The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Trust") included in this Prospectus (the "Underlying Funds"). The Fund's strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments. The following Underlying

Funds are equity funds in which the Fund may invest – Venerable Large Cap Index Fund and Venerable US Large Cap Strategic Equity Fund. The following Underlying Funds are fixed income funds in which the Fund may invest – Venerable High Yield Fund and Venerable Strategic Bond Fund. The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser.

The Fund's approximate target strategic asset allocation is 60% equity and 40% fixed income. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. equity securities and U.S. and non-U.S. fixed income securities and derivatives.

The Adviser may modify the target strategic asset allocation for the Fund, including changes to the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the implementation over a period of time of a change to the target strategic asset allocation including the addition of a new Underlying Fund. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.