Virtus Variable Insurance Trust: Virtus Duff & Phelps Real Estate Securities Series Fund Investments as of : 06/30/2021 (Unaudited) Percentage of Market Value by Sector

Industrial/Office: Industrial Infrastructure REITs Residential: Apartments Specialty Infrastructure REITs 1.3% Diversified Specialty 1.3% Retail: Free Standing Diversified 1.4% Retail: Regional Malls Retail: Free Standing 3.7% Lodging/Resorts Retail: Regional Malls 3.9% Residential: Manufactured Homes Lodging/Resorts 4.6% Single Family Homes Residential: Manufactured Homes 4.7% Retail: Shopping Centers Single Family Homes 5.6% Data Centers Self Storage Retail: Shopping Centers 6.2% Health Care Industrial/Office: Office Self Storage 7.6% Industrial/Office: Office 9.2% Health Care 10.5% Data Centers 11.8% Residential: Apartments 13.9% Industrial/Office: Industrial 14.4% Total: 100.0%

Infrastructure REITs 1.27%

Security Name Market Value

SBA Communications Corp $1,163,255

Real Estate Total Market Value: $1,163,255

Specialty 1.29%

Security Name Market Value

VICI Properties Inc $1,186,112

Real Estate Total Market Value: $1,186,112

Diversified 1.42%

Security Name Market Value

VEREIT Inc $1,307,627

Real Estate Total Market Value: $1,307,627

Retail: Free Standing 3.72%

Security Name Market Value

Spirit Realty Capital Inc $2,588,335 STORE Capital Corp $832,381

Real Estate Total Market Value: $3,420,717

Page 1 Retail: Regional Malls 3.92%

Security Name Market Value

Simon Property Group Inc $3,601,378

Real Estate Total Market Value: $3,601,378

Lodging/Resorts 4.59%

Security Name Market Value

Host Hotels & Resorts Inc $1,966,444 RLJ Lodging Trust $1,076,533 Ryman Hospitality Properties Inc $1,172,714

Real Estate Total Market Value: $4,215,690

Residential: Manufactured Homes 4.69%

Security Name Market Value

Sun Communities Inc $4,310,881

Real Estate Total Market Value: $4,310,881

Single Family Homes 5.60%

Security Name Market Value

American Homes 4 Rent $3,376,065 Invitation Homes Inc $1,765,682

Real Estate Total Market Value: $5,141,747

Retail: Shopping Centers 6.19%

Security Name Market Value

Brixmor Property Group Inc $2,497,116 Corp $2,111,107 Weingarten Realty Investors $1,082,363

Real Estate Total Market Value: $5,690,585

Self Storage 7.58%

Security Name Market Value

CubeSmart $3,478,632 Extra Space Storage Inc $3,483,796

Real Estate Total Market Value: $6,962,428

Industrial/Office: Office 9.16%

Security Name Market Value

Alexandria Real Estate Equities Inc $2,736,923

Page 2 Boston Properties Inc $1,459,877 Cousins Properties Inc $2,650,440 Douglas Emmett Inc $1,571,399

Real Estate Total Market Value: $8,418,639

Health Care 10.49%

Security Name Market Value

Healthcare Trust of America Inc $2,153,355 Healthpeak Properties Inc $3,304,033 Welltower Inc $4,179,099

Real Estate Total Market Value: $9,636,487

Data Centers 11.77%

Security Name Market Value

CyrusOne Inc $2,738,286 Inc $8,079,774

Real Estate Total Market Value: $10,818,060

Residential: Apartments 13.88%

Security Name Market Value

Apartment Income REIT Corp $2,668,080 AvalonBay Communities Inc $4,065,073 Equity Residential $2,496,340 Mid-America Apartment Communities Inc $3,519,978

Real Estate Total Market Value: $12,749,470

Industrial/Office: Industrial 14.43%

Security Name Market Value

Duke Realty Corp $4,187,918 Prologis Inc $7,835,431 Rexford Industrial Realty Inc $1,237,239

Real Estate Total Market Value: $13,260,587

Page 3 Total Invested Assets: $91,883,664

This fund is actively managed and current holdings may be different. The fund holdings listing provided here is not part of the fund's annual/semiannual report or Form NPORT-EX. The most recent annual/semiannual report can be viewed at www.virtus.com. Forms NPORT-EX are available at the SEC's website at www.sec.gov. The information provided in this listing may differ from a fund's holdings disclosed in it's annual/semiannual report and Form NPORT-EX. Please carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For this and other information about any Virtus mutual fund, call 1-800-243-4361 or visit www.virtus.com for a prospectus and/or summary prospectus. Read the prospectus and/or summary prospectus carefully before you invest or send money.

Mutual funds distributed by VP Distributors, LLC.

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