshire

Hathaway,

Inc.

Class

A(Æ)

36

24,882

Berkshire

Hathaway,

Inc.

Class

B(Æ)

46,028

21,185

BlackRock,

Inc.

Class

A

3,700

3,513

Blackstone,

Inc.

Class

A

23,845

3,651

Capital

One

Financial

Corp.

17,619

2,638

Carlyle

Group,

Inc.

(The)

18,248

786

CBRE

Group,

Inc.

Class

A(Æ)

19,082

2,375

Charles

Schwab

Corp.

(The)

62,750

4,067

Chubb,

Ltd.

21,720

6,264

Cincinnati

Financial

Corp.

19,045

2,592

Citigroup,

Inc.

143,364

8,975

Citizens

Financial

Group,

Inc.

22,944

942

CME

Group,

Inc.

Class

A

16,553

3,652

Commerce

Bancshares,

Inc.

42,007

2,495

CubeSmart

(ö)

53,154

2,861

Cullen/Frost

Bankers,

Inc.

2,398

268

Discover

Financial

Services

14,099

1,978

East

West

Bancorp,

Inc.

7,192

595

Equinix

,

Inc.(ö)

8,073

7,166

Essex

Property

Trust,

Inc.(ö)

10,024

2,961

Evercore

,

Inc.

Class

A

7,614

1,929

Everest

Re

Group,

Ltd.

587

230

Extra

Space

Storage,

Inc.(ö)

8,714

1,570

Fidelity

National

Financial,

Inc.

14,128

877

Fifth

Third

Bancorp

28,226

1,209

First

Citizens

BancShares

,

Inc.

Class

A

687

1,265

First

Horizon

Corp.

13,789

214

First

Industrial

Realty

Trust,

Inc.(ö)

39,255

2,197

Gaming

and

Leisure

Properties,

Inc.(ö)

55,923

2,877

Goldman

Sachs

Group,

Inc.

(The)

24,718

12,238

Hartford

Financial

Services

Group,

Inc.

102,917

12,104

Huntington

Bancshares,

Inc.

74,698

1,098

Intercontinental

Exchange,

Inc.

109,445

17,581

Invesco,

Ltd.

11,978

210

Jefferies

Financial

Group,

Inc.

66,498

4,093

JPMorgan

Chase

&

Co.

307,420

64,824

KeyCorp

28,774

482

Loews

Corp.

12,583

995

LPL

Financial

Holdings,

Inc.

3,533

822

M&T

Bank

Corp.

7,057

1,257

Markel

Group,

Inc.(Æ)

588

922

Marsh

&

McLennan

Cos.,

Inc.

24,519

5,470

MasterCard,

Inc.

Class

A

82,187

40,585

MetLife,

Inc.

42,864

3,535

MGIC

Investment

Corp.

79,298

2,030

Morgan

Stanley

119,204

12,426

NNN

REIT,

Inc.(ö)

53,877

2,612

Northern

Trust

Corp.

10,590

953

Old

Republic

International

Corp.

89,861

3,183

Omega

Healthcare

Investors,

Inc.(ö)

73,342

2,985

PNC

Financial

Services

Group,

Inc.

(The)

20,372

3,766

Primerica,

Inc.

1,799

477

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Principal

Financial

Group,

Inc.

12,941

1,112

Progressive

Corp.

(The)

38,095

9,667

Prologis,

Inc.(ö)

88,697

11,201

Prudential

Financial,

Inc.

18,799

2,277

Public

Storage(ö)

15,655

5,696

Raymond

James

Financial,

Inc.

10,583

1,296

Regions

Financial

Corp.

47,045

1,098

Reinsurance

Group

of

America,

Inc.

Class

A

2,944

641

Robinhood

Markets,

Inc.

Class

A(Æ)

97,617

2,286

SEI

Investments

Co.

36,636

2,535

Simon

Property

Group,

Inc.(ö)

10,874

1,838

State

Street

Corp.

64,875

5,739

Stifel

Financial

Corp.

5,390

506

Synchrony

Financial

133,417

6,655

T

Rowe

Price

Group,

Inc.

74,816

8,150

Tradeweb

Markets,

Inc.

Class

A

33,575

4,152

Travelers

Cos.,

Inc.

(The)

75,345

17,640

Truist

Financial

Corp.

79,202

3,387

Unum

Group

66,920

3,978

US

Bancorp

244,054

11,161

Visa,

Inc.

Class

A

188,308

51,776

Webster

Financial

Corp.

8,989

419

Wells

Fargo

&

Co.

335,877

18,974

Willis

Towers

Watson

PLC

5,291

1,558

WR

Berkley

Corp.

19,776

1,122

XP,

Inc.

Class

A

83,778

1,503

Zions

Bancorp

NA

31,845

1,504

596,769

Health

Care

-

13.2%

Abbott

Laboratories

87,496

9,975

AbbVie,

Inc.

226,986

44,825

Agilent

Technologies,

Inc.

50,562

7,507

Alcon,

Inc.

60,918

6,096

Alnylam

Pharmaceuticals,

Inc.(Æ)

11,367

3,126

Amgen,

Inc.

17,236

5,554

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

1,182

395

Boston

Scientific

Corp.(Æ)

73,680

6,174

Bristol-Myers

Squibb

Co.

346,071

17,906

Cardinal

Health,

Inc.

43,662

4,826

Cencora

,

Inc.

Class

A

25,129

5,656

Centene

Corp.(Æ)

27,026

2,035

Cigna

Group

(The)

17,023

5,897

Danaher

Corp.

64,891

18,041

DaVita

HealthCare

Partners,

Inc.(Æ)

4,710

772

Edwards

Lifesciences

Corp.(Æ)

28,785

1,900

Elevance

Health,

Inc.

15,131

7,868

Eli

Lilly

&

Co.

62,362

55,248

Exelixis

,

Inc.(Æ)

85,091

2,208

Gilead

Sciences,

Inc.

132,740

11,129

Haemonetics

Corp.(Æ)

7,613

612

HCA

Healthcare,

Inc.

35,583

14,462

Henry

Schein,

Inc.(Æ)

7,790

568

Hologic

,

Inc.(Æ)

67,051

5,462

Icon

PLC(Æ)

17,016

4,889

IDEXX

Laboratories,

Inc.(Æ)

9,801

4,952

Illumina,

Inc.(Æ)

11,738

1,531

Intuitive

Surgical,

Inc.(Æ)

53,862

26,461

Jazz

Pharmaceuticals

PLC(Æ)

18,091

2,016

Johnson

&

Johnson

234,570

38,014

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

US

Large

Cap

Strategic

Equity

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Labcorp

Holdings,

Inc.

5,881

1,314

McKesson

Corp.

17,363

8,585

Medpace

Holdings,

Inc.(Æ)

7,554

2,522

Medtronic

PLC

164,537

14,813

Merck

&

Co.,

Inc.

188,870

21,448

Molina

Healthcare,

Inc.(Æ)

1,767

609

Neurocrine

Biosciences,

Inc.(Æ)

29,648

3,416

Quest

Diagnostics,

Inc.

8,231

1,278

Regeneron

Pharmaceuticals,

Inc.(Æ)

5,642

5,931

ResMed

,

Inc.

13,778

3,363

Stryker

Corp.

70,255

25,380

Teleflex,

Inc.

2,945

728

Tenet

Healthcare

Corp.(Æ)

25,051

4,163

Thermo

Fisher

Scientific,

Inc.

49,750

30,774

United

Therapeutics

Corp.(Æ)

15,026

5,385

UnitedHealth

Group,

Inc.

75,947

44,405

Universal

Health

Services,

Inc.

Class

B

16,586

3,798

Veeva

Systems,

Inc.

Class

A(Æ)

19,353

4,062

Viatris

,

Inc.

71,903

835

Waters

Corp.(Æ)

4,453

1,603

West

Pharmaceutical

Services,

Inc.

10,640

3,194

Zimmer

Biomet

Holdings,

Inc.

12,346

1,333

Zoetis,

Inc.

Class

A

31,514

6,157

511,201

Materials

and

Processing

-

4.2%

Acuity

Brands,

Inc.

10,921

3,008

Air

Products

&

Chemicals,

Inc.

14,030

4,177

Amcor

PLC

86,894

985

AptarGroup,

Inc.

13,885

2,224

Axalta

Coating

Systems,

Ltd.(Æ)

45,058

1,631

Berry

Plastics

Group,

Inc.

5,901

401

Builders

FirstSource

,

Inc.(Æ)

7,641

1,481

Celanese

Corp.

Class

A

5,299

720

CF

Industries

Holdings,

Inc.

9,416

808

Cleveland-Cliffs,

Inc.(Æ)

118,097

1,508

Commercial

Metals

Co.

2,397

132

CRH

PLC

35,730

3,314

Crown

Holdings,

Inc.

69,857

6,698

Dow,

Inc.

41,705

2,278

DuPont

de

Nemours,

Inc.

63,235

5,635

Eagle

Materials,

Inc.

1,800

518

Eastman

Chemical

Co.

7,064

791

Ecolab,

Inc.

52,987

13,528

Fastenal

Co.

124,548

8,895

Fortune

Brands

Innovations,

Inc.

7,068

633

Freeport-McMoRan,

Inc.

34,832

1,739

General

Electric

Co.

49,747

9,381

Graphic

Packaging

Holding

Co.

18,576

550

International

Paper

Co.

16,170

790

Johnson

Controls

International

PLC

31,718

2,462

Lennox

International,

Inc.

2,672

1,615

Linde

PLC

37,450

17,857

LyondellBasell

Industries

NV

Class

A

19,390

1,860

Martin

Marietta

Materials,

Inc.

9,909

5,334

Masco

Corp.

35,260

2,960

Mosaic

Co.

(The)

53,985

1,446

Nucor

Corp.

18,206

2,737

Owens

Corning

6,471

1,142

Packaging

Corp.

of

America

7,361

1,586

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pool

Corp.

4,386

1,653

PPG

Industries,

Inc.

36,042

4,774

Reliance

Steel

&

Aluminum

Co.

9,533

2,757

Royal

Gold,

Inc.

11,003

1,544

RPM

International,

Inc.

36,878

4,462

Sherwin-Williams

Co.

(The)

38,765

14,794

Southern

Copper

Corp.

23,794

2,752

Steel

Dynamics,

Inc.

12,934

1,631

Trane

Technologies

PLC

29,431

11,440

UFP

Industries,

Inc.

3,596

472

Vulcan

Materials

Co.

25,930

6,494

163,597

Producer

Durables

-

8.7%

3M

Co.

54,290

7,421

ADT,

Inc.

49,156

355

Allison

Transmission

Holdings,

Inc.

Class

A

31,289

3,006

Amerco

,

Inc.

11,768

847

Ametek

,

Inc.

20,182

3,465

Amphenol

Corp.

Class

A

146,718

9,560

Automatic

Data

Processing,

Inc.

47,969

13,274

BWX

Technologies,

Inc.

40,219

4,372

Canadian

Pacific

Kansas

City,

Ltd.

51,970

4,446

Carlisle

Cos.,

Inc.

14,026

6,308

Caterpillar,

Inc.

53,836

21,057

Cintas

Corp.

39,277

8,086

Corpay

,

Inc.(Æ)

3,529

1,104

CSX

Corp.

174,920

6,040

Cummins,

Inc.

21,969

7,113

Deere

&

Co.

24,689

10,303

Delta

Air

Lines,

Inc.

97,435

4,949

Donaldson

Co.,

Inc.

33,269

2,452

Dover

Corp.

12,963

2,486

EMCOR

Group,

Inc.

10,315

4,441

Emerson

Electric

Co.

71,457

7,815

FedEx

Corp.

23,560

6,448

Generac

Holdings,

Inc.(Æ)

16,380

2,602

Gentex

Corp.

13,178

391

H&R

Block,

Inc.

32,746

2,081

Honeywell

International,

Inc.

60,981

12,605

Huntington

Ingalls

Industries,

Inc.

2,356

623

Illinois

Tool

Works,

Inc.

22,498

5,896

Ingersoll

Rand,

Inc.

59,140

5,805

Keysight

Technologies,

Inc.(Æ)

10,007

1,590

L3Harris

Technologies,

Inc.

10,574

2,515

Landstar

System,

Inc.

10,573

1,997

Lockheed

Martin

Corp.

41,643

24,344

MarketAxess

Holdings,

Inc.

6,363

1,630

Mettler

-Toledo

International,

Inc.(Æ)

9,781

14,670

Middleby

Corp.(Æ)

2,398

334

Moody's

Corp.

3,162

1,501

Murphy

USA,

Inc.

1,072

528

Northrop

Grumman

Corp.

16,714

8,826

Old

Dominion

Freight

Line,

Inc.

32,093

6,375

Oshkosh

Corp.

4,196

420

PACCAR,

Inc.

31,154

3,074

PayPal

Holdings,

Inc.(Æ)

216,114

16,864

Republic

Services,

Inc.

Class

A

18,238

3,663

Robert

Half,

Inc.

24,611

1,659

Ryder

System,

Inc.

12,807

1,867

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

36

Venerable

US

Large

Cap

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

S&P

Global,

Inc.

23,660

12,223

Snap-on,

Inc.

8,378

2,427

Stanley

Black

&

Decker,

Inc.

20,752

2,285

Textron,

Inc.

14,112

1,250

TopBuild

Corp.(Æ)

599

244

U-Haul

Holding

Co.(Æ)

1,198

93

Union

Pacific

Corp.

78,534

19,358

United

Airlines,

Inc.(Æ)

19,412

1,108

United

Parcel

Service,

Inc.

Class

B

15,725

2,144

United

Rentals,

Inc.

3,729

3,019

Verisk

Analytics,

Inc.

Class

A

5,272

1,413

Vertiv

Holdings

Co.

Class

A

18,576

1,848

Waste

Management,

Inc.

55,743

11,572

WESCO

International,

Inc.

2,997

503

WW

Grainger,

Inc.

13,537

14,063

Xylem,

Inc.

29,284

3,954

Zebra

Technologies

Corp.

Class

A(Æ)

4,466

1,654

336,366

Technology

-

33.6%

Accenture

PLC

Class

A

22,259

7,868

Adobe,

Inc.(Æ)

57,305

29,671

Advanced

Micro

Devices,

Inc.(Æ)

10,382

1,703

Airbnb,

Inc.

Class

A(Æ)

17,166

2,177

Allegion

PLC

4,713

687

Alphabet,

Inc.

Class

A

375,459

62,270

Alphabet,

Inc.

Class

C

296,900

49,639

Amkor

Technology,

Inc.

13,174

403

Apple,

Inc.

801,996

186,865

Applied

Materials,

Inc.

48,994

9,899

AppLovin

Corp.

Class

A(Æ)

33,646

4,392

Arista

Networks,

Inc.(Æ)

29,495

11,321

Arrow

Electronics,

Inc.(Æ)

20,719

2,752

Autodesk,

Inc.(Æ)

30,256

8,335

Booking

Holdings,

Inc.

3,749

15,791

Broadcom,

Inc.

141,894

24,477

CACI

International,

Inc.

Class

A(Æ)

736

371

Cadence

Design

Systems,

Inc.(Æ)

5,735

1,554

Cirrus

Logic,

Inc.(Æ)

15,982

1,985

Cisco

Systems,

Inc.

103,903

5,530

Cognizant

Technology

Solutions

Corp.

Class

A

29,373

2,267

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

3,943

1,106

DocuSign,

Inc.(Æ)

60,398

3,750

DoorDash

,

Inc.

Class

A(Æ)

18,307

2,613

Dropbox,

Inc.

Class

A(Æ)

73,914

1,880

Electronic

Arts,

Inc.

40,894

5,866

Etsy,

Inc.(Æ)

34,573

1,920

F5,

Inc.(Æ)

19,543

4,303

Fair

Isaac

Corp.(Æ)

2,209

4,293

Fidelity

National

Information

Services,

Inc.

35,286

2,955

Fiserv,

Inc.(Æ)

25,759

4,628

Fortinet,

Inc.(Æ)

41,299

3,203

Gen

Digital,

Inc.

139,889

3,837

Genpact

,

Ltd.

52,216

2,047

GoDaddy

,

Inc.

Class

A(Æ)

41,317

6,478

Guidewire

Software,

Inc.(Æ)

14,367

2,628

Hewlett

Packard

Enterprise

Co.

219,563

4,492

HP,

Inc.

121,922

4,373

HubSpot

,

Inc.(Æ)

4,551

2,419

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

International

Business

Machines

Corp.

52,947

11,706

Intuit,

Inc.

41,336

25,670

KLA

Corp.

16,766

12,984

Lam

Research

Corp.

4,890

3,991

Lattice

Semiconductor

Corp.(Æ)

160,127

8,498

Leidos

Holdings,

Inc.

42,305

6,896

Manhattan

Associates,

Inc.(Æ)

17,770

5,000

Maplebear

,

Inc.(Æ)

51,152

2,084

Marvell

Technology,

Inc.

141,620

10,214

Match

Group,

Inc.(Æ)

61,841

2,340

Meta

Platforms,

Inc.

Class

A

131,235

75,124

Micron

Technology,

Inc.

21,715

2,252

Microsoft

Corp.

492,228

211,805

MongoDB,

Inc.(Æ)

5,540

1,498

Monolithic

Power

Systems,

Inc.

19,482

18,011

Motorola

Solutions,

Inc.

18,694

8,405

NetApp,

Inc.

59,783

7,384

Nutanix

,

Inc.

Class

A(Æ)

29,945

1,774

NVIDIA

Corp.

1,692,651

205,555

ON

Semiconductor

Corp.(Æ)

11,188

812

Oracle

Corp.

105,955

18,055

Palantir

Technologies,

Inc.

Class

A(Æ)

55,744

2,074

Palo

Alto

Networks,

Inc.(Æ)

25,114

8,584

Pinterest,

Inc.

Class

A(Æ)

52,814

1,710

PTC,

Inc.(Æ)

30,521

5,514

Qorvo

,

Inc.(Æ)

16,577

1,712

QUALCOMM,

Inc.

76,023

12,928

Roku,

Inc.(Æ)

28,140

2,101

Salesforce,

Inc.

68,744

18,816

Science

Applications

International

Corp.

2,398

334

ServiceNow

,

Inc.(Æ)

23,314

20,852

Skyworks

Solutions,

Inc.

8,243

814

Smartsheet

,

Inc.

Class

A(Æ)

37,687

2,086

Spotify

Technology

SA(Æ)

12,937

4,768

SS&C

Technologies

Holdings,

Inc.

33,239

2,467

Synopsys,

Inc.(Æ)

31,856

16,132

TD

SYNNEX

Corp.

18,711

2,247

TE

Connectivity

PLC

52,815

7,975

Texas

Instruments,

Inc.

90,977

18,793

Twilio

,

Inc.

Class

A(Æ)

42,599

2,778

Tyler

Technologies,

Inc.(Æ)

3,424

1,999

Uber

Technologies,

Inc.(Æ)

205,051

15,412

VeriSign,

Inc.(Æ)

25,168

4,781

Workday,

Inc.

Class

A(Æ)

48,162

11,771

Zoom

Video

Communications,

Inc.

Class

A(Æ)

72,315

5,043

1,304,497

Utilities

-

3.6%

American

Electric

Power

Co.,

Inc.

59,675

6,123

American

Water

Works

Co.,

Inc.

28,063

4,104

Antero

Midstream

Corp.

27,570

415

AT&T,

Inc.

857,942

18,874

Cheniere

Energy,

Inc.

13,511

2,430

ConocoPhillips

94,474

9,946

Consolidated

Edison,

Inc.

20,557

2,141

Dominion

Energy,

Inc.

49,914

2,885

DT

Midstream,

Inc.

2,395

188

Duke

Energy

Corp.

45,789

5,279

Edison

International

16,772

1,461

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

US

Large

Cap

Strategic

Equity

Fund

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Evergy

,

Inc.

13,542

840

NextEra

Energy,

Inc.

140,573

11,883

NRG

Energy,

Inc.

74,396

6,777

OGE

Energy

Corp.

11,979

491

Pinnacle

West

Capital

Corp.

6,587

584

PPL

Corp.

44,092

1,459

Public

Service

Enterprise

Group,

Inc.

120,136

10,717

Sempra

Energy

124,559

10,417

Southern

Co.

(The)

179,790

16,213

T-Mobile

US,

Inc.

33,884

6,992

UGI

Corp.

61,917

1,549

Verizon

Communications,

Inc.

319,050

14,329

Vistra

Corp.

20,351

2,412

WEC

Energy

Group,

Inc.

8,243

793

139,302

Total

Common

Stocks

(cost

$3,617,348)

3,801,549

Short-Term

Investments

-

1.7%

State

Street

Institutional

Liquid

Reserves

Fund

63,388,706

63,414

Total

Short-Term

Investments

(cost

$63,414)

63,414

Total

Investments

-

99.7%

(identified

cost

$3,680,762)

3,864,963

Other

Assets

and

Liabilities,

Net

-

0.3%

13,257

Net

Assets

-

100.0%

3,878,220

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

Venerable

US

Large

Cap

Strategic

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

53

USD

15,408

12/24

92

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

92

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

462,730

$

—

$

—

$

—

$

462,730

Consumer

Staples

151,932

—

—

—

151,932

Energy

135,155

—

—

—

135,155

Financial

Services

596,769

—

—

—

596,769

Health

Care

511,201

—

—

—

511,201

Materials

and

Processing

163,597

—

—

—

163,597

Producer

Durables

336,366

—

—

—

336,366

Technology

1,304,497

—

—

—

1,304,497

Utilities

139,302

—

—

—

139,302

Short-Term

Investments

—

—

—

63,414

63,414

Total

Investments

3,801,549

—

—

63,414

3,864,963

Other

Financial

Instruments

Assets

Futures

Contracts

92

—

—

—

92

Total

Other

Financial

Instruments

*

$

92

$

—

$

—

$

—

$

92

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Brazil

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

1,503

Canada

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

4,446

Venerable

Variable

Insurance

Trust

Venerable

US

Large

Cap

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Venerable

US

Large

Cap

Strategic

Equity

Fund

39

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Ireland

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

15,843

Mexico

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

2,752

Switzerland

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

6,096

United

Kingdom

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

2,013

United

States

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

3,832,310

Total

Investments

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

3,864,963

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

State

Street

Institutional

Liquid

Reserves

Fund

$

—

$

1,617,688

$

1,554,284

$

10

$

—

$

63,414

$

179

$

—

Venerable

Variable

Insurance

Trust

Notes

to

Schedules

of

Investments

—

September

30,

2024

(Unaudited)

40

Notes

to

Schedules

of

Investments

Footnotes:

Abbreviations:

Foreign

Currency

Abbreviations:

(Æ)

Non-income

producing

security.

(ö)

Real

Estate

Investment

Trust

(REIT).

(ž)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

CPI

or

other

contractual

arrangements.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

may

not

be

registered

under

the

Securities

Act

of

1933,

as

amended

(“the

Act”).

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

(Š)

Value

was

determined

using

significant

unobservable

inputs.

ADR

-

American

Depositary

Receipt

CME

-

Chicago

Mercantile

Exchange

CPI

-

Consumer

Price

Index

EBITDA

-

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

LIBOR

-

London

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

-

Secured

Overnight

Financing

Rate

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

USD

-

United

States

dollar

Venerable

Variable

Insurance

Trust

Notes

to

Quarterly

Report

—

September

30,

2024

(Unaudited)

Notes

to

Quarterly

Report

41

1.

Significant

Accounting

Policies

Venerable

Variable

Insurance

Trust

(the

“Trust”)

is

a

series

investment

company

with

five

different

investment

portfolios

(each

a

“Fund”

and

collectively,

the

“Funds”).

This

report

provides

unaudited

financial

information

for

the

period

ended

September

30,

2024

for

the

Funds

(the

“Quarterly

Report”).

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Fund’s

Board

of

Trustees

has

designated

Venerable

Investment

Advisers

LLC

(“VIA”),

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Funds

have

the

ability

to

access.

Level

2

—

Observable

inputs

other

than

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Level

3

—

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Funds’

own

assumptions

about

the

assumptions

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

would

be

based

on

the

best

information

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Venerable

Variable

Insurance

Trust

Notes

to

Quarterly

Report,

continued

—

September

30,

2024

(Unaudited)

42

Notes

to

Quarterly

Report

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

(“NAV”)

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

(“OIS”)

rate

and

Secured

Overnight

Financing

Rate

(“SOFR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

Fund

securities

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

in

U.S.

markets

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

Venerable

Variable

Insurance

Trust

Notes

to

Quarterly

Report,

continued

—

September

30,

2024

(Unaudited)

Notes

to

Quarterly

Report

43

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

For

the

period

ended

September

30,

2024,

there

were

no

transfers

into

or

out

of

Level

3.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

VIA

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

VIA

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

VIA

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

VIA

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

VIA

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

VIA

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

VIA

may

also

utilize

the

Funds’

sub-administrator

to

assist

with

the

determination

of

the

hierarchy

level

for

fair

valued

securities

and

in

completing

the

required

financial

reporting

disclosure

for

Level

3

fair

value

securities.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

VIA

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

VIA

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

VIA

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

Venerable

Variable

Insurance

Trust

Notes

to

Quarterly

Report,

continued

—

September

30,

2024

(Unaudited)

44

Notes

to

Quarterly

Report

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

For

additional

information

on

the

Funds’

significant

accounting

policies

and

risks,

please

refer

to

the

Funds’

most

recent

prospectus.

Venerable

Variable

Insurance

Trust

1475

Dunwood

Dr

Suite

200

West

Chester,

Pennsylvania

19380

800-366-0066