# EDGAR Filing Document

**Accession Number:** 0001018593
**File Stem:** 0000930413-25-003648
**Filing Date:** 2025-12
**Character Count:** 25215
**Document Hash:** da9c06be5dd0295266cb48fa70fd79dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003648.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0000930413-25-003648

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**EFFECTIVENESS DATE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS ASSET TRUST
- **CENTRAL INDEX KEY:** 0001018593

**ORGANIZATION NAME:**
- **EIN:** 956981193
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-08045
- **FILM NUMBER:** 251570143

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** (800) 243-4361

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX ASSET TRUST
- **DATE OF NAME CHANGE:** 20060523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX-KAYNE FUNDS
- **DATE OF NAME CHANGE:** 20021223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KAYNE ANDERSON RUDNICK MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20010226

## Series and Classes Contracts Data

### Virtus Ceredex Large-Cap Value Equity Fund (Series ID: S000057022)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SVIIX         | C000181155 |
| Class C    | SVIFX         | C000181156 |
| Class I    | STVTX         | C000181157 |
| Class R6   | STVZX         | C000181158 |

---

### Virtus Ceredex Mid-Cap Value Equity Fund (Series ID: S000057033)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SAMVX         | C000181196 |
| Class C    | SMVFX         | C000181197 |
| Class I    | SMVTX         | C000181198 |
| Class R6   | SMVZX         | C000181199 |

---

### Virtus Silvant Large-Cap Growth Stock Fund (Series ID: S000057037)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | STCIX         | C000181209 |
| Class I    | STCAX         | C000181211 |
| Class R6   | STCZX         | C000181212 |

---

### Virtus Ceredex Small-Cap Value Equity Fund (Series ID: S000057041)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SASVX         | C000181226 |
| Class C    | STCEX         | C000181227 |
| Class I    | SCETX         | C000181228 |
| Class R6   | VVERX         | C000211610 |

---

## Series and Classes Contracts Data

### Virtus Ceredex Large-Cap Value Equity Fund (Series ID: S000057022)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181155 | Class A      | SVIIX           |
| C000181156 | Class C      | SVIFX           |
| C000181157 | Class I      | STVTX           |
| C000181158 | Class R6     | STVZX           |

### Virtus Ceredex Mid-Cap Value Equity Fund (Series ID: S000057033)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181196 | Class A      | SAMVX           |
| C000181197 | Class C      | SMVFX           |
| C000181198 | Class I      | SMVTX           |
| C000181199 | Class R6     | SMVZX           |

### Virtus Silvant Large-Cap Growth Stock Fund (Series ID: S000057037)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181209 | Class A      | STCIX           |
| C000181211 | Class I      | STCAX           |
| C000181212 | Class R6     | STCZX           |

### Virtus Ceredex Small-Cap Value Equity Fund (Series ID: S000057041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181226 | Class A      | SASVX           |
| C000181227 | Class C      | STCEX           |
| C000181228 | Class I      | SCETX           |
| C000211610 | Class R6     | VVERX           |

?xml version='1.0' encoding='ASCII'?

#### Virtus Ceredex Large-Cap Value Equity Fund

#### (the "Fund"),

#### a series of Virtus Asset Trust
Supplement dated December 15, 2025 to the Fund's Summary Prospectus

and the Virtus Asset Trust Statutory Prospectus, each dated April 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Fund's investment adviser will implement new expense limitation arrangements to further limit the Fund's expenses and will extend the term of the expense limitation arrangements for all of the Fund's classes of shares. The resulting changes to the Fund's prospectuses are described in more detail below.

-- End of Supplement Text --

Under "Fees and Expenses" in the Fund's summary prospectus and the summary section of the statutory prospectus, the "Shareholder Fees" and "Annual Fund Operating Expenses" tables and associated footnotes will be replaced with the following:

#### Fees and Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Investment Advisory Fees | 0.69% | 0.69% | 0.69% | 0.69% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.31% | 0.35% | 0.41% | 0.19% |
| Total Annual Fund Operating Expenses | 1.25% | 2.04% | 1.10% | 0.88% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.01)% | (0.32)% | (0.21)% | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.24% | 1.72% | 0.89% | 0.72% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.24% for
Class A Shares, 1.72% for Class C Shares, 0.89% for Class I Shares and 0.72% for Class R6 Shares through
April 30, 2027. Prior to April 30, 2027, only the fund's Board may modify or terminate the expense
limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement
arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed
and/or fees waived under these arrangements for a period of three years following the date such waiver
or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense
limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture,
after repayment is taken into account.

Under "Fees and Expenses," the "Example" table will be replaced with the following:

#### Example

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $669 | $923 | $1197 | $1976 |
| Class C  | Sold | $275 | $598 | $1058 | $2334 |
|  | Held | $175 | $598 | $1058 | $2334 |
| Class I  | Sold or Held | $91 | $322 | $579 | $1315 |
| Class R6  | Sold or Held | $74 | $259 | $467 | $1065 |

---

-- End of Supplement Data --

------

In the first table in the section "More Information About Fund Expenses" on page 56 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following and the footnote will appear after the table as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class C Shares** | **Class I Shares** | **Class R6 Shares** |
| Virtus Ceredex Large-Cap Value Equity Fund<sup>(\*\*)</sup> | 1.24% | 1.72% | 0.89% | 0.72% |

---

<sup>(\*\*)</sup> Contractual through April 30, 2027.

#### Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622 Ceredex SCV Expense Cap Reduction (12/25)

------

#### Virtus Ceredex Mid-Cap Value Equity Fund

#### (the "Fund"),

#### a series of Virtus Asset Trust
Supplement dated December 15, 2025 to the Fund's Summary Prospectus

and the Virtus Asset Trust Statutory Prospectus, each dated April 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Fund's investment adviser will implement new expense limitation arrangements to further limit the Fund's expenses and will extend the term of the expense limitation arrangements for all of the Fund's classes of shares. The resulting changes to the Fund's prospectuses are described in more detail below.

-- End of Supplement Text --

Under "Fees and Expenses" in the Fund's summary prospectus and the summary section of the statutory prospectus, the "Shareholder Fees" and "Annual Fund Operating Expenses" tables and associated footnotes will be replaced with the following:

#### Fees and Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Investment Advisory Fees | 0.70% | 0.70% | 0.70% | 0.70% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.34% | 0.30% | 0.31% | 0.18% |
| Total Annual Fund Operating Expenses | 1.29% | 2.00% | 1.01% | 0.88% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> |  | (0.24)% | (0.02)% | (0.09)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.29% | 1.76% | 0.99% | 0.79% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.76% for
Class C Shares, 0.99% for Class I Shares and 0.79% for Class R6 Shares through April 30, 2027. Prior
to April 30, 2027, only the fund's Board may modify or terminate the expense limitation agreement.
Following the contractual period, the adviser may discontinue these expense reimbursement arrangements
at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or
fees waived under these arrangements for a period of three years following the date such waiver or reimbursement
occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at
the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment
is taken into account.

Under "Fees and Expenses," the "Example" table will be replaced with the following:

#### Example

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $674 | $936 | $1219 | $2021 |
| Class C  | Sold | $279 | $596 | $1048 | $2301 |
|  | Held | $179 | $596 | $1048 | $2301 |
| Class I  | Sold or Held | $101 | $319 | $555 | $1233 |
| Class R6  | Sold or Held | $81 | $269 | $476 | $1073 |

---

-- End of Supplement Data --

------

In the first table in the section "More Information About Fund Expenses" on page 56 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following and the footnotes will appear after the table as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class C Shares** | **Class I Shares** | **Class R6 Shares** |
| Virtus Ceredex Mid-Cap Value Equity Fund<sup>(\*\*)</sup><br> 1.35%<sup>(\*)</sup> | 1.76% | 0.99% | 0.79% |

---

<sup>(\*)</sup> Share class expenses currently at or below the capped level.

<sup>(\*\*)</sup> Contractual through April 30, 2027.

#### Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622 Ceredex MCV Expense Cap Reduction (12/25)

------

#### Virtus Ceredex Small-Cap Value Equity Fund

#### (the "Fund"),

#### a series of Virtus Asset Trust
Supplement dated December 15, 2025 to the Fund's Summary Prospectus

and the Virtus Asset Trust Statutory Prospectus, each dated April 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Fund's investment adviser will implement new expense limitation arrangements to further limit the Fund's expenses and will extend the term of the expense limitation arrangements for all of the Fund's classes of shares. The resulting changes to the Fund's prospectuses are described in more detail below.

-- End of Supplement Text --

Under "Fees and Expenses" in the Fund's summary prospectus and the summary section of the statutory prospectus, the "Shareholder Fees" and "Annual Fund Operating Expenses" tables and associated footnotes will be replaced with the following:

#### Fees and Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Investment Advisory Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.44% | 0.39% | 0.44% | 0.26% |
| Total Annual Fund Operating Expenses | 1.44% | 2.14% | 1.19% | 1.01% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.03)% | (0.33)% | (0.37)% | (0.24)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.41% | 1.81% | 0.82% | 0.77% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.41% for
Class A Shares, 1.81% for Class C Shares, 0.82% for Class I Shares and 0.77% for Class R6 Shares through
April 30, 2027. Prior to April 30, 2027, only the fund's Board may modify or terminate the expense
limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement
arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed
and/or fees waived under these arrangements for a period of three years following the date such waiver
or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense
limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture,
after repayment is taken into account.

Under "Fees and Expenses," the "Example" table will be replaced with the following:

#### Example

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $686 | $977 | $1290 | $2176 |
| Class C  | Sold | $284 | $627 | $1108 | $2437 |
|  | Held | $184 | $627 | $1108 | $2437 |
| Class I  | Sold or Held | $84 | $328 | $605 | $1398 |
| Class R6  | Sold or Held | $79 | $289 | $526 | $1207 |

---

-- End of Supplement Data --

------

In the first table in the section "More Information About Fund Expenses" on page 56 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following and the footnote will appear after the table as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class C Shares** | **Class I Shares** | **Class R6 Shares** |
| Virtus Ceredex Small-Cap Value Fund<sup>(\*\*)</sup> | 1.41% | 1.81% | 0.82% | 0.77% |

---

<sup>(\*\*)</sup> Contractual through April 30, 2027.

#### Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622 Ceredex SCV Expense Cap Reduction (12/25)

------

#### Virtus Silvant Large-Cap Growth Stock Fund (the "Fund"),

#### a series of Virtus Asset Trust
Supplement dated December 15, 2025 to the Fund's Summary Prospectus

and the Virtus Asset Trust Statutory Prospectus, each dated April 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Fund's investment adviser will implement new expense limitation arrangements to further limit the Fund's expenses and will extend the term of the expense limitation arrangements for all of the Fund's classes of shares. In addition, effective the same date, the Fund's investment adviser will reduce the investment advisory fee to 0.45%. The resulting changes to the Fund's prospectuses are described in more detail below.

-- End of Supplement Text --

Under "Fees and Expenses" in the Fund's summary prospectus and the summary section of the statutory prospectus, the "Shareholder Fees" and "Annual Fund Operating Expenses" tables and associated footnotes will be replaced with the following:

#### Fees and Expenses

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **&nbsp;&nbsp;&nbsp;&nbsp;Class I** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **&nbsp;&nbsp;&nbsp;&nbsp;Class I** | **Class R6** |
| Investment Advisory Fees | 0.45% | 0.45% | 0.45% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.30% | 0.36% | 0.22% |
| Total Annual Fund Operating Expenses | 1.00% | 0.81% | 0.67% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(a)</sup> |  | (0.14)% | (0.05)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(a)</sup> | 1.00% | 0.67% | 0.62% |

---

(a) The fund's investment adviser has contractually
agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end
or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment
and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred
in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as
litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do
not exceed 0.67% for Class I Shares and 0.62% for Class R6 Shares through April 30, 2027. Prior to April
30, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following
the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time.
Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived
under these arrangements for a period of three years following the date such waiver or reimbursement
occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at
the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment
is taken into account.

Under "Fees and Expenses," the "Example" table will be replaced with the following:

#### Example

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $646 | $851 | $1072 | $1707 |
| Class I  | Sold or Held | $68 | $239 | $431 | $984 |
| Class R6  | Sold or Held | $63 | $208 | $367 | $829 |

---

-- End of Supplement Data --

In the first table in the section "More Information About Fund Expenses" on page 56 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following and the footnotes will appear after the table as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class C Shares** | **Class I Shares** | **Class R6 Shares** |
| Virtus Silvant Large Cap-Growth Stock Fund<sup>(\*\*)</sup><br> 1.03%<sup>(\*)</sup> | N/A | 0.67% | 0.62% |

---

<sup>(\*)</sup> Share class expenses currently at or below the capped level.

<sup>(\*\*)</sup> Contractual through April 30, 2027.

------

In the first Management Fees table in the section "Management of the Funds" beginning on page 81 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Virtus Silvant Large-Cap Growth Stock Fund | 0.45% |

---

#### Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622 Silvant LCG Expense Cap Reduction (12/25)

------

#### Virtus Ceredex Large-Cap Value Equity Fund

#### Virtus Ceredex Mid-Cap Value Equity Fund

#### Virtus Ceredex Small-Cap Value Equity Fund

#### and Virtus Silvant Large Cap-Growth Stock Fund (each a "Fund" and collectively, the "Funds"),

#### each a series of Virtus Asset Trust
Supplement dated December 15, 2025 to the Statement of

Additional Information ("SAI") dated April 28, 2025, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2026, the Funds' investment adviser will implement new expense limitation arrangements to further limit the Funds' expenses and will extend the term of the expense limitation arrangements for all of the Funds' classes of shares. Also effective January 1, 2026, the adviser will reduce the Virtus Silvant Large-Cap Growth Stock Fund's investment advisory fee to 0.45%. The resulting changes to the Funds' SAI are described in more detail below.

In the table setting forth investment advisory fees beginning on page 71 of the Funds' SAI, the row corresponding to the Virtus Silvant Large Cap-Growth Stock Fund will be replaced with the following:

---

| | |
|:---|:---|
| **Fund** | **Investment Advisory Fee** |
| Silvant Large-Cap Growth Stock Fund | 0.45% |

---

In the table setting forth expense limitation arrangements on page 72 of the Funds' SAI, the rows corresponding to the Funds will be replaced with the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Ceredex Large-Cap Value Equity Fund<sup>(\*)</sup> | 1.24% | 1.72% | 0.89% | 0.72% |
| Ceredex Mid-Cap Value Equity Fund<sup>(\*)</sup> | 1.35% | 1.76% | 0.99% | 0.79% |
| Ceredex Small-Cap Value Equity Fund<sup>(\*)</sup> | 1.41% | 1.81% | 0.82% | 0.77% |
| Silvant Large-Cap Growth Stock Fund<sup>(\*)</sup> | 1.03% | N/A | 0.67% | 0.62% |

---

<sup>(\*)</sup> Contractual through April 30, 2027.

#### Investors should retain this supplement with the SAI for future reference.
VAT 8622B Ceredex/Silvant Expense Cap Reduction (12/25)

------