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 Regency Centers 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 Equinix 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. Page 4.