p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Fund is a "fund of funds" that seeks to achieve its objective by investing in the other series of Venerable Variable Insurance Trust (the "Underlying Funds") including, but not limited to, the following equity funds – Venerable US Large Cap Core Equity Fund and Venerable US Large Cap Strategic Equity Fund – and the following fixed income funds – Venerable Strategic Bond Fund and Venerable High Yield Fund. The Fund's /span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"strategy of investing in a combination of Underlying Funds is intended to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Adviser has engaged Russell Investment Management, LLC ("RIM") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Fund's approximate target strategic asset allocation among the Underlying Funds is 60% equity and 40% fixed income. Through its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. equity securities (i.e., common stocks and preferred stocks of U.S. listed large capitalization companies) and U.S. and non-U.S. fixed income securities (i.e., high yield securities, bank loans, distressed securities, and investment grade securities including government securities, asset-back securities, and mortgage-backed securities) and derivatives (i.e., futures, options, and swaps including index futures, index swaps, interest rate swaps, credit default swaps, currency forwards, and U.S. Treasury futures). Non-U.S. fixed income securities may include emerging market securities. High yield debt securities are those that are rated below investment grade, also known as "junk bonds", and are speculative in nature./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Adviser's allocation decisions are generally based on the Adviser's outlook on the business and economic cycle, relative market valuations and market sentiment. The Adviser determines the strategic allocation among Underlying Funds generally based factors and information such as (i) the investment objective and applied investment strategy of each Underlying Fund, (ii) historical or hypothetical returns and volatility of returns of the Underlying Funds, (iii) the correlation and covariance among Underlying Funds, and (iv) third-party market analysis, forecasts, and reports. The Fund's actual allocation may vary from the target strategic asset allocation at any point in time due to market movements and/or due to the gradual implementation of a change to the target strategic asset allocation including the addition of a new Underlying Fund. The Adviser may modify the target strategic asset allocation for the Fund, including changes to the Underlying Funds in which the Fund invests or may invest, from time to time, without shareholder notice or approval. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year./span/p