0001995745 2026-09-03 2026-09-03 0001995745 ck0001995745:S000083585Member 2026-09-03 2026-09-03 0001995745 ck0001995745:S000083585Member ck0001995745:C000247362Member 2026-09-03 2026-09-03 pure iso4217:USD VENERABLE VARIABLE INSURANCE TRUST Venerable Moderate Allocation Fund SUPPLEMENT DATED SEPTEMBER 3, 2026, TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 29, 2026 <div style="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><div style="font-size: 1pt; border-top: black 0.75pt solid"> </div></div> This Supplement updates certain information contained in the Prospectus and Statement of Additional Information (“SAI”) dated April 29, 2026, of the Venerable Moderate Allocation Fund (the “Fund”), a series of Venerable Variable Insurance Trust (the “Trust”). You should read this Supplement in conjunction with the Fund’s Prospectus and SAI and retain it for future reference. You may obtain these documents, free of charge, by writing to the Trust at 1475 Dunwoody Drive, Suite 200, West Chester, PA 19380, or you can view, download, and print the documents at the Trust’s website at https://docs.venerable.com/#/venerable-variable-insurance-trust. Effective September 6, 2026, the following changes are being made to the Fund’s Prospectus and SAI: VENERABLE VARIABLE INSURANCE TRUST Venerable Moderate Allocation Fund 2026-04-29 <table cellpadding="0" style="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">I.</td><td style="text-align: justify">The table in the section of the Prospectus titled “Annual Fund Operating Expenses” under “FUND SUMMARY: Venerable Moderate Allocation Fund” is deleted in its entirety and replaced with the following: </td></tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 90%; margin-left: 0.5in; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; padding-right: 0.7pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Class V</td> <td> </td></tr> <tr> <td style="vertical-align: bottom; width: 86%; padding-right: 0.7pt">Management Fees</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; padding-right: 0.7pt; width: 1%"> </td> <td style="vertical-align: bottom; padding-right: 0.7pt; text-align: right; width: 5%">0.05</td> <td style="vertical-align: bottom; width: 5%; padding-right: 0.7pt">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 0.7pt">Distribution and/or Service Fees (12b-1 Fees)</td> <td> </td> <td style="vertical-align: bottom; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-right: 0.7pt; text-align: right">0.30</td> <td style="vertical-align: bottom; padding-right: 0.7pt">%</td> <td> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 0.7pt">Other Expenses</td> <td> </td> <td style="vertical-align: bottom; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-right: 0.7pt; text-align: right">0.14</td> <td style="vertical-align: bottom; padding-right: 0.7pt">%</td> <td> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 0.7pt">Acquired Fund Fees and Expenses</td> <td> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.7pt; text-align: right">0.72</td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.7pt">%</td> <td> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 0.7pt">Total Annual Operating Expenses</td> <td> </td> <td style="vertical-align: bottom; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-right: 0.7pt; text-align: right">1.21</td> <td style="vertical-align: bottom; padding-right: 0.7pt">%1</td> <td> </td> <td> </td></tr> </table> 1 The Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 0.0005 0.003 0.0014 0.0072 0.0121 The Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. <table cellpadding="0" style="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">II.</td><td style="text-align: justify">The section of the Prospectus titled “Example” under “FUND SUMMARY: Venerable Moderate Allocation Fund” is deleted in its entirety and replaced with the following: </td></tr></table> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example does not reflect expenses and charges which are, or may be, imposed under your Variable Contract. If the example were to reflect the deduction of such charges, the costs shown would be greater. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="font: 12pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 54%"> </td> <td style="width: 10%; border-bottom: #231F20 1pt solid; padding-top: 0.7pt; text-align: center">1 Year</td> <td style="width: 2%"> </td> <td style="width: 10%; border-bottom: #231F20 1pt solid; padding-top: 0.7pt; text-align: center">3 Years</td> <td style="width: 2%"> </td> <td style="width: 10%; border-bottom: #231F20 1pt solid; padding-top: 0.7pt; text-align: center">5 Years</td> <td style="width: 2%"> </td> <td style="width: 10%; border-bottom: #231F20 1pt solid; padding-top: 0.7pt; padding-right: 0.1pt; text-align: right">10 Years</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2.65pt; padding-left: 2.5pt">Class V Shares</td> <td style="padding-top: 2.65pt; text-align: center">$123</td> <td> </td> <td style="padding-top: 2.65pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center">$384</td> <td> </td> <td style="padding-top: 2.65pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center">$665</td> <td> </td> <td style="padding-top: 2.65pt; padding-right: 0.85pt; text-align: right">$ 1,466</td></tr> </table> 123 384 665 1466 PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE 497 N-1A 0001995745 false 2026-09-03 The Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights section of the Prospectus, which reflects operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.