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Investment Opportunity

The Series offers access to international equity markets through a high conviction core portfolio, with a bias toward value and quality. The bottom-up process evaluates securities using a Cash Flow Return on Invested Capital approach to valuation, which helps to quantify a company's true economic return absent accounting distortions, and creates better comparability between countries. This is coupled with deep fundamental analysis to assess the financial strength, franchise quality, and management alignment of individual securities. Top-down research is used to inform global and regional allocation decisions, and determine country and sector selection. A variety of factors, including monetary policy, geopolitical factors, direction of interest rate movements, economic growth and outlook, and valuation are considered.

The subadviser of the Series transitioned from Euclid Advisors LLC to Duff & Phelps Investment Management Co. on September 7, 2016, following Euclid's assumption of responsibilities on November 2, 2015. There was no change to the portfolio manager or the investment approach. Performance prior to November 2, 2015 was attained by the prior manager.

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.

Foreign & Emerging Markets: Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic, and market risk.

Derivatives: Investments in derivatives such as futures, options, forwards, and swaps may increase volatility or cause a loss greater than the principal investment.

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

Key Stats (as of 9/30/2016)

Inception: 5/1/1990
CUSIP: 92829L505
Net Assets by Fund: $190,584,199
Net Assets by Class: $190,495,419

Management Team

Frederick A. Brimberg
Frederick A. Brimberg Duff & Phelps Investment Management Co.

Industry start date: 1979

Start date with Series: 2015

Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. offers a product mix comprised of Global Listed Infrastructure, Global Real Estate, Energy & MLPs, and International Equity. The product mix has emanated from the in-depth fundamental research expertise in listed infrastructure securities that the firm first established in 1932.

Morningstar Ratings

Overall Rating Non Load-Waived

As of 8/31/2016 the Fund was rated 1 stars out of 81 funds, 1 stars out of 74 funds and 4 stars out of 53 funds within the Foreign 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 5.10 1.38 6.50 -3.91 3.40 2.37 6.18
Quarterly Performance (%) (as of 9/30/2016)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 5.10 1.38 6.50 -3.91 3.40 2.37 6.18
Index NA NA NA NA NA NA NA

Index: MSCI EAFE® Index (net)
The MSCI EAFE® Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net 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 1.18% and gross operating expenses are 1.29%.

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

Risk Statistics3 (as of 6/30/2016)

  Fund Index
R2 0.86 1.00
Beta 0.89 1.00
Alpha -5.17 0.00
Std Dev 12.65 13.11
Index: MSCI EAFE® Index (net)

Daily Price (as of 9/30/2016)

NAV Change ($)
11.33 0.04

Top Holdings (% Fund)
(as of 6/30/2016)

Agnico-Eagle Mines Limited 4.03
Randgold Resources Limited 3.98
Allergan plc 3.77
KDDI Corporation 3.43
British American Tobacco p.l.c. 3.21
Marine Harvest ASA 3.12
Heineken NV 3.09
Nidec Corporation 3.01
Spark New Zealand Limited 2.83
RELX PLC 2.82

Top Countries (% Invested Assets)
(as of 6/30/2016)

United Kingdom 25.51
Japan 23.63
Netherlands 8.86
France 7.32
Norway 6.64

Top Sectors (% Equity)
(as of 6/30/2016)

Consumer Discretionary 15.93
Information Technology 13.08
Telecommunication Services 12.81
Financials 12.03
Consumer Staples 10.56

Characteristics4
(as of 6/30/2016)

Avg Weighted Market Cap (bn) $37.63
Median Market Cap (bn) $22.94
Trailing P/E 23.85x
Price-to-Cash Flow 13.76
Price-to-Book Value 2.38
3-Year EPS Growth Rate 16.88

Morningstar Ratings

Overall Rating Non Load-Waived

As of 8/31/2016 the Fund was rated 1 stars out of 81 funds, 1 stars out of 74 funds and 4 stars out of 53 funds within the Foreign 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 Virtus.com 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.