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Investment Opportunity

The Series offers exposure to U.S. equities with an investment objective of capital appreciation and current income. The Series seeks to achieve its investment objective of capital appreciation by investing in ETFs, and/or securities representing the S&P 500 and the primary sectors of the S&P 500® Index, and market segments that include low volatility and high beta securities. Allocations are based on a proprietary rules-based momentum model that looks to overweight sectors and market segments that experienced stronger recent relative-performance. Current income is achieved through an options strategy, utilizing index-based, out-of-the-money put and call credit spreads. The strategy is driven by implied volatility, as measured by the CBOE Volatility Index (VIX), and seeks to exploit pricing inefficiencies in the S&P 500® Index.

Effective September 7, 2016, this Series changed its strategy and subadviser to Rampart Investment Management. Performance and characteristics prior to that date were attained by the previous manager. Prior to October 11, 2016, this Series name was the Virtus Growth & Income Series.

Fund Risks

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

Call/Put Spreads: Buying and selling call and put option spreads on the SPX Index risks the loss of the premium when buying, can limit upside participation and increase downside losses.

Portfolio Turnover: The fund's principal investments strategies will result in a consistently high portfolio turnover rate. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.

Fund of Funds: Because the fund can invest in other funds, it indirectly bears its proportionate share of the operating expenses and management fees of the underlying fund(s).

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Prospectus: For additional information on risks, please see the fund's prospectus.

Key Stats (as of 10/21/2016)

Inception: 3/2/1998
CUSIP: 92829L208
Net Assets by Fund: $99,188,581
Net Assets by Class: $99,188,581

Management Team

Warun Kumar
Warun Kumar Rampart Investment Management Company, LLC

Industry start date: 1993

Start date with Fund: 2016

Michael Davis
Michael Davis Rampart Investment Management Company, LLC

Industry start date: 1999

Start date with Fund: 2016

Brendan R. Finneran, CMT
Brendan R. Finneran, CMT Rampart Investment Management Company, LLC

Industry start date: 2003

Start date with Fund: 2016

Robert F. Hofeman, Jr.
Robert F. Hofeman, Jr. Rampart Investment Management Company, LLC

Industry start date: 2002

Start date with Fund: 2016

Rampart Investment Management Company, LLC

Rampart Investment Management strives to generate incremental yield and dampen portfolio volatility through the use of systematic and disciplined options solutions.

Morningstar Ratings

Overall Rating Non Load-Waived

As of 9/30/2016 the Fund was rated 1 stars out of 218 funds, 1 stars out of 200 funds and 1 stars out of 172 funds within the Large Blend category for the 3-, 5- and 10 year periods, respectively.

Strong ratings are not indicative of positive fund performance.

Average Annual Total Returns

Monthly Performance (%) (as of 9/30/2016)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 3.67 1.51 4.69 3.87 11.40 4.53 4.73
Quarterly Performance (%) (as of 9/30/2016)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 3.67 1.51 4.69 3.87 11.40 4.53 4.73
Index 3.85 7.84 15.43 11.16 16.37 7.24 NA

Index: S&P 500® Index
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

Sales Charge and Expense

Fund class operating expenses are 0.98% and gross operating expenses are 1.22%.

Operating expenses reflect a contractual expense reimbursement in effect through 04/30/2017.

Risk Statistics3 (as of 9/30/2016)

  Fund Index
R2 0.92 1.00
Beta 1.04 1.00
Alpha -7.11 0.00
Std Dev 11.55 10.67
Index: S&P 500® Index

Daily Price (as of 10/21/2016)

NAV Change ($)
13.47 -0.02

Top Holdings (% Fund)
(as of 9/30/2016)

Vanguard S&P 500 Index Fund 49.07
Technology Select Sector SPDR Fund 8.29
Energy Select Sector SPDR Fund 8.02
Financial Select Sector SPDR Fund 7.80
Williams Companies, Inc. 0.49
Chesapeake Energy Corporation 0.45
Freeport-McMoRan, Inc. 0.38
Marathon Oil Corporation 0.37
Western Digital Corporation 0.37
Apache Corporation 0.37

Top Sectors (% Equity)
(as of 9/30/2016)

Information Technology 21.40
Financials 21.10
Energy 19.38
Health Care 8.79
Consumer Discretionary 8.34

(as of 9/30/2016)

Avg Weighted Market Cap (bn) $119.58
Median Market Cap (bn) $18.75
Trailing P/E 17.52x
Price-to-Book Value 3.64
3-Year EPS Growth Rate 5.30

Morningstar Ratings

Overall Rating Non Load-Waived

As of 9/30/2016 the Fund was rated 1 stars out of 218 funds, 1 stars out of 200 funds and 1 stars out of 172 funds within the Large Blend category for the 3-, 5- and 10 year periods, respectively.

Strong ratings are not indicative of positive fund performance.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Returns for periods of less than one year are cumulative total returns.

The investments for the Series are managed by the same portfolio manager(s) who manage one or more other funds that have similar names, investment objectives and investment styles as the Series. You should be aware that the Series is likely to differ from the other mutual funds in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Series can be expected to vary from those of the other mutual funds.

Shares of the separate Series of Virtus Variable Insurance Trust are sold only through the currently effective prospectuses and are not available to the general public. Shares of the VIT Series may be purchased only by life insurance companies to be used with their separate accounts which fund variable annuity and variable life insurance policies or qualified retirement plans and are also available as an underlying investment fund for certain qualified retirement plans. The performance information for the Series does not reflect fees and expenses of the insurance companies. If such fees and expenses were deducted, performance would be lower.

Please carefully consider the investment objectives, risks, charges, and expenses of the Series before investing. For this and other information about any Virtus Variable Insurance Trust Series, call 1-800-367-5877 or visit for a prospectus and/or summary prospectus. Read it carefully before you invest or send money.

Morningstar Disclosures:
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for a variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in an investment category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Ratings are for the A Shares as shown only; other share classes bear different fees and expenses, which affect performance.

Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.

© 2013 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results

1 Yields/Distributions: Distribution Yield (at NAV) is calculated by annualizing the latest month's distribution and dividing by the NAV on the last business day of the period. SEC Yield represents the net investment income earned by a fund over a 30-day period (7-day period for Money Market Funds), expressed as an annual percentage rate based on the fund's public offering share price at the end of the 30-day period (7-day period for Money Market Funds).

2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

3 Risk Statistics: R2 is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. Beta is a quantitative measure of the volatility of a given portfolio to the overall market. Alpha is a risk adjusted measure of an investment's excess return relative to a benchmark. A positive Alpha indicates that the investment produced a return greater than expected for the risk (as measured by Beta) taken. Standard Deviation measures variability of returns around the average return for an investment fund. Higher standard deviation suggests greater risk. Risk Statistics are calculated using 36 monthly returns.

4 Characteristics: For Equity Funds:Trailing P/E: Per-share stock price divided by the latest12-months Earnings per Share; Price/Cash Flow: Per-share stock price divided by the per-share operating cash flow; Price/Book: Per-share stock price divided by the latest 12-month per-share Book Value; 3-Year EPS Growth Rate: Average of earnings per share growth for latest 3-year period. The 3-Year EPS Growth Rate is not a forecast of the fund's performance.

Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.

Distributed by VP Distributors, LLC, member FINRA and subsidiary of Virtus Investment Partners, Inc.