# EDGAR Filing Document

**Accession Number:** 0001018593
**File Stem:** 0001193125-25-195626
**Filing Date:** 2025-9
**Character Count:** 823879
**Document Hash:** badaca836cac7a97d0353b7e0efa1e8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195626.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195626

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07705
- **FILM NUMBER:** 251292186

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

### Virtus Seix High Grade Municipal Bond Fund (Series ID: S000057023)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181160 | Class A      | SFLTX           |
| C000181161 | Class I      | SCFTX           |

### Virtus Seix High Yield Fund (Series ID: S000057025)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181168 | Class A      | HYPSX           |
| C000181169 | Class I      | SAMHX           |
| C000181170 | Class R6     | HYIZX           |

### Virtus Seix Investment Grade Tax-Exempt Bond Fund (Series ID: S000057026)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181173 | Class A      | SISIX           |
| C000181174 | Class I      | STTBX           |

### Virtus Seix Total Return Bond Fund (Series ID: S000057031)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181187 | Class A      | CBPSX           |
| C000181188 | Class I      | SAMFX           |
| C000181189 | Class R6     | SAMZX           |

### Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (Series ID: S000057032)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181192 | Class I      | SIGVX           |
| C000181193 | Class R6     | SIGZX           |
| C000203236 | Class A      | SSAGX           |

### 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 SGA International Growth Fund (Series ID: S000057039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181219 | Class A      | SCIIX           |
| C000181220 | Class I      | STITX           |
| C000181221 | Class R6     | SCIZX           |
| C000248388 | Class C      | VSGEX           |

### Virtus Zevenbergen Innovative Growth Stock Fund (Series ID: S000057040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181224 | Class A      | SAGAX           |
| C000181225 | Class I      | SCATX           |
| C000224214 | Class R6     | VZGRX           |

### 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           |

### Virtus Seix Core Bond Fund (Series ID: S000057044)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181238 | Class A      | STGIX           |
| C000181239 | Class I      | STIGX           |
| C000181240 | Class R6     | STGZX           |

### Virtus Seix Floating Rate High Income Fund (Series ID: S000057046)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181247 | Class A      | SFRAX           |
| C000181248 | Class C      | SFRCX           |
| C000181249 | Class I      | SAMBX           |
| C000181250 | Class R6     | SFRZX           |

?xml version='1.0' encoding='ASCII'? Virtus Asset Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07705

#### Virtus Asset Trust
(Exact name of registrant as specified in charter)

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-243-1574

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025

------

 **Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class A / SVIIX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class A / SVIIX | $63 | 1.24% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$590121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 20% |
| Financials | 18% |
| Information Technology | 10% |
| Consumer Discretionary | 10% |
| Health Care | 10% |
| Energy | 6% |
| Utilities | 6% |
| Other | 20% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8117 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class C / SVIFX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class C / SVIFX | $87 | 1.72% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$590121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 20% |
| Financials | 18% |
| Information Technology | 10% |
| Consumer Discretionary | 10% |
| Health Care | 10% |
| Energy | 6% |
| Utilities | 6% |
| Other | 20% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8118 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class I / STVTX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class I / STVTX | $49 | 0.97% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$590121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 20% |
| Financials | 18% |
| Information Technology | 10% |
| Consumer Discretionary | 10% |
| Health Care | 10% |
| Energy | 6% |
| Utilities | 6% |
| Other | 20% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8119 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class R6 / STVZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class R6 / STVZX | $36 | 0.72% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$590121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 20% |
| Financials | 18% |
| Information Technology | 10% |
| Consumer Discretionary | 10% |
| Health Care | 10% |
| Energy | 6% |
| Utilities | 6% |
| Other | 20% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8120 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class A / SAMVX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class A / SAMVX | $66 | 1.31% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;98% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 22% |
| Information Technology | 19% |
| Financials | 14% |
| Real Estate | 11% |
| Utilities | 8% |
| Consumer Discretionary | 8% |
| Materials | 7% |
| Other (includes short-term investment) | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8121 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class C / SMVFX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class C / SMVFX | $88 | 1.76% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;98% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 22% |
| Information Technology | 19% |
| Financials | 14% |
| Real Estate | 11% |
| Utilities | 8% |
| Consumer Discretionary | 8% |
| Materials | 7% |
| Other (includes short-term investment) | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8122 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class I / SMVTX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class I / SMVTX | $52 | 1.04% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;98% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 22% |
| Information Technology | 19% |
| Financials | 14% |
| Real Estate | 11% |
| Utilities | 8% |
| Consumer Discretionary | 8% |
| Materials | 7% |
| Other (includes short-term investment) | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8123 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class R6 / SMVZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class R6 / SMVZX | $40 | 0.79% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;98% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 22% |
| Information Technology | 19% |
| Financials | 14% |
| Real Estate | 11% |
| Utilities | 8% |
| Consumer Discretionary | 8% |
| Materials | 7% |
| Other (includes short-term investment) | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8124 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class A / SASVX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class A / SASVX | $70 | 1.46% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 21% |
| Real Estate | 10% |
| Information Technology | 10% |
| Consumer Discretionary | 6% |
| Materials | 6% |
| Energy | 6% |
| Other | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8125 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class C / STCEX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class C / STCEX | $87 | 1.81% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 21% |
| Real Estate | 10% |
| Information Technology | 10% |
| Consumer Discretionary | 6% |
| Materials | 6% |
| Energy | 6% |
| Other | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8126 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class I / SCETX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class I / SCETX | $39 | 0.82% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 21% |
| Real Estate | 10% |
| Information Technology | 10% |
| Consumer Discretionary | 6% |
| Materials | 6% |
| Energy | 6% |
| Other | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8127 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class R6 / VVERX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class R6 / VVERX | $37 | 0.77% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 30% |
| Industrials | 21% |
| Real Estate | 10% |
| Information Technology | 10% |
| Consumer Discretionary | 6% |
| Materials | 6% |
| Energy | 6% |
| Other | 11% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8128 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Core Bond Fund
Class A / STGIX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Core Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Core Bond Fund<br>Class A / STGIX | $32 | 0.64% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$129722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 41% |
| Mortgage-Backed Securities |  | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 35% |  |
| Corporate Bonds and Notes |  | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6% |  |
| Asset-Backed Securities |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8321 Virtus Seix Core Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Core Bond Fund
Class I / STIGX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Core Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Core Bond Fund<br>Class I / STIGX | $25 | 0.50% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$129722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 41% |
| Mortgage-Backed Securities |  | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 35% |  |
| Corporate Bonds and Notes |  | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6% |  |
| Asset-Backed Securities |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8322 Virtus Seix Core Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Core Bond Fund
Class R6 / STGZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Core Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Core Bond Fund<br>Class R6 / STGZX | $18 | 0.36% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$129722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 41% |
| Mortgage-Backed Securities |  | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 35% |  |
| Corporate Bonds and Notes |  | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6% |  |
| Asset-Backed Securities |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8323 Virtus Seix Core Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Floating Rate High Income Fund
Class A / SFRAX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class A / SFRAX | $48 | 0.95% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1365325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 41% |  |
| Corporate Bonds and Notes |  | 3% |
| Asset-Backed Securities |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8328 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Floating Rate High Income Fund
Class C / SFRCX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class C / SFRCX | $76 | 1.53% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1365325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 41% |  |
| Corporate Bonds and Notes |  | 3% |
| Asset-Backed Securities |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8329 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Floating Rate High Income Fund
Class I / SAMBX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class I / SAMBX | $32 | 0.63% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1365325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 41% |  |
| Corporate Bonds and Notes |  | 3% |
| Asset-Backed Securities |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8330 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Floating Rate High Income Fund
Class R6 / SFRZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class R6 / SFRZX | $27 | 0.53% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1365325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 41% |  |
| Corporate Bonds and Notes |  | 3% |
| Asset-Backed Securities |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8331 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix High Grade Municipal Bond Fund
Class A / SFLTX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix High Grade Municipal Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Grade Municipal Bond Fund<br>Class A / SFLTX | $36 | 0.73% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$19839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8332 Virtus Seix High Grade Municipal Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix High Grade Municipal Bond Fund
Class I / SCFTX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix High Grade Municipal Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Grade Municipal Bond Fund<br>Class I / SCFTX | $29 | 0.58% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$19839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8333 Virtus Seix High Grade Municipal Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix High Yield Fund
Class A / HYPSX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix High Yield Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Yield Fund<br>Class A / HYPSX | $41 | 0.82% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$407615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 33% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Affiliated Exchange-Traded Fund |  | 5% |
| Leveraged Loans |  | 1% |
| Other (includes securities lending collateral) |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8334 Virtus Seix High Yield Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix High Yield Fund
Class I / SAMHX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix High Yield Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Yield Fund<br>Class I / SAMHX | $32 | 0.64% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$407615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 33% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Affiliated Exchange-Traded Fund |  | 5% |
| Leveraged Loans |  | 1% |
| Other (includes securities lending collateral) |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8335 Virtus Seix High Yield Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix High Yield Fund
Class R6 / HYIZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix High Yield Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Yield Fund<br>Class R6 / HYIZX | $27 | 0.53% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$407615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 33% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Affiliated Exchange-Traded Fund |  | 5% |
| Leveraged Loans |  | 1% |
| Other (includes securities lending collateral) |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8336 Virtus Seix High Yield Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Investment Grade Tax-Exempt Bond Fund
Class A / SISIX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Investment Grade Tax-Exempt Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund<br>Class A / SISIX | $33 | 0.67% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$118261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8337 Virtus Seix Investment Grade Tax-Exempt Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Investment Grade Tax-Exempt Bond Fund
Class I / STTBX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Investment Grade Tax-Exempt Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund<br>Class I / STTBX | $25 | 0.50% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$118261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8338 Virtus Seix Investment Grade Tax-Exempt Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Total Return Bond Fund
Class A / CBPSX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Total Return Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Total Return Bond Fund<br>Class A / CBPSX | $35 | 0.70% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$109914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 37% |  |
| U.S. Government Securities |  | 36% |
| Corporate Bonds and Notes |  | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6% |  |
| Asset-Backed Securities |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 1% |  |
| Securities Lending Collateral |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8343 Virtus Seix Total Return Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Total Return Bond Fund
Class I / SAMFX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Total Return Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Total Return Bond Fund<br>Class I / SAMFX | $23 | 0.46% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$109914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 37% |  |
| U.S. Government Securities |  | 36% |
| Corporate Bonds and Notes |  | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6% |  |
| Asset-Backed Securities |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 1% |  |
| Securities Lending Collateral |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8344 Virtus Seix Total Return Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix Total Return Bond Fund
Class R6 / SAMZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Total Return Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Total Return Bond Fund<br>Class R6 / SAMZX | $16 | 0.31% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$109914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 37% |  |
| U.S. Government Securities |  | 36% |
| Corporate Bonds and Notes |  | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 6% |  |
| Asset-Backed Securities |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 1% |  |
| Securities Lending Collateral |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8345 Virtus Seix Total Return Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix U.S. Government Securities Ultra-Short Bond Fund
Class A / SSAGX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix U.S. Government Securities Ultra-Short Bond <br>Fund<br>Class A / SSAGX | $33 | 0.65% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$403577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 98% |  |
| U.S. Government Security |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8346 Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix U.S. Government Securities Ultra-Short Bond Fund
Class I / SIGVX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix U.S. Government Securities Ultra-Short Bond<br>Fund<br>Class I / SIGVX | $20 | 0.40% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$403577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 98% |  |
| U.S. Government Security |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8347 Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Seix U.S. Government Securities Ultra-Short Bond Fund
Class R6 / SIGZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix U.S. Government Securities Ultra-Short Bond<br>Fund<br>Class R6 / SIGZX | $13 | 0.26% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$403577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 98% |  |
| U.S. Government Security |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8348 Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus SGA International Growth Fund
Class A / SCIIX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class A / SCIIX | $69 | 1.31% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$356202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 25% |
| Health Care | 21% |
| Financials | 15% |
| Consumer Staples | 14% |
| Industrials | 12% |
| Consumer Discretionary | 5% |
| Communication Services | 5% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8357 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus SGA International Growth Fund
Class C / VSGEX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class C / VSGEX | $108 | 2.06% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$356202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 25% |
| Health Care | 21% |
| Financials | 15% |
| Consumer Staples | 14% |
| Industrials | 12% |
| Consumer Discretionary | 5% |
| Communication Services | 5% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8358 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus SGA International Growth Fund
Class I / STITX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class I / STITX | $56 | 1.06% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$356202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 25% |
| Health Care | 21% |
| Financials | 15% |
| Consumer Staples | 14% |
| Industrials | 12% |
| Consumer Discretionary | 5% |
| Communication Services | 5% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8359 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus SGA International Growth Fund
Class R6 / SCIZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class R6 / SCIZX | $50 | 0.96% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$356202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 25% |
| Health Care | 21% |
| Financials | 15% |
| Consumer Staples | 14% |
| Industrials | 12% |
| Consumer Discretionary | 5% |
| Communication Services | 5% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8360 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Silvant Large-Cap Growth Stock Fund
Class A / STCIX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Large-Cap Growth Stock Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Large-Cap Growth Stock Fund<br>Class A / STCIX | $53 | 1.03% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$231767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Financials | 7% |
| Health Care | 7% |
| Industrials | 6% |
| Consumer Staples | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8367 Virtus Silvant Large-Cap Growth Stock Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Silvant Large-Cap Growth Stock Fund
Class I / STCAX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Large-Cap Growth Stock Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Large-Cap Growth Stock Fund<br>Class I / STCAX | $40 | 0.77% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$231767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Financials | 7% |
| Health Care | 7% |
| Industrials | 6% |
| Consumer Staples | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8368 Virtus Silvant Large-Cap Growth Stock Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Silvant Large-Cap Growth Stock Fund
Class R6 / STCZX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Large-Cap Growth Stock Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Large-Cap Growth Stock Fund<br>Class R6 / STCZX | $37 | 0.72% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$231767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Consumer Discretionary | 14% |
| Communication Services | 14% |
| Financials | 7% |
| Health Care | 7% |
| Industrials | 6% |
| Consumer Staples | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8369 Virtus Silvant Large-Cap Growth Stock Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Zevenbergen Innovative Growth Stock Fund
Class A / SAGAX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Zevenbergen Innovative Growth Stock Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Innovative Growth Stock Fund<br>Class A / SAGAX | $66 | 1.25% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$543110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 24% |
| Communication Services | 16% |
| Industrials | 13% |
| Health Care | 9% |
| Financials | 3% |
| Consumer Staples | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8395 Virtus Zevenbergen Innovative Growth Stock Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Zevenbergen Innovative Growth Stock Fund
Class I / SCATX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Zevenbergen Innovative Growth Stock Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Innovative Growth Stock Fund<br>Class I / SCATX | $53 | 1.00% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$543110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 24% |
| Communication Services | 16% |
| Industrials | 13% |
| Health Care | 9% |
| Financials | 3% |
| Consumer Staples | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8396 Virtus Zevenbergen Innovative Growth Stock Fund

![Virtus_FC_Logo](g57789images_28441.jpg)

## Virtus Zevenbergen Innovative Growth Stock Fund
Class R6 / VZGRX

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Virtus Zevenbergen Innovative Growth Stock Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Innovative Growth Stock Fund<br>Class R6 / VZGRX | $47 | 0.90% |

---

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$543110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 31% |
| Consumer Discretionary | 24% |
| Communication Services | 16% |
| Industrials | 13% |
| Health Care | 9% |
| Financials | 3% |
| Consumer Staples | 2% |
| Other | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g57789images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

8397 Virtus Zevenbergen Innovative Growth Stock Fund

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Refer to Item 7(a).

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (semiannual) financial statements and financial highlights are as follows:

------

SEMI-ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

## VIRTUS ASSET TRUST
![](g57789imgf734b5d91.gif)

------

June 30, 2025

---

| |
|:---|
| Virtus Seix Core Bond Fund |
| Virtus Seix Floating Rate High Income Fund |
| Virtus Seix High Grade Municipal Bond Fund |
| Virtus Seix High Yield Fund |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund |
| Virtus Seix Total Return Bond Fund |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund |

---

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_9d7c9925-9551-47f7-9739-ed16a0d9362e_1) | 1 |
| **Fund** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix Core Bond Fund ("Seix Core Bond Fund")](#xx_5d457ba5-697c-4348-9ac3-96feb24ed9c3_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix Floating Rate High Income Fund ("Seix Floating Rate High Income Fund")](#xx_1528e18a-e3c1-4146-a7e0-7b80f9aa4a1c_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix High Grade Municipal Bond Fund ("Seix High Grade Municipal Bond Fund")](#xx_adeac890-9acb-4709-9f43-fdaf053daea6_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix High Yield Fund ("Seix High Yield Fund")](#xx_38c47947-0f76-4291-882d-d581f9a457a2_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix Investment Grade Tax-Exempt Bond Fund ("Seix Investment Grade Tax-Exempt Bond Fund")](#xx_9a27b1db-b391-42fe-b530-74f0473f067f_1) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix Total Return Bond Fund ("Seix Total Return Bond Fund")](#xx_bd01c685-6003-4ef8-becf-fa8454dffb49_1) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Seix U.S. Government Securities Ultra-Short Bond Fund")](#xx_3249fa90-b4ba-4dee-a914-c08fe7931619_1) | 32 |
| [Statements of Assets and Liabilities](#xx_036ef993-b238-436c-8fa7-7778b6c19444_1) | 36 |
| [Statements of Operations](#xx_f62681ae-3dfb-49be-96db-bdaa47774fba_1) | 40 |
| [Statements of Changes in Net Assets](#xx_1f1a7d6b-9c07-4aff-8cd3-d4f05939ef0a_1) | 42 |
| [Financial Highlights](#xx_e432790c-ecb2-4fda-8e59-a4517632dfb3_1) | 46 |
| [Notes to Financial Statements](#xx_3578e7f9-17c1-4f40-a35f-7f63a914d973_1) | 51 |
| [Other Information](#xx_4ec386cf-b25d-49b1-bf6a-906ea332a438_1) | 68 |

---

#### Proxy Voting Procedures and Voting Record (Form N-PX)
The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission's (the "SEC") website at <u>https://www.sec.gov</u>.

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### June 30, 2025

#### American Depositary Receipt ("ADR")
Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

#### Asset-Backed Securities ("ABS")
Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.

#### Assured Guaranty Municipal Corp. ("AGM")
Assured Guaranty Municipal Corp. operates as an insurance firm. The Company provides municipal bond insurance and financial guarantees for infrastructure and structured financings, as well as institutional asset management services.

#### Collateralized Loan Obligation ("CLO")
A collateralized loan obligation is a type of security backed by a pool of debt, typically low-rated corporate loans, structured so that there are several classes of bondholders with varying maturities, called tranches.

#### Constant Maturity Treasury ("CMT")
The one-year CMT is the interpolated one-year yield of the most recently auctioned 4-, 13-, and 26-week U.S. Treasury bills (T-bills); the most recently auctioned 2-, 3-, 5-, and 10-year U.S. Treasury notes (T-notes); the most recently auctioned U.S. Treasury 30-year bond (T-bond); and the off-the-run Treasuries in the 20-year maturity range.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

#### Leveraged Loan
Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

#### Mortgage-Backed Securities ("MBS")
Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders.

#### Payment-in-Kind Security ("PIK")
A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

#### Permanent School Fund Guarantee Program ("PSF-GTD")
The Permanent School Fund Guarantee Program guarantees bonds issued by a school district or charter school. The PSF-GTD has received "AAA" ratings from the major bond rating services and replaces the need for private bond insurance.

#### Prime Rate
The federal funds rate commercial banks charge their most creditworthy corporate customers.

#### Public Limited Company ("plc")
A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

#### Real Estate Investment Trust ("REIT")
A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

#### Real Estate Mortgage Investment Conduit ("REMIC")
A pass-through investment vehicle that is used to pool mortgage loans and issue mortgage-backed securities.

#### Refinitiv USD IBOR Consumer Cash Fallbacks ("RFUCCT")
Refinitiv USD IBOR Cash Fallbacks are a set of benchmark rates published by Refinitiv to facilitate the transition away from US Dollar LIBOR ("London Interbank Offered Rate"). These fallbacks are designed to replace LIBOR in financial contracts, using SOFR as the underlying rate, plus a fixed spread adjustment. They are published for both consumer and institutional products, and are based on the recommendations of the Alternative Reference Rates Committee.

#### Secured Overnight Financing Rate ("SOFR")
A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited) (Continued) June 30, 2025

#### Société à responsabilité limitée ("S.a.r.l")
A French term for a limited liability company.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—40.7%** | **U.S. Government Securities—40.7%** | **U.S. Government Securities—40.7%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | $4505 | $4293 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 6805 | &nbsp;&nbsp;&nbsp; 6624 |
| U.S. Treasury Inflation Indexed Note<br> 1.625%, 10/15/29 | &nbsp;&nbsp; 5111 | &nbsp;&nbsp;&nbsp; 5174 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 4/15/28 | &nbsp;&nbsp; 17459 | &nbsp;&nbsp;&nbsp; 17481 |
| &nbsp;&nbsp;&nbsp;4.375%, 12/31/29 | &nbsp;&nbsp; 7901 | &nbsp;&nbsp;&nbsp; 8097 |
| &nbsp;&nbsp;&nbsp;3.875%, 6/30/30 | &nbsp;&nbsp; 6322 | &nbsp;&nbsp;&nbsp; 6346 |
| &nbsp;&nbsp;&nbsp;4.250%, 5/15/35 | &nbsp;&nbsp; 4730 | &nbsp;&nbsp;&nbsp; 4737 |
| **Total U.S. Government Securities<br> (Identified Cost $52,473)** | **Total U.S. Government Securities<br> (Identified Cost $52,473)** | &nbsp;&nbsp;&nbsp;&nbsp; **52752** |
| **Mortgage-Backed Securities—34.8%** | **Mortgage-Backed Securities—34.8%** | **Mortgage-Backed Securities—34.8%** |
| **Agency—34.8%** | **Agency—34.8%** |  |
| Federal Home Loan Mortgage Corp. REMIC 5304, UB<br> 4.000%, 2/25/52 | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 109 |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #A95259<br> 4.000%, 12/1/40 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;Pool #Q42921<br> 3.500%, 9/1/46 | &nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;Pool #Q53881<br> 4.500%, 1/1/48 | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;Pool #QA4766<br> 3.500%, 11/1/49 | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;Pool #QE1443<br> 4.000%, 5/1/52 | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;Pool #QE1985<br> 4.500%, 5/1/52 | &nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;Pool #QE2366<br> 5.000%, 5/1/52 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;Pool #QE4826<br> 4.500%, 7/1/52 | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;Pool #QE9908<br> 5.500%, 9/1/52 | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;Pool #QF3223<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Pool #QF8190<br> 6.000%, 2/1/53 | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;Pool #QF8551<br> 5.500%, 3/1/53 | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;Pool #QF8817<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;Pool #QG6239<br> 5.000%, 7/1/53 | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;Pool #QJ5568<br> 6.000%, 9/1/54 | &nbsp;&nbsp; 1018 | &nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;Pool #RA2579<br> 3.000%, 5/1/50 | &nbsp;&nbsp; 1511 | &nbsp;&nbsp;&nbsp; 1322 |
| &nbsp;&nbsp;&nbsp;Pool #RA2622<br> 3.000%, 5/1/50 | &nbsp;&nbsp; 911 | &nbsp;&nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp;Pool #RA8285<br> 4.500%, 10/1/47 | &nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;Pool #SD0164<br> 3.500%, 12/1/49 | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;Pool #SD1218<br> 4.000%, 7/1/49 | &nbsp;&nbsp; 2663 | &nbsp;&nbsp;&nbsp; 2521 |
| &nbsp;&nbsp;&nbsp;Pool #SD1618<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 380 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #SD3303<br> 3.000%, 2/1/50 | $767 | $665 |
| &nbsp;&nbsp;&nbsp;Pool #SD3993<br> 5.500%, 9/1/53 | &nbsp;&nbsp; 921 | &nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;Pool #SD5272<br> 6.000%, 5/1/54 | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;Pool #SD7310<br> 4.500%, 10/1/53 | &nbsp;&nbsp; 3560 | &nbsp;&nbsp; 3452 |
| &nbsp;&nbsp;&nbsp;Pool #SD7503<br> 3.500%, 8/1/49 | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp;Pool #SD8222<br> 4.000%, 6/1/52 | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;Pool #SD8238<br> 4.500%, 8/1/52 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp;Pool #SD8246<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 3636 | &nbsp;&nbsp; 3581 |
| &nbsp;&nbsp;&nbsp;Pool #SI2061<br> 3.500%, 9/1/50 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;Pool #WN2149<br> 2.050%, 11/1/28 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 922 |
| &nbsp;&nbsp;&nbsp;Pool #ZM5226<br> 3.500%, 12/1/47 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;Pool #ZT2423<br> 4.000%, 12/1/48 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 127 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AB3692<br> 4.000%, 10/1/41 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;Pool #AB3878<br> 4.000%, 11/1/41 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;Pool #AB5924<br> 3.000%, 8/1/42 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;Pool #BL7779<br> 1.460%, 8/1/30 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;Pool #BN4542<br> 4.500%, 2/1/49 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;Pool #BO1277<br> 3.000%, 7/1/49 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;Pool #BT7914<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;Pool #BV3044<br> 3.000%, 2/1/52 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;Pool #BW0044<br> 5.000%, 7/1/52 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;Pool #BY8494<br> 5.500%, 8/1/53 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;Pool #CA4166<br> 3.500%, 9/1/49 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;Pool #CA5122<br> 3.000%, 2/1/50 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;Pool #CB0998<br> 3.000%, 7/1/51 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;Pool #CB3110<br> 2.500%, 3/1/47 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;Pool #CB3630<br> 4.000%, 5/1/52 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;Pool #CB3875<br> 3.500%, 6/1/47 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;Pool #FA0011<br> 6.000%, 12/1/54 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1434 |
| &nbsp;&nbsp;&nbsp;Pool #FM4735<br> 3.000%, 4/1/47 | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 1596 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #FM5810<br> 3.000%, 1/1/51 | $2329 | $2020 |
| &nbsp;&nbsp;&nbsp;Pool #FM7290<br> 3.000%, 5/1/51 | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;Pool #FM8210<br> 3.000%, 4/1/50 | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;Pool #FP0050<br> 3.500%, 10/1/50 | &nbsp;&nbsp; 2668 | &nbsp;&nbsp;&nbsp; 2409 |
| &nbsp;&nbsp;&nbsp;Pool #FS2249<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp;Pool #FS2692<br> 5.000%, 8/1/52 | &nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;Pool #FS3262<br> 4.000%, 10/1/46 | &nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;Pool #FS3687<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;Pool #FS7629<br> 5.500%, 4/1/54 | &nbsp;&nbsp; 2517 | &nbsp;&nbsp;&nbsp; 2531 |
| &nbsp;&nbsp;&nbsp;Pool #MA4600<br> 3.500%, 5/1/52 | &nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp; 508 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #783745<br> 3.500%, 3/15/43 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp;Pool #786795<br> 6.000%, 7/20/53 | &nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp; 1398 |
| &nbsp;&nbsp;&nbsp;Pool #787186<br> 6.000%, 10/20/53 | &nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;Pool #787394<br> 5.500%, 5/20/54 | &nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp;Pool #CR3025<br> 5.500%, 12/20/52 | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;Pool #CR9210<br> 5.500%, 1/20/53 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;Pool #CS2411<br> 6.000%, 3/20/53 | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;Pool #CS5391<br> 6.000%, 1/20/53 | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;Pool #CS5448<br> 6.000%, 1/20/53 | &nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;Pool #CS7736<br> 6.000%, 4/20/53 | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;Pool #MA8151<br> 4.500%, 7/20/52 | &nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;Pool #MA8201<br> 4.500%, 8/20/52 | &nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp; 829 |
| &nbsp;&nbsp;&nbsp;Pool #MA8347<br> 4.500%, 10/20/52 | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 65 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $45,468)** | **Total Mortgage-Backed Securities<br> (Identified Cost $45,468)** | &nbsp;&nbsp;&nbsp;&nbsp; **45160** |
| **Asset-Backed Securities—5.6%** | **Asset-Backed Securities—5.6%** | **Asset-Backed Securities—5.6%** |
| **Automobiles—2.1%** | **Automobiles—2.1%** |  |
| Ford Credit Auto Owner Trust 2023-1, A 144A<br> 4.850%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 832 |
| Honda Auto Receivables Owner Trust 2025-2, A4<br> 4.280%, 8/15/31 | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 176 |
| Nissan Master Owner Trust Receivables 2024-B, A 144A<br> 5.050%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 647 |
| Oscar U.S. Funding XVII LLC 2024-2A, A3 144A<br> 4.470%, 3/12/29<sup>(1)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp; 703 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Toyota Auto Loan Extended Note Trust 2025-1A, A 144A<br> 4.650%, 5/25/38<sup>(1)</sup> | $395 | $400 |
|  |  | &nbsp;&nbsp;&nbsp; 2758 |
| **Credit Card—2.1%** | **Credit Card—2.1%** |  |
| American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-3, A<br> 5.230%, 9/15/28 | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;2024-2, A<br> 5.240%, 4/15/31 | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 213 |
| Capital One Multi-Asset Execution Trust 2024-A1, A<br> 3.920%, 9/15/29 | &nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 339 |
| Citibank Credit Card Issuance Trust 2025-A2, A<br> 4.490%, 6/21/32 | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 489 |
| Synchrony Card Funding LLC 2024-A1, A<br> 5.040%, 3/15/30 | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 292 |
| WF Card Issuance Trust 2024-A2, A<br> 4.290%, 10/15/29 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 502 |
| World Financial Network Credit Card Master Trust 2024-A, A<br> 5.470%, 2/15/31 | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 644 |
|  |  | &nbsp;&nbsp;&nbsp; 2767 |
| **Other—1.4%** | **Other—1.4%** |  |
| PSNH Funding LLC 2018-1, A3<br> 3.814%, 2/1/35 | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 98 |
| T-Mobile U.S. Trust 2025-1A, A 144A<br> 4.740%, 11/20/29<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 547 |
| Vantage Data Centers LLC 2020-2A, A2 144A<br> 1.992%, 9/15/45<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 225 |
| Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-7, A 144A<br> 4.350%, 8/20/32<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;2025-4, A 144A<br> 4.760%, 3/21/33<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 457 |
|  |  | &nbsp;&nbsp;&nbsp; 1778 |
| **Total Asset-Backed Securities<br> (Identified Cost $7,267)** | **Total Asset-Backed Securities<br> (Identified Cost $7,267)** | &nbsp;&nbsp;&nbsp;&nbsp; **7303** |
| **Corporate Bonds and Notes—17.6%** | **Corporate Bonds and Notes—17.6%** | **Corporate Bonds and Notes—17.6%** |
| **Consumer Discretionary—1.1%** | **Consumer Discretionary—1.1%** |  |
| BorgWarner, Inc.<br> 5.400%, 8/15/34<sup>(2)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 270 |
| Daimler Truck Finance North America LLC 144A<br> 2.500%, 12/14/31<sup>(1)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; 288 |
| Ford Motor Co.<br> 3.250%, 2/12/32 | &nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 194 |
| Hyundai Capital America 144A<br> 5.700%, 6/26/30<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 475 |
| Tapestry, Inc.<br> 5.500%, 3/11/35 | &nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 282 |
|  |  | &nbsp;&nbsp;&nbsp; 1509 |
| **Consumer Staples—1.1%** | **Consumer Staples—1.1%** |  |
| PepsiCo, Inc.<br> 4.650%, 2/15/53 | &nbsp;&nbsp; 1028 | &nbsp;&nbsp;&nbsp; 906 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 2/13/29 | $234 | $238 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/15/33 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 250 |
|  |  | &nbsp;&nbsp; 1394 |
| **Energy—1.3%** | **Energy—1.3%** |  |
| Boardwalk Pipelines LP |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, 7/15/27 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;3.400%, 2/15/31 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 205 |
| BP Capital Markets America, Inc.<br> 4.812%, 2/13/33 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 387 |
| Energy Transfer LP<br> 6.200%, 4/1/55 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 473 |
| Targa Resources Corp.<br> 4.200%, 2/1/33 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 296 |
| Williams Cos., Inc. (The)<br> 3.500%, 10/15/51 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 252 |
|  |  | &nbsp;&nbsp; 1763 |
| **Financials—7.2%** | **Financials—7.2%** |  |
| AerCap Ireland Capital DAC<br> 3.000%, 10/29/28 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 286 |
| American Express Co.<br> 6.338%, 10/30/26 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 305 |
| Amrize Finance U.S. LLC 144A<br> 5.400%, 4/7/35<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 289 |
| Avolon Holdings Funding Ltd. 144A<br> 5.375%, 5/30/30<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 290 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.087%, 6/14/29 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;2.572%, 10/20/32 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 451 |
| Bank of New York Mellon Corp. (The)<br> 4.414%, 7/24/26 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 525 |
| Brown & Brown, Inc.<br> 6.250%, 6/23/55 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 252 |
| Consumers 2023 Securitization Funding LLC Series A2<br> 5.210%, 9/1/31 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| Enact Holdings, Inc.<br> 6.250%, 5/28/29 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 220 |
| Essent Group Ltd.<br> 6.250%, 7/1/29 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 246 |
| Gallagher (Arthur J.) & Co.<br> 4.850%, 12/15/29 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 200 |
| Goldman Sachs Group, Inc. (The)<br> 1.542%, 9/10/27 | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 738 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;5.350%, 6/1/34 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 495 |
| KeyBank N.A.<br> 4.390%, 12/14/27 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 500 |
| Morgan Stanley<br> 1.593%, 5/4/27 | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 913 |
| NYSEG Storm Funding LLC Series A-3<br> 5.162%, 5/1/35 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 241 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2<br> 4.263%, 6/1/38 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;Series A-2<br> 4.722%, 6/1/39 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 377 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.615%, 10/20/27 | $368 | $378 |
| &nbsp;&nbsp;&nbsp;5.222%, 1/29/31 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 271 |
| Radian Group, Inc.<br> 6.200%, 5/15/29 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 241 |
| Sigeco Securitization I LLC Series A1<br> 5.026%, 11/15/38 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 117 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;5.046%, 2/12/31 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;5.678%, 1/23/35 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 270 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;3.350%, 3/2/33 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 249 |
|  |  | &nbsp;&nbsp; 9307 |
| **Health Care—1.6%** | **Health Care—1.6%** |  |
| AbbVie, Inc.<br> 4.250%, 11/21/49 | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 517 |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 3/2/33 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp;5.650%, 3/2/53 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 269 |
| Pfizer Investment Enterprises Pte Ltd.<br> 5.300%, 5/19/53 | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 743 |
|  |  | &nbsp;&nbsp; 2035 |
| **Industrials—2.6%** | **Industrials—2.6%** |  |
| Aircastle Ltd. 144A<br> 5.950%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 216 |
| BAE Systems plc 144A<br> 5.300%, 3/26/34<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 409 |
| Ferguson Enterprises, Inc.<br> 5.000%, 10/3/34 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 481 |
| GATX Corp.<br> 5.500%, 6/15/35 | &nbsp;&nbsp; 397 | &nbsp;&nbsp; 402 |
| Owens Corning<br> 5.950%, 6/15/54 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 330 |
| Republic Services, Inc.<br> 5.150%, 3/15/35 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 292 |
| United Airlines Pass-Through-Trust 2020-1, A<br> 5.875%, 4/15/29 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 342 |
| United Parcel Service, Inc.<br> 5.050%, 3/3/53 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 563 |
| Veralto Corp.<br> 5.450%, 9/18/33 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 313 |
|  |  | &nbsp;&nbsp; 3348 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| Dell International LLC<br> 3.450%, 12/15/51 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 355 |
| Motorola Solutions, Inc.<br> 5.550%, 8/15/35 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 350 |
| NetApp, Inc.<br> 5.700%, 3/17/35 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 572 |
|  |  | &nbsp;&nbsp; 1277 |
| **Materials—0.9%** | **Materials—0.9%** |  |
| Martin Marietta Materials, Inc.<br> 5.150%, 12/1/34 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 265 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 10/1/30 | $487 | $438 |
| &nbsp;&nbsp;&nbsp;6.250%, 10/1/39 | &nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp; 467 |
|  |  | &nbsp;&nbsp;&nbsp; 1170 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| Consolidated Edison Co. of New York, Inc.<br> 3.200%, 12/1/51 | &nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp; 244 |
| Kansas Gas Service Securitization I LLC<br> 5.486%, 8/1/34 | &nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 419 |
| Southern Co. (The) Series A<br> 3.700%, 4/30/30 | &nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; 370 |
|  |  | &nbsp;&nbsp;&nbsp; 1033 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $22,916)** | **Total Corporate Bonds and Notes<br> (Identified Cost $22,916)** | &nbsp;&nbsp;&nbsp;&nbsp; **22836** |
| **Total Long-Term Investments—98.7%<br> (Identified Cost $128,124)** | **Total Long-Term Investments—98.7%<br> (Identified Cost $128,124)** | &nbsp;&nbsp;&nbsp;&nbsp;**128051** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—0.1%** | **Short-Term Investment—0.1%** | **Short-Term Investment—0.1%** |
| **Money Market Mutual Fund—0.1%** | **Money Market Mutual Fund—0.1%** | **Money Market Mutual Fund—0.1%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.187%)<sup>(3)</sup> | 87383 | &nbsp;&nbsp; 87 |
| **Total Short-Term Investment<br> (Identified Cost $87)** | **Total Short-Term Investment<br> (Identified Cost $87)** | **87** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(3)(4)</sup> | 134799 | $135 |
| **Total Securities Lending Collateral<br> (Identified Cost $135)** | **Total Securities Lending Collateral<br> (Identified Cost $135)** | &nbsp;&nbsp;&nbsp;&nbsp; **135** |
| **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $128,346)** | **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $128,346)** | &nbsp;&nbsp;**$128273** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$129722** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $6,229 or 4.8% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(4)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52752 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45160 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22836 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128051 |

---

There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—0.7%** | **Asset-Backed Securities—0.7%** | **Asset-Backed Securities—0.7%** |
| **Collateralized Loan Obligations—0.7%** | **Collateralized Loan Obligations—0.7%** |  |
| Mountain View CLO XVI Ltd. 2022-1A, ER (3 month Term SOFR + 7.330%, Cap N/A, Floor 7.330%) 144A<br> 11.586%, 4/15/34<sup>(1)(2)</sup> | $5000 | $4995 |
| Mountain View CLO XVIII Ltd. 2024-1A, D1 (3 month Term SOFR + 3.650%, Cap N/A, Floor 3.650%) 144A<br> 7.911%, 10/16/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5020 |
|  |  | &nbsp;&nbsp;&nbsp; 10015 |
| **Total Asset-Backed Securities<br> (Identified Cost $9,951)** | **Total Asset-Backed Securities<br> (Identified Cost $9,951)** | &nbsp;&nbsp;&nbsp;&nbsp; **10015** |
| **Corporate Bonds and Notes—2.8%** | **Corporate Bonds and Notes—2.8%** | **Corporate Bonds and Notes—2.8%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| Cable One, Inc. 144A<br> 4.000%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2364 |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1938 |
| &nbsp;&nbsp;&nbsp;144A 4.250%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1868 |
| Gray Media, Inc. 144A<br> 4.750%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1510 |
| Warnermedia Holdings, Inc.<br> 4.279%, 3/15/32 | &nbsp;&nbsp; 3757 | &nbsp;&nbsp;&nbsp; 3160 |
|  |  | &nbsp;&nbsp;&nbsp; 10840 |
| **Consumer Discretionary—0.6%** | **Consumer Discretionary—0.6%** |  |
| Installed Building Products, Inc. 144A<br> 5.750%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 6027 | &nbsp;&nbsp;&nbsp; 6008 |
| Winnebago Industries, Inc. 144A<br> 6.250%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1769 | &nbsp;&nbsp;&nbsp; 1764 |
|  |  | &nbsp;&nbsp;&nbsp; 7772 |
| **Health Care—0.6%** | **Health Care—0.6%** |  |
| DaVita, Inc. 144A<br> 4.625%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 2395 |
| Emergent BioSolutions, Inc. 144A<br> 3.875%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp; 4397 |
| Encompass Health Corp.<br> 4.500%, 2/1/28 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 991 |
| Tenet Healthcare Corp.<br> 4.375%, 1/15/30 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; 1055 |
|  |  | &nbsp;&nbsp;&nbsp; 8838 |
| **Industrials—0.1%** | **Industrials—0.1%** |  |
| Griffon Corp.<br> 5.750%, 3/1/28 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 2000 |
| **Information Technology—0.7%** | **Information Technology—0.7%** |  |
| CoreWeave, Inc. 144A<br> 9.250%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 4089 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Sensata Technologies B.V. 144A<br> 4.000%, 4/15/29<sup>(1)</sup> | $5000 | $4756 |
|  |  | &nbsp;&nbsp;&nbsp; 8845 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $38,966)** | **Total Corporate Bonds and Notes<br> (Identified Cost $38,966)** | &nbsp;&nbsp;&nbsp;&nbsp; **38295** |
| **Leveraged Loans—93.9%** | **Leveraged Loans—93.9%** | **Leveraged Loans—93.9%** |
| **Aerospace—4.9%** | **Aerospace—4.9%** |  |
| Cobham Ultra Seniorco S.a.r.l. (6 month Term SOFR + 3.928%)<br> 8.177%, 8/3/29<sup>(2)</sup> | &nbsp;&nbsp; 12561 | &nbsp;&nbsp;&nbsp; 12566 |
| Delos Aircraft DAC (3 month Term SOFR + 1.750%)<br> 6.046%, 10/31/27<sup>(2)</sup> | &nbsp;&nbsp; 5281 | &nbsp;&nbsp;&nbsp; 5294 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(2)</sup> | &nbsp;&nbsp; 4087 | &nbsp;&nbsp;&nbsp; 4088 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(2)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp; 1555 |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.079%, 1/27/32<sup>(2)</sup> | &nbsp;&nbsp; 3611 | &nbsp;&nbsp;&nbsp; 3615 |
| Hdi Aerospace Intermediate Holding Iii Corp. (3 month Term SOFR + 4.500%)<br> 8.730%, 2/11/32<sup>(2)</sup> | &nbsp;&nbsp; 7548 | &nbsp;&nbsp;&nbsp; 7548 |
| Rand Parent LLC 2025, Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 3/18/30<sup>(2)</sup> | &nbsp;&nbsp; 8084 | &nbsp;&nbsp;&nbsp; 8019 |
| Spirit AeroSystems, Inc. (3 month Term SOFR + 4.500%)<br> 8.780%, 1/15/27<sup>(2)</sup> | &nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp; 4132 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche J (3 month Term SOFR + 2.500%)<br> 6.796%, 2/28/31<sup>(2)</sup> | &nbsp;&nbsp; 1876 | &nbsp;&nbsp;&nbsp; 1879 |
| &nbsp;&nbsp;&nbsp;Tranche K (3 month Term SOFR + 2.750%)<br> 7.046%, 3/22/30<sup>(2)</sup> | &nbsp;&nbsp; 4804 | &nbsp;&nbsp;&nbsp; 4819 |
| &nbsp;&nbsp;&nbsp;Tranche L (3 month Term SOFR + 2.500%)<br> 6.796%, 1/19/32<sup>(2)</sup> | &nbsp;&nbsp; 7508 | &nbsp;&nbsp;&nbsp; 7518 |
| Vertex Aerospace Services Corp. 2023 (1 month Term SOFR + 2.250%)<br> 6.577%, 12/6/30<sup>(2)</sup> | &nbsp;&nbsp; 5046 | &nbsp;&nbsp;&nbsp; 5030 |
|  |  | &nbsp;&nbsp;&nbsp; 66063 |
| **Chemicals—6.1%** | **Chemicals—6.1%** |  |
| ARC Falcon I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.600%)<br> 7.927%, 9/30/28<sup>(2)</sup> | &nbsp;&nbsp; 6725 | &nbsp;&nbsp;&nbsp; 6741 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 7.100%)<br> 11.427%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 7184 | &nbsp;&nbsp;&nbsp; 6915 |
| Bakelite U.S. Holdco, Inc. (3 month Term SOFR + 3.750%)<br> 8.046%, 12/23/31<sup>(2)</sup> | &nbsp;&nbsp; 5055 | &nbsp;&nbsp;&nbsp; 4982 |
| Chemours Co. (The) Tranche B-3 (1 month Term SOFR + 3.000%)<br> 7.327%, 8/18/28<sup>(2)</sup> | &nbsp;&nbsp; 3054 | &nbsp;&nbsp;&nbsp; 3043 |
| Consolidated Energy Finance S.A. 2024 (3 month Term SOFR + 4.500%)<br> 8.833%, 11/15/30<sup>(2)</sup> | &nbsp;&nbsp; 7979 | &nbsp;&nbsp;&nbsp; 7520 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| Hexion Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2024 (1 month Term SOFR + 4.000%)<br> 8.312%, 3/15/29<sup>(2)</sup> | $6970 | $6951 |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month Term SOFR + 7.538%)<br> 11.864%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 3904 | &nbsp;&nbsp; 3811 |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.577%, 2/18/30<sup>(2)</sup> | &nbsp;&nbsp; 12160 | &nbsp;&nbsp; 11635 |
| Ineos Quattro Holdings UK Ltd. 2031, Tranche B (1 month Term SOFR + 4.250%)<br> 8.577%, 10/1/31<sup>(2)</sup> | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 712 |
| Ineos Styrolution U.S. Holding LLC 2027 (1 month Term SOFR + 2.100%)<br> 6.427%, 1/29/27<sup>(2)</sup> | &nbsp;&nbsp; 3904 | &nbsp;&nbsp; 3729 |
| Ineos U.S. Finance LLC 2031, Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 2/7/31<sup>(2)</sup> | &nbsp;&nbsp; 6438 | &nbsp;&nbsp; 6129 |
| Ineos U.S. Petrochem LLC Tranche B (1 month Term SOFR + 4.350%)<br> 8.677%, 4/2/29<sup>(2)</sup> | &nbsp;&nbsp; 3708 | &nbsp;&nbsp; 3444 |
| M2S Group Intermediate Holdings, Inc. (3 month Term SOFR + 4.750%)<br> 9.033%, 8/25/31<sup>(2)</sup> | &nbsp;&nbsp; 4670 | &nbsp;&nbsp; 4506 |
| Manchester Acquisition Sub LLC (3 month Term SOFR + 5.900%)<br> 10.224%, 12/1/26<sup>(2)</sup> | &nbsp;&nbsp; 3117 | &nbsp;&nbsp; 2923 |
| Natgasoline LLC 2025, Tranche B (1 month Term SOFR + 5.500%)<br> 9.827%, 3/29/30<sup>(2)</sup> | &nbsp;&nbsp; 3909 | &nbsp;&nbsp; 3875 |
| Neptune Husky U.S. Bidco LLC (1 month Term SOFR + 7.100%)<br> 11.945%, 1/3/29<sup>(3)</sup> | &nbsp;&nbsp; 5082 | &nbsp;&nbsp; 156 |
| Pasadena Performance Products LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.796%, 2/27/32<sup>(2)</sup> | &nbsp;&nbsp; 3511 | &nbsp;&nbsp; 3525 |
| Trinseo Materials Operating SCA 2021 (3 month Term SOFR + 2.758%)<br> 7.090%, 5/3/28<sup>(2)</sup> | &nbsp;&nbsp; 5945 | &nbsp;&nbsp; 2541 |
|  |  | &nbsp;&nbsp; 83138 |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| DMS Purchaser LLC (3 month Term SOFR + 7.500%)<br> 11.796%, 2/28/30<sup>(2)(4)</sup> | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; 1625 |
| **Consumer Durables—0.4%** | **Consumer Durables—0.4%** |  |
| Skechers U.S.A., Inc. 2025, Tranche B, First Lien<br> 0.000%, 6/25/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 2770 | &nbsp;&nbsp; 2784 |
| Topgolf Callaway Brands Corp.<br> 0.000%, 3/15/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 3074 | &nbsp;&nbsp; 3022 |
|  |  | &nbsp;&nbsp; 5806 |
| **Consumer Non-Durables—1.0%** | **Consumer Non-Durables—1.0%** |  |
| ABG Intermediate Holdings 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024 (1 month Term SOFR + 2.250%)<br> 6.577%, 12/21/28<sup>(2)</sup> | &nbsp;&nbsp; 4453 | &nbsp;&nbsp; 4447 |
| &nbsp;&nbsp;&nbsp;2025 (1 month Term SOFR + 2.250%)<br> 6.577%, 2/13/32<sup>(2)</sup> | &nbsp;&nbsp; 2628 | &nbsp;&nbsp; 2621 |
| American Greetings Corp. Tranche C (1 month Term SOFR + 5.750%)<br> 10.077%, 10/30/29<sup>(2)</sup> | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 3044 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Non-Durables—continued** | **Consumer Non-Durables—continued** |  |
| Varsity Brands, Inc. 2025 (3 month Term SOFR + 3.500%)<br> 7.830%, 8/26/31<sup>(2)</sup> | $3741 | $3737 |
|  |  | &nbsp;&nbsp; 13849 |
| **Energy—4.2%** | **Energy—4.2%** |  |
| AL NGPL Holdings LLC (3 month Term SOFR + 2.500%)<br> 6.785%, 4/13/28<sup>(2)</sup> | &nbsp;&nbsp; 5821 | &nbsp;&nbsp; 5812 |
| Alpha Generation LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.327%, 9/30/31<sup>(2)</sup> | &nbsp;&nbsp; 4504 | &nbsp;&nbsp; 4495 |
| Brazos Delaware II LLC 2025 (1 month Term SOFR + 3.000%)<br> 7.311%, 2/11/30<sup>(2)</sup> | &nbsp;&nbsp; 6164 | &nbsp;&nbsp; 6169 |
| ChampionX Corp. Tranche B-2 (1 month Term SOFR + 2.850%)<br> 7.177%, 6/7/29<sup>(2)</sup> | &nbsp;&nbsp; 4831 | &nbsp;&nbsp; 4831 |
| CPPIB OVM Member U.S. LLC (3 month Term SOFR + 2.750%)<br> 7.046%, 8/20/31<sup>(2)</sup> | &nbsp;&nbsp; 4144 | &nbsp;&nbsp; 4129 |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.256%, 10/15/31<sup>(2)</sup> | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 2195 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500% - 3 month PRIME + 2.500%)<br> 7.796% - 10.000%, 11/6/31<sup>(2)</sup> | &nbsp;&nbsp; 3629 | &nbsp;&nbsp; 3621 |
| M6 ETX Holdings II Midco LLC (1 month Term SOFR + 3.000%)<br> 7.327%, 3/25/32<sup>(2)</sup> | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2097 |
| NGL Energy Operating LLC (1 month Term SOFR + 3.750%)<br> 8.077%, 2/3/31<sup>(2)</sup> | &nbsp;&nbsp; 2992 | &nbsp;&nbsp; 2965 |
| Par Petroleum LLC Tranche B (3 month Term SOFR + 3.750%)<br> 8.009%, 2/28/30<sup>(2)</sup> | &nbsp;&nbsp; 4227 | &nbsp;&nbsp; 4171 |
| Rockpoint Gas Storage Partners LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 9/18/31<sup>(2)</sup> | &nbsp;&nbsp; 8228 | &nbsp;&nbsp; 8253 |
| Third Coast Infrastructure LLC (1 month Term SOFR + 4.250%)<br> 8.577%, 9/25/30<sup>(2)</sup> | &nbsp;&nbsp; 8058 | &nbsp;&nbsp; 8093 |
|  |  | &nbsp;&nbsp; 56831 |
| **Financials—13.0%** | **Financials—13.0%** |  |
| Apollo Commercial Real Estate Finance, Inc. (1 month Term SOFR + 3.250%)<br> 7.563%, 6/5/30<sup>(2)</sup> | &nbsp;&nbsp; 5270 | &nbsp;&nbsp; 5277 |
| Aretec Group, Inc. Tranche B-3 (1 month Term SOFR + 3.500%)<br> 7.827%, 8/9/30<sup>(2)</sup> | &nbsp;&nbsp; 10254 | &nbsp;&nbsp; 10268 |
| Asurion Tranche B-13 (1 month Term SOFR + 4.250%)<br> 8.577%, 9/19/30<sup>(2)</sup> | &nbsp;&nbsp; 1739 | &nbsp;&nbsp; 1688 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (1 month Term SOFR + 4.350%)<br> 8.677%, 8/21/28<sup>(2)</sup> | &nbsp;&nbsp; 16195 | &nbsp;&nbsp; 16032 |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (1 month Term SOFR + 5.364%)<br> 9.691%, 1/20/29<sup>(2)</sup> | &nbsp;&nbsp; 8321 | &nbsp;&nbsp; 7703 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Blackhawk Network Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.327%, 3/12/29<sup>(2)</sup> | $4292 | $4312 |
| Blackstone Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (1 month Term SOFR + 3.500%)<br> 7.827%, 5/9/29<sup>(2)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp;Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.327%, 12/10/30<sup>(2)</sup> | &nbsp;&nbsp; 4060 | &nbsp;&nbsp; 4062 |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(2)</sup> | &nbsp;&nbsp; 6512 | &nbsp;&nbsp; 6536 |
| DRW Holdings LLC 2024 (1 month Term SOFR + 3.500%)<br> 7.827%, 6/26/31<sup>(2)</sup> | &nbsp;&nbsp; 11885 | &nbsp;&nbsp; 11900 |
| Dynamo U.S. Bidco, Inc. Tranche B (3 month Term SOFR + 3.500%)<br> 7.798%, 10/1/31<sup>(2)</sup> | &nbsp;&nbsp; 3470 | &nbsp;&nbsp; 3477 |
| EIG Management Co. LLC Tranche B (1 month Term SOFR + 5.000%)<br> 9.322%, 5/17/29<sup>(2)</sup> | &nbsp;&nbsp; 4407 | &nbsp;&nbsp; 4363 |
| Finco I LLC 2024 (1 month Term SOFR + 2.250%)<br> 6.577%, 6/27/29<sup>(2)</sup> | &nbsp;&nbsp; 4847 | &nbsp;&nbsp; 4862 |
| First Eagle Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 6/6/32<sup>(2)(4)(5)</sup> | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 1496 |
| &nbsp;&nbsp;&nbsp;0.000%, 6/6/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 8939 | &nbsp;&nbsp; 8771 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.000%)<br> 7.296%, 3/5/29<sup>(2)</sup> | &nbsp;&nbsp; 6298 | &nbsp;&nbsp; 6295 |
| FNZ Group Entities Ltd. (3 month Term SOFR + 5.000%)<br> 9.260%, 11/5/31<sup>(2)</sup> | &nbsp;&nbsp; 5292 | &nbsp;&nbsp; 4333 |
| Franklin Square Holdings LP 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 4/25/31<sup>(2)</sup> | &nbsp;&nbsp; 6122 | &nbsp;&nbsp; 6107 |
| Hightower Holdings LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.260%, 2/3/32<sup>(2)</sup> | &nbsp;&nbsp; 4942 | &nbsp;&nbsp; 4926 |
| Hudson River Trading LLC Tranche B-1 (1 month Term SOFR + 3.000%)<br> 7.314%, 3/18/30<sup>(2)</sup> | &nbsp;&nbsp; 6818 | &nbsp;&nbsp; 6832 |
| Jane Street Group LLC (3 month Term SOFR + 2.000%)<br> 6.333%, 12/15/31<sup>(2)</sup> | &nbsp;&nbsp; 6626 | &nbsp;&nbsp; 6618 |
| Jefferies Finance LLC 2024 (1 month Term SOFR + 3.000%)<br> 7.322%, 10/21/31<sup>(2)</sup> | &nbsp;&nbsp; 3970 | &nbsp;&nbsp; 3975 |
| Jump Financial LLC 2025, Tranche B (3 month Term SOFR + 4.250%)<br> 8.546%, 2/20/32<sup>(2)</sup> | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2556 |
| KREF Holdings X LLC (1 month Term SOFR + 3.250%)<br> 7.561%, 3/5/32<sup>(2)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 748 |
| Nexus Buyer LLC (1 month Term SOFR + 3.500%)<br> 7.827%, 7/31/31<sup>(2)</sup> | &nbsp;&nbsp; 9321 | &nbsp;&nbsp; 9346 |
| Osaic Holdings, Inc. Tranche B-4 (1 month Term SOFR + 3.500%)<br> 7.827%, 8/17/28<sup>(2)</sup> | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 8104 |
| Russell Investments U.S. Institutional Holdco, Inc. 2027 PIK (3 month Term SOFR + 6.500%)<br> 9.280%, 5/30/27<sup>(2)(6)</sup> | &nbsp;&nbsp; 6468 | &nbsp;&nbsp; 6089 |
| Starwood Property Mortgage LLC Tranche B-4 (1 month Term SOFR + 2.250%)<br> 6.577%, 1/2/30<sup>(2)</sup> | &nbsp;&nbsp; 3276 | &nbsp;&nbsp; 3283 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Superannuation & Investments U.S. LLC (1 month Term SOFR + 3.864%)<br> 8.191%, 12/1/28<sup>(2)</sup> | $5015 | $5038 |
| VFH Parent LLC Tranche B-2 (1 month Term SOFR + 2.500%)<br> 6.827%, 6/21/31<sup>(2)</sup> | &nbsp;&nbsp; 3343 | &nbsp;&nbsp; 3351 |
| WH Borrower LLC Tranche B (3 month Term SOFR + 4.750%)<br> 9.072%, 2/12/32<sup>(2)</sup> | &nbsp;&nbsp; 9140 | &nbsp;&nbsp; 9127 |
|  |  | &nbsp;&nbsp; 177996 |
| **Food / Tobacco—2.6%** | **Food / Tobacco—2.6%** |  |
| Aspire Bakeries Holdings LLC (1 month Term SOFR + 3.500%)<br> 7.822%, 12/23/30<sup>(2)</sup> | &nbsp;&nbsp; 3283 | &nbsp;&nbsp; 3289 |
| Golden State Foods LLC (1 month Term SOFR + 4.250%)<br> 8.561%, 12/4/31<sup>(2)</sup> | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 2620 |
| Primary Products Finance LLC 2024, Tranche B (1 month Term SOFR + 3.250%)<br> 7.535%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 6635 | &nbsp;&nbsp; 6595 |
| Quirch Foods Holdings LLC (3 month Term SOFR + 5.262%)<br> 9.574%, 10/27/27<sup>(2)</sup> | &nbsp;&nbsp; 7383 | &nbsp;&nbsp; 6883 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.562%, 3/15/32<sup>(2)</sup> | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3391 |
| Savor Acquisition, Inc. Tranche B, First Lien (1 month Term SOFR + 3.250%)<br> 7.577%, 2/4/32<sup>(2)</sup> | &nbsp;&nbsp; 3377 | &nbsp;&nbsp; 3394 |
| Sazerac Co., Inc. Tranche B<br> 0.000%, 6/26/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 3211 |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.546%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 5653 | &nbsp;&nbsp; 5671 |
|  |  | &nbsp;&nbsp; 35054 |
| **Forest Prod / Containers—1.8%** | **Forest Prod / Containers—1.8%** |  |
| Ahlstrom Holding 3 Oy |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 4.012%)<br> 8.307%, 2/4/28<sup>(2)</sup> | &nbsp;&nbsp; 5712 | &nbsp;&nbsp; 5696 |
| &nbsp;&nbsp;&nbsp;Tranche B-1<br> 0.000%, 5/22/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1176 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.250%)<br> 7.577%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;2025, Tranche B (1 month Term SOFR + 3.250%)<br> 7.577%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp; 3882 | &nbsp;&nbsp; 3865 |
| Domtar Corp. (1 month Term SOFR + 5.614%)<br> 9.941%, 11/30/28<sup>(2)</sup> | &nbsp;&nbsp; 2389 | &nbsp;&nbsp; 2217 |
| Pregis Topco LLC (1 month Term SOFR + 4.000%)<br> 8.327%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 3832 | &nbsp;&nbsp; 3839 |
| Schweitzer-Mauduit International, Inc. Tranche B (1 month Term SOFR + 3.864%)<br> 8.191%, 4/20/28<sup>(2)</sup> | &nbsp;&nbsp; 3664 | &nbsp;&nbsp; 3628 |
| Verde Purchaser LLC (3 month Term SOFR + 4.000%)<br> 8.296%, 11/30/30<sup>(2)</sup> | &nbsp;&nbsp; 4188 | &nbsp;&nbsp; 4200 |
|  |  | &nbsp;&nbsp; 24623 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—4.3%** | **Gaming / Leisure—4.3%** |  |
| Allwyn Entertainment Financing U.S. LLC Tranche B (3 month Term SOFR + 2.000%)<br> 6.230%, 6/2/31<sup>(2)</sup> | $3691 | $3665 |
| Bingo Holdings I LLC<br> 0.000%, 6/14/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 2625 | &nbsp;&nbsp; 2582 |
| Bombardier Recreational Products, Inc. 2023 (1 month Term SOFR + 2.750%)<br> 7.077%, 12/13/29<sup>(2)</sup> | &nbsp;&nbsp; 6826 | &nbsp;&nbsp; 6830 |
| Catawba Nation Gaming Authority Tranche B (3 month Term SOFR + 4.750%)<br> 9.046%, 3/28/32<sup>(2)</sup> | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4850 |
| Fitness International LLC Tranche B (1 month Term SOFR + 5.250%)<br> 9.577%, 2/12/29<sup>(2)</sup> | &nbsp;&nbsp; 2509 | &nbsp;&nbsp; 2511 |
| Four Seasons Hotels Ltd. 2024, Tranche B (1 month Term SOFR + 1.750%)<br> 6.077%, 11/30/29<sup>(2)</sup> | &nbsp;&nbsp; 2936 | &nbsp;&nbsp; 2950 |
| GBT U.S. III LLC Tranche B-1 (3 month Term SOFR + 2.500%)<br> 6.783%, 7/25/31<sup>(2)</sup> | &nbsp;&nbsp; 5681 | &nbsp;&nbsp; 5687 |
| Hershend Entertainment Co. LLC Tranche B (1 month Term SOFR + 3.250%)<br> 7.572%, 5/27/32<sup>(2)</sup> | &nbsp;&nbsp; 3250 | &nbsp;&nbsp; 3270 |
| Lc Ahab U.S. Bidco LLC (1 month Term SOFR + 3.000%)<br> 7.327%, 5/1/31<sup>(2)</sup> | &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 2622 |
| Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)<br> 8.546%, 8/1/30<sup>(2)</sup> | &nbsp;&nbsp; 3886 | &nbsp;&nbsp; 3844 |
| Oravel Stays Private Ltd. Tranche B (3 month Term SOFR + 8.000%)<br> 12.296%, 12/20/29<sup>(2)</sup> | &nbsp;&nbsp; 7207 | &nbsp;&nbsp; 7171 |
| Scientific Games International, Inc. Tranche B-2 (1 month Term SOFR + 2.250%)<br> 6.564%, 4/14/29<sup>(2)</sup> | &nbsp;&nbsp; 7902 | &nbsp;&nbsp; 7898 |
| Voyager Parent LLC Tranche B<br> 0.000%, 5/9/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 5230 | &nbsp;&nbsp; 5170 |
|  |  | &nbsp;&nbsp; 59050 |
| **Health Care—5.1%** | **Health Care—5.1%** |  |
| AHP Health Partners, Inc. 2024, Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 8/24/28<sup>(2)</sup> | &nbsp;&nbsp; 4443 | &nbsp;&nbsp; 4454 |
| Amneal Pharmaceuticals LLC (1 month Term SOFR + 5.500%)<br> 9.827%, 5/4/28<sup>(2)</sup> | &nbsp;&nbsp; 7947 | &nbsp;&nbsp; 8069 |
| HAH Group Holding Co. LLC (1 month Term SOFR + 5.000%)<br> 9.327%, 9/17/31<sup>(2)</sup> | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2799 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.006%, 5/16/31<sup>(2)</sup> | &nbsp;&nbsp; 11182 | &nbsp;&nbsp; 11051 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.819%, 5/16/31<sup>(2)</sup> | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; 2510 |
| Medical Solutions Holdings, Inc. (3 month Term SOFR + 3.600%)<br> 7.880%, 11/1/28<sup>(2)</sup> | &nbsp;&nbsp; 6402 | &nbsp;&nbsp; 3318 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.577%, 10/23/28<sup>(2)</sup> | &nbsp;&nbsp; 6982 | &nbsp;&nbsp; 6986 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| MPH Acquisition Holdings LLC (3 month Term SOFR + 4.862%)<br> 9.141%, 12/31/30<sup>(2)</sup> | $—<sup>(7)</sup> | $—<sup>(7)</sup> |
| Opal U.S. LLC Tranche B-2<br> 0.000%, 4/28/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 7455 | &nbsp;&nbsp; 7481 |
| Organon & Co. (1 month Term SOFR + 2.250%)<br> 6.571%, 5/19/31<sup>(2)</sup> | &nbsp;&nbsp; 7959 | &nbsp;&nbsp; 7807 |
| Physician Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 PIK (3 month Term SOFR + 4.150%)<br> 8.446%, 12/31/29<sup>(2)(8)</sup> | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 1582 |
| &nbsp;&nbsp;&nbsp;Tranche C PIK (3 month Term SOFR + 5.650%)<br> 9.946%, 12/31/30<sup>(2)(9)</sup> | &nbsp;&nbsp; 1992 | &nbsp;&nbsp; 405 |
| Team Health Holdings, Inc. (3 month Term SOFR + 5.250%)<br> 9.530%, 3/2/27<sup>(2)</sup> | &nbsp;&nbsp; 6932 | &nbsp;&nbsp; 6887 |
| Team Services Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 5.250%)<br> 9.530%, 12/20/27<sup>(2)</sup> | &nbsp;&nbsp; 4288 | &nbsp;&nbsp; 4263 |
| &nbsp;&nbsp;&nbsp;2022 (3 month Term SOFR + 5.150%)<br> 9.430%, 12/20/27<sup>(2)</sup> | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 2036 |
|  |  | &nbsp;&nbsp; 69648 |
| **Housing—3.5%** | **Housing—3.5%** |  |
| Brookfield Property REIT, Inc. 2025 (1 month Term SOFR + 3.500%)<br> 7.827%, 5/28/30<sup>(2)</sup> | &nbsp;&nbsp; 3910 | &nbsp;&nbsp; 3896 |
| Covia Holdings Corp. (1 month Term SOFR + 3.250%)<br> 7.572%, 2/26/32<sup>(2)</sup> | &nbsp;&nbsp; 2955 | &nbsp;&nbsp; 2960 |
| Foley Products Co. LLC (3 month Term SOFR + 4.900%)<br> 9.196%, 12/29/28<sup>(2)</sup> | &nbsp;&nbsp; 4249 | &nbsp;&nbsp; 4257 |
| Forest City Enterprises LP Tranche B (1 month Term SOFR + 3.614%)<br> 7.941%, 12/8/25<sup>(2)</sup> | &nbsp;&nbsp; 15456 | &nbsp;&nbsp; 14952 |
| Foundation Building Materials, Inc. 2025<br> 0.000%, 1/29/31<sup>(2)(5)</sup> | &nbsp;&nbsp; 3180 | &nbsp;&nbsp; 3130 |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 12/17/31<sup>(2)</sup> | &nbsp;&nbsp; 2244 | &nbsp;&nbsp; 2248 |
| Oscar AcquisitionCo LLC Tranche B (3 month Term SOFR + 4.250%)<br> 8.546%, 4/29/29<sup>(2)</sup> | &nbsp;&nbsp; 5732 | &nbsp;&nbsp; 5265 |
| Quikrete Holdings, Inc. Tranche B-3 (1 month Term SOFR + 2.250%)<br> 6.577%, 2/10/32<sup>(2)</sup> | &nbsp;&nbsp; 4972 | &nbsp;&nbsp; 4964 |
| QXO Building Products, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 4/30/32<sup>(2)</sup> | &nbsp;&nbsp; 2334 | &nbsp;&nbsp; 2349 |
| Smyrna Ready Mix Concrete LLC 2025 (1 month Term SOFR + 3.000%)<br> 7.322%, 4/2/29<sup>(2)</sup> | &nbsp;&nbsp; 3417 | &nbsp;&nbsp; 3428 |
|  |  | &nbsp;&nbsp; 47449 |
| **Information Technology—11.2%** | **Information Technology—11.2%** |  |
| Adeia, Inc. Tranche B (1 month Term SOFR + 2.500%)<br> 6.827%, 6/8/28<sup>(2)</sup> | &nbsp;&nbsp; 6606 | &nbsp;&nbsp; 6614 |
| Ahead DB Holdings LLC Tranche B-2 (3 month Term SOFR + 3.000%)<br> 7.296%, 2/1/31<sup>(2)</sup> | &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 5131 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Allegro Microsystems, Inc. (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/30<sup>(2)</sup> | $4014 | $4020 |
| BMC Software 2031 (3 month Term SOFR + 3.000%)<br> 7.333%, 7/30/31<sup>(2)</sup> | &nbsp;&nbsp; 4145 | &nbsp;&nbsp; 4116 |
| Boost Newco Borrower LLC Tranche B-2 (3 month Term SOFR + 2.000%)<br> 6.296%, 1/31/31<sup>(2)</sup> | &nbsp;&nbsp; 3569 | &nbsp;&nbsp; 3576 |
| Caci International, Inc. Tranche B (1 month Term SOFR + 1.750%)<br> 6.077% - 6.079%, 10/30/31<sup>(2)</sup> | &nbsp;&nbsp; 2801 | &nbsp;&nbsp; 2792 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.500%)<br> 7.796%, 3/30/29<sup>(2)</sup> | &nbsp;&nbsp; 8011 | &nbsp;&nbsp; 8016 |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.046%, 3/24/31<sup>(2)</sup> | &nbsp;&nbsp; 3995 | &nbsp;&nbsp; 4001 |
| Clover Holdings 2 LLC (3 month Term SOFR + 4.000%)<br> 8.307%, 12/9/31<sup>(2)</sup> | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3401 |
| Creation Technologies, Inc. (3 month Term SOFR + 5.762%)<br> 10.046%, 10/5/28<sup>(2)</sup> | &nbsp;&nbsp; 6952 | &nbsp;&nbsp; 6848 |
| Ensono LP First Lien (1 month Term SOFR + 4.114%)<br> 8.441%, 5/26/28<sup>(2)</sup> | &nbsp;&nbsp; 4944 | &nbsp;&nbsp; 4939 |
| Leia Finco U.S. LLC (3 month Term SOFR + 3.250%)<br> 7.458%, 10/9/31<sup>(2)</sup> | &nbsp;&nbsp; 5611 | &nbsp;&nbsp; 5613 |
| Lendingtree, Inc. Tranche B (1 month Term SOFR + 4.114%)<br> 8.441%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 5964 | &nbsp;&nbsp; 5964 |
| Magnite, Inc. (1 month Term SOFR + 3.000%)<br> 7.327%, 2/6/31<sup>(2)</sup> | &nbsp;&nbsp; 6826 | &nbsp;&nbsp; 6834 |
| Mermaid Bidco, Inc. Tranche B (3 month Term SOFR + 3.250%)<br> 7.510%, 7/3/31<sup>(2)</sup> | &nbsp;&nbsp; 7662 | &nbsp;&nbsp; 7662 |
| MKS Instruments, Inc. 2025, Tranche B (1 month Term SOFR + 2.000%)<br> 6.322%, 8/17/29<sup>(2)</sup> | &nbsp;&nbsp; 6964 | &nbsp;&nbsp; 6971 |
| Modena Buyer LLC (3 month Term SOFR + 4.500%)<br> 8.780%, 7/1/31<sup>(2)</sup> | &nbsp;&nbsp; 4273 | &nbsp;&nbsp; 4108 |
| Neon Maple Purchaser, Inc. Tranche B-1 (1 month Term SOFR + 3.000%)<br> 7.327%, 11/17/31<sup>(2)</sup> | &nbsp;&nbsp; 6549 | &nbsp;&nbsp; 6556 |
| Perforce Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 4.750%)<br> 9.077%, 3/21/31<sup>(2)</sup> | &nbsp;&nbsp; 3658 | &nbsp;&nbsp; 3498 |
| &nbsp;&nbsp;&nbsp;2024 (1 month Term SOFR + 4.750%)<br> 9.077%, 7/2/29<sup>(2)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 726 |
| Rackspace Finance LLC First Lien (1 month Term SOFR + 2.864%)<br> 7.179%, 5/15/28<sup>(2)</sup> | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; 2346 |
| Red Planet Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 5.250%)<br> 9.577%, 10/2/28<sup>(2)</sup> | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp;First Lien (1 month Term SOFR + 3.850%)<br> 8.177%, 10/2/28<sup>(2)</sup> | &nbsp;&nbsp; 4256 | &nbsp;&nbsp; 4203 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021, Tranche B-1 (1 month Term SOFR + 3.614%)<br> 7.941%, 12/17/27<sup>(2)</sup> | &nbsp;&nbsp; 1706 | &nbsp;&nbsp; 1674 |
| &nbsp;&nbsp;&nbsp;2021, Tranche B-2 (1 month Term SOFR + 3.614%)<br> 7.941%, 12/17/27<sup>(2)</sup> | &nbsp;&nbsp; 1998 | &nbsp;&nbsp; 1960 |
| &nbsp;&nbsp;&nbsp;2022, Tranche B (1 month Term SOFR + 4.350%)<br> 8.677%, 6/30/28<sup>(2)</sup> | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1008 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| &nbsp;&nbsp;&nbsp;2022, Tranche B-2 (1 month Term SOFR + 5.100%)<br> 9.427%, 6/30/28<sup>(2)</sup> | $6661 | $6594 |
| Synechron Holdings, Inc. (3 month Term SOFR + 3.750%)<br> 8.030%, 9/26/31<sup>(2)</sup> | &nbsp;&nbsp; 3282 | &nbsp;&nbsp; 3183 |
| Thryv, Inc. (1 month Term SOFR + 6.750%)<br> 11.077%, 5/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1145 |
| TripAdvisor, Inc. Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 7/8/31<sup>(2)</sup> | &nbsp;&nbsp; 3995 | &nbsp;&nbsp; 3980 |
| Ultra Clean Holdings, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.577%, 2/28/28<sup>(2)</sup> | &nbsp;&nbsp; 14320 | &nbsp;&nbsp; 14344 |
| UST Global, Inc. (1 month Term SOFR + 3.000%)<br> 7.312%, 11/20/28<sup>(2)</sup> | &nbsp;&nbsp; 4732 | &nbsp;&nbsp; 4744 |
| Virtusa Corp. Tranche B-2 (1 month Term SOFR + 3.250%)<br> 7.577%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 4508 |
|  |  | &nbsp;&nbsp; 153252 |
| **Manufacturing—2.7%** | **Manufacturing—2.7%** |  |
| A-Ag U.S. Gsi Bidco, Inc. (3 month Term SOFR + 5.000%)<br> 9.296%, 10/31/31<sup>(2)</sup> | &nbsp;&nbsp; 5287 | &nbsp;&nbsp; 5247 |
| Alliance Laundry Systems LLC Tranche B (1 month Term SOFR + 2.500%)<br> 6.827%, 8/19/31<sup>(2)</sup> | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 4156 |
| Chart Industries, Inc. 2024, Tranche B (3 month Term SOFR + 2.500%)<br> 6.788%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 2838 |
| Cimpress plc 2024, Tranche B-1 (1 month Term SOFR + 2.500%)<br> 6.827%, 5/17/28<sup>(2)</sup> | &nbsp;&nbsp; 3229 | &nbsp;&nbsp; 3218 |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(2)</sup> | &nbsp;&nbsp; 3015 | &nbsp;&nbsp; 3022 |
| Crown Equipment Corp. Tranche B-1 (1 month Term SOFR + 2.250%)<br> 6.574%, 10/10/31<sup>(2)</sup> | &nbsp;&nbsp; 3907 | &nbsp;&nbsp; 3897 |
| Glatfelter Corp. Tranche B (3 month Term SOFR + 4.250%)<br> 8.583%, 11/4/31<sup>(2)</sup> | &nbsp;&nbsp; 3885 | &nbsp;&nbsp; 3803 |
| Lippert Components, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 3/19/32<sup>(2)</sup> | &nbsp;&nbsp; 3451 | &nbsp;&nbsp; 3451 |
| LSF12 Crown U.S. Commercial Bidco LLC (1 month Term SOFR + 4.250%)<br> 8.574%, 12/2/31<sup>(2)</sup> | &nbsp;&nbsp; 4695 | &nbsp;&nbsp; 4716 |
| VM Consolidated, Inc. Tranche B-3 (1 month Term SOFR + 2.250%)<br> 6.577%, 3/24/28<sup>(2)</sup> | &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 2821 |
|  |  | &nbsp;&nbsp; 37169 |
| **Media / Telecom - Broadcasting—1.4%** | **Media / Telecom - Broadcasting—1.4%** |  |
| EOC Borrower LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 3/24/32<sup>(2)</sup> | &nbsp;&nbsp; 6660 | &nbsp;&nbsp; 6662 |
| Nexstar Media, Inc. Tranche B<br> 0.000%, 6/24/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 2730 | &nbsp;&nbsp; 2723 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Broadcasting—continued** | **Media / Telecom - Broadcasting—continued** |  |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022, Tranche A, First Lien<br> 0.000%, 6/24/27<sup>(2)(5)</sup> | $3409 | $3382 |
| &nbsp;&nbsp;&nbsp;2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 1/31/29<sup>(2)</sup> | &nbsp;&nbsp; 3823 | &nbsp;&nbsp; 3740 |
| Wasserman Media Group LLC (1 month Term SOFR + 3.000%)<br> 7.321%, 6/11/32<sup>(2)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3000 |
|  |  | &nbsp;&nbsp; 19507 |
| **Media / Telecom - Cable/Wireless Video—3.8%** | **Media / Telecom - Cable/Wireless Video—3.8%** |  |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (3 month Term SOFR + 2.000%)<br> 6.298%, 12/7/30<sup>(2)</sup> | &nbsp;&nbsp; 6220 | &nbsp;&nbsp; 6215 |
| &nbsp;&nbsp;&nbsp;Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.548%, 12/15/31<sup>(2)</sup> | &nbsp;&nbsp; 6032 | &nbsp;&nbsp; 6040 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.577%, 9/18/30<sup>(2)</sup> | &nbsp;&nbsp; 4067 | &nbsp;&nbsp; 4054 |
| Coral-U.S. Co-Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-6 (1 month Term SOFR + 3.114%)<br> 7.426%, 10/15/29<sup>(2)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4976 |
| &nbsp;&nbsp;&nbsp;Tranche B-7 (3 month Term SOFR + 3.250%)<br> 7.506%, 1/31/32<sup>(2)</sup> | &nbsp;&nbsp; 5035 | &nbsp;&nbsp; 4974 |
| Radiate Holdco LLC (1 month Term SOFR + 3.364%)<br> 7.691%, 9/25/26<sup>(2)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — |
| Telenet Financing USD LLC Tranche AR (1 month Term SOFR + 2.114%)<br> 6.426%, 4/30/28<sup>(2)</sup> | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3418 |
| Virgin Media Bristol LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche N (1 month Term SOFR + 2.614%)<br> 6.926%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 11256 | &nbsp;&nbsp; 11101 |
| &nbsp;&nbsp;&nbsp;Tranche Q (1 month Term SOFR + 3.364%)<br> 7.676%, 1/31/29<sup>(2)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3961 |
| Ziggo Financing Partnership Tranche I (1 month Term SOFR + 2.614%)<br> 6.926%, 4/30/28<sup>(2)</sup> | &nbsp;&nbsp; 7787 | &nbsp;&nbsp; 7601 |
|  |  | &nbsp;&nbsp; 52340 |
| **Media / Telecom - Diversified Media—3.6%** | **Media / Telecom - Diversified Media—3.6%** |  |
| Allen Media LLC Tranche B (3 month Term SOFR + 5.650%)<br> 9.946%, 2/10/27<sup>(2)</sup> | &nbsp;&nbsp; 3887 | &nbsp;&nbsp; 2468 |
| Banijay Entertainment SAS Tranche B-3 (1 month Term SOFR + 2.750%)<br> 7.072%, 3/1/28<sup>(2)</sup> | &nbsp;&nbsp; 4226 | &nbsp;&nbsp; 4226 |
| Digital Media Solutions Tranche B (1 month Term SOFR + 1.000%)<br> 5.307%, 5/25/26<sup>(2)(4)</sup> | &nbsp;&nbsp; 351 | &nbsp;&nbsp; — |
| Digital Media Solutions LLC (1 month Term SOFR + 11.114%)<br> 15.426%, 5/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 3904 | &nbsp;&nbsp; — |
| DIRECTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.791%, 8/2/29<sup>(2)</sup> | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 3273 |
| &nbsp;&nbsp;&nbsp;2025, Tranche B (1 month Term SOFR + 5.500%)<br> 9.827%, 2/17/31<sup>(2)</sup> | &nbsp;&nbsp; 1997 | &nbsp;&nbsp; 1901 |
| Emerald Expositions Holding, Inc. 2025 (1 month Term SOFR + 3.750%)<br> 8.077%, 1/23/32<sup>(2)</sup> | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1051 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified Media—continued** | **Media / Telecom - Diversified Media—continued** |  |
| Houghton Mifflin Harcourt Co. Tranche B, First Lien (3 month Term SOFR + 5.350%)<br> 9.630%, 4/9/29<sup>(2)</sup> | $7193 | $7017 |
| MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023 (1 month Term SOFR + 4.250%)<br> 8.577%, 5/3/28<sup>(2)</sup> | &nbsp;&nbsp; 1348 | &nbsp;&nbsp; 1263 |
| &nbsp;&nbsp;&nbsp;2024, First Lien (1 month Term SOFR + 4.250%)<br> 8.577%, 12/31/31<sup>(2)</sup> | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month Term SOFR + 6.250%)<br> 10.577%, 2/23/29<sup>(2)</sup> | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2241 |
| Neptune Bidco U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month Term SOFR + 9.850%)<br> 14.080%, 10/11/29<sup>(2)</sup> | &nbsp;&nbsp; 6843 | &nbsp;&nbsp; 6672 |
| &nbsp;&nbsp;&nbsp;Tranche A (3 month Term SOFR + 4.850%)<br> 9.080%, 10/11/28<sup>(2)</sup> | &nbsp;&nbsp; 4193 | &nbsp;&nbsp; 3939 |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 5.100%)<br> 9.330%, 4/11/29<sup>(2)</sup> | &nbsp;&nbsp; 5568 | &nbsp;&nbsp; 5253 |
| X Corp. Tranche B-1 (1 month Term SOFR + 6.600%)<br> 10.927%, 10/26/29<sup>(2)</sup> | &nbsp;&nbsp; 8952 | &nbsp;&nbsp; 8737 |
|  |  | &nbsp;&nbsp; 48814 |
| **Media / Telecom - Telecommunications—5.0%** | **Media / Telecom - Telecommunications—5.0%** |  |
| Altice Financing S.A. |  |  |
| &nbsp;&nbsp;&nbsp;2017 (3 month PRIME + 1.750%)<br> 9.250%, 7/15/25 | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 1366 |
| &nbsp;&nbsp;&nbsp;2022 (3 month Term SOFR + 5.000%)<br> 9.256%, 10/31/27<sup>(2)</sup> | &nbsp;&nbsp; 10123 | &nbsp;&nbsp; 8107 |
| AP Core Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 5.614%)<br> 9.941%, 9/1/27<sup>(2)</sup> | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2670 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 5.614%)<br> 9.941%, 9/1/27<sup>(2)</sup> | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2418 |
| Cable One, Inc. Tranche B-4 (1 month Term SOFR + 2.114%)<br> 6.441%, 5/3/28<sup>(2)</sup> | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 1506 |
| Connect U.S. Finco LLC (1 month Term SOFR + 4.500%)<br> 8.827%, 9/27/29<sup>(2)</sup> | &nbsp;&nbsp; 9105 | &nbsp;&nbsp; 8627 |
| Level 3 Financing, Inc. Tranche B-3 (1 month Term SOFR + 4.250%)<br> 8.577%, 3/27/32<sup>(2)</sup> | &nbsp;&nbsp; 5870 | &nbsp;&nbsp; 5930 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche A (1 month Term SOFR + 6.000%)<br> 10.327%, 6/1/28<sup>(2)</sup> | &nbsp;&nbsp; 8239 | &nbsp;&nbsp; 8442 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.464%)<br> 6.791%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp; 5322 | &nbsp;&nbsp; 5249 |
| Numericable U.S. LLC Tranche B-14 (3 month Term SOFR + 5.500%)<br> 9.756%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 2311 | &nbsp;&nbsp; 2088 |
| Voyage Digital NZ Ltd. (3 month Term SOFR + 3.250%)<br> 7.574%, 5/11/29<sup>(2)</sup> | &nbsp;&nbsp; 3831 | &nbsp;&nbsp; 3831 |
| Zacapa S.a.r.l. (3 month Term SOFR + 3.750%)<br> 8.046%, 3/22/29<sup>(2)</sup> | &nbsp;&nbsp; 17377 | &nbsp;&nbsp; 17420 |
|  |  | &nbsp;&nbsp; 67654 |
| **Media / Telecom - Wireless Communications—1.5%** | **Media / Telecom - Wireless Communications—1.5%** |  |
| Crown Subsea Communications Holding, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.330%, 1/30/31<sup>(2)</sup> | &nbsp;&nbsp; 8910 | &nbsp;&nbsp; 8958 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Wireless Communications—continued** | **Media / Telecom - Wireless Communications—continued** |  |
| Venga Finance S.a.r.l. 2025 (3 month Term SOFR + 4.012%)<br> 8.344%, 6/28/29<sup>(2)</sup> | $12006 | $11999 |
|  |  | &nbsp;&nbsp; 20957 |
| **Metals / Minerals—1.1%** | **Metals / Minerals—1.1%** |  |
| AMG Advanced Metallurgical Group N.V. 2021 (1 month Term SOFR + 3.614%)<br> 7.941%, 11/30/28<sup>(2)</sup> | &nbsp;&nbsp; 5451 | &nbsp;&nbsp; 5410 |
| Arsenal AIC Parent LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 8/18/30<sup>(2)</sup> | &nbsp;&nbsp; 4052 | &nbsp;&nbsp; 4043 |
| Oxbow Carbon LLC Tranche B (1 month Term SOFR + 3.500%)<br> 7.827%, 5/10/30<sup>(2)</sup> | &nbsp;&nbsp; 6005 | &nbsp;&nbsp; 5930 |
|  |  | &nbsp;&nbsp; 15383 |
| **Retail—1.2%** | **Retail—1.2%** |  |
| CWGS Group LLC (1 month Term SOFR + 2.614%)<br> 6.941%, 6/3/28<sup>(2)</sup> | &nbsp;&nbsp; 3318 | &nbsp;&nbsp; 3240 |
| Restoration Hardware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.614%)<br> 6.941%, 10/20/28<sup>(2)</sup> | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;2022 (1 month Term SOFR + 3.350%)<br> 7.677%, 10/20/28<sup>(2)</sup> | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; 2360 |
| Rising Tide Holdings, Inc. Tranche C (2 month Term SOFR + 7.250%)<br> 11.552%, 9/12/28<sup>(2)(4)</sup> | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 354 |
| Vestis Corp. Tranche B-1 (3 month Term SOFR + 2.250%)<br> 6.580%, 2/22/31<sup>(2)</sup> | &nbsp;&nbsp; 6264 | &nbsp;&nbsp; 5990 |
| Victra Holdings LLC (3 month Term SOFR + 4.250%)<br> 8.546%, 3/29/29<sup>(2)</sup> | &nbsp;&nbsp; 4279 | &nbsp;&nbsp; 4274 |
|  |  | &nbsp;&nbsp; 16736 |
| **Service—8.2%** | **Service—8.2%** |  |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.577%, 9/29/31<sup>(2)</sup> | &nbsp;&nbsp; 8545 | &nbsp;&nbsp; 8523 |
| American Public Education, Inc. (1 month Term SOFR + 5.614%)<br> 9.941%, 9/1/27<sup>(2)</sup> | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 3341 |
| Apex Group Treasury Ltd. Tranche B (1 month Term SOFR + 3.500%)<br> 7.825%, 2/27/32<sup>(2)</sup> | &nbsp;&nbsp; 5028 | &nbsp;&nbsp; 5006 |
| ASP Dream Acquisition Co. LLC (1 month Term SOFR + 4.350%)<br> 8.677%, 12/15/28<sup>(2)</sup> | &nbsp;&nbsp; 5377 | &nbsp;&nbsp; 5188 |
| Belfor Holdings, Inc. Tranche B-3 (1 month Term SOFR + 3.000%)<br> 7.327%, 11/1/30<sup>(2)</sup> | &nbsp;&nbsp; 6864 | &nbsp;&nbsp; 6863 |
| Camelot U.S. Acquisition I Co. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.250%)<br> 7.577%, 1/31/31<sup>(2)</sup> | &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1965 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.750%)<br> 7.077%, 1/31/31<sup>(2)</sup> | &nbsp;&nbsp; 2515 | &nbsp;&nbsp; 2486 |
| Cengage Learning, Inc. 2024 (1-3 month Term SOFR + 3.500%)<br> 7.822% - 7.830%, 3/22/31<sup>(2)</sup> | &nbsp;&nbsp; 3196 | &nbsp;&nbsp; 3201 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Dayforce, Inc. 2025 (3 month Term SOFR + 2.000%)<br> 6.280%, 2/26/31<sup>(2)</sup> | $2450 | $2450 |
| Dun & Bradstreet Corp. (The) Tranche B-2 (1 month Term SOFR + 2.250%)<br> 6.572%, 1/18/29<sup>(2)</sup> | &nbsp;&nbsp; 2999 | &nbsp;&nbsp; 2996 |
| EverCommerce Solutions, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 7/6/28<sup>(2)</sup> | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 3485 |
| Fugue Finance B.V. (3 month Term SOFR + 3.250%)<br> 7.571%, 1/9/32<sup>(2)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 171 |
| Fugue Finance LLC (3 month Term SOFR + 3.250%)<br> 7.583%, 1/9/32<sup>(2)</sup> | &nbsp;&nbsp; 3219 | &nbsp;&nbsp; 3237 |
| Inmar, Inc. 2025, First Lien (1 month Term SOFR + 4.500%)<br> 8.802%, 10/30/31<sup>(2)</sup> | &nbsp;&nbsp; 4317 | &nbsp;&nbsp; 4344 |
| Lakeland Tours LLC First Lien<br> 8.000%, 9/25/27<sup>(4)</sup> | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 2 |
| LSF11 Trinity Bidco, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.321%, 6/14/30<sup>(2)</sup> | &nbsp;&nbsp; 6595 | &nbsp;&nbsp; 6612 |
| Mister Car Wash Holdings, Inc. 2024 (1 month Term SOFR + 2.500%)<br> 6.827%, 3/21/31<sup>(2)</sup> | &nbsp;&nbsp; 3777 | &nbsp;&nbsp; 3781 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/24/28<sup>(2)</sup> | &nbsp;&nbsp; 4541 | &nbsp;&nbsp; 4483 |
| Pitney Bowes, Inc. Tranche B (1 month Term SOFR + 3.750%)<br> 8.077%, 3/19/32<sup>(2)</sup> | &nbsp;&nbsp; 8135 | &nbsp;&nbsp; 8111 |
| Priority Holdings LLC Tranche B (1 month Term SOFR + 4.750%)<br> 9.077%, 5/16/31<sup>(2)</sup> | &nbsp;&nbsp; 8242 | &nbsp;&nbsp; 8250 |
| Prometric Holdings, Inc. Tranche B<br> 0.000%, 6/18/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2998 |
| Soliant Lower Intermediate LLC (3 month Term SOFR + 3.750%)<br> 8.002%, 7/18/31<sup>(2)</sup> | &nbsp;&nbsp; 5810 | &nbsp;&nbsp; 5752 |
| St. George's University Scholastic Services LLC (1 month Term SOFR + 2.750%)<br> 7.077%, 2/10/29<sup>(2)</sup> | &nbsp;&nbsp; 3953 | &nbsp;&nbsp; 3805 |
| Summer BC Bidco B LLC Tranche B (3 month Term SOFR + 5.260%)<br> 9.556%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 6510 | &nbsp;&nbsp; 6527 |
| Tidal Waste & Recycling Holdings LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 10/24/31<sup>(2)</sup> | &nbsp;&nbsp; 3062 | &nbsp;&nbsp; 3076 |
| TRC Cos. LLC 2025 (1 month Term SOFR + 3.000%)<br> 7.327%, 12/8/28<sup>(2)</sup> | &nbsp;&nbsp; 5260 | &nbsp;&nbsp; 5243 |
|  |  | &nbsp;&nbsp; 111896 |
| **Transportation - Automotive—1.1%** | **Transportation - Automotive—1.1%** |  |
| American Axle & Manufacturing, Inc. Tranche B (1-6 month Term SOFR + 3.000%)<br> 7.053% - 7.314%, 12/12/29<sup>(2)</sup> | &nbsp;&nbsp; 5247 | &nbsp;&nbsp; 5207 |
| Autokiniton U.S. Holdings, Inc. 2024, Tranche B (1 month Term SOFR + 4.114%)<br> 8.441%, 4/6/28<sup>(2)</sup> | &nbsp;&nbsp; 7366 | &nbsp;&nbsp; 7088 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Transportation - Automotive—continued** | **Transportation - Automotive—continued** |  |
| Clarios Global LP (1 month Term SOFR + 2.750%)<br> 7.077%, 1/28/32<sup>(2)</sup> | $2960 | $2962 |
|  |  | &nbsp;&nbsp; 15257 |
| **Transportation - Land Transportation—0.5%** | **Transportation - Land Transportation—0.5%** |  |
| AIT Worldwide Logistics, Inc. 2025, Tranche B (3 month Term SOFR + 4.000%)<br> 8.260%, 4/8/30<sup>(2)</sup> | &nbsp;&nbsp; 2637 | &nbsp;&nbsp; 2641 |
| Clue Opco LLC Tranche B (3 month Term SOFR + 4.500%)<br> 8.780%, 12/19/30<sup>(2)</sup> | &nbsp;&nbsp; 3599 | &nbsp;&nbsp; 3570 |
|  |  | &nbsp;&nbsp; 6211 |
| **Transportation - Shipping—0.2%** | **Transportation - Shipping—0.2%** |  |
| Stonepeak Nile Parent LLC (3 month Term SOFR + 2.750%)<br> 6.980%, 4/9/32<sup>(2)</sup> | &nbsp;&nbsp; 3105 | &nbsp;&nbsp; 3114 |
| **Utilities—5.4%** | **Utilities—5.4%** |  |
| Astoria Energy LLC Tranche B<br> 0.000%, 6/16/32<sup>(2)(5)</sup> | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2250 |
| Calpine Construction Finance Co. LP (1 month Term SOFR + 2.000%)<br> 6.327%, 7/31/30<sup>(2)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1999 |
| Calpine Corp. 2024 (1 month Term SOFR + 1.750%)<br> 6.077%, 2/15/32<sup>(2)</sup> | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2549 |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(2)(5)</sup> | &nbsp;&nbsp; 3845 | &nbsp;&nbsp; 3863 |
| Eastern Power LLC Tranche B (1 month Term SOFR + 5.250%)<br> 9.577%, 4/3/28<sup>(2)</sup> | &nbsp;&nbsp; 3805 | &nbsp;&nbsp; 3808 |
| EMG Utica Midstream Holdings LLC (3 month Term SOFR + 4.000%)<br> 8.296%, 4/1/30<sup>(2)</sup> | &nbsp;&nbsp; 3471 | &nbsp;&nbsp; 3489 |
| Goodnight Water Solutions Holdings LLC (1 month Term SOFR + 4.500%)<br> 8.827%, 6/4/29<sup>(2)(4)</sup> | &nbsp;&nbsp; 7405 | &nbsp;&nbsp; 7405 |
| Invenergy Thermal Operating I LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.500%)<br> 7.780% - 7.790%, 5/6/32<sup>(2)</sup> | &nbsp;&nbsp; 3487 | &nbsp;&nbsp; 3508 |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month Term SOFR + 3.614%)<br> 7.904% -7.927%, 5/6/32<sup>(2)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 234 |
| Lackawanna Energy Center LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 4.250%)<br> 8.577%, 8/6/29<sup>(2)</sup> | &nbsp;&nbsp; 2819 | &nbsp;&nbsp; 2821 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 4.250%)<br> 8.577%, 8/6/29<sup>(2)</sup> | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 621 |
| Lightning Power LLC Tranche B (3 month Term SOFR + 2.250%)<br> 6.546%, 8/18/31<sup>(2)</sup> | &nbsp;&nbsp; 6928 | &nbsp;&nbsp; 6935 |
| Middle River Power (3 month Term SOFR + 3.250%)<br> 7.569%, 5/24/32<sup>(2)</sup> | &nbsp;&nbsp; 6045 | &nbsp;&nbsp; 5951 |
| Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024, Tranche B (3 month Term SOFR + 2.500%)<br> 6.808%, 12/12/31<sup>(2)</sup> | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 1829 |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 2.500%)<br> 6.808%, 5/17/30<sup>(2)</sup> | &nbsp;&nbsp; 2918 | &nbsp;&nbsp; 2921 |
| Vistra Operations Co. LLC 2018 (1 month Term SOFR + 1.750%)<br> 6.077%, 12/20/30<sup>(2)</sup> | &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 3316 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| WaterBridge Midstream Operating LLC Tranche B (3 month Term SOFR + 5.012%)<br> 9.314%, 6/27/29<sup>(2)</sup> | $15422 | $15320 |
| Waterbridge NDB Operating LLC (3 month Term SOFR + 4.000%)<br> 8.300%, 5/10/29<sup>(2)</sup> | &nbsp;&nbsp; 4461 | &nbsp;&nbsp;&nbsp; 4444 |
|  |  | &nbsp;&nbsp;&nbsp; 73263 |
| **Total Leveraged Loans<br> (Identified Cost $1,299,363)** | **Total Leveraged Loans<br> (Identified Cost $1,299,363)** | &nbsp;&nbsp;&nbsp;&nbsp;**1282685** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.6%** | **Common Stocks—0.6%** | **Common Stocks—0.6%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Digital Media Solutions<sup>(4)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14839 | &nbsp;&nbsp;&nbsp; 607 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| Jo-Ann Stores, Inc.<sup>(4)(10)</sup> | 1192694 | &nbsp;&nbsp;&nbsp; 12 |
| West Marine<sup>(4)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44603 | &nbsp;&nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp;&nbsp; 16 |
| **Energy—0.2%** | **Energy—0.2%** |  |
| Summit Midstream Corp.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108293 | &nbsp;&nbsp;&nbsp; 2657 |
| **Financials—0.0%** | **Financials—0.0%** |  |
| Copper Property CTL Pass Through Trust<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17816 | &nbsp;&nbsp;&nbsp; 214 |
| **Information Technology—0.0%** | **Information Technology—0.0%** |  |
| Bright Bidco<sup>(4)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26953 | &nbsp;&nbsp;&nbsp; 6 |
| **Real Estate—0.0%** | **Real Estate—0.0%** |  |
| Altisource Portfolio Solutions S.A.<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp; 25 |
| Hill Street Properties<sup>(4)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;229735 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp; 25 |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Longview Intermediate Holdings LLC<sup>(4)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;265938 | &nbsp;&nbsp;&nbsp; 4122 |
| **Total Common Stocks<br> (Identified Cost $5,174)** | **Total Common Stocks<br> (Identified Cost $5,174)** | **7647** |
| **Warrant—0.0%** | **Warrant—0.0%** | **Warrant—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| West Marine, 06/01/29<sup>(4)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583 | &nbsp;&nbsp;&nbsp; — |
| **Total Warrant<br> (Identified Cost $—)** | **Total Warrant<br> (Identified Cost $—)** | **—** |
| **Total Long-Term Investments—98.0%<br> (Identified Cost $1,353,454)** | **Total Long-Term Investments—98.0%<br> (Identified Cost $1,353,454)** | **1338642** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.6%** | **Short-Term Investment—1.6%** | **Short-Term Investment—1.6%** |
| **Money Market Mutual Fund—1.6%** | **Money Market Mutual Fund—1.6%** | **Money Market Mutual Fund—1.6%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.187%)<sup>(11)</sup> | 21264472 | $21264 |
| **Total Short-Term Investment<br> (Identified Cost $21,264)** | **Total Short-Term Investment<br> (Identified Cost $21,264)** | &nbsp;&nbsp;&nbsp;&nbsp; **21264** |
| **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $1,374,718)** | **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $1,374,718)** | &nbsp;&nbsp;**$1359906** |
| Other assets and liabilities, net—0.4% | Other assets and liabilities, net—0.4% | &nbsp;&nbsp;&nbsp;&nbsp; 5419 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1365325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| DB | Deutsche Bank AG |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $41,104 or 3.0% of net assets. |
| <sup>(2)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

<sup>(3)</sup> Security in default; no interest payments are being received.

<sup>(4)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(5)</sup> This loan will settle after June 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(6)</sup> 86% of the income received was in cash and 14% was in PIK.

<sup>(7)</sup> Amount is less than $500 (not in thousands).

<sup>(8)</sup> 70% of the income received was in cash and 30% was in PIK.

<sup>(9)</sup> 60% of the income received was in cash and 40% was in PIK.

<sup>(10)</sup> Non-income producing.

<sup>(11)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

As of June 30, 2025, the Fund had the following unfunded loan commitment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Clydesdale Acquisition Holdings, Inc., 4/01/32 | $66 | $66 | $66 | &nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |
| Middle River Power, 6/04/32 | &nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;(5) |
| Savor Acquisition, Inc., 2/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | $1154 | $1147 | $1143 | $(4) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10882<sup>(1)</sup> |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitment<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1359902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1320109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

Securities held by the Fund with an end of period value of $7,407 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Leveraged<br> Loans | &nbsp;&nbsp;&nbsp;&nbsp;Common<br> stocks | &nbsp;&nbsp;&nbsp;&nbsp;Warrants |
| **Investments in Securities** |  |  |  |  |
| **Balance as of December 31, 2024:** | &nbsp;&nbsp;&nbsp;&nbsp;$13766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2945<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10821<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(a)</sup> |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sales<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers into Level 3<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Balance as of June 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;$15847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10882<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4965<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(a)</sup> |

---

<sup>(a)</sup> Includes internally fair valued security currently priced at zero ($0).

<sup>(b)</sup> The change in unrealized appreciation (depreciation) on investments still held at June 30, 2025, was $(259).

<sup>(c)</sup> Includes paydowns on securities.

<sup>(d)</sup> Transfers into and/or from represent the ending value as of June 30, 2025, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Grade Municipal Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds<sup>(1)</sup>—101.5%** | **Municipal Bonds<sup>(1)</sup>—101.5%** | **Municipal Bonds<sup>(1)</sup>—101.5%** |
| **Colorado—13.3%** | **Colorado—13.3%** |  |
| Colorado Bridge & Tunnel Enterprise, Miscellaneous Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 5.250%, 12/1/49 | $280 | $290 |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 5.250%, 12/1/54 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 103 |
| E-470 Public Highway Authority, Toll Highway Revenue, Series A<br> 5.000%, 9/1/36 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1063 |
| Regional Transportation District, Sales Tax Revenue, Series A<br> 5.000%, 1/15/28 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1039 |
| State of Colorado, Certificates of Participation<br> 6.000%, 12/15/39 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp; 2636 |
| **Florida—6.2%** | **Florida—6.2%** |  |
| Marion County School Board, Certificates of Participation (AGM Insured)<br> 5.000%, 6/1/43 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 355 |
| Orange County School Board, Certificates of Participation, Series A<br> 5.000%, 8/1/34 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 393 |
| Pasco County, H. Lee Moffitt Cancer Center Project Revenue (AGM Insured)<br> 5.750%, 9/1/54 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
| Tampa Bay Water, Water Revenue, Series A<br> 5.000%, 10/1/49 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 220 |
|  |  | &nbsp;&nbsp; 1231 |
| **Idaho—5.3%** | **Idaho—5.3%** |  |
| Idaho Housing & Finance Association, Sales Tax Revenue, Series A<br> 5.250%, 8/15/48 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1049 |
| **Illinois—0.5%** | **Illinois—0.5%** |  |
| City of Chicago, General Obligation, Series E<br> 6.000%, 1/1/42 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 106 |
| **Kentucky—1.0%** | **Kentucky—1.0%** |  |
| Fayette County School District Finance Corp., Lease Revenue (ST INTERCEPT Insured)<br> 5.000%, 6/1/43 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| **Louisiana—3.0%** | **Louisiana—3.0%** |  |
| State of Louisiana, General Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.000%, 6/1/37 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;Series E<br> 5.000%, 9/1/31 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 390 |
|  |  | &nbsp;&nbsp; 585 |
| **Massachusetts—2.6%** | **Massachusetts—2.6%** |  |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/41 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 267 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Massachusetts—continued** | **Massachusetts—continued** |  |
| &nbsp;&nbsp;&nbsp;5.250%, 7/1/52 | $235 | $246 |
|  |  | &nbsp;&nbsp; 513 |
| **Nevada—1.2%** | **Nevada—1.2%** |  |
| Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax Revenue, Series A<br> 5.000%, 7/1/49 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 245 |
| **New Jersey—4.4%** | **New Jersey—4.4%** |  |
| New Jersey Transportation Trust Fund Authority Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 6/15/35 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;Series AA<br> 5.250%, 6/15/41 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 531 |
|  |  | &nbsp;&nbsp; 877 |
| **New York—12.2%** | **New York—12.2%** |  |
| City of New York, General Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1<br> 5.250%, 10/1/47 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;Series D-1<br> 5.500%, 5/1/44 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1061 |
| New York City Municipal Water Finance Authority, Water Revenue, Series AA<br> 5.000%, 6/15/49 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 215 |
| New York City Transitional Finance Authority, Income Tax Revenue, Series G-1<br> 5.000%, 5/1/42 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 314 |
| New York State Dormitory Authority, Income Tax Revenue, Series A<br> 5.000%, 3/15/41 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 316 |
|  |  | &nbsp;&nbsp; 2422 |
| **North Carolina—1.3%** | **North Carolina—1.3%** |  |
| County of Wake Revenue, Series A<br> 5.000%, 5/1/44 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
| **Oklahoma—1.1%** | **Oklahoma—1.1%** |  |
| Oklahoma Water Resources Board, Clean Water Program Revenue<br> 5.000%, 4/1/42 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 211 |
| **Pennsylvania—14.4%** | **Pennsylvania—14.4%** |  |
| City of Philadelphia, General Obligation, Series C<br> 5.000%, 8/1/32 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 837 |
| City of Pittsburgh, General Obligation<br> 5.000%, 9/1/41 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 393 |
| Pennsylvania Economic Development Financing Authority, PENNDOT Major Bridges Revenue (AMT)<br> 5.500%, 6/30/38 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
| Pennsylvania Turnpike Commission, Toll Highway Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;First Subordinate Series<br> 5.000%, 12/1/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1049 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Grade Municipal Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pennsylvania—continued** | **Pennsylvania—continued** |  |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.250%, 12/1/52 | $350 | $360 |
|  |  | &nbsp;&nbsp; 2851 |
| **South Carolina—2.8%** | **South Carolina—2.8%** |  |
| South Carolina Public Service Authority, Santee Cooper Revenue, Series B<br> 5.000%, 12/1/43 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 557 |
| **Texas—14.5%** | **Texas—14.5%** |  |
| Arlington Higher Education Finance Corp., Trinity Basin Preparatory Revenue (PSF-GTD Insured)<br> 4.500%, 8/15/53 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 120 |
| City of Fort Worth, Water & Sewer System Revenue<br> 5.000%, 2/15/30 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 131 |
| Katy Independent School District, General Obligation (PSF-GTD Insured)<br> 4.000%, 2/15/39 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 490 |
| Permanent University Fund - University of Texas System Revenue, Series B<br> 5.000%, 7/1/36 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 599 |
| Port Authority of Houston of Harris County Texas, General Obligation, Series A (AMT)<br> 5.000%, 10/1/36 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 510 |
| Texas Water Development Board, Water Revenue<br> 4.650%, 10/15/40 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1016 |
|  |  | &nbsp;&nbsp; 2866 |
| **Utah—1.9%** | **Utah—1.9%** |  |
| City of Salt Lake City, Airport Revenue, Series A (AMT)<br> 5.250%, 7/1/36 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 382 |
| **Virginia—2.7%** | **Virginia—2.7%** |  |
| Virginia Resources Authority Clean Water Revolving Fund, Water Revenue<br> 5.000%, 10/1/28 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 536 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Washington—13.1%** | **Washington—13.1%** |  |
| Energy Northwest, Columbia Generating Station Electric Revenue, Series A<br> 5.000%, 7/1/34 | $1420 | $1420 |
| Grant County Public Hospital District No. 1, General Obligation<br> 5.500%, 12/1/43 | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 220 |
| State of Washington, General Obligation, Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 8/1/37 | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;5.000%, 8/1/40 | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 569 |
|  |  | &nbsp;&nbsp;&nbsp; 2595 |
| **Total Municipal Bonds<br> (Identified Cost $20,540)** | **Total Municipal Bonds<br> (Identified Cost $20,540)** | &nbsp;&nbsp;&nbsp;&nbsp;**20129** |
| **Total Long-Term Investments—101.5%<br> (Identified Cost $20,540)** | **Total Long-Term Investments—101.5%<br> (Identified Cost $20,540)** | &nbsp;&nbsp;&nbsp;&nbsp;**20129** |
| **TOTAL INVESTMENTS—101.5%<br> (Identified Cost $20,540)** | **TOTAL INVESTMENTS—101.5%<br> (Identified Cost $20,540)** | &nbsp;&nbsp;**$20129** |
| Other assets and liabilities, net—(1.5)% | Other assets and liabilities, net—(1.5)% | &nbsp;&nbsp;&nbsp;&nbsp; (290) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$19839** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| PSF-GTD | Permanent School Fund Guarantee Program |
| ST INTERCEPT | State Intercept |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | At June 30, 2025, 9.1% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20129 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20129 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—0.7%** | **Asset-Backed Securities—0.7%** | **Asset-Backed Securities—0.7%** |
| **Collateralized Loan Obligations—0.7%** | **Collateralized Loan Obligations—0.7%** |  |
| Mountain View CLO XVI Ltd. 2022-1A, ER (3 month Term SOFR + 7.330%, Cap N/A, Floor 7.330%) 144A<br> 11.586%, 4/15/34<sup>(1)(2)</sup> | $2000 | $1998 |
| Mountain View CLO XVIII Ltd. 2024-1A, D1 (3 month Term SOFR + 3.650%, Cap N/A, Floor 3.650%) 144A<br> 7.911%, 10/16/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1004 |
|  |  | &nbsp;&nbsp;&nbsp; 3002 |
| **Total Asset-Backed Securities<br> (Identified Cost $2,980)** | **Total Asset-Backed Securities<br> (Identified Cost $2,980)** | &nbsp;&nbsp;&nbsp;&nbsp; **3002** |
| **Convertible Bonds and Notes—1.0%** | **Convertible Bonds and Notes—1.0%** | **Convertible Bonds and Notes—1.0%** |
| **Communication Services—1.0%** | **Communication Services—1.0%** |  |
| Cable One, Inc.<br> 1.125%, 3/15/28 | &nbsp;&nbsp; 5315 | &nbsp;&nbsp;&nbsp; 4053 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $4,409)** | **Total Convertible Bonds and Notes<br> (Identified Cost $4,409)** | &nbsp;&nbsp;&nbsp;&nbsp; **4053** |
| **Corporate Bonds and Notes—89.6%** | **Corporate Bonds and Notes—89.6%** | **Corporate Bonds and Notes—89.6%** |
| **Communication Services—8.2%** | **Communication Services—8.2%** |  |
| Altice France S.A. 144A<br> 8.125%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp; 1602 |
| ANGI Group LLC 144A<br> 3.875%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2709 | &nbsp;&nbsp;&nbsp; 2526 |
| Cable One, Inc. 144A<br> 4.000%, 11/15/30<sup>(1)(3)</sup> | &nbsp;&nbsp; 5303 | &nbsp;&nbsp;&nbsp; 4178 |
| Connect Finco S.a.r.l. 144A<br> 9.000%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6260 | &nbsp;&nbsp;&nbsp; 6292 |
| CSC Holdings LLC 144A<br> 11.250%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2635 | &nbsp;&nbsp;&nbsp; 2625 |
| Gray Media, Inc. 144A<br> 10.500%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 1305 |
| Iliad Holding SASU 144A<br> 8.500%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp; 2059 |
| Sirius XM Radio LLC 144A<br> 4.000%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp; 2761 |
| Snap, Inc. 144A<br> 6.875%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 2111 | &nbsp;&nbsp;&nbsp; 2166 |
| Time Warner Cable LLC<br> 5.875%, 11/15/40 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp; 1104 |
| Virgin Media Secured Finance plc 144A<br> 5.500%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 1426 |
| Warnermedia Holdings, Inc.<br> 4.279%, 3/15/32 | &nbsp;&nbsp; 2405 | &nbsp;&nbsp;&nbsp; 2023 |
| ZipRecruiter, Inc. 144A<br> 5.000%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3947 | &nbsp;&nbsp;&nbsp; 3370 |
|  |  | &nbsp;&nbsp;&nbsp; 33437 |
| **Consumer Discretionary—12.0%** | **Consumer Discretionary—12.0%** |  |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 3/1/30 | &nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 2663 | &nbsp;&nbsp;&nbsp; 2534 |
| Bath & Body Works, Inc.<br> 6.750%, 7/1/36 | &nbsp;&nbsp; 2102 | &nbsp;&nbsp;&nbsp; 2137 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 7/1/27<sup>(1)</sup> | $1073 | $1073 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/32<sup>(1)(3)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1025 |
| Carvana Co. 144A<br> 9.000%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1912 | &nbsp;&nbsp; 2010 |
| Champ Acquisition Corp. 144A<br> 8.375%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 1171 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 402 |
| Clarios Global LP 144A<br> 8.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 336 |
| Dream Finders Homes, Inc. 144A<br> 8.250%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2437 | &nbsp;&nbsp; 2541 |
| FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2064 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 4606 | &nbsp;&nbsp; 4766 |
| Foot Locker, Inc. 144A<br> 4.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 777 |
| Group 1 Automotive, Inc. 144A<br> 6.375%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1448 |
| LGI Homes, Inc. 144A<br> 8.750%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 867 | &nbsp;&nbsp; 901 |
| Macy's Retail Holdings LLC<br> 5.125%, 1/15/42 | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 585 |
| Marriott Ownership Resorts, Inc.<br> 4.750%, 1/15/28 | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 2181 |
| MGM Resorts International<br> 6.500%, 4/15/32<sup>(3)</sup> | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2136 |
| New Home Co., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3022 | &nbsp;&nbsp; 3133 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1528 |
| QVC, Inc.<br> 5.450%, 8/15/34 | &nbsp;&nbsp; 2923 | &nbsp;&nbsp; 1143 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1893 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 629 |
| Travel + Leisure Co. 144A<br> 6.625%, 7/31/26<sup>(1)</sup> | &nbsp;&nbsp; 1886 | &nbsp;&nbsp; 1907 |
| Under Armour, Inc. 144A<br> 7.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1068 |
| Upbound Group, Inc. 144A<br> 6.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4399 | &nbsp;&nbsp; 4352 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 6/15/30 | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp;6.500%, 6/15/33 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 413 |
| White Cap Buyer LLC 144A<br> 6.875%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 998 |
| Winnebago Industries, Inc. 144A<br> 6.250%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 721 |
|  |  | &nbsp;&nbsp; 48914 |
| **Consumer Staples—1.7%** | **Consumer Staples—1.7%** |  |
| Simmons Foods, Inc. 144A<br> 4.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1728 |
| Turning Point Brands, Inc. 144A<br> 7.625%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 2387 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Walgreens Boots Alliance, Inc.<br> 4.500%, 11/18/34 | $2670 | $2603 |
|  |  | &nbsp;&nbsp; 6718 |
| **Energy—7.1%** | **Energy—7.1%** |  |
| Ascent Resources Utica Holdings LLC 144A<br> 9.000%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 402 |
| California Resources Corp. 144A<br> 8.250%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1908 | &nbsp;&nbsp; 1958 |
| CITGO Petroleum Corp. 144A<br> 6.375%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 255 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3631 | &nbsp;&nbsp; 2707 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3020 | &nbsp;&nbsp; 3041 |
| Matador Resources Co. 144A<br> 6.875%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 1010 |
| Noble Finance II LLC 144A<br> 8.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1436 | &nbsp;&nbsp; 1462 |
| Prairie Acquiror LP 144A<br> 9.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 2104 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.950%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 7/15/38<sup>(1)</sup> | &nbsp;&nbsp; 2537 | &nbsp;&nbsp; 2574 |
| Tallgrass Energy Partners LP 144A<br> 7.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 1020 |
| Tidewater, Inc. 144A<br> 9.125%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 2041 |
| Transocean Aquila Ltd. 144A<br> 8.000%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 1566 |
| Transocean Titan Financing Ltd. 144A<br> 8.375%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1868 | &nbsp;&nbsp; 1898 |
| Valaris Ltd. 144A<br> 8.375%, 4/30/30<sup>(1)</sup> | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; 1059 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(1)(4)</sup> | &nbsp;&nbsp; 1357 | &nbsp;&nbsp; 1319 |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 3399 |
| Welltec International ApS 144A<br> 8.250%, 10/15/26<sup>(1)(3)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 170 |
|  |  | &nbsp;&nbsp; 29057 |
| **Financials—32.7%** | **Financials—32.7%** |  |
| Alliant Holdings Intermediate LLC 144A<br> 6.750%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 999 |
| American Axle & Manufacturing, Inc.<br> 6.875%, 7/1/28 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
| APH Somerset Investor 2 LLC 144A<br> 7.875%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2072 | &nbsp;&nbsp; 2119 |
| Apollo Commercial Real Estate Finance, Inc. 144A<br> 4.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1112 |
| Ardonagh Finco Ltd. 144A<br> 7.750%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 3842 | &nbsp;&nbsp; 4017 |
| Ardonagh Group Finance Ltd. 144A<br> 8.875%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 994 |
| Aretec Group, Inc. 144A<br> 10.000%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1940 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 10/1/30<sup>(1)</sup> | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;144A 11.500%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1905 | &nbsp;&nbsp; 2135 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 10/15/32<sup>(1)</sup> | $1475 | $1501 |
| Baldwin Insurance Group Holdings LLC 144A<br> 7.125%, 5/15/31<sup>(1)</sup> | &nbsp;&nbsp; 2028 | &nbsp;&nbsp; 2108 |
| Blackstone Mortgage Trust, Inc. 144A<br> 7.750%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; 1082 |
| Borr IHC Ltd. 144A<br> 10.375%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 581 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.750%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2978 | &nbsp;&nbsp; 3207 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 6/15/35<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1108 |
| CCO Holdings LLC 144A<br> 7.375%, 3/1/31<sup>(1)(3)</sup> | &nbsp;&nbsp; 3941 | &nbsp;&nbsp; 4112 |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, 2/1/34 | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 1708 |
| &nbsp;&nbsp;&nbsp;6.484%, 10/23/45 | &nbsp;&nbsp; 4488 | &nbsp;&nbsp; 4447 |
| Consolidated Energy Finance S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp;144A 12.000%, 2/15/31<sup>(1)(3)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 863 |
| Encore Capital Group, Inc. 144A<br> 9.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 3126 |
| Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.250%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1787 | &nbsp;&nbsp; 1920 |
| &nbsp;&nbsp;&nbsp;144A 9.125%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2131 |
| Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.625%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1553 | &nbsp;&nbsp; 1554 |
| &nbsp;&nbsp;&nbsp;144A 12.000%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 1517 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1389 | &nbsp;&nbsp; 1443 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 4/1/32<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1112 |
| GGAM Finance Ltd. 144A<br> 8.000%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 1914 |
| goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2140 |
| &nbsp;&nbsp;&nbsp;144A 7.625%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2722 | &nbsp;&nbsp; 2806 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 774 |
| Hightower Holding LLC 144A<br> 6.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1585 |
| Hilcorp Energy I LP 144A<br> 8.375%, 11/1/33<sup>(1)</sup> | &nbsp;&nbsp; 4051 | &nbsp;&nbsp; 4203 |
| Howden UK Refinance plc 144A<br> 8.125%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4378 |
| INEOS Finance plc 144A<br> 6.750%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4005 | &nbsp;&nbsp; 3978 |
| Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 1542 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 10/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1051 |
| Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 365 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.750%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 2082 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 1108 |
| Macquarie Airfinance Holdings Ltd. 144A<br> 8.125%, 3/30/29<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1056 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1703 |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 531 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, 1/15/29 | &nbsp;&nbsp; 2717 | &nbsp;&nbsp; 2849 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;7.875%, 3/15/30 | $1197 | $1272 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/15/32 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 953 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(1)</sup> | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1041 |
| Organon & Co. 144A<br> 4.125%, 4/30/28<sup>(1)</sup> | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; 2000 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 151 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 2139 | &nbsp;&nbsp; 2192 |
| Phoenix Aviation Capital Ltd. 144A<br> 9.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 984 | &nbsp;&nbsp; 1019 |
| PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2228 | &nbsp;&nbsp; 2053 |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 1/31/30<sup>(1)</sup> | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 2042 |
| Provident Funding Associates LP 144A<br> 9.750%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 370 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 2125 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 8/1/33<sup>(1)</sup> | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 2133 |
| Rocket Mortgage LLC 144A<br> 4.000%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp; 2434 | &nbsp;&nbsp; 2178 |
| Ryan Specialty LLC 144A<br> 5.875%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 998 |
| Sable International Finance Ltd. 144A<br> 7.125%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1053 |
| Seadrill Finance Ltd. 144A<br> 8.375%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1105 |
| Shift4 Payments LLC 144A<br> 6.750%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3875 | &nbsp;&nbsp; 4024 |
| Transocean, Inc. 144A<br> 8.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1038 |
| United Wholesale Mortgage LLC 144A<br> 5.500%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5127 | &nbsp;&nbsp; 4977 |
| UWM Holdings LLC 144A<br> 6.625%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 991 |
| VFH Parent LLC 144A<br> 7.500%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 1847 |
| Viking Cruises Ltd. 144A<br> 9.125%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 5457 | &nbsp;&nbsp; 5877 |
| Vistra Operations Co. LLC 144A<br> 7.750%, 10/15/31<sup>(1)</sup> | &nbsp;&nbsp; 2122 | &nbsp;&nbsp; 2255 |
| Vmed O2 UK Financing I plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1462 |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1242 |
| Voyager Parent LLC 144A<br> 9.250%, 7/1/32<sup>(1)</sup> | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 438 |
|  |  | &nbsp;&nbsp;133446 |
| **Health Care—2.0%** | **Health Care—2.0%** |  |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 9/1/32<sup>(1)</sup> | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 2046 |
| Emergent BioSolutions, Inc. 144A<br> 3.875%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1611 |
| Insulet Corp. 144A<br> 6.500%, 4/1/33<sup>(1)</sup> | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 2012 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 1022 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 10/15/30<sup>(1)</sup> | $879 | $970 |
|  |  | &nbsp;&nbsp; 8102 |
| **Industrials—7.9%** | **Industrials—7.9%** |  |
| Allegiant Travel Co. 144A<br> 7.250%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1993 | &nbsp;&nbsp; 1994 |
| Arcosa, Inc. 144A<br> 6.875%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1043 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2104 | &nbsp;&nbsp; 2023 |
| Brundage-Bone Concrete Pumping Holdings, Inc. 144A<br> 7.500%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 4245 | &nbsp;&nbsp; 4208 |
| BWX Technologies, Inc. 144A<br> 4.125%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 3995 |
| CACI International, Inc. 144A<br> 6.375%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 3950 | &nbsp;&nbsp; 4076 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 1900 |
| Deluxe Corp. 144A<br> 8.125%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 807 |
| Fortress Transportation & Infrastructure Investors LLC 144A<br> 7.875%, 12/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 1966 |
| Foundation Building Materials, Inc. 144A<br> 6.000%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1004 |
| Manitowoc Co., Inc. (The) 144A<br> 9.250%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 2094 |
| Masterbrand, Inc. 144A<br> 7.000%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1496 |
| Pike Corp. 144A<br> 8.625%, 1/31/31<sup>(1)</sup> | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 2148 |
| Spirit AeroSystems, Inc. 144A<br> 9.375%, 11/30/29<sup>(1)</sup> | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 972 |
| Terex Corp. 144A<br> 5.000%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1093 |
| TrueNoord Capital DAC 144A<br> 8.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1319 |
|  |  | &nbsp;&nbsp; 32138 |
| **Information Technology—5.2%** | **Information Technology—5.2%** |  |
| Acrisure LLC 144A<br> 7.500%, 11/6/30<sup>(1)</sup> | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1421 |
| Amentum Holdings, Inc. 144A<br> 7.250%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3904 | &nbsp;&nbsp; 4018 |
| Boost Newco Borrower LLC 144A<br> 7.500%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1953 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 3/31/29<sup>(1)</sup> | &nbsp;&nbsp; 4199 | &nbsp;&nbsp; 4238 |
| &nbsp;&nbsp;&nbsp;144A 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; 2011 |
| CoreWeave, Inc. 144A<br> 9.250%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2063 | &nbsp;&nbsp; 2109 |
| Fair Isaac Corp. 144A<br> 6.000%, 5/15/33<sup>(1)</sup> | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1004 |
| Sabre GLBL, Inc. 144A<br> 11.250%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2340 | &nbsp;&nbsp; 2448 |
| Seagate Data Storage Technology Pte Ltd. 144A<br> 5.750%, 12/1/34<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1042 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 349 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/15/33<sup>(1)</sup> | $424 | $438 |
|  |  | &nbsp;&nbsp; 21031 |
| **Materials—7.7%** | **Materials—7.7%** |  |
| Celanese U.S. Holdings LLC<br> 7.200%, 11/15/33 | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 2039 |
| Champion Iron Canada, Inc. 144A<br> 7.875%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 1016 |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 3/15/32<sup>(1)(3)</sup> | &nbsp;&nbsp; 3121 | &nbsp;&nbsp; 2942 |
| &nbsp;&nbsp;&nbsp;144A 7.375%, 5/1/33<sup>(1)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 545 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp;144A 9.375%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5030 | &nbsp;&nbsp; 5330 |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1071 |
| Hecla Mining Co.<br> 7.250%, 2/15/28 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 625 |
| Kaiser Aluminum Corp. 144A<br> 4.500%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1081 |
| Mativ Holdings, Inc. 144A<br> 8.000%, 10/1/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 3766 | &nbsp;&nbsp; 3412 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 5/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1621 | &nbsp;&nbsp; 1620 |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 408 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 190 |
| Sealed Air Corp. 144A<br> 6.875%, 7/15/33<sup>(1)</sup> | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 1064 |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 2895 | &nbsp;&nbsp; 3035 |
| Warrior Met Coal, Inc. 144A<br> 7.875%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1913 | &nbsp;&nbsp; 1945 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1507 | &nbsp;&nbsp; 1615 |
|  |  | &nbsp;&nbsp; 31505 |
| **Real Estate—2.7%** | **Real Estate—2.7%** |  |
| Brookfield Property REIT, Inc. 144A<br> 5.750%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2595 |
| Forestar Group, Inc. 144A<br> 6.500%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 3041 | &nbsp;&nbsp; 3064 |
| Global Net Lease, Inc. 144A<br> 3.750%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1069 |
| Howard Hughes Corp. (The) 144A<br> 5.375%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 4322 | &nbsp;&nbsp; 4290 |
|  |  | &nbsp;&nbsp; 11018 |
| **Utilities—2.4%** | **Utilities—2.4%** |  |
| Alpha Generation LLC 144A<br> 6.750%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 215 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4035 | &nbsp;&nbsp; 4247 |
| NRG Energy, Inc. 144A<br> 6.250%, 11/1/34<sup>(1)</sup> | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 2159 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Venture Global Plaquemines LNG LLC 144A<br> 7.750%, 5/1/35<sup>(1)</sup> | $976 | $1056 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(4)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2094 |
|  |  | &nbsp;&nbsp;&nbsp; 9771 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $359,426)** | **Total Corporate Bonds and Notes<br> (Identified Cost $359,426)** | &nbsp;&nbsp;&nbsp;&nbsp;**365137** |
| **Leveraged Loans—1.3%** | **Leveraged Loans—1.3%** | **Leveraged Loans—1.3%** |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (1 month Term SOFR + 4.250%)<br> 8.577%, 9/19/30<sup>(2)</sup> | &nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp; 954 |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (1 month Term SOFR + 5.364%)<br> 9.691%, 1/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp; 1042 |
|  |  | &nbsp;&nbsp;&nbsp; 1996 |
| **Forest Prod / Containers—0.3%** | **Forest Prod / Containers—0.3%** |  |
| Domtar Corp. (1 month Term SOFR + 5.614%)<br> 9.941%, 11/30/28<sup>(2)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp; 1118 |
| **Information Technology—0.5%** | **Information Technology—0.5%** |  |
| Sabre GLBL, Inc. 2022, Tranche B-2 (1 month Term SOFR + 5.100%)<br> 9.427%, 6/30/28<sup>(2)</sup> | &nbsp;&nbsp; 2091 | &nbsp;&nbsp;&nbsp; 2071 |
| **Total Leveraged Loans<br> (Identified Cost $5,129)** | **Total Leveraged Loans<br> (Identified Cost $5,129)** | &nbsp;&nbsp;&nbsp;&nbsp; **5185** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.1%** | **Preferred Stock—0.1%** | **Preferred Stock—0.1%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| LiveStyle, Inc. Series B<sup>(5)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 | &nbsp;&nbsp; 315 |
| **Total Preferred Stock<br> (Identified Cost $309)** | **Total Preferred Stock<br> (Identified Cost $309)** | **315** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Communication Services—0.0%** | **Communication Services—0.0%** |  |
| LiveStyle, Inc. <sup>(5)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67983 | &nbsp;&nbsp; — |
| **Energy—0.0%** | **Energy—0.0%** |  |
| SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp; 2 |
| **Financials—0.0%** | **Financials—0.0%** |  |
| Erickson, Inc.<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp; — |
| **Total Common Stocks<br> (Identified Cost $1,492)** | **Total Common Stocks<br> (Identified Cost $1,492)** | **2** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Exchange-Traded Fund—4.6%** | **Affiliated Exchange-Traded Fund—4.6%** | **Affiliated Exchange-Traded Fund—4.6%** |
| **Financials—4.6%** | **Financials—4.6%** |  |
| Virtus Seix Senior Loan ETF<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;802814 | $18914 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $19,281)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $19,281)** | &nbsp;&nbsp;&nbsp;&nbsp; **18914** |
| **Total Long-Term Investments—97.3%<br> (Identified Cost $393,026)** | **Total Long-Term Investments—97.3%<br> (Identified Cost $393,026)** | &nbsp;&nbsp;&nbsp;&nbsp;**396608** |
| **Securities Lending Collateral—2.5%** | **Securities Lending Collateral—2.5%** | **Securities Lending Collateral—2.5%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(9)(10)</sup> | 10044500 | &nbsp;&nbsp;&nbsp; 10045 |
| **Total Securities Lending Collateral<br> (Identified Cost $10,045)** | **Total Securities Lending Collateral<br> (Identified Cost $10,045)** | &nbsp;&nbsp;&nbsp;&nbsp; **10045** |
| **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $403,071)** | **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $403,071)** | &nbsp;&nbsp;**$406653** |
| Other assets and liabilities, net—0.2% | Other assets and liabilities, net—0.2% | &nbsp;&nbsp;&nbsp;&nbsp; 962 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$407615** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $337,490 or 82.8% of net assets. |

---

<sup>(2)</sup> Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(3)</sup> All or a portion of security is on loan.

<sup>(4)</sup> No contractual maturity date.

<sup>(5)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(6)</sup> Non-income producing.

<sup>(7)</sup> All or a portion of the security is restricted.

<sup>(8)</sup> Affiliated investment. See Note 4G in Notes to Financial Statements.

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(10)</sup> Represents security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;84% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$406653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$377377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Investment Grade Tax-Exempt Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds<sup>(1)</sup>—100.0%** | **Municipal Bonds<sup>(1)</sup>—100.0%** | **Municipal Bonds<sup>(1)</sup>—100.0%** |
| **California—0.2%** | **California—0.2%** |  |
| California County Tobacco Securitization Agency Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/27 | $100 | $102 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/28 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp; 206 |
| **Colorado—5.2%** | **Colorado—5.2%** |  |
| Board of Governors of Colorado State University System, System Enterprise Revenue, Series C<br> 5.000%, 3/1/36 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1511 |
| Colorado Bridge & Tunnel Enterprise, Miscellaneous Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 5.250%, 12/1/49 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1262 |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 5.250%, 12/1/54 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 515 |
| Regional Transportation District, Sales Tax Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 1/15/27 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp;5.000%, 7/15/27 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1058 |
| State of Colorado, Certificates of Participation<br> 6.000%, 12/15/39 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 854 |
|  |  | &nbsp;&nbsp; 6123 |
| **Connecticut—1.9%** | **Connecticut—1.9%** |  |
| State of Connecticut, General Obligation, Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 12/1/29 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;5.000%, 12/1/34 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1710 |
|  |  | &nbsp;&nbsp; 2257 |
| **Florida—9.1%** | **Florida—9.1%** |  |
| Florida Municipal Power Agency Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 10/1/32 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 715 |
| &nbsp;&nbsp;&nbsp;3.000%, 10/1/33 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 705 |
| Lee County Industrial Development Authority, Lee Health System Revenue, Series A-1<br> 5.000%, 4/1/44 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1238 |
| Marion County School Board, Certificates of Participation (AGM Insured)<br> 5.000%, 6/1/43 | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1575 |
| Miami-Dade Seaport Department County Revenue, Senior Bonds, Series A (AMT)<br> 5.000%, 10/1/40 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2537 |
| Orange County School Board, Certificates of Participation, Series A<br> 5.000%, 8/1/34 | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 1851 |
| Tampa Bay Water, Water Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 10/1/43 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp;5.000%, 10/1/49 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1063 |
|  |  | &nbsp;&nbsp; 10734 |
| **Georgia—3.2%** | **Georgia—3.2%** |  |
| Atlanta Urban Redevelopment Agency, Surface Transportation & Infrastructure Project Revenue, Series B<br> 5.000%, 7/1/37 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1501 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Georgia—continued** | **Georgia—continued** |  |
| Jackson County School District, General Obligation State AID Withholding<br> 5.000%, 3/1/35 | $2000 | $2281 |
|  |  | &nbsp;&nbsp; 3782 |
| **Idaho—0.9%** | **Idaho—0.9%** |  |
| Idaho Housing & Finance Association, Sales Tax Revenue<br> 5.000%, 8/15/40 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1062 |
| **Illinois—6.0%** | **Illinois—6.0%** |  |
| Chicago O'Hare International Airport Revenue, Senior Lien, Series D (AMT)<br> 5.000%, 1/1/26 | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2622 |
| City of Chicago Wastewater Transmission Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;Series A (AGM Insured)<br> 5.250%, 1/1/40 | &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2804 |
| &nbsp;&nbsp;&nbsp;Series B (AGM Insured)<br> 5.000%, 1/1/38 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1057 |
| City of Chicago, General Obligation, Series E<br> 6.000%, 1/1/42 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 556 |
|  |  | &nbsp;&nbsp; 7039 |
| **Indiana—3.5%** | **Indiana—3.5%** |  |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority Revenue<br> 5.250%, 1/1/41 | &nbsp;&nbsp; 3870 | &nbsp;&nbsp; 4105 |
| **Louisiana—2.7%** | **Louisiana—2.7%** |  |
| State of Louisiana, General Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.000%, 6/1/37 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;Series E<br> 5.000%, 9/1/27 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;Series E<br> 5.000%, 9/1/31 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1727 |
|  |  | &nbsp;&nbsp; 3239 |
| **Maryland—4.9%** | **Maryland—4.9%** |  |
| Anne Arundel County, General Obligation<br> 5.000%, 10/1/30 | &nbsp;&nbsp; 2615 | &nbsp;&nbsp; 2677 |
| Washington Suburban Sanitary Commission, Water Revenue (CNTY GTD Insured)<br> 5.000%, 6/15/30 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3118 |
|  |  | &nbsp;&nbsp; 5795 |
| **Massachusetts—1.4%** | **Massachusetts—1.4%** |  |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/36 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/40 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 809 |
|  |  | &nbsp;&nbsp; 1663 |
| **Mississippi—2.6%** | **Mississippi—2.6%** |  |
| State of Mississippi, General Obligation, Series C<br> 5.000%, 10/1/36 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3129 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Investment Grade Tax-Exempt Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Nevada—0.7%** | **Nevada—0.7%** |  |
| Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax Revenue, Series A<br> 5.000%, 7/1/49 | $760 | $774 |
| **New Jersey—3.1%** | **New Jersey—3.1%** |  |
| New Jersey Transportation Trust Fund Authority Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 6/15/35 | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1529 |
| &nbsp;&nbsp;&nbsp;Series AA<br> 5.250%, 6/15/41 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2122 |
|  |  | &nbsp;&nbsp; 3651 |
| **New York—7.3%** | **New York—7.3%** |  |
| City of New York, General Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 8/1/40 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;Series D-1<br> 5.500%, 5/1/46 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;Series G-1<br> 5.000%, 2/1/43 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1041 |
| New York City Municipal Water Finance Authority, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series AA<br> 5.000%, 6/15/49 | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp;Series EE<br> 5.000%, 6/15/45 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1467 |
| New York City Transitional Finance Authority, Income Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1<br> 5.000%, 11/1/40 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.000%, 5/1/46 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1637 |
| &nbsp;&nbsp;&nbsp;Series H-1<br> 5.000%, 11/1/41 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;Series H-1<br> 5.500%, 11/1/51 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 367 |
|  |  | &nbsp;&nbsp; 8633 |
| **North Carolina—0.9%** | **North Carolina—0.9%** |  |
| County of Wake Revenue, Series A<br> 5.000%, 5/1/44 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1053 |
| **Ohio—6.6%** | **Ohio—6.6%** |  |
| State of Ohio, General Obligation, Series A<br> 5.000%, 6/15/32 | &nbsp;&nbsp; 7735 | &nbsp;&nbsp; 7833 |
| **Oklahoma—1.0%** | **Oklahoma—1.0%** |  |
| Oklahoma Water Resources Board, Clean Water Program Revenue<br> 5.000%, 4/1/42 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1160 |
| **Oregon—2.0%** | **Oregon—2.0%** |  |
| Oregon State Lottery Revenue, Series A<br> 5.250%, 4/1/42 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |
| Port of Portland, Airport Revenue, Series 24B (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/26 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/30 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1019 |
|  |  | &nbsp;&nbsp; 2324 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pennsylvania—9.5%** | **Pennsylvania—9.5%** |  |
| City of Philadelphia, General Obligation, Series C<br> 5.000%, 8/1/32 | $4300 | $4798 |
| Pennsylvania Economic Development Financing Authority, PENNDOT Major Bridges Revenue (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 6/30/35 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 806 |
| &nbsp;&nbsp;&nbsp;5.500%, 6/30/38 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp;5.500%, 6/30/41 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2078 |
| Pennsylvania Turnpike Commission, Toll Highway Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;First Subordinate Series<br> 5.000%, 12/1/39 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.250%, 12/1/41 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.250%, 12/1/52 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 411 |
|  |  | &nbsp;&nbsp; 11278 |
| **South Carolina—0.9%** | **South Carolina—0.9%** |  |
| South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group Revenue, Series A<br> 5.250%, 11/1/41 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1048 |
| **Texas—14.5%** | **Texas—14.5%** |  |
| Arlington Higher Education Finance Corp., Trinity Basin Preparatory Revenue (PSF-GTD Insured)<br> 4.500%, 8/15/53 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 395 |
| Central Texas Regional Mobility Authority, Toll Highway Revenue, Senior Lien, Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 1/1/29 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;5.000%, 1/1/30 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1408 |
| City of Austin, General Obligation<br> 5.000%, 9/1/28 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| City of Corpus Christi, Utility System Revenue, Series B<br> 5.000%, 7/15/40 | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1519 |
| City of Dallas, Waterworks & Sewer System Revenue, Series A<br> 5.000%, 10/1/31 | &nbsp;&nbsp; 6845 | &nbsp;&nbsp; 7001 |
| City of Houston, Combined Utility System Revenue, First Subordinate Lien, Series A<br> 5.000%, 11/15/38 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1518 |
| Clifton Higher Education Finance Corp., Revenue (PSF-GTD Insured)<br> 5.000%, 8/15/35 | &nbsp;&nbsp; 1715 | &nbsp;&nbsp; 1775 |
| North Texas Municipal Water District Water System Revenue<br> 5.000%, 9/1/31 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
| Permanent University Fund - University of Texas System Revenue, Series B<br> 5.000%, 7/1/36 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1469 |
| Wichita Falls Independent School District, General Obligation (PSF-GTD Insured)<br> 4.000%, 2/1/29 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1036 |
|  |  | &nbsp;&nbsp; 17193 |
| **Utah—1.0%** | **Utah—1.0%** |  |
| City of Salt Lake City, Airport Revenue, Series A (AMT)<br> 5.250%, 7/1/36 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1233 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Investment Grade Tax-Exempt Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Virginia—1.3%** | **Virginia—1.3%** |  |
| Virginia Resources Authority Clean Water Revolving Fund, Water Revenue<br> 5.000%, 10/1/28 | $1435 | $1538 |
| **Washington—9.6%** | **Washington—9.6%** |  |
| Energy Northwest, Columbia Generating Station Electric Revenue, Series A<br> 5.000%, 7/1/34 | &nbsp;&nbsp; 5675 | &nbsp;&nbsp;&nbsp; 5675 |
| Grant County Public Hospital District No. 1, General Obligation<br> 5.500%, 12/1/43 | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 706 |
| State of Washington, General Obligation, Series A-1<br> 5.000%, 8/1/29 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5008 |
|  |  | &nbsp;&nbsp;&nbsp; 11389 |
| **Total Municipal Bonds<br> (Identified Cost $120,176)** | **Total Municipal Bonds<br> (Identified Cost $120,176)** | &nbsp;&nbsp;&nbsp;&nbsp;**118241** |
| **Total Long-Term Investments—100.0%<br> (Identified Cost $120,176)** | **Total Long-Term Investments—100.0%<br> (Identified Cost $120,176)** | &nbsp;&nbsp;&nbsp;&nbsp;**118241** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** |
| **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(2)</sup> | 590293 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
| **Total Short-Term Investment<br> (Identified Cost $590)** | **Total Short-Term Investment<br> (Identified Cost $590)** | &nbsp;&nbsp; **590** |
| **TOTAL INVESTMENTS—100.5%<br> (Identified Cost $120,766)** | **TOTAL INVESTMENTS—100.5%<br> (Identified Cost $120,766)** | **$118831** |
| Other assets and liabilities, net—(0.5)% | Other assets and liabilities, net—(0.5)% | &nbsp;&nbsp;&nbsp; (570) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$118261** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| CNTY GTD | County Guarantee Program |
| PSF-GTD | Permanent School Fund Guarantee Program |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | At June 30, 2025, 13.3% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118241 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118241 |

---

There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—35.6%** | **U.S. Government Securities—35.6%** | **U.S. Government Securities—35.6%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | $7539 | $7184 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 2428 | &nbsp;&nbsp;&nbsp; 2364 |
| U.S. Treasury Inflation Indexed Note<br> 1.625%, 10/15/29 | &nbsp;&nbsp; 5036 | &nbsp;&nbsp;&nbsp; 5098 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 4/15/28 | &nbsp;&nbsp; 15341 | &nbsp;&nbsp;&nbsp; 15361 |
| &nbsp;&nbsp;&nbsp;4.375%, 12/31/29 | &nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp; 3443 |
| &nbsp;&nbsp;&nbsp;3.875%, 6/30/30 | &nbsp;&nbsp; 1043 | &nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;4.250%, 5/15/35 | &nbsp;&nbsp; 4649 | &nbsp;&nbsp;&nbsp; 4656 |
| **Total U.S. Government Securities<br> (Identified Cost $39,069)** | **Total U.S. Government Securities<br> (Identified Cost $39,069)** | &nbsp;&nbsp;&nbsp;&nbsp; **39153** |
| **Mortgage-Backed Securities—37.0%** | **Mortgage-Backed Securities—37.0%** | **Mortgage-Backed Securities—37.0%** |
| **Agency—37.0%** | **Agency—37.0%** |  |
| Federal Home Loan Mortgage Corp. REMIC 5304, UB<br> 4.000%, 2/25/52 | &nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 212 |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #A95259<br> 4.000%, 12/1/40 | &nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp;Pool #Q42921<br> 3.500%, 9/1/46 | &nbsp;&nbsp; 893 | &nbsp;&nbsp;&nbsp; 826 |
| &nbsp;&nbsp;&nbsp;Pool #Q53881<br> 4.500%, 1/1/48 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp;Pool #QA3079<br> 3.500%, 10/1/49 | &nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;Pool #QA4766<br> 3.500%, 11/1/49 | &nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;Pool #QC2692<br> 3.000%, 6/1/51 | &nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;Pool #QE1985<br> 4.500%, 5/1/52 | &nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;Pool #QE2366<br> 5.000%, 5/1/52 | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;Pool #QE9908<br> 5.500%, 9/1/52 | &nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp;Pool #QF8190<br> 6.000%, 2/1/53 | &nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp;Pool #QG6239<br> 5.000%, 7/1/53 | &nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;Pool #QJ5568<br> 6.000%, 9/1/54 | &nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 865 |
| &nbsp;&nbsp;&nbsp;Pool #RA2579<br> 3.000%, 5/1/50 | &nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp; 2310 |
| &nbsp;&nbsp;&nbsp;Pool #RA2622<br> 3.000%, 5/1/50 | &nbsp;&nbsp; 1873 | &nbsp;&nbsp;&nbsp; 1625 |
| &nbsp;&nbsp;&nbsp;Pool #RA8285<br> 4.500%, 10/1/47 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp;Pool #SD0164<br> 3.500%, 12/1/49 | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;Pool #SD1618<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp;Pool #SD5272<br> 6.000%, 5/1/54 | &nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp;Pool #ZM5226<br> 3.500%, 12/1/47 | &nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;Pool #ZT2423<br> 4.000%, 12/1/48 | &nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp; 302 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AB3692<br> 4.000%, 10/1/41 | &nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 625 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #AB3878<br> 4.000%, 11/1/41 | $709 | $681 |
| &nbsp;&nbsp;&nbsp;Pool #AB5924<br> 3.000%, 8/1/42 | &nbsp;&nbsp; 677 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;Pool #BL7779<br> 1.460%, 8/1/30 | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 1695 |
| &nbsp;&nbsp;&nbsp;Pool #BO1277<br> 3.000%, 7/1/49 | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;Pool #BO1345<br> 3.500%, 8/1/49 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 809 |
| &nbsp;&nbsp;&nbsp;Pool #BO1351<br> 4.000%, 8/1/49 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;Pool #BT7914<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 1238 | &nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp;Pool #BV3044<br> 3.000%, 2/1/52 | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp;Pool #BW0044<br> 5.000%, 7/1/52 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;Pool #BW3311<br> 4.500%, 7/1/52 | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp;Pool #BY8494<br> 5.500%, 8/1/53 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp;Pool #CA4166<br> 3.500%, 9/1/49 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;Pool #CA5122<br> 3.000%, 2/1/50 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;Pool #CB0998<br> 3.000%, 7/1/51 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;Pool #CB3110<br> 2.500%, 3/1/47 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 674 |
| &nbsp;&nbsp;&nbsp;Pool #CB3630<br> 4.000%, 5/1/52 | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp;Pool #CB3875<br> 3.500%, 6/1/47 | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp;Pool #FM8210<br> 3.000%, 4/1/50 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp;Pool #FS2692<br> 5.000%, 8/1/52 | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1482 |
| &nbsp;&nbsp;&nbsp;Pool #FS3262<br> 4.000%, 10/1/46 | &nbsp;&nbsp; 1459 | &nbsp;&nbsp; 1409 |
| &nbsp;&nbsp;&nbsp;Pool #FS3687<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1001 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #783745<br> 3.500%, 3/15/43 | &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp;Pool #787186<br> 6.000%, 10/20/53 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;Pool #787394<br> 5.500%, 5/20/54 | &nbsp;&nbsp; 1476 | &nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp;Pool #CR3025<br> 5.500%, 12/20/52 | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 667 |
| &nbsp;&nbsp;&nbsp;Pool #CR9210<br> 5.500%, 1/20/53 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;Pool #CS2411<br> 6.000%, 3/20/53 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Pool #CS5391<br> 6.000%, 1/20/53 | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp;Pool #CS5448<br> 6.000%, 1/20/53 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 979 |
| &nbsp;&nbsp;&nbsp;Pool #CS7736<br> 6.000%, 4/20/53 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 374 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #MA8151<br> 4.500%, 7/20/52 | $1139 | $1099 |
| &nbsp;&nbsp;&nbsp;Pool #MA8201<br> 4.500%, 8/20/52 | &nbsp;&nbsp; 1717 | &nbsp;&nbsp;&nbsp; 1657 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $41,556)** | **Total Mortgage-Backed Securities<br> (Identified Cost $41,556)** | &nbsp;&nbsp;&nbsp;&nbsp; **40691** |
| **Asset-Backed Securities—5.8%** | **Asset-Backed Securities—5.8%** | **Asset-Backed Securities—5.8%** |
| **Automobiles—1.3%** | **Automobiles—1.3%** |  |
| Ford Credit Auto Owner Trust 2023-1, A 144A<br> 4.850%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 812 |
| Honda Auto Receivables Owner Trust 2025-2, A4<br> 4.280%, 8/15/31 | &nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 342 |
| Toyota Auto Loan Extended Note Trust 2025-1A, A 144A<br> 4.650%, 5/25/38<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 344 |
|  |  | &nbsp;&nbsp;&nbsp; 1498 |
| **Credit Card—1.8%** | **Credit Card—1.8%** |  |
| American Express Credit Account Master Trust 2023-3, A<br> 5.230%, 9/15/28 | &nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp; 799 |
| Citibank Credit Card Issuance Trust 2025-A2, A<br> 4.490%, 6/21/32 | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 413 |
| Synchrony Card Funding LLC 2024-A1, A<br> 5.040%, 3/15/30 | &nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp; 755 |
|  |  | &nbsp;&nbsp;&nbsp; 1967 |
| **Other—2.7%** | **Other—2.7%** |  |
| PSNH Funding LLC 2018-1, A3<br> 3.814%, 2/1/35 | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 249 |
| T-Mobile U.S. Trust 2025-1A, A 144A<br> 4.740%, 11/20/29<sup>(1)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp; 1058 |
| Vantage Data Centers LLC 2020-2A, A2 144A<br> 1.992%, 9/15/45<sup>(1)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp; 756 |
| Verizon Master Trust 2025-4, A 144A<br> 4.760%, 3/21/33<sup>(1)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp; 873 |
|  |  | &nbsp;&nbsp;&nbsp; 2936 |
| **Total Asset-Backed Securities<br> (Identified Cost $6,382)** | **Total Asset-Backed Securities<br> (Identified Cost $6,382)** | &nbsp;&nbsp;&nbsp;&nbsp; **6401** |
| **Corporate Bonds and Notes—20.6%** | **Corporate Bonds and Notes—20.6%** | **Corporate Bonds and Notes—20.6%** |
| **Consumer Discretionary—2.6%** | **Consumer Discretionary—2.6%** |  |
| BorgWarner, Inc.<br> 5.400%, 8/15/34<sup>(2)</sup> | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 236 |
| Carnival Corp. 144A<br> 6.125%, 2/15/33<sup>(1)(2)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 573 |
| Daimler Truck Finance North America LLC 144A<br> 2.500%, 12/14/31<sup>(1)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 232 |
| Ford Motor Co.<br> 3.250%, 2/12/32 | &nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 183 |
| Lithia Motors, Inc. 144A<br> 4.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp; 604 |
| Tapestry, Inc.<br> 5.500%, 3/11/35 | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; 254 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| VOC Escrow Ltd. 144A<br> 5.000%, 2/15/28<sup>(1)</sup> | $755 | $751 |
|  |  | &nbsp;&nbsp; 2833 |
| **Consumer Staples—0.7%** | **Consumer Staples—0.7%** |  |
| PepsiCo, Inc.<br> 4.650%, 2/15/53 | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 757 |
| **Energy—0.9%** | **Energy—0.9%** |  |
| Boardwalk Pipelines LP<br> 3.400%, 2/15/31 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 129 |
| Energy Transfer LP<br> 6.200%, 4/1/55 | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 378 |
| Targa Resources Corp.<br> 4.200%, 2/1/33 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 280 |
| Williams Cos., Inc. (The)<br> 3.500%, 10/15/51 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 195 |
|  |  | &nbsp;&nbsp; 982 |
| **Financials—9.2%** | **Financials—9.2%** |  |
| AerCap Ireland Capital DAC<br> 3.000%, 10/29/28 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 166 |
| American Express Co.<br> 6.338%, 10/30/26 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 379 |
| Amrize Finance U.S. LLC 144A<br> 5.400%, 4/7/35<sup>(1)</sup> | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 272 |
| Avolon Holdings Funding Ltd. 144A<br> 5.375%, 5/30/30<sup>(1)</sup> | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 230 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.087%, 6/14/29 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;2.572%, 10/20/32 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 453 |
| Bank of New York Mellon Corp. (The)<br> 4.414%, 7/24/26 | &nbsp;&nbsp; 934 | &nbsp;&nbsp; 934 |
| Brown & Brown, Inc.<br> 6.250%, 6/23/55 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 209 |
| Citigroup, Inc.<br> 6.950% <sup>(3)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 587 |
| Consumers 2023 Securitization Funding LLC Series A2<br> 5.210%, 9/1/31 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 313 |
| Enact Holdings, Inc.<br> 6.250%, 5/28/29 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 143 |
| Essent Group Ltd.<br> 6.250%, 7/1/29 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 151 |
| GGAM Finance Ltd. 144A<br> 5.875%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 599 |
| JPMorgan Chase & Co.<br> 5.350%, 6/1/34 | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 485 |
| Macquarie Airfinance Holdings Ltd. 144A<br> 6.400%, 3/26/29<sup>(1)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 326 |
| Morgan Stanley<br> 1.593%, 5/4/27 | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 686 |
| NYSEG Storm Funding LLC Series A-3<br> 5.162%, 5/1/35 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 462 |
| PG&E Wildfire Recovery Funding LLC Series A-2<br> 4.263%, 6/1/38 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 787 |
| Radian Group, Inc.<br> 6.200%, 5/15/29 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 152 |
| Rocket Cos., Inc. 144A<br> 6.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1019 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Sigeco Securitization I LLC Series A1<br> 5.026%, 11/15/38 | $392 | $395 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;5.046%, 2/12/31 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;5.678%, 1/23/35 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 244 |
| Vistra Operations Co. LLC 144A<br> 4.375%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 546 |
| Wells Fargo & Co.<br> 3.350%, 3/2/33 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 250 |
|  |  | &nbsp;&nbsp; 10076 |
| **Health Care—1.1%** | **Health Care—1.1%** |  |
| AbbVie, Inc.<br> 4.250%, 11/21/49 | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 428 |
| Amgen, Inc.<br> 5.650%, 3/2/53 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 215 |
| Pfizer Investment Enterprises Pte Ltd.<br> 5.300%, 5/19/53 | &nbsp;&nbsp; 653 | &nbsp;&nbsp; 616 |
|  |  | &nbsp;&nbsp; 1259 |
| **Industrials—3.4%** | **Industrials—3.4%** |  |
| ADT Security Corp. (The) 144A<br> 4.125%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 556 |
| Aircastle Ltd. 144A<br> 5.950%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 177 |
| BAE Systems plc 144A<br> 5.300%, 3/26/34<sup>(1)</sup> | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 395 |
| Ferguson Enterprises, Inc.<br> 5.000%, 10/3/34 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 475 |
| GATX Corp.<br> 5.500%, 6/15/35 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 400 |
| Owens Corning<br> 5.950%, 6/15/54<sup>(2)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 265 |
| Republic Services, Inc.<br> 5.150%, 3/15/35 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 275 |
| United Airlines Pass-Through-Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A<br> 5.875%, 4/15/29 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;2020-1, B<br> 4.875%, 7/15/27 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 159 |
| United Parcel Service, Inc.<br> 5.050%, 3/3/53 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 465 |
| Veralto Corp.<br> 5.450%, 9/18/33 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 211 |
|  |  | &nbsp;&nbsp; 3737 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| Dell International LLC<br> 3.450%, 12/15/51 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 289 |
| Motorola Solutions, Inc.<br> 5.550%, 8/15/35 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 299 |
| NetApp, Inc.<br> 5.700%, 3/17/35 | &nbsp;&nbsp; 529 | &nbsp;&nbsp; 543 |
|  |  | &nbsp;&nbsp; 1131 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—1.0%** | **Materials—1.0%** |  |
| Martin Marietta Materials, Inc.<br> 5.150%, 12/1/34 | $252 | $253 |
| Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 10/1/30 | &nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp;6.250%, 10/1/39 | &nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; 509 |
|  |  | &nbsp;&nbsp;&nbsp; 1055 |
| **Utilities—0.7%** | **Utilities—0.7%** |  |
| Consolidated Edison Co. of New York, Inc.<br> 3.200%, 12/1/51 | &nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 200 |
| NRG Energy, Inc. 144A<br> 3.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 561 |
|  |  | &nbsp;&nbsp;&nbsp; 761 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $22,804)** | **Total Corporate Bonds and Notes<br> (Identified Cost $22,804)** | &nbsp;&nbsp;&nbsp;&nbsp; **22591** |
| **Total Long-Term Investments—99.0%<br> (Identified Cost $109,811)** | **Total Long-Term Investments—99.0%<br> (Identified Cost $109,811)** | &nbsp;&nbsp;&nbsp;&nbsp;**108836** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—1.0%** | **Securities Lending Collateral—1.0%** | **Securities Lending Collateral—1.0%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(4)(5)</sup> | 1092465 | $1092 |
| **Total Securities Lending Collateral<br> (Identified Cost $1,092)** | **Total Securities Lending Collateral<br> (Identified Cost $1,092)** | &nbsp;&nbsp;&nbsp;&nbsp; **1092** |
| **TOTAL INVESTMENTS—100.0%<br> (Identified Cost $110,903)** | **TOTAL INVESTMENTS—100.0%<br> (Identified Cost $110,903)** | &nbsp;&nbsp;**$109928** |
| Other assets and liabilities, net—(0.0)% | Other assets and liabilities, net—(0.0)% | &nbsp;&nbsp;&nbsp;&nbsp; (14) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$109914** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $10,684 or 9.7% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | No contractual maturity date. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(5)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39153 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40691 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22591 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$109928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$108836 |

---

There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix U.S. Government Securities Ultra-Short Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—96.7%** | **Mortgage-Backed Securities—96.7%** | **Mortgage-Backed Securities—96.7%** |
| **Agency—96.7%** | **Agency—96.7%** |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;K058, A1<br> 2.340%, 7/25/26 | $3823 | $3766 |
| &nbsp;&nbsp;&nbsp;K537, AS (SOFR30A + 0.520%, Cap N/A, Floor 0.520%)<br> 4.832%, 1/25/30<sup>(1)</sup> | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 4256 |
| &nbsp;&nbsp;&nbsp;K542, AS (SOFR30A + 0.530%, Cap N/A, Floor 0.530%)<br> 4.842%, 1/25/30<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5002 |
| &nbsp;&nbsp;&nbsp;KF79, AL (SOFR30A + 0.584%, Cap N/A, Floor 0.470%)<br> 4.896%, 5/25/30<sup>(1)</sup> | &nbsp;&nbsp;11472 | &nbsp;&nbsp; 11469 |
| &nbsp;&nbsp;&nbsp;KG09, AS (SOFR30A + 0.560%, Cap N/A, Floor 0.560%)<br> 4.872%, 8/25/29<sup>(1)</sup> | &nbsp;&nbsp;10000 | &nbsp;&nbsp; 9994 |
| &nbsp;&nbsp;&nbsp;KI07, A (SOFR30A + 0.170%, Cap N/A, Floor 0.170%)<br> 4.482%, 9/25/26<sup>(1)</sup> | &nbsp;&nbsp; 4698 | &nbsp;&nbsp; 4692 |
| &nbsp;&nbsp;&nbsp;KIR1, A1<br> 2.446%, 3/25/26 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp;KJ49, AFL (SOFR30A + 0.600%, Cap N/A, Floor 0.600%)<br> 4.912%, 1/25/31<sup>(1)</sup> | &nbsp;&nbsp; 6995 | &nbsp;&nbsp; 7016 |
| &nbsp;&nbsp;&nbsp;KW07, A1<br> 3.600%, 7/25/28 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 122 |
| Federal Home Loan Mortgage Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;2980, FJ (SOFR30A + 0.414%, Cap 7.000%, Floor 0.300%)<br> 4.718%, 11/15/34<sup>(1)</sup> | &nbsp;&nbsp; 3963 | &nbsp;&nbsp; 3924 |
| &nbsp;&nbsp;&nbsp;3820, FA (SOFR30A + 0.464%, Cap 7.000%, Floor 0.350%)<br> 4.768%, 3/15/41<sup>(1)</sup> | &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2581 |
| &nbsp;&nbsp;&nbsp;4203, PF (SOFR30A + 0.364%, Cap 6.500%, Floor 0.250%)<br> 4.668%, 9/15/42<sup>(1)</sup> | &nbsp;&nbsp; 3672 | &nbsp;&nbsp; 3621 |
| &nbsp;&nbsp;&nbsp;4248, FT (SOFR30A + 0.614%, Cap 6.500%, Floor 0.500%)<br> 4.918%, 9/15/43<sup>(1)</sup> | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 8327 |
| &nbsp;&nbsp;&nbsp;4717, GA<br> 3.000%, 3/15/44 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;4794, WF (SOFR30A + 0.464%)<br> 4.814%, 3/15/43<sup>(1)</sup> | &nbsp;&nbsp; 4585 | &nbsp;&nbsp; 4516 |
| &nbsp;&nbsp;&nbsp;4838, VA<br> 4.000%, 3/15/36 | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 715 |
| &nbsp;&nbsp;&nbsp;4863, JF (SOFR30A + 0.514%, Cap 6.500%, Floor 0.400%)<br> 4.818%, 7/15/38<sup>(1)</sup> | &nbsp;&nbsp; 5770 | &nbsp;&nbsp; 5733 |
| &nbsp;&nbsp;&nbsp;4942, FB (SOFR30A + 0.614%, Cap 6.000%, Floor 0.500%)<br> 4.918%, 4/15/40<sup>(1)</sup> | &nbsp;&nbsp; 5534 | &nbsp;&nbsp; 5463 |
| &nbsp;&nbsp;&nbsp;5251, FG (SOFR30A + 0.450%, Cap 6.500%, Floor 0.450%)<br> 4.755%, 8/25/52<sup>(1)</sup> | &nbsp;&nbsp; 6531 | &nbsp;&nbsp; 6450 |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #1Q1195 (RFUCCT1Y + 1.585%, Cap 10.117%, Floor 1.585%)<br> 6.652%, 5/1/37<sup>(1)</sup> | &nbsp;&nbsp; 1307 | &nbsp;&nbsp; 1348 |
| &nbsp;&nbsp;&nbsp;Pool #1Q1420 (RFUCCT1Y + 1.759%, Cap 10.575%, Floor 1.759%)<br> 6.864%, 9/1/39<sup>(1)</sup> | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 935 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #2B5891 (RFUCCT1Y + 1.640%, Cap 7.997%, Floor 1.640%)<br> 6.571%, 2/1/47<sup>(1)</sup> | $1399 | $1447 |
| &nbsp;&nbsp;&nbsp;Pool #840337 (RFUCCT1Y + 1.578%, Cap 7.656%, Floor 1.578%)<br> 6.693%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp;Pool #840617 (U.S. Treasury Yield Curve CMT 1 year + 2.072%, Cap 7.732%, Floor 2.072%)<br> 6.743%, 7/1/47<sup>(1)</sup> | &nbsp;&nbsp; 1298 | &nbsp;&nbsp; 1329 |
| &nbsp;&nbsp;&nbsp;Pool #841083 (RFUCCT1Y + 1.645%, Cap 7.837%, Floor 1.645%)<br> 6.864%, 5/1/49<sup>(1)</sup> | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 4232 |
| &nbsp;&nbsp;&nbsp;Pool #841345 (RFUCCT1Y + 1.627%, Cap 7.714%, Floor 1.627%)<br> 6.922%, 1/1/47<sup>(1)</sup> | &nbsp;&nbsp; 1276 | &nbsp;&nbsp; 1313 |
| &nbsp;&nbsp;&nbsp;Pool #848736 (RFUCCT1Y + 1.750%, Cap 9.564%, Floor 1.750%)<br> 6.867%, 5/1/35<sup>(1)</sup> | &nbsp;&nbsp; 3274 | &nbsp;&nbsp; 3387 |
| &nbsp;&nbsp;&nbsp;Pool #848744 (RFUCCT1Y + 1.789%, Cap 9.099%, Floor 1.789%)<br> 6.694%, 5/1/34<sup>(1)</sup> | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 1852 |
| &nbsp;&nbsp;&nbsp;Pool #848747 (RFUCCT1Y + 1.863%, Cap 9.965%, Floor 1.863%)<br> 6.975%, 7/1/36<sup>(1)</sup> | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; 1822 |
| &nbsp;&nbsp;&nbsp;Pool #848796 (RFUCCT1Y + 1.796%, Cap 9.809%, Floor 1.796%)<br> 6.728%, 5/1/37<sup>(1)</sup> | &nbsp;&nbsp; 3231 | &nbsp;&nbsp; 3349 |
| &nbsp;&nbsp;&nbsp;Pool #E09000<br> 3.000%, 6/1/27 | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;Pool #G15863<br> 3.000%, 7/1/31 | &nbsp;&nbsp; 677 | &nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp;Pool #G18622<br> 2.500%, 12/1/31 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;Pool #J13437<br> 3.500%, 11/1/25 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp;Pool #J20464<br> 2.500%, 9/1/27 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp;Pool #J36146<br> 2.500%, 1/1/27 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;Pool #ZS8563<br> 3.000%, 4/1/30 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 700 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.260%)<br> 4.650%, 11/5/27<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5013 |
| &nbsp;&nbsp;&nbsp;2015-M14, FA (SOFR30A + 0.734%, Cap N/A, Floor 0.620%)<br> 5.036%, 10/25/25<sup>(1)</sup> | &nbsp;&nbsp; 5037 | &nbsp;&nbsp; 5037 |
| &nbsp;&nbsp;&nbsp;2016-M5, A2<br> 2.469%, 4/25/26 | &nbsp;&nbsp; 4278 | &nbsp;&nbsp; 4210 |
| &nbsp;&nbsp;&nbsp;2016-M8, FA (SOFR30A + 0.614%, Cap N/A, Floor 0.500%)<br> 4.916%, 7/25/26<sup>(1)</sup> | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;Pool #462410 (U.S. Treasury Yield Curve CMT 1 year + 2.375%, Cap 10.626%, Floor 2.375%)<br> 6.701%, 9/1/37<sup>(1)</sup> | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;Pool #AD0064 (RFUCCT6M + 1.548%, Cap 10.941%, Floor 1.548%)<br> 6.236%, 1/1/35<sup>(1)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 661 |
| &nbsp;&nbsp;&nbsp;Pool #AE0544 (RFUCCT1Y + 1.748%, Cap 8.128%, Floor 1.748%)<br> 7.026%, 11/1/40<sup>(1)</sup> | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1328 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix U.S. Government Securities Ultra-Short Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #AJ6967<br> 3.000%, 11/1/26 | $144 | $143 |
| &nbsp;&nbsp;&nbsp;Pool #AL0270 (RFUCCT1Y + 1.677%, Cap 10.526%, Floor 1.677%)<br> 6.926%, 8/1/38<sup>(1)</sup> | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;Pool #AL0323 (RFUCCT1Y + 1.819%, Cap 8.272%, Floor 1.819%)<br> 6.705%, 6/1/41<sup>(1)</sup> | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 811 |
| &nbsp;&nbsp;&nbsp;Pool #AL0960 (RFUCCT1Y + 1.686%, Cap 9.730%, Floor 1.686%)<br> 6.791%, 7/1/37<sup>(1)</sup> | &nbsp;&nbsp; 1849 | &nbsp;&nbsp; 1906 |
| &nbsp;&nbsp;&nbsp;Pool #AL1886 (RFUCCT1Y + 1.752%, Cap 8.453%, Floor 1.752%)<br> 6.986%, 6/1/42<sup>(1)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;Pool #AL2202 (RFUCCT1Y + 1.687%, Cap 9.410%, Floor 1.687%)<br> 6.871%, 6/1/36<sup>(1)</sup> | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;Pool #AL3421 (U.S. Treasury Yield Curve CMT 1 year + 2.375%, Cap 10.750%, Floor 2.375%)<br> 7.145%, 9/1/37<sup>(1)</sup> | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;Pool #AL3765<br> 3.000%, 3/1/28 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;Pool #AL3794<br> 3.000%, 6/1/28 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;Pool #AL3803<br> 3.000%, 6/1/28 | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp;Pool #AL6227<br> 2.500%, 12/1/29 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Pool #AL6516 (RFUCCT1Y + 1.751%, Cap 8.707%, Floor 1.751%)<br> 6.898%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 1356 |
| &nbsp;&nbsp;&nbsp;Pool #AL7477 (RFUCCT1Y + 1.797%, Cap 8.612%, Floor 1.797%)<br> 7.039%, 12/1/40<sup>(1)</sup> | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp;Pool #AL7812 (RFUCCT1Y + 1.733%, Cap 8.382%, Floor 1.733%)<br> 7.079%, 11/1/40<sup>(1)</sup> | &nbsp;&nbsp; 2263 | &nbsp;&nbsp; 2340 |
| &nbsp;&nbsp;&nbsp;Pool #AL8796 (RFUCCT1Y + 1.836%, Cap 8.447%, Floor 1.836%)<br> 7.156%, 9/1/41<sup>(1)</sup> | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; 2605 |
| &nbsp;&nbsp;&nbsp;Pool #AL8827<br> 3.000%, 2/1/29 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;Pool #AL8872 (RFUCCT1Y + 1.803%, Cap 8.327%, Floor 1.803%)<br> 6.888%, 7/1/42<sup>(1)</sup> | &nbsp;&nbsp; 3419 | &nbsp;&nbsp; 3534 |
| &nbsp;&nbsp;&nbsp;Pool #AL9996<br> 3.000%, 4/1/32 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;Pool #AO3261<br> 3.000%, 10/1/27 | &nbsp;&nbsp; 1146 | &nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp;Pool #AP2717<br> 2.500%, 10/1/27 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;Pool #AT2769<br> 2.000%, 5/1/28 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;Pool #BE3734 (RFUCCT1Y + 1.620%, Cap 8.037%, Floor 1.620%)<br> 7.278%, 7/1/47<sup>(1)</sup> | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 761 |
| &nbsp;&nbsp;&nbsp;Pool #BL6487 (SOFR30A + 0.874%, Cap 98.510%, Floor 0.760%)<br> 5.186%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 9964 | &nbsp;&nbsp; 9981 |
| &nbsp;&nbsp;&nbsp;Pool #BM1022<br> 2.500%, 1/1/27 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 239 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #BM1805 (RFUCCT1Y + 1.603%, Cap 7.834%, Floor 1.603%)<br> 7.209%, 9/1/47<sup>(1)</sup> | $1807 | $1870 |
| &nbsp;&nbsp;&nbsp;Pool #BM3981 (RFUCCT1Y + 1.750%, Cap 8.494%, Floor 1.750%)<br> 7.042%, 2/1/42<sup>(1)</sup> | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;Pool #BM4556 (RFUCCT1Y + 1.595%, Cap 8.536%, Floor 1.595%)<br> 7.034%, 10/1/48<sup>(1)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1956 |
| &nbsp;&nbsp;&nbsp;Pool #BM4557 (RFUCCT1Y + 1.768%, Cap 7.906%, Floor 1.768%)<br> 6.856%, 5/1/45<sup>(1)</sup> | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1586 |
| &nbsp;&nbsp;&nbsp;Pool #BM6134 (RFUCCT1Y + 1.586%, Cap 7.486%, Floor 1.586%)<br> 6.673%, 9/1/47<sup>(1)</sup> | &nbsp;&nbsp; 5171 | &nbsp;&nbsp; 5366 |
| &nbsp;&nbsp;&nbsp;Pool #BM6855 (RFUCCT1Y + 1.618%, Cap 7.572%, Floor 1.618%)<br> 2.876%, 6/1/50<sup>(1)</sup> | &nbsp;&nbsp; 6362 | &nbsp;&nbsp; 6225 |
| &nbsp;&nbsp;&nbsp;Pool #BM7024 (RFUCCT1Y + 1.706%, Cap 8.711%, Floor 1.706%)<br> 6.812%, 6/1/49<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;Pool #BM7025 (RFUCCT1Y + 1.683%, Cap 8.905%, Floor 1.683%)<br> 6.895%, 5/1/42<sup>(1)</sup> | &nbsp;&nbsp; 4690 | &nbsp;&nbsp; 4851 |
| &nbsp;&nbsp;&nbsp;Pool #BM7473 (SOFR30A + 2.247%, Cap 10.756%, Floor 2.247%)<br> 5.748%, 3/1/54<sup>(1)</sup> | &nbsp;&nbsp; 6320 | &nbsp;&nbsp; 6440 |
| &nbsp;&nbsp;&nbsp;Pool #BW7240 (SOFR30A + 2.120%, Cap 8.878%, Floor 2.120%)<br> 3.878%, 10/1/52<sup>(1)</sup> | &nbsp;&nbsp; 6464 | &nbsp;&nbsp; 6378 |
| &nbsp;&nbsp;&nbsp;Pool #BX2888 (SOFR30A + 2.110%, Cap 10.159%, Floor 2.110%)<br> 5.203%, 12/1/52<sup>(1)</sup> | &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2683 |
| &nbsp;&nbsp;&nbsp;Pool #CA1310<br> 3.000%, 10/1/27 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;Pool #CB8382 (SOFR30A + 2.327%, Cap 10.099%, Floor 2.327%)<br> 5.130%, 4/1/54<sup>(1)</sup> | &nbsp;&nbsp;10676 | &nbsp;&nbsp; 10779 |
| &nbsp;&nbsp;&nbsp;Pool #DB0740 (SOFR30A + 2.340%, Cap 10.476%, Floor 2.340%)<br> 5.476%, 4/1/54<sup>(1)</sup> | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp;Pool #DD4389 (SOFR30A + 2.300%, Cap 10.509%, Floor 2.300%)<br> 5.509%, 4/1/55<sup>(1)</sup> | &nbsp;&nbsp; 4248 | &nbsp;&nbsp; 4281 |
| &nbsp;&nbsp;&nbsp;Pool #FM6371<br> 4.500%, 1/1/27 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Pool #FS7243<br> 3.000%, 11/1/31 | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;Pool #FS9546<br> 4.000%, 1/1/36 | &nbsp;&nbsp; 2787 | &nbsp;&nbsp; 2774 |
| &nbsp;&nbsp;&nbsp;Pool #MA2589<br> 3.000%, 4/1/26 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;Pool #MA2899<br> 2.500%, 2/1/27 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;Pool #MA2924<br> 2.500%, 3/1/27 | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;Pool #MA3220<br> 2.500%, 12/1/27 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;Pool #MA3221<br> 3.000%, 12/1/27 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;Pool #MA3395<br> 3.500%, 6/1/28 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 342 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix U.S. Government Securities Ultra-Short Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #MA4172<br> 1.500%, 11/1/30 | $382 | $361 |
| Federal National Mortgage Association REMIC |  |  |
| &nbsp;&nbsp;&nbsp;2005-103, FC (SOFR30A + 0.614%, Cap 7.500%, Floor 0.500%)<br> 4.920%, 7/25/35<sup>(1)</sup> | &nbsp;&nbsp; 6092 | &nbsp;&nbsp; 6070 |
| &nbsp;&nbsp;&nbsp;2005-17, FA (SOFR30A + 0.414%, Cap 7.000%, Floor 0.300%)<br> 4.720%, 3/25/35<sup>(1)</sup> | &nbsp;&nbsp; 2621 | &nbsp;&nbsp; 2593 |
| &nbsp;&nbsp;&nbsp;2005-74, NA (SOFR30A + 0.534%, Cap 6.500%, Floor 0.420%)<br> 4.840%, 5/25/35<sup>(1)</sup> | &nbsp;&nbsp; 4727 | &nbsp;&nbsp; 4711 |
| &nbsp;&nbsp;&nbsp;2009-66, FP (SOFR30A + 1.014%, Cap 7.000%, Floor 0.900%)<br> 5.320%, 9/25/39<sup>(1)</sup> | &nbsp;&nbsp; 3148 | &nbsp;&nbsp; 3165 |
| &nbsp;&nbsp;&nbsp;2010-107, PF (SOFR30A + 0.484%, Cap 7.000%, Floor 0.370%)<br> 4.790%, 6/25/40<sup>(1)</sup> | &nbsp;&nbsp; 4188 | &nbsp;&nbsp; 4175 |
| &nbsp;&nbsp;&nbsp;2011-62, LF (SOFR30A + 0.514%, Cap 7.000%, Floor 0.400%)<br> 4.820%, 1/25/32<sup>(1)</sup> | &nbsp;&nbsp; 3017 | &nbsp;&nbsp; 2999 |
| &nbsp;&nbsp;&nbsp;2012-102, BG<br> 1.600%, 9/25/27 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;2013-125, CA<br> 3.000%, 5/25/32 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;2013-129, KB<br> 3.000%, 1/25/29 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;2015-96, EA<br> 3.000%, 12/25/26 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;2016-36, BA<br> 3.500%, 3/25/43 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;2016-48, UF (SOFR30A + 0.514%, Cap 6.500%, Floor 0.400%)<br> 4.820%, 8/25/46<sup>(1)</sup> | &nbsp;&nbsp; 4032 | &nbsp;&nbsp; 3981 |
| &nbsp;&nbsp;&nbsp;2016-65, F (SOFR30A + 0.514%, Cap 6.500%, Floor 0.400%)<br> 4.820%, 9/25/46<sup>(1)</sup> | &nbsp;&nbsp; 4393 | &nbsp;&nbsp; 4354 |
| &nbsp;&nbsp;&nbsp;2016-67, AF (SOFR30A + 0.514%, Cap 6.500%, Floor 0.400%)<br> 4.820%, 9/25/46<sup>(1)</sup> | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 2913 |
| &nbsp;&nbsp;&nbsp;2017-33, LF (SOFR30A + 0.514%, Cap 6.500%, Floor 0.400%)<br> 4.820%, 5/25/39<sup>(1)</sup> | &nbsp;&nbsp;11220 | &nbsp;&nbsp; 11090 |
| &nbsp;&nbsp;&nbsp;2018-92, AF (SOFR30A + 0.514%, Cap 6.500%, Floor 0.400%)<br> 4.820%, 5/25/33<sup>(1)</sup> | &nbsp;&nbsp; 3093 | &nbsp;&nbsp; 3071 |
| &nbsp;&nbsp;&nbsp;2018-96, FC (SOFR30A + 0.564%, Cap 6.500%, Floor 0.450%)<br> 4.870%, 10/25/35<sup>(1)</sup> | &nbsp;&nbsp; 3202 | &nbsp;&nbsp; 3181 |
| &nbsp;&nbsp;&nbsp;2019-13, FG (SOFR30A + 0.514%, Cap 6.500%, Floor 0.400%)<br> 4.820%, 4/25/49<sup>(1)</sup> | &nbsp;&nbsp; 6022 | &nbsp;&nbsp; 5951 |
| &nbsp;&nbsp;&nbsp;2021-97, B<br> 3.000%, 5/25/33 | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 579 |
| FRESB Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-SB13, A5H (SOFR30A + 0.814%, Cap N/A, Floor 0.700%)<br> 5.126%, 1/25/36<sup>(1)</sup> | &nbsp;&nbsp; 4656 | &nbsp;&nbsp; 4634 |
| &nbsp;&nbsp;&nbsp;2018-SB49, A5H (SOFR30A + 0.814%, Cap N/A, Floor 0.700%)<br> 5.126%, 4/25/38<sup>(1)</sup> | &nbsp;&nbsp; 6596 | &nbsp;&nbsp; 6573 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2018-SB51, A7H (SOFR30A + 0.814%, Cap N/A, Floor 0.700%)<br> 4.460%, 4/25/38<sup>(1)</sup> | $1186 | $1180 |
| &nbsp;&nbsp;&nbsp;2019-SB66, A7H<br> 2.390%, 6/25/39<sup>(1)</sup> | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp;2020-SB76, A5H (SOFR30A + 0.814%, Cap N/A, Floor 0.700%)<br> 3.630%, 4/25/40<sup>(1)</sup> | &nbsp;&nbsp; 7256 | &nbsp;&nbsp; 7201 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2009-88, FA (1 month Term SOFR + 0.864%, Cap 7.000%, Floor 0.750%)<br> 5.176%, 10/16/39<sup>(1)</sup> | &nbsp;&nbsp; 2969 | &nbsp;&nbsp; 2977 |
| &nbsp;&nbsp;&nbsp;2010-159, D<br> 4.558%, 9/16/44<sup>(1)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp;2010-20, FE (1 month Term SOFR + 0.864%, Cap 7.000%, Floor 0.750%)<br> 5.182%, 2/20/40<sup>(1)</sup> | &nbsp;&nbsp;10644 | &nbsp;&nbsp; 10668 |
| &nbsp;&nbsp;&nbsp;2019-11, FD (1 month Term SOFR + 0.494%, Cap N/A, Floor 0.380%)<br> 4.819%, 8/20/45<sup>(1)</sup> | &nbsp;&nbsp; 5723 | &nbsp;&nbsp; 5655 |
| &nbsp;&nbsp;&nbsp;Pool #783018<br> 5.200%, 10/15/29 | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;Pool #787184 (U.S. Treasury Yield Curve CMT 1 year + 1.500%, Cap 7.507%, Floor 1.500%)<br> 5.003%, 8/20/49<sup>(1)</sup> | &nbsp;&nbsp; 3416 | &nbsp;&nbsp; 3465 |
| &nbsp;&nbsp;&nbsp;Pool #787907 (U.S. Treasury Yield Curve CMT 1 year + 1.502%, Cap 7.654%, Floor 1.502%)<br> 4.768%, 8/20/49<sup>(1)</sup> | &nbsp;&nbsp;10786 | &nbsp;&nbsp; 11000 |
| &nbsp;&nbsp;&nbsp;Pool #787937 (U.S. Treasury Yield Curve CMT 1 year + 1.658%, Cap 9.733%, Floor 1.658%)<br> 4.733%, 4/20/55<sup>(1)</sup> | &nbsp;&nbsp; 8267 | &nbsp;&nbsp; 8278 |
| &nbsp;&nbsp;&nbsp;Pool #DG4178 (U.S. Treasury Yield Curve CMT 1 year + 2.000%, Cap 10.000%, Floor 2.000%)<br> 5.000%, 2/20/55<sup>(1)</sup> | &nbsp;&nbsp; 3734 | &nbsp;&nbsp; 3757 |
| &nbsp;&nbsp;&nbsp;Pool #DI5711 (U.S. Treasury Yield Curve CMT 1 year + 2.000%, Cap 10.000%, Floor 2.000%)<br> 5.000%, 3/20/55<sup>(1)</sup> | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp;Pool #MA9679 (U.S. Treasury Yield Curve CMT 1 year + 1.500%, Cap 9.500%, Floor 1.500%)<br> 4.500%, 5/20/54<sup>(1)</sup> | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3396 |
| &nbsp;&nbsp;&nbsp;Pool #MA9791 (U.S. Treasury Yield Curve CMT 1 year + 1.500%, Cap 10.500%, Floor 1.500%)<br> 5.500%, 7/20/54<sup>(1)</sup> | &nbsp;&nbsp; 4939 | &nbsp;&nbsp; 5017 |
| &nbsp;&nbsp;&nbsp;Pool #MB0038 (U.S. Treasury Yield Curve CMT 1 year + 1.500%, Cap 10.500%, Floor 1.500%)<br> 5.500%, 11/20/54<sup>(1)</sup> | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 1178 |
| &nbsp;&nbsp;&nbsp;Pool #MB0158 (U.S. Treasury Yield Curve CMT 1 year + 1.500%, Cap 10.000%, Floor 1.500%)<br> 5.000%, 1/20/55<sup>(1)</sup> | &nbsp;&nbsp; 6524 | &nbsp;&nbsp; 6566 |
| &nbsp;&nbsp;&nbsp;Pool #MB0269 (U.S. Treasury Yield Curve CMT 1 year + 1.500%, Cap 10.000%, Floor 1.500%)<br> 5.000%, 3/20/55<sup>(1)</sup> | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 3395 |
| Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;Pool #510254 (PRIME minus 2.600%)<br> 4.900%, 5/25/28<sup>(1)</sup> | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp;Pool #510256 (PRIME minus 2.600%)<br> 4.900%, 12/25/28<sup>(1)</sup> | &nbsp;&nbsp; 1614 | &nbsp;&nbsp; 1612 |
| &nbsp;&nbsp;&nbsp;Pool #510273 (PRIME minus 2.500%)<br> 5.000%, 11/25/28<sup>(1)</sup> | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 1111 |
| &nbsp;&nbsp;&nbsp;Pool #530241 (PRIME minus 2.500%)<br> 5.000%, 10/25/32<sup>(1)</sup> | &nbsp;&nbsp; 2493 | &nbsp;&nbsp; 2474 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### Seix U.S. Government Securities Ultra-Short Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #530251 (PRIME minus 2.375%)<br> 5.125%, 4/25/32<sup>(1)</sup> | $4529 | $4494 |
| &nbsp;&nbsp;&nbsp;Pool #530835 (PRIME minus 2.600%)<br> 4.900%, 5/25/35<sup>(1)</sup> | &nbsp;&nbsp; 7948 | &nbsp;&nbsp;&nbsp; 7926 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $389,290)** | **Total Mortgage-Backed Securities<br> (Identified Cost $389,290)** | &nbsp;&nbsp;&nbsp;&nbsp;**390375** |
| **Total Long-Term Investments—96.7%<br> (Identified Cost $389,290)** | **Total Long-Term Investments—96.7%<br> (Identified Cost $389,290)** | &nbsp;&nbsp;&nbsp;&nbsp;**390375** |
| **Short-Term Investment—1.7%** | **Short-Term Investment—1.7%** | **Short-Term Investment—1.7%** |
| **U.S. Government Security—1.7%** | **U.S. Government Security—1.7%** | **U.S. Government Security—1.7%** |
| U.S. Treasury Bills<br> 0.000%, 10/7/25<sup>(2)</sup> | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 6920 |
| **Total Short-Term Investment<br> (Identified Cost $6,920)** | **Total Short-Term Investment<br> (Identified Cost $6,920)** | &nbsp;&nbsp;&nbsp;&nbsp; **6920** |
| **TOTAL INVESTMENTS—98.4%<br> (Identified Cost $396,210)** | **TOTAL INVESTMENTS—98.4%<br> (Identified Cost $396,210)** | &nbsp;&nbsp;**$397295** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp;&nbsp;&nbsp; 6282 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$403577** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CMT | Constant Maturity Treasury |
| REMIC | Real Estate Mortgage Investment Conduit |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| RFUCCT6M | Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30 Day Average |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(2)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6920 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390375 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$397295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$397295 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix High Yield Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;$128273 | &nbsp;&nbsp;&nbsp;$1359906 | &nbsp;&nbsp;&nbsp;$20129 | &nbsp;&nbsp;&nbsp;$387739 |
| Investment in affiliated funds at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18914 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179 |
| &nbsp;&nbsp;&nbsp;Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422450 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10045 |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on unfunded loan commitments<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14835 |
| **Commitments and contingencies (Note 4D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$129722 | &nbsp;&nbsp;&nbsp;$1365325 | &nbsp;&nbsp;&nbsp;$19839 | &nbsp;&nbsp;&nbsp;$407615 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$143934 | &nbsp;&nbsp;&nbsp;$2269628 | &nbsp;&nbsp;&nbsp;$22815 | &nbsp;&nbsp;&nbsp;$660754 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(904303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253139) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$129722 | &nbsp;&nbsp;&nbsp;$1365325 | &nbsp;&nbsp;&nbsp;$19839 | &nbsp;&nbsp;&nbsp;$407615 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$6206 | &nbsp;&nbsp;&nbsp;$45998 | &nbsp;&nbsp;&nbsp;$3694 | &nbsp;&nbsp;&nbsp;$30619 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5928 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;$25782 | &nbsp;&nbsp;&nbsp;$999976 | &nbsp;&nbsp;&nbsp;$16145 | &nbsp;&nbsp;&nbsp;$282477 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$97734 | &nbsp;&nbsp;&nbsp;$313423 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$94519 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5997337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979153 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754609 | &nbsp;&nbsp;&nbsp;&nbsp;130348244 | &nbsp;&nbsp;&nbsp;&nbsp;1506417 | &nbsp;&nbsp;&nbsp;&nbsp;35786759 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;10436190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40819202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11968520 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix High Yield Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;&nbsp;$7.67 | &nbsp;&nbsp;&nbsp;$10.72 | &nbsp;&nbsp;&nbsp;$7.69 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7.67 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;&nbsp;$7.67 | &nbsp;&nbsp;&nbsp;$10.72 | &nbsp;&nbsp;&nbsp;$7.89 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;&nbsp;$7.68 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7.90 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;$7.89 | &nbsp;&nbsp;&nbsp;$11.02 | &nbsp;&nbsp;&nbsp;$7.99 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$128346 | &nbsp;&nbsp;&nbsp;$1374718 | &nbsp;&nbsp;&nbsp;$20540 | &nbsp;&nbsp;&nbsp;$383790 |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;$130 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9745 |
| <sup>(3)</sup> Investment in affiliated funds at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$19281 |
| <sup>(4)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;$118831 | &nbsp;&nbsp;&nbsp;$109928 | &nbsp;&nbsp;&nbsp;$397295 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404258 |
| **Liabilities** |  |  |  |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 |
| **Commitments and contingencies (Note 4D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$118261 | &nbsp;&nbsp;&nbsp;$109914 | &nbsp;&nbsp;&nbsp;$403577 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$129836 | &nbsp;&nbsp;&nbsp;$157232 | &nbsp;&nbsp;&nbsp;$416837 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13260) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$118261 | &nbsp;&nbsp;&nbsp;$109914 | &nbsp;&nbsp;&nbsp;$403577 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$5854 | &nbsp;&nbsp;&nbsp;$5832 | &nbsp;&nbsp;&nbsp;$23520 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$112407 | &nbsp;&nbsp;&nbsp;$77227 | &nbsp;&nbsp;&nbsp;$236870 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$26855 | &nbsp;&nbsp;&nbsp;$143187 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371970 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;10400988 | &nbsp;&nbsp;&nbsp;&nbsp;8238339 | &nbsp;&nbsp;&nbsp;&nbsp;23894732 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2865526 | &nbsp;&nbsp;&nbsp;&nbsp;14425812 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$10.82 | &nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;&nbsp;$9.92 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$10.81 | &nbsp;&nbsp;&nbsp;$9.37 | &nbsp;&nbsp;&nbsp;$9.91 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9.37 | &nbsp;&nbsp;&nbsp;$9.93 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$11.13 | &nbsp;&nbsp;&nbsp;$10.08 | &nbsp;&nbsp;&nbsp;$— |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$120766 | &nbsp;&nbsp;&nbsp;$110903 | &nbsp;&nbsp;&nbsp;$396210 |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1053 | &nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) SIX MONTHS ENDED June 30, 2025
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;&nbsp;$1396 | &nbsp;&nbsp;&nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;&nbsp;$169 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;14500 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;15438 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;14149 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) | &nbsp;&nbsp;&nbsp;&nbsp;(32953) | &nbsp;&nbsp;&nbsp;&nbsp;(364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5302) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp;(216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp;(27085) | &nbsp;&nbsp;&nbsp;&nbsp;(580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1642) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3113 | &nbsp;&nbsp;&nbsp;&nbsp;$27152 | &nbsp;&nbsp;&nbsp;&nbsp;$(247) | &nbsp;&nbsp;&nbsp;&nbsp;$12507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### SIX MONTHS ENDED June 30, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$113 | &nbsp;&nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;$80 |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;2908 | &nbsp;&nbsp;&nbsp;&nbsp;9268 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 | &nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp;9348 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp;8674 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp;1079 |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(1239) | &nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp;1067 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$400 | &nbsp;&nbsp;&nbsp;&nbsp;$4457 | &nbsp;&nbsp;&nbsp;&nbsp;$9741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1519 | &nbsp;&nbsp;&nbsp;&nbsp;$2277 | &nbsp;&nbsp;&nbsp;&nbsp;$54237 | &nbsp;&nbsp;&nbsp;&nbsp;$129394 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31596) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22163 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119961 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19244) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139879) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8233) | &nbsp;&nbsp;&nbsp;&nbsp;(10624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82913 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82931) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102849) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53414 | &nbsp;&nbsp;&nbsp;&nbsp;1429040 | &nbsp;&nbsp;&nbsp;&nbsp;1531889 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$129722 | &nbsp;&nbsp;&nbsp;&nbsp;$68416 | &nbsp;&nbsp;&nbsp;&nbsp;$1365325 | &nbsp;&nbsp;&nbsp;&nbsp;$1429040 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$333 | &nbsp;&nbsp;&nbsp;&nbsp;$871 | &nbsp;&nbsp;&nbsp;&nbsp;$14149 | &nbsp;&nbsp;&nbsp;&nbsp;$25815 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3753) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25843 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4961) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25562) |
| &nbsp;&nbsp;&nbsp;**Net assets from merger:** |  |  |  |  |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5865) | &nbsp;&nbsp;&nbsp;&nbsp;(10052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17964) | &nbsp;&nbsp;&nbsp;&nbsp;129002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37749 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5637) | &nbsp;&nbsp;&nbsp;&nbsp;(10602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17001) | &nbsp;&nbsp;&nbsp;&nbsp;188191 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6217) | &nbsp;&nbsp;&nbsp;&nbsp;(11466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18529) | &nbsp;&nbsp;&nbsp;&nbsp;188472 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;26056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37522 | &nbsp;&nbsp;&nbsp;&nbsp;426144 | &nbsp;&nbsp;&nbsp;&nbsp;237672 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$19839 | &nbsp;&nbsp;&nbsp;&nbsp;$26056 | &nbsp;&nbsp;&nbsp;&nbsp;$407615 | &nbsp;&nbsp;&nbsp;&nbsp;$426144 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1639 | &nbsp;&nbsp;&nbsp;&nbsp;$3396 | &nbsp;&nbsp;&nbsp;&nbsp;$2677 | &nbsp;&nbsp;&nbsp;&nbsp;$6203 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(936) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3745) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1228) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6195) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9438) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24703) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29376) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;129389 | &nbsp;&nbsp;&nbsp;&nbsp;140976 | &nbsp;&nbsp;&nbsp;&nbsp;130231 | &nbsp;&nbsp;&nbsp;&nbsp;159607 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$118261 | &nbsp;&nbsp;&nbsp;&nbsp;$129389 | &nbsp;&nbsp;&nbsp;&nbsp;$109914 | &nbsp;&nbsp;&nbsp;&nbsp;$130231 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$8674 | &nbsp;&nbsp;&nbsp;&nbsp;$14918 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15853 |
| **Dividends and Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3317) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14916) |
| &nbsp;&nbsp;&nbsp;**Net assets from merger:** |  |  |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64261 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87836 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88773 |
| **Net Assets** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;350303 | &nbsp;&nbsp;&nbsp;&nbsp;261530 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$403577 | &nbsp;&nbsp;&nbsp;&nbsp;$350303 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix Core Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.23 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.32 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;0.13 | $9.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.47% | $6206 | 0.64% | 1.00% | &nbsp;&nbsp;4.11% | &nbsp;&nbsp;&nbsp;85% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;0.38 | (0.28) | &nbsp;&nbsp;0.10 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739 | 0.64 | 0.99 | &nbsp;&nbsp;4.00 | 177 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.45 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5908 | 0.64 | 1.02 | &nbsp;&nbsp;3.59 | 161 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;0.21 | (1.75) | (1.54) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.26) | (1.80) | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | (13.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240 | 0.66 <sup>(9)</sup> | 0.95 | &nbsp;&nbsp;2.13 | 175 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;0.09 | (0.26) | (0.17) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.15) | (0.32) | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8651 | 0.64 | 0.88 | &nbsp;&nbsp;0.82 | 149 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.97 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.36) | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10943 | 0.64 | 0.89 | &nbsp;&nbsp;0.88 | 221 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.23 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.33 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;0.13 | $9.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.54% | $25782 | 0.50% | 0.69% | &nbsp;&nbsp;4.26% | &nbsp;&nbsp;&nbsp;85% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;0.39 | (0.29) | &nbsp;&nbsp;0.10 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33605 | 0.50 | 0.69 | &nbsp;&nbsp;4.14 | 177 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.47 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45509 | 0.50 | 0.71 | &nbsp;&nbsp;3.72 | 161 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;0.22 | (1.75) | (1.53) | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.27) | (1.80) | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | (13.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52113 | 0.51 <sup>(9)</sup> | 0.66 | &nbsp;&nbsp;2.21 | 175 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;0.11 | (0.27) | (0.16) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.17) | (0.33) | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96081 | 0.50 | 0.60 | &nbsp;&nbsp;0.94 | 149 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.99 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.37) | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;187741 | 0.50 | 0.59 | &nbsp;&nbsp;0.90 | 221 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.23 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.33 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;0.13 | $9.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.61% | $97734 | 0.36% | 0.56% | &nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;85% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;0.39 | (0.28) | &nbsp;&nbsp;0.11 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29072 | 0.36 | 0.57 | &nbsp;&nbsp;4.15 | 177 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.48 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | 0.36 | 0.60 | &nbsp;&nbsp;3.90 | 161 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;0.24 | (1.75) | (1.51) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.29) | (1.80) | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | (13.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | 0.38 <sup>(9)</sup> | 0.53 | &nbsp;&nbsp;2.40 | 175 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;0.13 | (0.27) | (0.14) | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.19) | (0.33) | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526 | 0.36 | 0.48 | &nbsp;&nbsp;1.12 | 149 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;1.01 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.39) | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | 0.36 | 0.49 | &nbsp;&nbsp;1.21 | 221 |
| **Seix Floating Rate High Income Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.81 | &nbsp;&nbsp;0.29 | (0.14) | &nbsp;&nbsp;0.15 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) | (0.14) | $7.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | $45998 | 0.95 % <sup>(10)</sup> | 0.98% | &nbsp;&nbsp;7.52% | &nbsp;&nbsp;&nbsp;37% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;0.67 | (0.05) | &nbsp;&nbsp;0.62 | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.73) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45058 | 0.96 <sup>(10)</sup> | 0.96 | &nbsp;&nbsp;8.55 | 110 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.87 | (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.69) | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33242 | 0.96 <sup>(10)</sup> | 0.99 | &nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;45 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;0.38 | (0.48) | (0.10) | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32916 | 0.97 <sup>(9)(10)(11)</sup> | 0.97 | &nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;57 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.41 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42301 | 0.95 <sup>(10)(11)(12)</sup> | 0.95 | &nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.30 | (0.31) | (0.01) | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35224 | 0.96 <sup>(10)</sup> | 0.96 | &nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;68 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.81 | &nbsp;&nbsp;0.26 | (0.14) | &nbsp;&nbsp;0.12 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | (0.14) | $7.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | $5928 | 1.53 % <sup>(10)</sup> | 1.74% | &nbsp;&nbsp;6.94% | &nbsp;&nbsp;&nbsp;37% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;0.63 | (0.05) | &nbsp;&nbsp;0.58 | (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.69) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 | 1.54 <sup>(10)</sup> | 1.72 | &nbsp;&nbsp;8.02 | 110 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.81 | (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.64) | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183 | 1.54 <sup>(10)</sup> | 1.75 | &nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;45 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;0.33 | (0.48) | (0.15) | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10793 | 1.55 <sup>(9)(10)</sup> | 1.73 | &nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;57 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.37 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14303 | 1.54 <sup>(10)</sup> | 1.73 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.25 | (0.31) | (0.06) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21841 | 1.54 <sup>(10)</sup> | 1.68 | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;68 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix Floating Rate High Income Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.81 | &nbsp;&nbsp;0.30 | (0.14) | &nbsp;&nbsp;0.16 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.14) | $7.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | $999976 | 0.63 % <sup>(10)</sup> | 0.77% | &nbsp;&nbsp;7.84% | &nbsp;&nbsp;&nbsp;37% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;0.70 | (0.05) | &nbsp;&nbsp;0.65 | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.76) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;1109864 | 0.64 <sup>(10)</sup> | 0.75 | &nbsp;&nbsp;8.93 | 110 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.89 | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.71) | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;1303700 | 0.64 <sup>(10)</sup> | 0.77 | &nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;45 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;0.40 | (0.48) | (0.08) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;1795243 | 0.65 <sup>(9)(10)</sup> | 0.75 | &nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;57 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.44 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;2102532 | 0.64 <sup>(10)</sup> | 0.73 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.32 | (0.30) | &nbsp;&nbsp;0.02 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;1526917 | 0.64 <sup>(10)</sup> | 0.75 | &nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;68 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.82 | &nbsp;&nbsp;0.30 | (0.14) | &nbsp;&nbsp;0.16 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.14) | $7.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | $313423 | 0.53 % <sup>(10)</sup> | 0.64% | &nbsp;&nbsp;7.94% | &nbsp;&nbsp;&nbsp;37% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;0.71 | (0.04) | &nbsp;&nbsp;0.67 | (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.77) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;267714 | 0.54 <sup>(10)</sup> | 0.62 | &nbsp;&nbsp;8.97 | 110 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.89 | (0.72) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.72) | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;187764 | 0.54 <sup>(10)</sup> | 0.64 | &nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;45 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;0.42 | (0.49) | (0.07) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;252100 | 0.55 <sup>(9)(10)</sup> | 0.63 | &nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;57 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.45 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;255611 | 0.54 <sup>(10)</sup> | 0.62 | &nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.34 | (0.31) | &nbsp;&nbsp;0.03 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;142506 | 0.54 <sup>(10)</sup> | 0.63 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;68 |
| **Seix High Grade Municipal Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $11.00 | &nbsp;&nbsp;0.16 | (0.28) | (0.12) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.28) | $10.72 | &nbsp;&nbsp;&nbsp;(1.15) % | $3694 | 0.73% | 1.31% | &nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;34% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;0.30 | (0.31) | (0.01) | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.31) | &nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558 | 0.73 | 1.14 | &nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;44 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.70 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 | 0.73 | 1.05 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;64 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;0.18 | (1.24) | (1.06) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.22) | (1.28) | &nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;(8.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217 | 0.74 <sup>(9)</sup> | 1.03 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;99 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;0.11 | (0.07) | &nbsp;&nbsp;0.04 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | (0.28) | (0.24) | &nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711 | 0.73 | 0.94 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;48 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.82 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | (0.45) | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 | 0.75 <sup>(13)</sup> | 0.95 | &nbsp;&nbsp;1.04 | 203 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $11.00 | &nbsp;&nbsp;0.16 | (0.28) | (0.12) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.28) | $10.72 | &nbsp;&nbsp;&nbsp;(1.07) % | $16145 | 0.58% | 1.20% | &nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;34% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;0.32 | (0.30) | &nbsp;&nbsp;0.02 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | (0.30) | &nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22498 | 0.58 | 1.03 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;44 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.71 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33307 | 0.58 | 0.96 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;64 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;0.19 | (1.23) | (1.04) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.24) | (1.28) | &nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;(8.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37813 | 0.59 <sup>(9)</sup> | 0.94 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;99 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;0.13 | (0.07) | &nbsp;&nbsp;0.06 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | (0.30) | (0.24) | &nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51358 | 0.58 | 0.85 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;48 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.84 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | (0.47) | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74004 | 0.60 <sup>(13)</sup> | 0.86 | &nbsp;&nbsp;1.18 | 203 |
| **Seix High Yield Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.71 | &nbsp;&nbsp;0.25 | (0.02) | &nbsp;&nbsp;0.23 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.02) | $7.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.06% | $30619 | 0.82% | 1.03% | &nbsp;&nbsp;6.72% | &nbsp;&nbsp;&nbsp;38% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;0.52 | (0.01) | &nbsp;&nbsp;0.51 | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31997 | 0.82 | 1.08 | &nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.89 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.45) | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;12.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10498 | 0.81 | 1.10 | &nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;74 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;0.38 | (1.29) | (0.91) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) | (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | (10.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11178 | 0.84 <sup>(9)</sup> | 1.04 | &nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;66 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;0.34 | (0.03) | &nbsp;&nbsp;0.31 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18370 | 0.82 | 1.01 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;93 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.77 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11608 | 0.82 | 1.05 | &nbsp;&nbsp;4.54 | 182 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix High Yield Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.91 | &nbsp;&nbsp;0.27 | (0.02) | &nbsp;&nbsp;0.25 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | (0.02) | $7.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.15% | $282477 | 0.64% | 0.77% | &nbsp;&nbsp;6.89% | &nbsp;&nbsp;&nbsp;38% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;0.55 | (0.01) | &nbsp;&nbsp;0.54 | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;301682 | 0.64 | 0.81 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.93 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.48) | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;172351 | 0.63 | 0.78 | &nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;74 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;0.40 | (1.32) | (0.92) | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | (10.51) | &nbsp;&nbsp;&nbsp;&nbsp;208171 | 0.65 <sup>(9)</sup> | 0.77 | &nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;66 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;0.37 | (0.03) | &nbsp;&nbsp;0.34 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;430620 | 0.64 | 0.73 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;93 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.80 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;362138 | 0.64 | 0.76 | &nbsp;&nbsp;4.81 | 182 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.92 | &nbsp;&nbsp;0.27 | (0.02) | &nbsp;&nbsp;0.25 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | (0.02) | $7.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.08% | $94519 | 0.53% | 0.65% | &nbsp;&nbsp;7.01% | &nbsp;&nbsp;&nbsp;38% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.56 | (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.55) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92465 | 0.53 | 0.68 | &nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.94 | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.49) | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54823 | 0.52 | 0.66 | &nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;74 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;0.42 | (1.33) | (0.91) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) | (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | (10.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40199 | 0.55 <sup>(9)</sup> | 0.67 | &nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;66 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;0.38 | (0.03) | &nbsp;&nbsp;0.35 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19943 | 0.53 | 0.64 | &nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;93 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.81 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850 | 0.53 | 0.67 | &nbsp;&nbsp;4.92 | 182 |
| **Seix Investment Grade Tax-Exempt Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $10.94 | &nbsp;&nbsp;0.14 | (0.12) | &nbsp;&nbsp;0.02 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) | (0.12) | $10.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.15% | $5854 | 0.67% | 1.07% | &nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;29% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.08 | &nbsp;&nbsp;0.26 | (0.13) | &nbsp;&nbsp;0.13 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | (0.14) | &nbsp;&nbsp;&nbsp;10.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | 0.67 | 1.06 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;41 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.54 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;11.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6902 | 0.66 | 1.03 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;56 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;0.15 | (0.93) | (0.78) | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | (0.16) | (0.94) | &nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | 0.69 <sup>(9)</sup> | 1.04 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;71 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;0.07 | (0.08) | (0.01) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | (0.25) | (0.26) | &nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 | 0.71 <sup>(13)</sup> | 1.01 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;95 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.67 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.40) | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8902 | 0.73 <sup>(13)</sup> | 1.01 | &nbsp;&nbsp;0.84 | 173 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $10.92 | &nbsp;&nbsp;0.15 | (0.11) | &nbsp;&nbsp;0.04 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | (0.11) | $10.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | $112407 | 0.50% | 0.87% | &nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;29% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;0.28 | (0.15) | &nbsp;&nbsp;0.13 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | (0.15) | &nbsp;&nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;123508 | 0.52 | 0.87 | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;41 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.55 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;134074 | 0.51 | 0.83 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;56 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;0.16 | (0.93) | (0.77) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | (0.17) | (0.94) | &nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;(6.49) | &nbsp;&nbsp;&nbsp;&nbsp;152491 | 0.53 <sup>(9)</sup> | 0.84 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;71 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;0.09 | (0.08) | &nbsp;&nbsp;0.01 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | (0.27) | (0.26) | &nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;249172 | 0.56 <sup>(13)</sup> | 0.80 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;95 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.70 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.42) | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;288699 | 0.58 <sup>(13)</sup> | 0.82 | &nbsp;&nbsp;0.98 | 173 |
| **Seix Total Return Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.55 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.35 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;0.15 | $9.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.68% | $5832 | 0.70% | 0.95% | &nbsp;&nbsp;4.21% | &nbsp;&nbsp;&nbsp;70% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;0.39 | (0.30) | &nbsp;&nbsp;0.09 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223 | 0.70 | 0.88 | &nbsp;&nbsp;3.98 | 149 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.42 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198 | 0.69 | 0.94 | &nbsp;&nbsp;3.52 | 167 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;0.22 | (1.80) | (1.58) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) | (0.30) | (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | (13.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707 | 0.72 <sup>(9)</sup> | 0.89 | &nbsp;&nbsp;2.08 | 169 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;0.12 | (0.30) | (0.18) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.12) | (0.30) | &nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991 | 0.70 | 0.86 | &nbsp;&nbsp;1.01 | 131 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;1.20 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.30) | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12879 | 0.70 | 0.87 | &nbsp;&nbsp;1.27 | 186 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix Total Return Bond Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.23 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.34 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;0.14 | $9.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.75% | $77227 | 0.46% | 0.67% | &nbsp;&nbsp;4.45% | &nbsp;&nbsp;&nbsp;70% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;0.39 | (0.29) | &nbsp;&nbsp;0.10 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97792 | 0.46 | 0.64 | &nbsp;&nbsp;4.21 | 149 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.43 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;116684 | 0.45 | 0.60 | &nbsp;&nbsp;3.75 | 167 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;0.23 | (1.74) | (1.51) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) | (0.32) | (1.83) | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | (13.57) | &nbsp;&nbsp;&nbsp;&nbsp;152706 | 0.48 <sup>(9)</sup> | 0.59 | &nbsp;&nbsp;2.30 | 169 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;0.14 | (0.28) | (0.14) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.15) | (0.29) | &nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;274304 | 0.46 | 0.56 | &nbsp;&nbsp;1.25 | 131 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;1.19 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.33) | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;295811 | 0.46 | 0.57 | &nbsp;&nbsp;1.38 | 186 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.23 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.35 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | &nbsp;&nbsp;0.14 | $9.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | $26855 | 0.31% | 0.52% | &nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;70% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;0.41 | (0.29) | &nbsp;&nbsp;0.12 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26216 | 0.31 | 0.47 | &nbsp;&nbsp;4.36 | 149 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.44 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36725 | 0.30 | 0.48 | &nbsp;&nbsp;3.92 | 167 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;0.24 | (1.73) | (1.49) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) | (0.33) | (1.82) | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | (13.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41237 | 0.32 <sup>(9)</sup> | 0.46 | &nbsp;&nbsp;2.35 | 169 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;0.16 | (0.28) | (0.12) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.17) | (0.29) | &nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92787 | 0.31 | 0.45 | &nbsp;&nbsp;1.40 | 131 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;1.20 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.34) | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;123041 | 0.31 | 0.46 | &nbsp;&nbsp;1.53 | 186 |
| **Seix U.S. Government Securities Ultra-Short Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.89 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.25 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | &nbsp;&nbsp;0.03 | $9.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.57% | $23520 | 0.65% | 0.71% | &nbsp;&nbsp;4.53% | &nbsp;&nbsp;&nbsp;13% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.54 | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.49) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21590 | 0.65 | 0.79 | &nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;37 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.49 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14985 | 0.65 | 0.68 | &nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;0.12 | (0.26) | (0.14) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13607 | 0.68 <sup>(9)(11)(12)</sup> | 0.66 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;37 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.04 | (0.01) | (0.02) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(14)</sup> | (0.03) | &nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15323 | 0.66 | 0.67 | (0.07) | &nbsp;&nbsp;&nbsp;52 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.10 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33092 | 0.66 | 0.66 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;54 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.88 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.27 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | &nbsp;&nbsp;0.03 | $9.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.70% | $236870 | 0.40% | 0.52% | &nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;13% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.56 | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.52) | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;222103 | 0.40 | 0.58 | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;37 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.52 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;204124 | 0.40 | 0.51 | &nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.12 | (0.23) | (0.11) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;343827 | 0.43 <sup>(9)</sup> | 0.57 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;37 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;0.02 | (0.03) | (0.01) | (0.02) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.04) | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;710303 | 0.41 | 0.49 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;52 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.12 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;1090217 | 0.41 | 0.49 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;54 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.90 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.27 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | &nbsp;&nbsp;0.03 | $9.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.77% | $143187 | 0.26% | 0.40% | &nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;13% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.58 | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.53) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;106610 | 0.26 | 0.47 | &nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;37 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.52 | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42421 | 0.25 | 0.40 | &nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;0.14 | (0.23) | (0.09) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74922 | 0.28 <sup>(9)</sup> | 0.40 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;37 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;0.03 | (0.02) | &nbsp;&nbsp;0.01 | (0.03) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.03) | &nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;157768 | 0.26 | 0.35 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;52 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.14 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87343 | 0.26 | 0.38 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |
| <sup>(3)</sup> | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. |
| <sup>(4)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(5)</sup> | Annualized for periods less than one year. |
| <sup>(6)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(7)</sup> | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> | Unaudited. |
| <sup>(9)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(10)</sup> | Ratio of total expenses excluding interest expense on borrowings for the six months ended June 30, 2025 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6), for the year ended December 31, 2024 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6), for the year ended December 31, 2023 were 0.93% (Class A), 1.51% (Class C), 0.61% (Class I) and 0.51% (Class R6), for the year ended December 31, 2022 were 0.96% (Class A), 1.54% (Class C), 0.64% (Class I) and 0.54% (Class R6), for the year ended December 31, 2021 were 0.93% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6) and the year ended December 31, 2020 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6). |
| <sup>(11)</sup> | The share class is currently under its expense limitation. |
| <sup>(12)</sup> | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
| <sup>(13)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(14)</sup> | Amount is less than $0.005 per share. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) June 30, 2025

#### Note 1. Organization
Virtus Asset Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, 13 funds of the Trust are offered for sale, of which 7 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and is diversified. *There is no guarantee that a Fund will achieve its objective(s).*

The Seix High Grade Municipal Bond Fund and Seix Investment Grade Tax-Exempt Bond Fund offer Class I shares and Class A shares. The Seix Core Bond Fund, Seix High Yield Fund, Seix Total Return Fund, and Seix U.S. Government Securities Ultra-Short Bond Fund offer Class A shares, Class I shares and Class R6 shares. The Seix Floating Rate High Income Fund offer Class A shares, Class C shares, Class I shares and Class R6 shares.

Class A shares of the Seix Core Bond Fund, Seix High Yield Fund and Seix Total Return Bond Fund are sold with a front-end sales charge of up to 3.75%. Class A shares of the Seix Floating Rate High Income Fund, Seix High Grade Municipal Bond Fund, and Seix Investment Grade Tax-Exempt Bond Fund are sold with a front-end sales charge of up to 2.75%. Class A shares of the Seix U.S. Government Securities Ultra-Short Bond Fund are not sold with a front-end sales charge. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months (except the Seix U.S. Government Securities Ultra-Short Bond Fund, which is not subject to a CDSC). No front-end sales load is applied to purchases of $1,000,000 or more. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Class I Shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I Shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I Shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I Shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I Shares.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

#### Note 2. Significant Accounting Policies

#### ($ reported in thousands)
The Funds are investment companies that follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
| The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments). |

---

A description of the valuation techniques applied to a Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Payment-In-Kind Securities** |
|  | Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **H.** | **Securities Traded on a To-Be-Announced Basis** |
|  | Certain Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities. |
| **I.** | **When-Issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
| **J.** | **Leveraged Loans** |
|  | Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **K.** | **Warrants** |
|  | The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value. |
| **L.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
|  | Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
|  | Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
At June 30, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Value of<br> Securities<br> on Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$130 | &nbsp;&nbsp;&nbsp;&nbsp;$130 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of June 30, 2025 for the Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment of<br> Cash Collateral** | &nbsp;&nbsp;&nbsp;&nbsp;**Overnight<br> and<br> Continuous** |
| Seix Core Bond Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;$135 |
| Seix High Yield Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10045 |
| Seix Total Return Bond Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |

---

---

| | |
|:---|:---|
| **M.** | **Segment Reporting** |
|  | Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations. |

---

#### Note 3. Derivative Financial Instruments and Transactions

#### ($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

---

| | |
|:---|:---|
| **A.** | **Futures Contracts** |
|  | A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts. |
|  | During the six months ended June 30, 2025, the Seix U.S. Government Securities Ultra-Short Bond Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts." |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
| **B.** | **Swaps** |
|  | Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). The value of the swap is reflected on the Statements of Assets and Liabilities as "Over-the-counter swaps at value" for OTC swaps and as "Variation margin receivable/payable on cleared swaps" for centrally cleared swaps. Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations. |
|  | Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Over-the-counter swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. |
|  | In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. |
|  | Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for cleared swaps." |
|  | Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. |
|  | *Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).* |
|  | The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Operations for the six months ended June 30, 2025: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** |
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Futures | &nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;$31 |
| Total |  | &nbsp;&nbsp;$31 |

---

The futures contracts as disclosed on the Statement of Operations at period end serves as an indicator of the volume for the Seix U.S. Government Securities Ultra-Short Bond Fund.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
| **C.** | **Derivative Risks** |
|  | A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. |
|  | A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. |
|  | With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund. |
|  | In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. |
| **D.** | **Collateral Requirements and Master Netting Agreements ("MNA")** |
|  | For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. |
|  | Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
|  | For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. |

---

#### Note 4. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, LLC (the "Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadviser. |
|  | As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $500 Million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $500 Million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |

---

The above fees are also subject to breakpoint discounts at the following asset levels for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First $500 million = none — no discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $500 million = 5% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $4 billion = 10% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion = 15% discount from full fee

---

| | |
|:---|:---|
| **B.** | **Subadviser** |
|  | Seix Investment Advisors (the "Subadviser"), a division of Virtus Fixed Income Advisers LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser. |
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2026. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% |
| Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |

---

The exclusions include 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.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending June 30: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Seix Core Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;$66 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Seix Floating Rate High Income Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
| Seix High Grade Municipal Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration** | **Expiration** | **Expiration** | **Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Seix High Yield Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;$74 | &nbsp;&nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;&nbsp;$145 |
| &nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| Seix Investment Grade Tax-Exempt Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 |
| Seix Total Return Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
| Seix U.S. Government Securities Ultra-Short Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |

---

During the six months ended June 30, 2025, the Adviser did not recapture any expenses previously waived.

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the six months ended June 30, 2025, it retained net commissions of $7 for Class A shares and CDSC of $1 and $2 for Class A shares and Class C shares, respectively. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares (0.15% for Seix High Grade Municipal Bond Fund), and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the six months ended June 30, 2025, the Funds incurred administration fees totaling $1,179 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the six months ended June 30, 2025, the Funds incurred transfer agent fees totaling $528 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the six months ended June 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
A summary of the Seix High Yield Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated underlying fund<sup>(1)</sup> during the six months ended June 30, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Seix Senior Loan ETF<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12656 | &nbsp;&nbsp;&nbsp;&nbsp;$6569 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(311) | &nbsp;&nbsp;&nbsp;&nbsp;$18914 | &nbsp;&nbsp;&nbsp;&nbsp;802814 | &nbsp;&nbsp;&nbsp;&nbsp;$648 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$12656 | &nbsp;&nbsp;&nbsp;&nbsp;$6569 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(311) | &nbsp;&nbsp;&nbsp;&nbsp;$18914 |  | &nbsp;&nbsp;&nbsp;&nbsp;$648 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Seix High Yield Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At June 30, 2025, the Fund was the owner of record of less than 10% of the Virtus Seix Senior Loan ETF Class I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

---

| | |
|:---|:---|
| **H.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at June 30, 2025. |

---

#### Note 5. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$18750 | &nbsp;&nbsp;&nbsp;&nbsp;$4043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16368 |

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$103533 | &nbsp;&nbsp;&nbsp;&nbsp;$58129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47007 |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

#### Note 6. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;$728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;$1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;$6572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;$17322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6326) | &nbsp;&nbsp;&nbsp;&nbsp;(1070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;$388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;$1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;$12333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;$707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;$1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;$(362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | &nbsp;&nbsp;$(688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;$780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;$4707 | &nbsp;&nbsp;&nbsp;&nbsp;19657 | &nbsp;&nbsp;$151113 | &nbsp;&nbsp;&nbsp;&nbsp;38224 | &nbsp;&nbsp;$300903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37923 | &nbsp;&nbsp;&nbsp;&nbsp;13979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(1031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9578) | &nbsp;&nbsp;&nbsp;&nbsp;(1813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16900) | &nbsp;&nbsp;&nbsp;&nbsp;(36316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278488) | &nbsp;&nbsp;&nbsp;&nbsp;(74765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(588266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886) | &nbsp;&nbsp;$(8233) | &nbsp;&nbsp;&nbsp;&nbsp;(1141) | &nbsp;&nbsp;$(10624) | &nbsp;&nbsp;&nbsp;&nbsp;(11730) | &nbsp;&nbsp;$(89452) | &nbsp;&nbsp;&nbsp;&nbsp;(22562) | &nbsp;&nbsp;$(177489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;7586 | &nbsp;&nbsp;$70315 | &nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;$30464 | &nbsp;&nbsp;&nbsp;&nbsp;10417 | &nbsp;&nbsp;$80689 | &nbsp;&nbsp;&nbsp;&nbsp;14803 | &nbsp;&nbsp;$116499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2351) | &nbsp;&nbsp;&nbsp;&nbsp;(5124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39262) | &nbsp;&nbsp;&nbsp;&nbsp;(6319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;7288 | &nbsp;&nbsp;$67555 | &nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;$28527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578 | &nbsp;&nbsp;$51315 | &nbsp;&nbsp;&nbsp;&nbsp;10548 | &nbsp;&nbsp;$82913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;$293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$1529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;$5328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued-Merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3767) | &nbsp;&nbsp;&nbsp;&nbsp;(1658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;$228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;$(550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) | &nbsp;&nbsp;$(1298) | &nbsp;&nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;$21440 |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;$364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;$3532 | &nbsp;&nbsp;&nbsp;&nbsp;2784 | &nbsp;&nbsp;$21757 | &nbsp;&nbsp;&nbsp;&nbsp;8717 | &nbsp;&nbsp;$68988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued-Merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9448 | &nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18586<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6508) | &nbsp;&nbsp;&nbsp;&nbsp;(1286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14327) | &nbsp;&nbsp;&nbsp;&nbsp;(6332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49169) | &nbsp;&nbsp;&nbsp;&nbsp;(9660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(539) | &nbsp;&nbsp;$(5865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(901) | &nbsp;&nbsp;$(10052) | &nbsp;&nbsp;&nbsp;&nbsp;(2345) | &nbsp;&nbsp;$(17964) | &nbsp;&nbsp;&nbsp;16332 | &nbsp;&nbsp;$129002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;$3524 | &nbsp;&nbsp;&nbsp;&nbsp;4326 | &nbsp;&nbsp;$34377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued-Merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3940) | &nbsp;&nbsp;&nbsp;&nbsp;(1077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;$2261 | &nbsp;&nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;$37749 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;$138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;$890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;$1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) | &nbsp;&nbsp;$(940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;$(481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;$215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;$17051 | &nbsp;&nbsp;&nbsp;&nbsp;2639 | &nbsp;&nbsp;$29018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;$1954 | &nbsp;&nbsp;&nbsp;&nbsp;2346 | &nbsp;&nbsp;$21944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(2591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28176) | &nbsp;&nbsp;&nbsp;&nbsp;(3676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40352) | &nbsp;&nbsp;&nbsp;&nbsp;(2776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25731) | &nbsp;&nbsp;&nbsp;&nbsp;(4510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907) | &nbsp;&nbsp;$(9924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805) | &nbsp;&nbsp;$(8787) | &nbsp;&nbsp;&nbsp;&nbsp;(2358) | &nbsp;&nbsp;$(21841) | &nbsp;&nbsp;&nbsp;&nbsp;(1660) | &nbsp;&nbsp;$(15480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;$2727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;$5792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3102) | &nbsp;&nbsp;&nbsp;&nbsp;(1765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;$226 | &nbsp;&nbsp;&nbsp;&nbsp;(1018) | &nbsp;&nbsp;$(9438) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;$7490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;$6016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued-Merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;$1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;$6525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;4704 | &nbsp;&nbsp;$46571 | &nbsp;&nbsp;&nbsp;&nbsp;6707 | &nbsp;&nbsp;$66256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued-Merger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 | &nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10161<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(3812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37721) | &nbsp;&nbsp;&nbsp;&nbsp;(7507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;$14124 | &nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;$17050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;$45745 | &nbsp;&nbsp;&nbsp;&nbsp;9487 | &nbsp;&nbsp;$94113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(1169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11583) | &nbsp;&nbsp;&nbsp;&nbsp;(3159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;3654 | &nbsp;&nbsp;$36216 | &nbsp;&nbsp;&nbsp;&nbsp;6466 | &nbsp;&nbsp;$64261 |

---

<sup>(1)</sup> Includes reinvestment of distributions of acquired funds. See Note 13 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;

#### Note 7. 10% Shareholders
As of June 30, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

<sup>\*</sup> None of the accounts are affiliated.

#### Note 8. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At June 30, 2025, the following Fund held securities issued by various companies in specific sector(s) as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sector** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Note 9. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 10. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. The following Fund held securities that were considered to be restricted at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment** | &nbsp;&nbsp;&nbsp;&nbsp;**Date of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;LiveStyle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12/1/2016 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LiveStyle, Inc. Series B | 02/10/2016-11/30/2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |

---

#### Note 11. Redemption Facility

#### ($ reported in thousands)
The Funds (other than the Seix Floating Rate High Income Fund) ("Seix Fund") and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 3, 2025. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. Each fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default.

The Seix Fund and one other affiliated fund entered into a $125,000 unsecured syndicated line of credit agreement dated March 15, 2018, as amended, ("Seix Credit Agreement"), with two commercial banks. On March 8, 2024, the unsecured line of credit was renewed as a bilateral credit agreement with one of the commercial banks and the credit amount was reduced to $100,000. The Seix Credit Agreement allows the Seix Fund to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-fifth its total net assets. Each fund, that is a party to the Seix Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Unless renewed, the Seix Credit Agreement will terminate on March 6, 2026.

Under both Credit Agreements interest is charged at the higher of a SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the six months ended June 30, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

At June 30, 2025, the Funds did not have outstanding borrowings.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

#### Note 12. Federal Income Tax Information

#### ($ reported in thousands)
At June 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Seix Core Bond Fund<br>| $128362 | &nbsp;&nbsp;&nbsp;&nbsp;$795 | &nbsp;&nbsp;&nbsp;&nbsp;$(884) | &nbsp;&nbsp;&nbsp;&nbsp;$(89) |
| Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;1361634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1728) |
| Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410) |
| Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;403126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527 |
| Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;120764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1933) |
| Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;110905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977) |
| Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;396209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |

---

The Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended December 31, 2024, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$8515 | &nbsp;&nbsp;&nbsp;&nbsp;$4283 |
| Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684998 |
| Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 |
| Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202071 |
| Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5114 |
| Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16114 |
| Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 |

---

#### Note 13. Reorganization

#### ($ reported in thousands)

#### Seix High Yield Fund
On November 1, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Virtus Seix High Yield Income Fund, a series of the Virtus Strategy Trust, Virtus Seix High Income Fund, a series of the Virtus Asset Trust, (the "Acquired Funds"), and the Virtus Seix High Yield Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Funds for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Funds. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Funds to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on March 15, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquired Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Converted** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value of<br> Converted Shares** |
| **Seix High Yield Income Fund** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield** |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | $11633 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 |
| Class P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 |
| Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13779 |
| **Seix High Income Fund** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield** |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;$14797 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;17940 | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;12996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102634 |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquired Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Converted** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value of<br> Converted Shares** |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,390 | &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,945 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquired Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;$27492 | &nbsp;&nbsp;&nbsp;&nbsp;$(1881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield | &nbsp;&nbsp;&nbsp;&nbsp;$248923 |  |

---

The net assets of the Acquiring Fund immediately following the acquisition were $401,791.

Assuming the acquisition had been completed on January 1, 2024, the Seix High Yield Fund's pro-forma results of operations for the period ended December 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28532<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$28384 |

---

<sup>(a)</sup> $25,815, as reported in the Statement of Operations, plus $2,717 net investment loss from the Acquired Funds pre-merger.

<sup>(b)</sup> $28, as reported in the Statement of Operations, plus $(176) net realized and unrealized gain (loss) on investments from Acquired Funds pre-merger.

Because the Acquired Funds and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Funds that have been included in the Acquiring Fund's Statement of Operations since March 15, 2024.

#### Seix U.S. Government Securities Ultra-Short Bond Fund
On November 1, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Virtus Seix Ultra-Short Bond Fund, (the "Acquired Fund"), a series of the Virtus Asset Trust, and the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Fund. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Fund to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Fund. The reorganization was accomplished by a tax-free exchange of shares on March 15, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Converted** | **Acquired Fund Net<br> Asset Value of<br> Converted Shares** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;$4196 |
| Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14724 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Acquired Fund<br> Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund Unrealized<br> Appreciation (Depreciation)** | **Acquiring<br> Fund Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18920 | &nbsp;&nbsp;&nbsp;&nbsp;$(21) | &nbsp;&nbsp;&nbsp;&nbsp;$259764 |

---

The net assets of the Acquiring Fund immediately following the acquisition were $278,684.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
Assuming the acquisition had been completed on January 1, 2024, the Seix U.S. Government Securities Ultra-Short Bond Fund's pro-forma results of operations for the period ended December 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15128<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$16095 |

---

<sup>(a)</sup> $14,918, as reported in the Statement of Operations, plus $210 net investment loss from the Acquired Fund pre-merger.

<sup>(b)</sup> $935, as reported in the Statement of Operations, plus $32 net realized and unrealized gain (loss) on investments from Acquired Fund pre-merger.

Because the Acquired Fund and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since March 15, 2024.

#### Note 14. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or the Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 15. Recent Accounting Pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

#### Note 16. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements.

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST

#### OTHER INFORMATION (Unaudited)

#### June 30, 2025

#### FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants
None

#### FORM N-CSR ITEM 9 - Proxy Disclosure
None

#### FORM N-CSR ITEM 10 - Remuneration Paid to Trustees
For the six months ended June 30, 2025, the Funds incurred independent Trustee's fees totaling $86 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

#### FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract
None

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

#### VIRTUS ASSET TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

#### How to Contact Us
Mutual Fund Services 1-800-243-1574

Adviser Consulting Group 1-800-243-4361

---

| | |
|:---|:---|
| Website | **Virtus.com** |

---

------

[**Table of Contents**](#JOB_VAT_F_0cc8778f-5830-4161-ba4f-ba188d2a2aaa_TOC)

![](g57789img0e9527a42.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

---

| | |
|:---|:---|
| 8624 | 08-25 |

---

------

SEMI-ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

## VIRTUS ASSET TRUST
![](g833372img90f136de1.gif)

------

June 30, 2025

---

| |
|:---|
| Virtus Ceredex Large-Cap Value Equity Fund |
| Virtus Ceredex Mid-Cap Value Equity Fund |
| Virtus Ceredex Small-Cap Value Equity Fund |
| Virtus SGA International Growth Fund |
| Virtus Silvant Large-Cap Growth Stock Fund |
| Virtus Zevenbergen Innovative Growth Stock Fund |

---

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_fbf30f0d-f231-41e3-a72a-7376e8e49ed8_1) | 1 |
| **Fund** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Ceredex Large-Cap Value Equity Fund ("Ceredex Large-Cap Value Equity Fund")](#xx_f629dde9-9533-4af7-ac93-b8c1350620ec_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Ceredex Mid-Cap Value Equity Fund ("Ceredex Mid-Cap Value Equity Fund")](#xx_1cbca510-281e-4b09-9b37-842fae68f511_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Ceredex Small-Cap Value Equity Fund ("Ceredex Small-Cap Value Equity Fund")](#xx_1bac3199-81e2-4150-83b0-68a1a32f2129_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus SGA International Growth Fund ("SGA International Growth Fund")](#xx_e6f2a906-c2a4-4111-a43a-9f52565c3024_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Silvant Large-Cap Growth Stock Fund ("Silvant Large-Cap Growth Stock Fund")](#xx_41b7bc4f-f4e7-4ba1-9f90-0d8952f8974a_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Zevenbergen Innovative Growth Stock Fund ("Zevenbergen Innovative Growth Stock Fund")](#xx_b55784b3-2a76-49bc-a79f-0d39b2f49619_1) | 9 |
| [Statements of Assets and Liabilities](#xx_d0af4ffd-eb5c-4485-8c75-d47747a696d6_1) | 10 |
| [Statements of Operations](#xx_d1aab18d-7806-49bf-8a97-272a574cc56f_1) | 14 |
| [Statements of Changes in Net Assets](#xx_bda7071c-6554-4faa-b5c5-bdccd5a36f70_1) | 16 |
| [Financial Highlights](#xx_feddc256-c204-4acd-9044-700cd32d02d8_1) | 19 |
| [Notes to Financial Statements](#xx_9f1ddb6c-cd34-4cd3-ae1b-578fceb26420_1) | 24 |
| [Other Information](#xx_8dea53e9-167a-4f7c-b521-c510c9f45735_1) | 36 |

---

#### Proxy Voting Procedures and Voting Record (Form N-PX)
The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission's (the "SEC") website at <u>https://www.sec.gov</u>.

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### June 30, 2025

#### American Depositary Receipt ("ADR")
Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

#### Federal Reserve ("Fed")
The Central Bank of the U.S., responsible for controlling money supply, interest rates, and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches, and all national and state banks that are part of the system.

#### Real Estate Investment Trust ("REIT")
A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

#### Sponsored ADR
An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange ("NYSE").

#### Public Limited Company ("plc")
A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### Ceredex Large-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.2%** | **Common Stocks—96.2%** | **Common Stocks—96.2%** |
| **Communication Services—4.1%** | **Communication Services—4.1%** |  |
| Meta Platforms, Inc. Class A | 16484 | $12167 |
| Walt Disney Co. (The) | 96074 | &nbsp;&nbsp; 11914 |
|  |  | &nbsp;&nbsp; 24081 |
| **Consumer Discretionary—9.5%** | **Consumer Discretionary—9.5%** |  |
| Home Depot, Inc. (The) | 35710 | &nbsp;&nbsp; 13093 |
| Lennar Corp. Class A | 84797 | &nbsp;&nbsp; 9379 |
| NIKE, Inc. Class B | 154616 | &nbsp;&nbsp; 10984 |
| Royal Caribbean Cruises Ltd. | 27794 | &nbsp;&nbsp; 8703 |
| Starbucks Corp. | 150964 | &nbsp;&nbsp; 13833 |
|  |  | &nbsp;&nbsp; 55992 |
| **Consumer Staples—5.3%** | **Consumer Staples—5.3%** |  |
| Church & Dwight Co., Inc. | 127874 | &nbsp;&nbsp; 12290 |
| Mondelez International, Inc. Class A | 165520 | &nbsp;&nbsp; 11163 |
| Walmart, Inc. | 77836 | &nbsp;&nbsp; 7611 |
|  |  | &nbsp;&nbsp; 31064 |
| **Energy—6.2%** | **Energy—6.2%** |  |
| Diamondback Energy, Inc. | 73236 | &nbsp;&nbsp; 10062 |
| Exxon Mobil Corp. | 128848 | &nbsp;&nbsp; 13890 |
| Schlumberger N.V. | 364934 | &nbsp;&nbsp; 12335 |
|  |  | &nbsp;&nbsp; 36287 |
| **Financials—17.4%** | **Financials—17.4%** |  |
| Aon plc Class A | 37499 | &nbsp;&nbsp; 13378 |
| Bank of America Corp. | 322038 | &nbsp;&nbsp; 15239 |
| Blue Owl Capital, Inc. Class A | 452282 | &nbsp;&nbsp; 8688 |
| Capital One Financial Corp. | 61586 | &nbsp;&nbsp; 13103 |
| JPMorgan Chase & Co. | 63795 | &nbsp;&nbsp; 18495 |
| KeyCorp | 793823 | &nbsp;&nbsp; 13828 |
| Moody's Corp. | 15183 | &nbsp;&nbsp; 7616 |
| Raymond James Financial, Inc. | 79045 | &nbsp;&nbsp; 12123 |
|  |  | &nbsp;&nbsp;102470 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—9.2%** | **Health Care—9.2%** |  |
| Alcon AG | 96690 | $8536 |
| Becton Dickinson & Co. | 56732 | &nbsp;&nbsp; 9772 |
| Danaher Corp. | 67866 | &nbsp;&nbsp; 13406 |
| Johnson & Johnson | 84731 | &nbsp;&nbsp; 12943 |
| Revvity, Inc. | 102319 | &nbsp;&nbsp; 9896 |
|  |  | &nbsp;&nbsp; 54553 |
| **Industrials—18.7%** | **Industrials—18.7%** |  |
| 3M Co. | 80229 | &nbsp;&nbsp; 12214 |
| Booz Allen Hamilton Holding Corp. Class A | 80956 | &nbsp;&nbsp; 8430 |
| Delta Air Lines, Inc. | 151599 | &nbsp;&nbsp; 7456 |
| FedEx Corp. | 47958 | &nbsp;&nbsp; 10901 |
| GE Vernova, Inc. | 11203 | &nbsp;&nbsp; 5928 |
| Ingersoll Rand, Inc. | 124902 | &nbsp;&nbsp; 10389 |
| Jacobs Solutions, Inc. | 83816 | &nbsp;&nbsp; 11018 |
| Johnson Controls International plc | 107554 | &nbsp;&nbsp; 11360 |
| Knight-Swift Transportation Holdings, Inc. Class A | 132846 | &nbsp;&nbsp; 5876 |
| Rockwell Automation, Inc. | 44112 | &nbsp;&nbsp; 14653 |
| United Rentals, Inc. | 16446 | &nbsp;&nbsp; 12390 |
|  |  | &nbsp;&nbsp;110615 |
| **Information Technology—9.9%** | **Information Technology—9.9%** |  |
| Dell Technologies, Inc. Class C | 101607 | &nbsp;&nbsp; 12457 |
| Lam Research Corp. | 102869 | &nbsp;&nbsp; 10013 |
| Micron Technology, Inc. | 79714 | &nbsp;&nbsp; 9825 |
| Microsoft Corp. | 26319 | &nbsp;&nbsp; 13091 |
| NXP Semiconductors N.V. | 58665 | &nbsp;&nbsp; 12818 |
|  |  | &nbsp;&nbsp; 58204 |
| **Materials—5.7%** | **Materials—5.7%** |  |
| Dow, Inc. | 338810 | &nbsp;&nbsp; 8972 |
| Freeport-McMoRan, Inc. | 286636 | &nbsp;&nbsp; 12426 |
| International Paper Co. | 267213 | &nbsp;&nbsp; 12513 |
|  |  | &nbsp;&nbsp; 33911 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—4.1%** | **Real Estate—4.1%** |  |
| American Tower Corp. | 48529 | $10726 |
| Equity LifeStyle Properties, Inc. | 218437 | &nbsp;&nbsp;&nbsp; 13471 |
|  |  | &nbsp;&nbsp;&nbsp; 24197 |
| **Utilities—6.1%** | **Utilities—6.1%** |  |
| Ameren Corp. | 139287 | &nbsp;&nbsp;&nbsp; 13377 |
| PPL Corp. | 390120 | &nbsp;&nbsp;&nbsp; 13221 |
| Southern Co. (The) | 103838 | &nbsp;&nbsp;&nbsp; 9536 |
|  |  | &nbsp;&nbsp;&nbsp; 36134 |
| **Total Common Stocks<br> (Identified Cost $523,233)** | **Total Common Stocks<br> (Identified Cost $523,233)** | &nbsp;&nbsp;&nbsp;&nbsp;**567508** |
| **Total Long-Term Investments—96.2%<br> (Identified Cost $523,233)** | **Total Long-Term Investments—96.2%<br> (Identified Cost $523,233)** | &nbsp;&nbsp;&nbsp;&nbsp;**567508** |
| **TOTAL INVESTMENTS—96.2%<br> (Identified Cost $523,233)** | **TOTAL INVESTMENTS—96.2%<br> (Identified Cost $523,233)** | &nbsp;&nbsp;**$567508** |
| Other assets and liabilities, net—3.8% | Other assets and liabilities, net—3.8% | &nbsp;&nbsp;&nbsp;&nbsp; 22613 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$590121** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Curaçao | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$567508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$567508 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$567508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$567508 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### Ceredex Mid-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.0%** | **Common Stocks—96.0%** | **Common Stocks—96.0%** |
| **Consumer Discretionary—7.5%** | **Consumer Discretionary—7.5%** |  |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130000 | $25715 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 23931 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 22964 |
| Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 23818 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 19973 |
|  |  | &nbsp;&nbsp; 116401 |
| **Consumer Staples—2.7%** | **Consumer Staples—2.7%** |  |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 18708 |
| Primo Brands Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 23696 |
|  |  | &nbsp;&nbsp; 42404 |
| **Energy—6.0%** | **Energy—6.0%** |  |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 22671 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 23388 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 22851 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 25124 |
|  |  | &nbsp;&nbsp; 94034 |
| **Financials—13.2%** | **Financials—13.2%** |  |
| Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 25164 |
| Blue Owl Capital, Inc. Class A | 1525000 | &nbsp;&nbsp; 29295 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 21602 |
| First Citizens BancShares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 33260 |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 19031 |
| KeyCorp | 1800000 | &nbsp;&nbsp; 31356 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 21775 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 24373 |
|  |  | &nbsp;&nbsp; 205856 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—2.2%** | **Health Care—2.2%** |  |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65000 | $15891 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 19344 |
|  |  | &nbsp;&nbsp; 35235 |
| **Industrials—20.9%** | **Industrials—20.9%** |  |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 28401 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 24070 |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp; 22772 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 23333 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 25985 |
| Hubbell, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 26547 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 20795 |
| Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 30254 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 22685 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 25368 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 19930 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34300 | &nbsp;&nbsp; 25842 |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 29534 |
|  |  | &nbsp;&nbsp; 325516 |
| **Information Technology—18.1%** | **Information Technology—18.1%** |  |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 28399 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 27585 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 22900 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 28148 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 29432 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 19664 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 25508 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 25104 |
| TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 26987 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp; 21218 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 27196 |
|  |  | &nbsp;&nbsp; 282141 |
| **Materials—6.7%** | **Materials—6.7%** |  |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 23842 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp; 27396 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240000 | $27300 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 26082 |
|  |  | &nbsp;&nbsp;&nbsp; 104620 |
| **Real Estate—11.1%** | **Real Estate—11.1%** |  |
| American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp; 23987 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 27223 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 27575 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 23864 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 16218 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 27382 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 26207 |
|  |  | &nbsp;&nbsp;&nbsp; 172456 |
| **Utilities—7.6%** | **Utilities—7.6%** |  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;309600 | &nbsp;&nbsp;&nbsp; 29734 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;792900 | &nbsp;&nbsp;&nbsp; 29131 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;348900 | &nbsp;&nbsp;&nbsp; 29001 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;892500 | &nbsp;&nbsp;&nbsp; 30247 |
|  |  | &nbsp;&nbsp;&nbsp; 118113 |
| **Total Common Stocks<br> (Identified Cost $1,350,874)** | **Total Common Stocks<br> (Identified Cost $1,350,874)** | &nbsp;&nbsp;&nbsp;&nbsp;**1496776** |
| **Total Long-Term Investments—96.0%<br> (Identified Cost $1,350,874)** | **Total Long-Term Investments—96.0%<br> (Identified Cost $1,350,874)** | &nbsp;&nbsp;&nbsp;&nbsp;**1496776** |
| **TOTAL INVESTMENTS—96.0%<br> (Identified Cost $1,350,874)** | **TOTAL INVESTMENTS—96.0%<br> (Identified Cost $1,350,874)** | &nbsp;&nbsp;**$1496776** |
| Other assets and liabilities, net—4.0% | Other assets and liabilities, net—4.0% | &nbsp;&nbsp;&nbsp;&nbsp; 61575 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1558351** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1496776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1496776 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1496776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1496776 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### Ceredex Small-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.6%** | **Common Stocks—96.6%** | **Common Stocks—96.6%** |
| **Communication Services—1.7%** | **Communication Services—1.7%** |  |
| Cogent Communications Holdings, Inc. | 19450 | $938 |
| John Wiley & Sons, Inc. Class A | 14600 | &nbsp;&nbsp; 651 |
|  |  | &nbsp;&nbsp; 1589 |
| **Consumer Discretionary—6.0%** | **Consumer Discretionary—6.0%** |  |
| Autoliv, Inc. | 8400 | &nbsp;&nbsp; 940 |
| Bath & Body Works, Inc. | 25600 | &nbsp;&nbsp; 767 |
| Ermenegildo Zegna N.V. | 80700 | &nbsp;&nbsp; 690 |
| Levi Strauss & Co. Class A | 38200 | &nbsp;&nbsp; 706 |
| Meritage Homes Corp. | 14100 | &nbsp;&nbsp; 944 |
| Murphy USA, Inc. | 2400 | &nbsp;&nbsp; 977 |
| Vail Resorts, Inc. | 3850 | &nbsp;&nbsp; 605 |
|  |  | &nbsp;&nbsp; 5629 |
| **Consumer Staples—2.4%** | **Consumer Staples—2.4%** |  |
| Primo Brands Corp. Class A | 47100 | &nbsp;&nbsp; 1395 |
| Reynolds Consumer Products, Inc. | 39700 | &nbsp;&nbsp; 851 |
|  |  | &nbsp;&nbsp; 2246 |
| **Energy—5.5%** | **Energy—5.5%** |  |
| DT Midstream, Inc. | 9900 | &nbsp;&nbsp; 1088 |
| Matador Resources Co. | 32850 | &nbsp;&nbsp; 1568 |
| NOV, Inc. | 77150 | &nbsp;&nbsp; 959 |
| Range Resources Corp. | 37000 | &nbsp;&nbsp; 1505 |
|  |  | &nbsp;&nbsp; 5120 |
| **Financials—29.4%** | **Financials—29.4%** |  |
| Ally Financial, Inc. | 40200 | &nbsp;&nbsp; 1566 |
| Axis Capital Holdings Ltd. | 9100 | &nbsp;&nbsp; 945 |
| Columbia Banking System, Inc. | 55500 | &nbsp;&nbsp; 1297 |
| Cullen/Frost Bankers, Inc. | 11300 | &nbsp;&nbsp; 1452 |
| Evercore, Inc. Class A | 4150 | &nbsp;&nbsp; 1120 |
| First American Financial Corp. | 15650 | &nbsp;&nbsp; 961 |
| First Merchants Corp. | 33000 | &nbsp;&nbsp; 1264 |
| FNB Corp. | 93900 | &nbsp;&nbsp; 1369 |
| Glacier Bancorp, Inc. | 32850 | &nbsp;&nbsp; 1415 |
| Kemper Corp. | 15550 | &nbsp;&nbsp; 1004 |
| Kinsale Capital Group, Inc. | 1600 | &nbsp;&nbsp; 774 |
| NBT Bancorp, Inc. | 31000 | &nbsp;&nbsp; 1288 |
| Perella Weinberg Partners Class A | 40150 | &nbsp;&nbsp; 780 |
| Pinnacle Financial Partners, Inc. | 13050 | &nbsp;&nbsp; 1441 |
| Prosperity Bancshares, Inc. | 18600 | &nbsp;&nbsp; 1306 |
| Seacoast Banking Corp. of Florida | 54950 | &nbsp;&nbsp; 1518 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Selective Insurance Group, Inc. | 11850 | $1027 |
| ServisFirst Bancshares, Inc. | 17400 | &nbsp;&nbsp; 1349 |
| SouthState Corp. | 15650 | &nbsp;&nbsp; 1440 |
| UMB Financial Corp. | 13700 | &nbsp;&nbsp; 1441 |
| Voya Financial, Inc. | 15100 | &nbsp;&nbsp; 1072 |
| Wintrust Financial Corp. | 12050 | &nbsp;&nbsp; 1494 |
|  |  | &nbsp;&nbsp;27323 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| Bruker Corp. | 20200 | &nbsp;&nbsp; 832 |
| Concentra Group Holdings Parent, Inc. | 36650 | &nbsp;&nbsp; 754 |
|  |  | &nbsp;&nbsp; 1586 |
| **Industrials—20.3%** | **Industrials—20.3%** |  |
| BWX Technologies, Inc. | 4900 | &nbsp;&nbsp; 706 |
| ESCO Technologies, Inc. | 6950 | &nbsp;&nbsp; 1333 |
| Fortune Brands Innovations, Inc. | 23400 | &nbsp;&nbsp; 1205 |
| Helios Technologies, Inc. | 40050 | &nbsp;&nbsp; 1336 |
| Herc Holdings, Inc. | 10400 | &nbsp;&nbsp; 1370 |
| Hexcel Corp. | 24450 | &nbsp;&nbsp; 1381 |
| MSC Industrial Direct Co., Inc. Class A | 15850 | &nbsp;&nbsp; 1348 |
| nVent Electric plc | 19750 | &nbsp;&nbsp; 1447 |
| Regal Rexnord Corp. | 10050 | &nbsp;&nbsp; 1457 |
| Schneider National, Inc. Class B | 50400 | &nbsp;&nbsp; 1217 |
| Simpson Manufacturing Co., Inc. | 7600 | &nbsp;&nbsp; 1180 |
| Tennant Co. | 13500 | &nbsp;&nbsp; 1046 |
| Timken Co. (The) | 19100 | &nbsp;&nbsp; 1386 |
| Valmont Industries, Inc. | 3250 | &nbsp;&nbsp; 1061 |
| WESCO International, Inc. | 7550 | &nbsp;&nbsp; 1398 |
|  |  | &nbsp;&nbsp;18871 |
| **Information Technology—9.2%** | **Information Technology—9.2%** |  |
| Advanced Energy Industries, Inc. | 7850 | &nbsp;&nbsp; 1040 |
| Belden, Inc. | 11350 | &nbsp;&nbsp; 1314 |
| Kulicke & Soffa Industries, Inc. | 31148 | &nbsp;&nbsp; 1078 |
| Littelfuse, Inc. | 4850 | &nbsp;&nbsp; 1100 |
| Power Integrations, Inc. | 18700 | &nbsp;&nbsp; 1045 |
| TD SYNNEX Corp. | 12200 | &nbsp;&nbsp; 1655 |
| Vontier Corp. | 36200 | &nbsp;&nbsp; 1336 |
|  |  | &nbsp;&nbsp; 8568 |
| **Materials—5.6%** | **Materials—5.6%** |  |
| Avient Corp. | 28400 | &nbsp;&nbsp; 918 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Element Solutions, Inc. | 61850 | $1401 |
| Louisiana-Pacific Corp. | 11700 | &nbsp;&nbsp;&nbsp; 1006 |
| Materion Corp. | 8800 | &nbsp;&nbsp;&nbsp; 698 |
| Quaker Chemical Corp. | 10500 | &nbsp;&nbsp;&nbsp; 1175 |
|  |  | &nbsp;&nbsp;&nbsp; 5198 |
| **Real Estate—10.2%** | **Real Estate—10.2%** |  |
| Agree Realty Corp. | 18050 | &nbsp;&nbsp;&nbsp; 1319 |
| Brixmor Property Group, Inc. | 42900 | &nbsp;&nbsp;&nbsp; 1117 |
| Camden Property Trust | 12200 | &nbsp;&nbsp;&nbsp; 1375 |
| Colliers International Group, Inc. | 8050 | &nbsp;&nbsp;&nbsp; 1051 |
| CubeSmart | 18650 | &nbsp;&nbsp;&nbsp; 792 |
| EastGroup Properties, Inc. | 7900 | &nbsp;&nbsp;&nbsp; 1320 |
| NNN REIT, Inc. | 31050 | &nbsp;&nbsp;&nbsp; 1341 |
| PotlatchDeltic Corp. | 29450 | &nbsp;&nbsp;&nbsp; 1130 |
|  |  | &nbsp;&nbsp;&nbsp; 9445 |
| **Utilities—4.6%** | **Utilities—4.6%** |  |
| IDACORP, Inc. | 16200 | &nbsp;&nbsp;&nbsp; 1871 |
| OGE Energy Corp. | 38400 | &nbsp;&nbsp;&nbsp; 1704 |
| TXNM Energy, Inc. | 12450 | &nbsp;&nbsp;&nbsp; 701 |
|  |  | &nbsp;&nbsp;&nbsp; 4276 |
| **Total Common Stocks<br> (Identified Cost $82,362)** | **Total Common Stocks<br> (Identified Cost $82,362)** | &nbsp;&nbsp;&nbsp;&nbsp;**89851** |
| **Total Long-Term Investments—96.6%<br> (Identified Cost $82,362)** | **Total Long-Term Investments—96.6%<br> (Identified Cost $82,362)** | &nbsp;&nbsp;&nbsp;&nbsp;**89851** |
| **TOTAL INVESTMENTS—96.6%<br> (Identified Cost $82,362)** | **TOTAL INVESTMENTS—96.6%<br> (Identified Cost $82,362)** | &nbsp;&nbsp;**$89851** |
| Other assets and liabilities, net—3.4% | Other assets and liabilities, net—3.4% | &nbsp;&nbsp;&nbsp;&nbsp; 3156 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$93007** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;95% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### Ceredex Small-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89851 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89851 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### SGA International Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—2.1%** | **Preferred Stock—2.1%** | **Preferred Stock—2.1%** |
| **Germany—2.1%** | **Germany—2.1%** |  |
| Sartorius AG, 0.340% | &nbsp;&nbsp;&nbsp;&nbsp;29826 | $7589 |
| **Total Preferred Stock<br> (Identified Cost $8,571)** | **Total Preferred Stock<br> (Identified Cost $8,571)** | &nbsp;&nbsp;&nbsp;&nbsp; **7589** |
| **Common Stocks—96.6%** | **Common Stocks—96.6%** | **Common Stocks—96.6%** |
| **Brazil—2.6%** | **Brazil—2.6%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp; 9435 |
| **Canada—9.4%** | **Canada—9.4%** |  |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;174768 | &nbsp;&nbsp;&nbsp; 13854 |
| Shopify, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79004 | &nbsp;&nbsp;&nbsp; 9113 |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56813 | &nbsp;&nbsp;&nbsp; 10608 |
|  |  | &nbsp;&nbsp;&nbsp; 33575 |
| **China—5.1%** | **China—5.1%** |  |
| AIA Group Ltd. (Hong Kong) | 1208517 | &nbsp;&nbsp;&nbsp; 10838 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163399 | &nbsp;&nbsp;&nbsp; 7315 |
|  |  | &nbsp;&nbsp;&nbsp; 18153 |
| **Denmark—3.7%** | **Denmark—3.7%** |  |
| Novo Nordisk A/S Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;188451 | &nbsp;&nbsp;&nbsp; 13007 |
| **France—6.6%** | **France—6.6%** |  |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;298858 | &nbsp;&nbsp;&nbsp; 10818 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;29657 | &nbsp;&nbsp;&nbsp; 12685 |
|  |  | &nbsp;&nbsp;&nbsp; 23503 |
| **Germany—3.6%** | **Germany—3.6%** |  |
| SAP SE Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;42595 | &nbsp;&nbsp;&nbsp; 12953 |
| **India—7.6%** | **India—7.6%** |  |
| HDFC Bank Ltd. ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;216765 | &nbsp;&nbsp;&nbsp; 16620 |
| Infosys Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;563589 | &nbsp;&nbsp;&nbsp; 10443 |
|  |  | &nbsp;&nbsp;&nbsp; 27063 |
| **Ireland—3.0%** | **Ireland—3.0%** |  |
| Experian plc | &nbsp;&nbsp;&nbsp;&nbsp;204851 | &nbsp;&nbsp;&nbsp; 10550 |
| **Japan—2.1%** | **Japan—2.1%** |  |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;128543 | &nbsp;&nbsp;&nbsp; 7618 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico—6.0%** | **Mexico—6.0%** |  |
| Fomento Economico Mexicano SAB de C.V. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;103056 | $10613 |
| Wal-Mart de Mexico SAB de C.V. | 3250576 | &nbsp;&nbsp;&nbsp; 10754 |
|  |  | &nbsp;&nbsp;&nbsp; 21367 |
| **Netherlands—9.0%** | **Netherlands—9.0%** |  |
| Adyen N.V.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp; 8316 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;80989 | &nbsp;&nbsp;&nbsp; 7062 |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;514629 | &nbsp;&nbsp;&nbsp; 16658 |
|  |  | &nbsp;&nbsp;&nbsp; 32036 |
| **Switzerland—7.0%** | **Switzerland—7.0%** |  |
| Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;158724 | &nbsp;&nbsp;&nbsp; 14012 |
| Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;74120 | &nbsp;&nbsp;&nbsp; 10743 |
|  |  | &nbsp;&nbsp;&nbsp; 24755 |
| **Taiwan—3.7%** | **Taiwan—3.7%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;57583 | &nbsp;&nbsp;&nbsp; 13042 |
| **United Kingdom—19.7%** | **United Kingdom—19.7%** |  |
| Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;45442 | &nbsp;&nbsp;&nbsp; 16212 |
| ARM Holdings plc ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60296 | &nbsp;&nbsp;&nbsp; 9752 |
| Haleon plc | 2060018 | &nbsp;&nbsp;&nbsp; 10587 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;19398 | &nbsp;&nbsp;&nbsp; 9101 |
| Sage Group plc (The) | &nbsp;&nbsp;&nbsp;&nbsp;819286 | &nbsp;&nbsp;&nbsp; 14063 |
| Unilever plc Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;173172 | &nbsp;&nbsp;&nbsp; 10593 |
|  |  | &nbsp;&nbsp;&nbsp; 70308 |
| **United States—7.5%** | **United States—7.5%** |  |
| Atlassian Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43949 | &nbsp;&nbsp;&nbsp; 8925 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;74422 | &nbsp;&nbsp;&nbsp; 17878 |
|  |  | &nbsp;&nbsp;&nbsp; 26803 |
| **Total Common Stocks<br> (Identified Cost $297,994)** | **Total Common Stocks<br> (Identified Cost $297,994)** | &nbsp;&nbsp;&nbsp;&nbsp;**344168** |
| **Total Long-Term Investments—98.7%<br> (Identified Cost $306,565)** | **Total Long-Term Investments—98.7%<br> (Identified Cost $306,565)** | &nbsp;&nbsp;&nbsp;&nbsp;**351757** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.8%** | **Securities Lending Collateral—0.8%** | **Securities Lending Collateral—0.8%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(3)(4)</sup> | 2787753 | $2788 |
| **Total Securities Lending Collateral<br> (Identified Cost $2,788)** | **Total Securities Lending Collateral<br> (Identified Cost $2,788)** | &nbsp;&nbsp;&nbsp;&nbsp; **2788** |
| **TOTAL INVESTMENTS—99.5%<br> (Identified Cost $309,353)** | **TOTAL INVESTMENTS—99.5%<br> (Identified Cost $309,353)** | &nbsp;&nbsp;**$354545** |
| Other assets and liabilities, net—0.5% | Other assets and liabilities, net—0.5% | &nbsp;&nbsp;&nbsp;&nbsp; 1657 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$356202** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(4)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United Kingdom | &nbsp;&nbsp;&nbsp;20% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;33 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### SGA International Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7589 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344168 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$354545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$354545 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### Silvant Large-Cap Growth Stock Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.2%** | **Common Stocks—99.2%** | **Common Stocks—99.2%** |
| **Communication Services—13.3%** | **Communication Services—13.3%** |  |
| Alphabet, Inc. Class A | 39794 | $7013 |
| Alphabet, Inc. Class C | 21713 | &nbsp;&nbsp; 3852 |
| Meta Platforms, Inc. Class A | 16718 | &nbsp;&nbsp; 12339 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp; 5591 |
| Reddit, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9588 | &nbsp;&nbsp; 1444 |
| Snap, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8381 | &nbsp;&nbsp; 73 |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7787 | &nbsp;&nbsp; 560 |
|  |  | &nbsp;&nbsp; 30872 |
| **Consumer Discretionary—14.1%** | **Consumer Discretionary—14.1%** |  |
| Amazon.com, Inc.<sup>(1)</sup> | 70459 | &nbsp;&nbsp; 15458 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp; 3508 |
| DraftKings, Inc. Class A<sup>(1)</sup> | 31043 | &nbsp;&nbsp; 1331 |
| Las Vegas Sands Corp. | 16346 | &nbsp;&nbsp; 711 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp; 497 |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp; 1861 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 23295 | &nbsp;&nbsp; 2100 |
| Royal Caribbean Cruises Ltd. | 13620 | &nbsp;&nbsp; 4265 |
| TJX Cos., Inc. (The) | 23537 | &nbsp;&nbsp; 2907 |
|  |  | &nbsp;&nbsp; 32638 |
| **Consumer Staples—2.2%** | **Consumer Staples—2.2%** |  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5157 | &nbsp;&nbsp; 5105 |
| **Financials—7.2%** | **Financials—7.2%** |  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;8356 | &nbsp;&nbsp; 2665 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8390 | &nbsp;&nbsp; 4715 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp; 2605 |
| Visa, Inc. Class A | 15333 | &nbsp;&nbsp; 5444 |
| Wells Fargo & Co. | 16785 | &nbsp;&nbsp; 1345 |
|  |  | &nbsp;&nbsp; 16774 |
| **Health Care—7.1%** | **Health Care—7.1%** |  |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp; 581 |
| Bristol-Myers Squibb Co. | 18096 | &nbsp;&nbsp; 838 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Eli Lilly & Co. | 11034 | $8601 |
| Insulet Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2049 | &nbsp;&nbsp; 644 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6768 | &nbsp;&nbsp; 3678 |
| Natera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8560 | &nbsp;&nbsp; 1446 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp; 718 |
|  |  | &nbsp;&nbsp; 16506 |
| **Industrials—6.3%** | **Industrials—6.3%** |  |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;2559 | &nbsp;&nbsp; 1301 |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;4503 | &nbsp;&nbsp; 1608 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;8158 | &nbsp;&nbsp; 1088 |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp; 2565 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3945 | &nbsp;&nbsp; 2087 |
| General Electric Co. | 12888 | &nbsp;&nbsp; 3317 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp; 554 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp; 884 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4809 | &nbsp;&nbsp; 1106 |
|  |  | &nbsp;&nbsp; 14510 |
| **Information Technology—47.8%** | **Information Technology—47.8%** |  |
| Apple, Inc. | 84862 | &nbsp;&nbsp; 17411 |
| Applied Materials, Inc. | 14025 | &nbsp;&nbsp; 2568 |
| AppLovin Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5809 | &nbsp;&nbsp; 2034 |
| ARM Holdings plc ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp; 1047 |
| ASML Holding N.V. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp; 627 |
| Autodesk, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7173 | &nbsp;&nbsp; 2221 |
| Broadcom, Inc. | 20032 | &nbsp;&nbsp; 5522 |
| Cloudflare, Inc. Class A<sup>(1)</sup> | 11073 | &nbsp;&nbsp; 2168 |
| Crowdstrike Holdings, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3511 | &nbsp;&nbsp; 1788 |
| HubSpot, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1447 | &nbsp;&nbsp; 805 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5827 | &nbsp;&nbsp; 285 |
| Microsoft Corp. | 60886 | &nbsp;&nbsp; 30285 |
| NVIDIA Corp. | 213753 | &nbsp;&nbsp; 33771 |
| Onto Innovation, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp; 301 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Palantir Technologies, Inc. Class A<sup>(1)</sup> | 25116 | $3424 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9996 | &nbsp;&nbsp;&nbsp; 1592 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp; 837 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4987 | &nbsp;&nbsp;&nbsp; 1360 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp; 1159 |
| Workday, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7058 | &nbsp;&nbsp;&nbsp; 1694 |
|  |  | &nbsp;&nbsp;&nbsp;110899 |
| **Materials—0.4%** | **Materials—0.4%** |  |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;3442 | &nbsp;&nbsp;&nbsp; 898 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9265 | &nbsp;&nbsp;&nbsp; 1795 |
| **Total Common Stocks<br> (Identified Cost $81,653)** | **Total Common Stocks<br> (Identified Cost $81,653)** | &nbsp;&nbsp;&nbsp;&nbsp;**229997** |
| **Total Long-Term Investments—99.2%<br> (Identified Cost $81,653)** | **Total Long-Term Investments—99.2%<br> (Identified Cost $81,653)** | &nbsp;&nbsp;&nbsp;&nbsp;**229997** |
| **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $81,653)** | **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $81,653)** | &nbsp;&nbsp;**$229997** |
| Other assets and liabilities, net—0.8% | Other assets and liabilities, net—0.8% | &nbsp;&nbsp;&nbsp;&nbsp; 1770 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$231767** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |
| S&P | Standard & Poor's |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$229997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$229997 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$229997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$229997 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### Zevenbergen Innovative Growth Stock Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.4%** | **Common Stocks—99.4%** | **Common Stocks—99.4%** |
| **Communication Services—15.8%** | **Communication Services—15.8%** |  |
| Meta Platforms, Inc. Class A | 37150 | $27420 |
| Netflix, Inc.<sup>(1)</sup> | 16550 | &nbsp;&nbsp; 22163 |
| Spotify Technology S.A.<sup>(1)</sup> | 20165 | &nbsp;&nbsp; 15473 |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 287700 | &nbsp;&nbsp; 20712 |
|  |  | &nbsp;&nbsp; 85768 |
| **Consumer Discretionary—23.8%** | **Consumer Discretionary—23.8%** |  |
| Airbnb, Inc. Class A<sup>(1)</sup> | 40000 | &nbsp;&nbsp; 5294 |
| Amazon.com, Inc.<sup>(1)</sup> | 120000 | &nbsp;&nbsp; 26327 |
| MercadoLibre, Inc.<sup>(1)</sup> | 15200 | &nbsp;&nbsp; 39727 |
| On Holding AG Class A<sup>(1)</sup> | 164000 | &nbsp;&nbsp; 8536 |
| Tesla, Inc.<sup>(1)</sup> | 124300 | &nbsp;&nbsp; 39485 |
| Wingstop, Inc. | 30000 | &nbsp;&nbsp; 10102 |
|  |  | &nbsp;&nbsp;129471 |
| **Consumer Staples—2.0%** | **Consumer Staples—2.0%** |  |
| elf Beauty, Inc.<sup>(1)</sup> | 88000 | &nbsp;&nbsp; 10951 |
| **Financials—2.9%** | **Financials—2.9%** |  |
| Ares Management Corp. Class A | 21830 | &nbsp;&nbsp; 3781 |
| Toast, Inc. Class A<sup>(1)</sup> | 269600 | &nbsp;&nbsp; 11940 |
|  |  | &nbsp;&nbsp; 15721 |
| **Health Care—9.0%** | **Health Care—9.0%** |  |
| Dexcom, Inc.<sup>(1)</sup> | 121700 | &nbsp;&nbsp; 10623 |
| Exact Sciences Corp.<sup>(1)</sup> | 200000 | &nbsp;&nbsp; 10628 |
| Natera, Inc.<sup>(1)</sup> | 67050 | &nbsp;&nbsp; 11328 |
| Repligen Corp.<sup>(1)</sup> | 20000 | &nbsp;&nbsp; 2488 |
| TransMedics Group, Inc.<sup>(1)</sup> | 20300 | &nbsp;&nbsp; 2720 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | 38350 | &nbsp;&nbsp; 11044 |
|  |  | &nbsp;&nbsp; 48831 |
| **Industrials—13.3%** | **Industrials—13.3%** |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | 51200 | &nbsp;&nbsp; 42391 |
| Quanta Services, Inc. | 13500 | &nbsp;&nbsp; 5104 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Rocket Lab Corp.<sup>(1)</sup> | 162350 | $5807 |
| Uber Technologies, Inc.<sup>(1)</sup> | 200000 | &nbsp;&nbsp;&nbsp; 18660 |
|  |  | &nbsp;&nbsp;&nbsp; 71962 |
| **Information Technology—31.1%** | **Information Technology—31.1%** |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 45970 | &nbsp;&nbsp;&nbsp; 6523 |
| ARM Holdings plc ADR<sup>(1)</sup> | 43200 | &nbsp;&nbsp;&nbsp; 6987 |
| Clearwater Analytics Holdings, Inc. Class A <sup>(1)</sup> | 241550 | &nbsp;&nbsp;&nbsp; 5297 |
| Crowdstrike Holdings, Inc. Class A<sup>(1)</sup> | 31000 | &nbsp;&nbsp;&nbsp; 15789 |
| CyberArk Software Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp; 4028 |
| HubSpot, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp; 3896 |
| NVIDIA Corp. | 315000 | &nbsp;&nbsp;&nbsp; 49767 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 52500 | &nbsp;&nbsp;&nbsp; 10744 |
| Samsara, Inc. Class A<sup>(1)</sup> | 123300 | &nbsp;&nbsp;&nbsp; 4905 |
| ServiceNow, Inc.<sup>(1)</sup> | 17250 | &nbsp;&nbsp;&nbsp; 17734 |
| Shopify, Inc. Class A<sup>(1)</sup> | 284400 | &nbsp;&nbsp;&nbsp; 32805 |
| Snowflake, Inc. Class A<sup>(1)</sup> | 46600 | &nbsp;&nbsp;&nbsp; 10428 |
|  |  | &nbsp;&nbsp;&nbsp;168903 |
| **Real Estate—1.5%** | **Real Estate—1.5%** |  |
| Zillow Group, Inc. Class C<sup>(1)</sup> | 120000 | &nbsp;&nbsp;&nbsp; 8406 |
| **Total Common Stocks<br> (Identified Cost $186,857)** | **Total Common Stocks<br> (Identified Cost $186,857)** | &nbsp;&nbsp;&nbsp;&nbsp;**540013** |
| **Total Long-Term Investments—99.4%<br> (Identified Cost $186,857)** | **Total Long-Term Investments—99.4%<br> (Identified Cost $186,857)** | &nbsp;&nbsp;&nbsp;&nbsp;**540013** |
| **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $186,857)** | **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $186,857)** | &nbsp;&nbsp;**$540013** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp;&nbsp;&nbsp; 3097 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$543110** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;80% |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$540013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$540013 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$540013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$540013 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited)

#### JUNE 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$567508 | &nbsp;&nbsp;&nbsp;$1496776 | &nbsp;&nbsp;&nbsp;$89851 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93220 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| **Commitments and contingencies (Note 3D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$590121 | &nbsp;&nbsp;&nbsp;$1558351 | &nbsp;&nbsp;&nbsp;$93007 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$538032 | &nbsp;&nbsp;&nbsp;$1393366 | &nbsp;&nbsp;&nbsp;$90803 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$590121 | &nbsp;&nbsp;&nbsp;$1558351 | &nbsp;&nbsp;&nbsp;$93007 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$89819 | &nbsp;&nbsp;&nbsp;$136645 | &nbsp;&nbsp;&nbsp;$23101 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$895 | &nbsp;&nbsp;&nbsp;$4671 | &nbsp;&nbsp;&nbsp;$401 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$244619 | &nbsp;&nbsp;&nbsp;$1056246 | &nbsp;&nbsp;&nbsp;$22530 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$254788 | &nbsp;&nbsp;&nbsp;$360789 | &nbsp;&nbsp;&nbsp;$46975 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9204545 | &nbsp;&nbsp;&nbsp;&nbsp;11761332 | &nbsp;&nbsp;&nbsp;&nbsp;3680659 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87224 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;24200530 | &nbsp;&nbsp;&nbsp;&nbsp;88399355 | &nbsp;&nbsp;&nbsp;&nbsp;3145380 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;24828663 | &nbsp;&nbsp;&nbsp;&nbsp;29988880 | &nbsp;&nbsp;&nbsp;&nbsp;6749976 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$9.76 | &nbsp;&nbsp;&nbsp;$11.62 | &nbsp;&nbsp;&nbsp;$6.28 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;$11.08 | &nbsp;&nbsp;&nbsp;$4.60 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$10.11 | &nbsp;&nbsp;&nbsp;$11.95 | &nbsp;&nbsp;&nbsp;$7.16 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;$12.03 | &nbsp;&nbsp;&nbsp;$6.96 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$10.33 | &nbsp;&nbsp;&nbsp;$12.30 | &nbsp;&nbsp;&nbsp;$6.65 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$523233 | &nbsp;&nbsp;&nbsp;$1350874 | &nbsp;&nbsp;&nbsp;$82362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;$354545 | &nbsp;&nbsp;&nbsp;$229997 | &nbsp;&nbsp;&nbsp;$540013 |
| Foreign currency at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax refund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544235 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 |
| **Commitments and contingencies (Note 3D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$356202 | &nbsp;&nbsp;&nbsp;$231767 | &nbsp;&nbsp;&nbsp;$543110 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$318157 | &nbsp;&nbsp;&nbsp;$79483 | &nbsp;&nbsp;&nbsp;$255995 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287115 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$356202 | &nbsp;&nbsp;&nbsp;$231767 | &nbsp;&nbsp;&nbsp;$543110 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$111674 | &nbsp;&nbsp;&nbsp;$140625 | &nbsp;&nbsp;&nbsp;$134628 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$1880 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;$181357 | &nbsp;&nbsp;&nbsp;$87869 | &nbsp;&nbsp;&nbsp;$380186 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$61291 | &nbsp;&nbsp;&nbsp;$3273 | &nbsp;&nbsp;&nbsp;$28296 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;15220892 | &nbsp;&nbsp;&nbsp;&nbsp;15029261 | &nbsp;&nbsp;&nbsp;&nbsp;2241608 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;23398450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323098 | &nbsp;&nbsp;&nbsp;&nbsp;5841797 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7838973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432759 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$7.34 | &nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;&nbsp;$60.06 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$7.71 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;$7.75 | &nbsp;&nbsp;&nbsp;$16.51 | &nbsp;&nbsp;&nbsp;$65.08 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$7.82 | &nbsp;&nbsp;&nbsp;$16.80 | &nbsp;&nbsp;&nbsp;$65.39 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$7.77 | &nbsp;&nbsp;&nbsp;$9.90 | &nbsp;&nbsp;&nbsp;$63.56 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$309353 | &nbsp;&nbsp;&nbsp;$81653 | &nbsp;&nbsp;&nbsp;$186857 |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;$2714 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| <sup>(3)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;$—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited)

#### SIX MONTHS ENDED JUNE 30, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$6227 | &nbsp;&nbsp;&nbsp;&nbsp;$14724 | &nbsp;&nbsp;&nbsp;&nbsp;$1105 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp;14690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981 | &nbsp;&nbsp;&nbsp;&nbsp;20324 | &nbsp;&nbsp;&nbsp;&nbsp;(5194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976 | &nbsp;&nbsp;&nbsp;&nbsp;12504 | &nbsp;&nbsp;&nbsp;&nbsp;(1666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;16957 | &nbsp;&nbsp;&nbsp;&nbsp;32828 | &nbsp;&nbsp;&nbsp;&nbsp;(6860) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20529 | &nbsp;&nbsp;&nbsp;&nbsp;$39684 | &nbsp;&nbsp;&nbsp;&nbsp;$(6214) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### SIX MONTHS ENDED June 30, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$2818 | &nbsp;&nbsp;&nbsp;&nbsp;$651 | &nbsp;&nbsp;&nbsp;&nbsp;$149 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2477) |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449 | &nbsp;&nbsp;&nbsp;&nbsp;33051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;41382 | &nbsp;&nbsp;&nbsp;&nbsp;10538 | &nbsp;&nbsp;&nbsp;&nbsp;25613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;36065 | &nbsp;&nbsp;&nbsp;&nbsp;14987 | &nbsp;&nbsp;&nbsp;&nbsp;58664 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$36803 | &nbsp;&nbsp;&nbsp;&nbsp;$14662 | &nbsp;&nbsp;&nbsp;&nbsp;$56187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$3572 | &nbsp;&nbsp;&nbsp;&nbsp;$7197 | &nbsp;&nbsp;&nbsp;&nbsp;$6856 | &nbsp;&nbsp;&nbsp;&nbsp;$16079 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263848 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80268) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199659 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30885) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11940) | &nbsp;&nbsp;&nbsp;&nbsp;(114575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126953) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195442) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590851) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12680) | &nbsp;&nbsp;&nbsp;&nbsp;(126250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518145) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;602801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729051 | &nbsp;&nbsp;&nbsp;&nbsp;1676409 | &nbsp;&nbsp;&nbsp;&nbsp;2194554 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$590121 | &nbsp;&nbsp;&nbsp;&nbsp;$602801 | &nbsp;&nbsp;&nbsp;&nbsp;$1558351 | &nbsp;&nbsp;&nbsp;&nbsp;$1676409 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$646 | &nbsp;&nbsp;&nbsp;&nbsp;$1103 | &nbsp;&nbsp;&nbsp;&nbsp;$738 | &nbsp;&nbsp;&nbsp;&nbsp;$1179 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168002 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41538 | &nbsp;&nbsp;&nbsp;&nbsp;(216251) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47070) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9237) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90045) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47808 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429292 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292177 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;108875 | &nbsp;&nbsp;&nbsp;&nbsp;100149 | &nbsp;&nbsp;&nbsp;&nbsp;371177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$93007 | &nbsp;&nbsp;&nbsp;&nbsp;$108875 | &nbsp;&nbsp;&nbsp;&nbsp;$356202 | &nbsp;&nbsp;&nbsp;&nbsp;$371177 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$(325) | &nbsp;&nbsp;&nbsp;&nbsp;$(661) | &nbsp;&nbsp;&nbsp;&nbsp;$(2477) | &nbsp;&nbsp;&nbsp;&nbsp;$(5420) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55508 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111735 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161823 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36724) | &nbsp;&nbsp;&nbsp;&nbsp;(120780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1273) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53618) | &nbsp;&nbsp;&nbsp;&nbsp;(156947) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;207738 | &nbsp;&nbsp;&nbsp;&nbsp;139364 | &nbsp;&nbsp;&nbsp;&nbsp;540541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535665 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$231767 | &nbsp;&nbsp;&nbsp;&nbsp;$207738 | &nbsp;&nbsp;&nbsp;&nbsp;$543110 | &nbsp;&nbsp;&nbsp;&nbsp;$540541 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Ceredex Large-Cap Value Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.64 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.21) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | $9.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.46% | $89819 | 1.24% | 1.27% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;67% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | (0.11) | (2.08) | (2.19) |  | &nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84613 | 1.24 | 1.25 | &nbsp;&nbsp;0.75 | 112 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | (0.15) | (0.11) | (0.26) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;104316 | 1.24 | 1.27 | &nbsp;&nbsp;1.12 | 132 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;(1.83) | (0.11) | (0.98) | (1.09) | — <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;(14.34) | &nbsp;&nbsp;&nbsp;&nbsp;138781 | 1.26 <sup>(10)</sup> | 1.28 | &nbsp;&nbsp;0.64 | 146 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | (0.10) | (3.88) | (3.98) |  | &nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp;25.24 | &nbsp;&nbsp;&nbsp;&nbsp;195762 | 1.24 <sup>(11)(12)</sup> | 1.24 | &nbsp;&nbsp;0.55 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | (0.14) | (0.61) | (0.75) |  | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;185257 | 1.24 | 1.27 | &nbsp;&nbsp;1.07 | 193 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.05 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.21) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | $9.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.24% | $895 | 1.72% | 2.06% | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;67% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | (0.07) | (2.08) | (2.15) |  | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | 1.72 | 2.04 | &nbsp;&nbsp;0.26 | 112 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | (0.06) | (0.11) | (0.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 | 1.72 | 2.02 | &nbsp;&nbsp;0.61 | 132 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;(1.78) | (0.05) | (0.98) | (1.03) | — <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;(14.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | 1.73 <sup>(10)</sup> | 1.96 | &nbsp;&nbsp;0.16 | 146 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | (0.02) | (3.88) | (3.90) |  | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | 1.72 | 1.92 | &nbsp;&nbsp;0.06 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | (0.09) | (0.61) | (0.70) |  | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486 | 1.72 | 1.94 | &nbsp;&nbsp;0.61 | 193 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $9.96 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.21) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | $10.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.65% | $244619 | 0.97% | 1.07% | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;67% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | (0.14) | (2.08) | (2.22) |  | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;291616 | 0.97 | 1.10 | &nbsp;&nbsp;1.01 | 112 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | (0.16) | (0.11) | (0.27) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;380748 | 0.97 | 1.12 | &nbsp;&nbsp;1.42 | 132 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;(1.83) | (0.12) | (0.98) | (1.10) | — <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;(14.07) | &nbsp;&nbsp;&nbsp;&nbsp;327199 | 0.98 <sup>(10)</sup> | 1.08 | &nbsp;&nbsp;0.88 | 146 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | (0.15) | (3.88) | (4.03) |  | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;25.48 | &nbsp;&nbsp;&nbsp;&nbsp;632220 | 0.97 | 1.00 | &nbsp;&nbsp;0.82 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | (0.15) | (0.61) | (0.76) |  | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;594834 | 0.97 | 1.03 | &nbsp;&nbsp;1.33 | 193 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $10.10 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.21) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | $10.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.69% | $254788 | 0.72% | 0.89% | &nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;67% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | (0.18) | (2.08) | (2.26) |  | &nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;225335 | 0.72 | 0.89 | &nbsp;&nbsp;1.26 | 112 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | (0.20) | (0.11) | (0.31) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;&nbsp;242406 | 0.72 | 0.87 | &nbsp;&nbsp;1.65 | 132 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(1.83) | (0.16) | (0.98) | (1.14) | — <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;(13.85) | &nbsp;&nbsp;&nbsp;&nbsp;268455 | 0.73 <sup>(10)</sup> | 0.87 | &nbsp;&nbsp;1.14 | 146 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | (0.16) | (3.88) | (4.04) |  | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;406381 | 0.72 | 0.83 | &nbsp;&nbsp;1.05 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | (0.16) | (0.61) | (0.77) |  | &nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;511344 | 0.72 | 0.86 | &nbsp;&nbsp;1.57 | 193 |
| **Ceredex Mid-Cap Value Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $11.70 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) | (0.37) |  | &nbsp;&nbsp;&nbsp;(0.08) | $11.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | $136645 | 1.31 % <sup>(12)</sup> | 1.31% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;98% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | (0.10) | (0.83) | (0.93) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;146811 | 1.29 <sup>(12)</sup> | 1.29 | &nbsp;&nbsp;0.51 | 141 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp;&nbsp;175541 | 1.29 <sup>(12)</sup> | 1.29 | &nbsp;&nbsp;0.56 | 140 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;(1.93) | (0.07) | (0.63) | (0.70) |  | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;(14.22) | &nbsp;&nbsp;&nbsp;&nbsp;208364 | 1.29 <sup>(10)(12)</sup> | 1.29 | &nbsp;&nbsp;0.45 | 166 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.44) | (2.44) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;28.73 | &nbsp;&nbsp;&nbsp;&nbsp;280185 | 1.28 <sup>(12)</sup> | 1.28 | &nbsp;&nbsp;0.05 | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.69 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.24) | (0.09) | (0.21) | (0.30) |  | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;282186 | 1.31 <sup>(12)</sup> | 1.31 | &nbsp;&nbsp;0.66 | 179 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Ceredex Mid-Cap Value Equity Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $11.20 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) | (0.37) |  | &nbsp;&nbsp;&nbsp;(0.12) | $11.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.32% | $4671 | 1.76% | 2.02% | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;98% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | (0.03) | (0.83) | (0.86) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6037 | 1.76 | 2.00 | &nbsp;&nbsp;0.03 | 141 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833 | 1.76 | 1.91 | &nbsp;&nbsp;0.07 | 140 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;12.63 | (0.01) | &nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;(1.90) | (0.02) | (0.63) | (0.65) |  | &nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;(14.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13743 | 1.80 <sup>(10)</sup> | 2.01 | (0.12) | 166 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.82 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.44) | (2.44) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;28.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26690 | 1.79 | 1.97 | (0.46) | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(0.28) | (0.05) | (0.21) | (0.26) |  | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | 1.79 | 1.98 | &nbsp;&nbsp;0.20 | 179 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $12.00 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) | (0.37) |  | &nbsp;&nbsp;&nbsp;(0.05) | $11.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.75% | $1056246 | 1.04 % <sup>(12)</sup> | 1.04% | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;98% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.80 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | (0.13) | (0.83) | (0.96) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;1131149 | 1.01 <sup>(12)</sup> | 1.01 | &nbsp;&nbsp;0.79 | 141 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;11.80 | &nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;1441449 | 1.02 <sup>(12)</sup> | 1.02 | &nbsp;&nbsp;0.85 | 140 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;(1.93) | (0.09) | (0.63) | (0.72) |  | &nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;(13.92) | &nbsp;&nbsp;&nbsp;1608611 | 1.02 <sup>(10)(12)</sup> | 1.02 | &nbsp;&nbsp;0.70 | 166 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | (0.05) | (2.44) | (2.49) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;28.99 | &nbsp;&nbsp;&nbsp;2383753 | 1.00 <sup>(12)</sup> | 1.00 | &nbsp;&nbsp;0.34 | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.21) | (0.10) | (0.21) | (0.31) |  | &nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;2135663 | 1.04 <sup>(12)</sup> | 1.04 | &nbsp;&nbsp;0.92 | 179 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $12.07 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) | (0.37) |  | &nbsp;&nbsp;&nbsp;(0.04) | $12.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.81% | $360789 | 0.79% | 0.89% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;98% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.16) | (0.83) | (0.99) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;12.07 | &nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;392412 | 0.79 | 0.88 | &nbsp;&nbsp;1.00 | 141 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;11.21 | &nbsp;&nbsp;&nbsp;&nbsp;568731 | 0.79 | 0.87 | &nbsp;&nbsp;1.06 | 140 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;(1.92) | (0.12) | (0.63) | (0.75) |  | &nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;(13.76) | &nbsp;&nbsp;&nbsp;&nbsp;726488 | 0.80 <sup>(10)</sup> | 0.88 | &nbsp;&nbsp;0.94 | 166 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | (0.08) | (2.44) | (2.52) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;29.34 | &nbsp;&nbsp;&nbsp;&nbsp;999171 | 0.79 | 0.85 | &nbsp;&nbsp;0.54 | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.92 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.18) | (0.11) | (0.21) | (0.32) |  | &nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;773153 | 0.79 | 0.88 | &nbsp;&nbsp;1.16 | 179 |
| **Ceredex Small-Cap Value Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $6.69 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.41) | $6.28 | &nbsp;&nbsp;&nbsp;(6.13) % | $23101 | 1.46% | 1.48% | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;33% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | (0.07) | (0.87) | (0.94) |  | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26271 | 1.46 | 1.54 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;79 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | (0.27) | (0.84) | (1.11) |  | &nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29003 | 1.45 | 1.46 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;94 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;(1.06) | (0.06) | (1.61) | (1.67) |  | &nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;(10.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29680 | 1.47 <sup>(10)</sup> | 1.50 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;73 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | (0.09) | (1.79) | (1.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;26.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53388 | 1.45 <sup>(13)</sup> | 1.46 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | (0.03) | (0.08) | (0.11) |  | &nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54984 | 1.48 <sup>(12)</sup> | 1.48 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;69 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $4.92 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.32) | $4.60 | &nbsp;&nbsp;&nbsp;(6.50) % | $401 | 1.81% | 2.19% | &nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;33% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | (0.06) | (0.87) | (0.93) |  | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | 1.81 | 2.24 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;79 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | (0.27) | (0.84) | (1.11) |  | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | 1.80 | 2.15 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;94 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;(0.93) | (0.09) | (1.61) | (1.70) |  | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;(10.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | 1.83 <sup>(10)</sup> | 2.28 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;73 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | (0.03) | (1.79) | (1.82) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;26.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | 1.84 <sup>(13)</sup> | 2.20 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | (0.08) |  | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | 1.90 <sup>(13)</sup> | 2.19 | (0.19) | &nbsp;&nbsp;&nbsp;69 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Ceredex Small-Cap Value Equity Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.61 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.45) | $7.16 | &nbsp;&nbsp;&nbsp;(5.91) % | $22530 | 0.82% | 1.24% | &nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;33% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | (0.08) | (0.87) | (0.95) |  | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30771 | 1.15 | 1.29 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;79 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | (0.05) | (0.84) | (0.89) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35343 | 1.14 | 1.22 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;94 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;(1.10) | (0.11) | (1.61) | (1.72) |  | &nbsp;&nbsp;&nbsp;(2.82) | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;(10.09) | &nbsp;&nbsp;&nbsp;&nbsp;159199 | 1.17 <sup>(10)</sup> | 1.25 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;73 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | (0.11) | (1.79) | (1.90) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;27.20 | &nbsp;&nbsp;&nbsp;&nbsp;282308 | 1.18 <sup>(13)</sup> | 1.20 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.05) | (0.08) | (0.13) |  | &nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;332391 | 1.21 <sup>(13)</sup> | 1.21 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;69 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.39 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.43) | $6.96 | &nbsp;&nbsp;&nbsp;(5.82) % | $46975 | 0.77% | 1.04% | &nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;33% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | (0.13) | (0.87) | (1.00) |  | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;7.39 | &nbsp;&nbsp;&nbsp;&nbsp;9.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51399 | 0.88 | 1.11 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;79 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | (0.29) | (0.84) | (1.13) |  | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35255 | 0.87 | 1.06 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;94 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;(1.07) | (0.11) | (1.61) | (1.72) |  | &nbsp;&nbsp;&nbsp;(2.79) | &nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;(9.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61439 | 0.89 <sup>(10)</sup> | 1.06 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;73 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | (0.17) | (1.79) | (1.96) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;27.61 | &nbsp;&nbsp;&nbsp;&nbsp;129173 | 0.88 | 1.03 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | (0.07) | (0.08) | (0.15) |  | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89961 | 0.88 | 1.05 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;69 |
| **SGA International Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $6.67 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | $7.34 | &nbsp;&nbsp;&nbsp;11.04% | $111674 | 1.31% | 1.47% | &nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;18% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | (2.09) | (2.09) |  | &nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;(7.20) | &nbsp;&nbsp;&nbsp;&nbsp;102204 | 1.31 <sup>(14)</sup> | 1.49 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;22 <sup>(15)</sup> |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | (0.01) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7708 | 1.32 | 1.57 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;10 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.45 | (0.02) | &nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | (0.44) |  | &nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;(18.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530 | 1.33 <sup>(10)</sup> | 1.62 | (0.20) | &nbsp;&nbsp;&nbsp;36 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.42 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.83) | (0.83) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 | 1.32 | 1.55 | (0.39) | &nbsp;&nbsp;&nbsp;44 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.50 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.07) | (2.07) |  | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;&nbsp;22.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917 | 1.41 <sup>(10)(13)</sup> | 1.60 | (0.36) | &nbsp;&nbsp;&nbsp;53 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.03 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | $7.71 | &nbsp;&nbsp;&nbsp;10.62% | $1880 | 2.06% | 2.11% | (0.51) % | &nbsp;&nbsp;&nbsp;18% |
| 3/8/2024<sup>(16)</sup> to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.98 | (0.05) | &nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | (2.09) | (2.09) |  | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;(8.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | 2.06 <sup>(14)</sup> | 2.09 | (0.65) | &nbsp;&nbsp;&nbsp;22 <sup>(15)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.03 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | $7.75 | &nbsp;&nbsp;&nbsp;11.19% | $181357 | 1.06% | 1.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;18% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | (2.09) | (2.09) |  | &nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;(6.95) | &nbsp;&nbsp;&nbsp;&nbsp;225840 | 1.06 <sup>(14)</sup> | 1.24 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;22 <sup>(15)</sup> |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | (0.02) | (0.01) | (0.03) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;17.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64471 | 1.07 | 1.32 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;10 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | (0.44) |  | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;(18.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28164 | 1.08 <sup>(10)</sup> | 1.37 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;36 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.72 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.83) | (0.83) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39493 | 1.07 | 1.29 | (0.14) | &nbsp;&nbsp;&nbsp;44 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.71 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.07) | (2.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;23.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40249 | 1.16 <sup>(10)(13)</sup> | 1.35 | (0.13) | &nbsp;&nbsp;&nbsp;53 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $7.11 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | (0.02) | (0.07) | (0.09) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | $7.82 | &nbsp;&nbsp;&nbsp;11.27% | $61291 | 0.96% | 1.11% | &nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;18% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | (2.09) | (2.09) |  | &nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40899 | 0.96 <sup>(14)</sup> | 1.11 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;22 <sup>(15)</sup> |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | (0.03) | (0.01) | (0.04) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821 | 0.95 | 1.18 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;10 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | (0.44) |  | &nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;(18.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 | 0.97 <sup>(10)</sup> | 1.26 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;36 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.83) | (0.83) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | 0.95 | 1.19 | (0.03) | &nbsp;&nbsp;&nbsp;44 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.74 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.07) | (2.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | 1.07 <sup>(10)(13)</sup> | 1.25 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;53 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Silvant Large-Cap Growth Stock Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $8.80 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) | (0.05) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | $9.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.94% | $140625 | 1.03% | 1.25% | (0.41) % | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | (0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;32.32 | &nbsp;&nbsp;&nbsp;&nbsp;137857 | 1.03 | 1.25 | (0.44) | &nbsp;&nbsp;&nbsp;12 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | (0.24) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;48.98 | &nbsp;&nbsp;&nbsp;&nbsp;110076 | 1.24 <sup>(10)</sup> | 1.27 | (0.53) | &nbsp;&nbsp;&nbsp;17 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | (0.04) | &nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.36) |  | &nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;(29.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79935 | 1.24 <sup>(10)</sup> | 1.27 | (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.88) | (0.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;23.74 | &nbsp;&nbsp;&nbsp;&nbsp;123191 | 1.23 | 1.24 | (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) | (0.75) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;35.90 | &nbsp;&nbsp;&nbsp;&nbsp;110884 | 1.23 | 1.27 | (0.49) | &nbsp;&nbsp;&nbsp;13 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $15.48 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) | (0.05) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | $16.51 | &nbsp;&nbsp;&nbsp;&nbsp;6.98% | $87869 | 0.77% | 1.04% | (0.15) % | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.71 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | (0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp;32.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65908 | 0.77 | 1.06 | (0.18) | &nbsp;&nbsp;&nbsp;12 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | (0.24) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;49.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28986 | 0.98 <sup>(10)</sup> | 1.08 | (0.29) | &nbsp;&nbsp;&nbsp;17 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.82 | (0.04) | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.36) |  | &nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;(29.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399 | 0.98 <sup>(10)</sup> | 1.08 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.28 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.88) | (0.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;23.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13693 | 0.97 | 1.06 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) | (0.75) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;36.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15093 | 0.97 | 1.09 | (0.23) | &nbsp;&nbsp;&nbsp;13 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $15.75 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) | (0.05) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | $16.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.99% | $3273 | 0.72% | 0.92% | (0.12) % | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;11.91 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | (0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp;&nbsp;32.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973 | 0.72 | 0.92 | (0.18) | &nbsp;&nbsp;&nbsp;12 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | (0.24) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;49.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | 0.91 <sup>(10)</sup> | 0.96 | (0.20) | &nbsp;&nbsp;&nbsp;17 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;11.98 | (0.03) | &nbsp;&nbsp;&nbsp;(3.45) | &nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.36) |  | &nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;(29.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 0.91 <sup>(10)</sup> | 0.94 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.40 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.88) | (0.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;24.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 | 0.90 | 0.91 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) | (0.75) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;36.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | 0.90 | 0.96 | (0.16) | &nbsp;&nbsp;&nbsp;13 |
| **Zevenbergen Innovative Growth Stock Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $53.61 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | $60.06 | &nbsp;&nbsp;&nbsp;12.03% | $134628 | 1.25% | 1.37% | (1.19) % | &nbsp;&nbsp;&nbsp;&nbsp;5% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;39.57 | (0.55) | &nbsp;&nbsp;14.59 | &nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp;53.61 | &nbsp;&nbsp;&nbsp;35.48 | &nbsp;&nbsp;&nbsp;&nbsp;131261 | 1.25 | 1.35 | (1.20) | &nbsp;&nbsp;&nbsp;13 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;23.96 | (0.39) | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;39.57 | &nbsp;&nbsp;&nbsp;65.15 | &nbsp;&nbsp;&nbsp;&nbsp;127623 | 1.24 | 1.37 | (1.17) | &nbsp;&nbsp;&nbsp;20 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;56.07 | (0.43) | (30.57) | (31.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.11) | (1.11) |  | (32.11) | &nbsp;&nbsp;&nbsp;23.96 | &nbsp;&nbsp;(55.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87437 | 1.27 <sup>(10)</sup> | 1.40 | (1.26) | &nbsp;&nbsp;&nbsp;17 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;62.40 | (0.75) | &nbsp;&nbsp;&nbsp;(5.58) | &nbsp;&nbsp;&nbsp;(6.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(6.33) | &nbsp;&nbsp;&nbsp;56.07 | &nbsp;&nbsp;(10.14) | &nbsp;&nbsp;&nbsp;&nbsp;266661 | 1.25 | 1.32 | (1.24) | &nbsp;&nbsp;&nbsp;53 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;28.48 | (0.55) | &nbsp;&nbsp;34.47 | &nbsp;&nbsp;33.92 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;33.92 | &nbsp;&nbsp;&nbsp;62.40 | 119.10 | &nbsp;&nbsp;&nbsp;&nbsp;335809 | 1.25 | 1.33 | (1.18) | &nbsp;&nbsp;&nbsp;33 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $58.02 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;7.06 | $65.08 | &nbsp;&nbsp;&nbsp;12.17% | $380186 | 1.00% | 1.10% | (0.94) % | &nbsp;&nbsp;&nbsp;&nbsp;5% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;42.72 | (0.47) | &nbsp;&nbsp;15.77 | &nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;58.02 | &nbsp;&nbsp;&nbsp;35.81 | &nbsp;&nbsp;&nbsp;&nbsp;377637 | 1.00 | 1.10 | (0.95) | &nbsp;&nbsp;&nbsp;13 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;25.80 | (0.33) | &nbsp;&nbsp;17.25 | &nbsp;&nbsp;16.92 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;16.92 | &nbsp;&nbsp;&nbsp;42.72 | &nbsp;&nbsp;&nbsp;65.58 | &nbsp;&nbsp;&nbsp;&nbsp;386061 | 0.99 | 1.09 | (0.92) | &nbsp;&nbsp;&nbsp;20 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;60.05 | (0.37) | (32.77) | (33.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.11) | (1.11) |  | (34.25) | &nbsp;&nbsp;&nbsp;25.80 | &nbsp;&nbsp;(55.31) | &nbsp;&nbsp;&nbsp;&nbsp;221530 | 1.02 <sup>(10)</sup> | 1.16 | (1.01) | &nbsp;&nbsp;&nbsp;17 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;66.67 | (0.64) | &nbsp;&nbsp;&nbsp;(5.98) | &nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;60.05 | &nbsp;&nbsp;&nbsp;(9.93) | &nbsp;&nbsp;&nbsp;&nbsp;823212 | 1.00 | 1.05 | (0.99) | &nbsp;&nbsp;&nbsp;53 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;30.35 | (0.47) | &nbsp;&nbsp;36.79 | &nbsp;&nbsp;36.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;36.32 | &nbsp;&nbsp;&nbsp;66.67 | 119.67 | &nbsp;&nbsp;&nbsp;1037368 | 1.00 | 1.07 | (0.93) | &nbsp;&nbsp;&nbsp;33 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Zevenbergen Innovative Growth Stock Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 6/30/25<sup>(8)</sup> | $58.26 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;7.13 | $65.39 | &nbsp;&nbsp;&nbsp;12.24% | $28296 | 0.90% | 0.99% | (0.84) % | &nbsp;&nbsp;&nbsp;&nbsp;5% |
| 1/1/24 to 12/31/24 | &nbsp;&nbsp;&nbsp;42.86 | (0.42) | &nbsp;&nbsp;15.82 | &nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;58.26 | &nbsp;&nbsp;&nbsp;35.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31643 | 0.90 | 0.99 | (0.85) | &nbsp;&nbsp;&nbsp;13 |
| 1/1/23 to 12/31/23 | &nbsp;&nbsp;&nbsp;25.86 | (0.30) | &nbsp;&nbsp;17.30 | &nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;&nbsp;65.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21981 | 0.89 | 0.98 | (0.82) | &nbsp;&nbsp;&nbsp;20 |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;&nbsp;60.12 | (0.32) | (32.83) | (33.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.11) | (1.11) |  | (34.26) | &nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;(55.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019 | 0.92 <sup>(10)</sup> | 1.01 | (0.91) | &nbsp;&nbsp;&nbsp;17 |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;66.67 | (0.58) | &nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;(6.55) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(6.55) | &nbsp;&nbsp;&nbsp;60.12 | &nbsp;&nbsp;&nbsp;(9.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17098 | 0.90 | 0.95 | (0.90) | &nbsp;&nbsp;&nbsp;53 |
| 10/20/20<sup>(16)</sup> to 12/31/20 | &nbsp;&nbsp;&nbsp;58.00 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;66.67 | &nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | 0.90 | 1.03 | (0.83) | &nbsp;&nbsp;&nbsp;33 <sup>(17)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |
| <sup>(3)</sup> | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. |
| <sup>(4)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(5)</sup> | Annualized for periods less than one year. |
| <sup>(6)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(7)</sup> | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> | Unaudited. |
| <sup>(9)</sup> | Amount is less than $0.005 per share. |
| <sup>(10)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(11)</sup> | See Note 3D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
| <sup>(12)</sup> | The share class is currently under its expense limitation. |
| <sup>(13)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(14)</sup> | Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2024 were 1.30% (Class A), 2.05% (Class C), 1.05% (Class I) and 0.95% (Class R6). |
| <sup>(15)</sup> | The cost of purchases and proceeds from sales related to the merger excluded from the portfolio turnover were $502,251 and $537,375, respectively. Please see Note 12 in Notes to Financial Statements. |
| <sup>(16)</sup> | Inception date. |
| <sup>(17)</sup> | Portfolio turnover is representative of the Fund for the entire period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited)

#### JUNE 30, 2025

#### Note 1. Organization
Virtus Asset Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, 13 funds of the Trust are offered for sale, of which 6 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and each Fund (other than the Virtus Silvant Large-Cap Growth Stock Fund) is diversified. The Virtus Silvant Large-Cap Growth Stock Fund is non-diversified. *There is no guarantee that a Fund will achieve its objective(s).*

All of the Funds offer Class A shares, Class I shares and Class R6 shares. Class C shares are offered by the Ceredex Large Cap Value Equity Fund, Ceredex Mid-Cap Value Equity Fund, Ceredex Small-Cap Value Equity Fund and SGA International Growth Fund.

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. No front-end sales load is applied to purchases of $1,000,000 or more. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Class I Shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I Shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I Shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I Shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I Shares.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

#### Note 2. Significant Accounting Policies

#### ($ reported in thousands)
The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The Funds' Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments). |
|  | A description of the valuation techniques applied to a Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy. |
|  | Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value ("NAV") at the close of regular trading on the NYSE (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis. |
|  | Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy. |
|  | Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy. |
|  | <br>A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |

---

---

| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that |

---

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
|  | recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through- to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the<br> foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |

---

Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At June 30, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Value of<br> Securities<br> on Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2714 | &nbsp;&nbsp;&nbsp;&nbsp;$2714 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of June 30, 2025 for the Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment of<br> Cash Collateral** | &nbsp;&nbsp;&nbsp;&nbsp;**Overnight<br> and<br> Continuous** |
| SGA International Growth Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;$2788 |

---

---

| | |
|:---|:---|
| **H.** | **Segment Reporting** |
|  | Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations. |

---

#### Note 3. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, LLC ("Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers. |
|  | As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $500 Million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |

---

The above fees are also subject to breakpoint discounts at the following asset levels for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First $500 million = none — no discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $500 million = 5% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $4 billion = 10% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion = 15% discount from full fee

---

| | |
|:---|:---|
| **B.** | **Subadvisers** |
|  | The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months is as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Fund** |
| Ceredex Large-Cap Value Equity Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Ceredex<sup>(1)</sup> |
| Ceredex Mid-Cap Value Equity Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Ceredex<sup>(1)</sup> |
| Ceredex Small-Cap Value Equity Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Ceredex<sup>(1)</sup> |
| SGA International Growth Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;SGA<sup>(2)</sup> |
| Silvant Large-Cap Growth Stock Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Silvant<sup>(3)</sup> |
| Zevenbergen Innovative Growth Stock Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen<sup>(4)</sup> |

---

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Ceredex Value Advisors LLC ("Ceredex"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Sustainable Growth Advisers, LP ("SGA"), an indirect, majority-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Silvant Capital Management LLC ("Silvant"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Zevenbergen Capital Investments LLC ("Zevenbergen"), a minority-owned affiliate of Virtus.

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2026, except as noted below. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>(1)</sup> |
| SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Effective January 1, 2025 through April 30, 2026. For the period January 1, 2024 through December 31, 2024, the expense caps were as follows for Class I shares and Class R6 shares, respectively: 1.15% and 0.88%.

The exclusions include 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.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending June 30: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Ceredex Large-Cap Value Equity Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;$89 |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 |
| &nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 |
| Ceredex Mid-Cap Value Equity Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 |
| Ceredex Small-Cap Value Equity Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| SGA International Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Silvant Large-Cap Growth Stock Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Zevenbergen Innovative Growth Stock Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |

---

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
During the six months ended June 30, 2025, the Adviser recaptured expenses previously waived for the following Fund:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |
| Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than $500 (not in thousands).

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the six months ended June 30, 2025, it retained net commissions of $12 for Class A shares and CDSC of $—<sup>(1)</sup> for Class C shares. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
|  | <sup>(1)</sup> Amount is less than $500 (not in thousands). |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the six months ended June 30, 2025, the Funds incurred administration fees totaling $1,550 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the six months ended June 30, 2025, the Funds incurred transfer agent fees totaling $694 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. |
|  | During the six months ended June 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
| **H.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at June 30, 2025. |

---

#### Note 4. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$373476 | &nbsp;&nbsp;&nbsp;&nbsp;$412309 |
| Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682701 |
| Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43479 |
| SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108166 |
| Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18311 |
| Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80389 |

---

There were no purchases or sales of long-term U.S. government and agency securities during the six months ended June 30, 2025.

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

#### Note 5. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;$8913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;$6911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;$5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;$16333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6625) | &nbsp;&nbsp;&nbsp;&nbsp;(3169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35819) | &nbsp;&nbsp;&nbsp;&nbsp;(1656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19038) | &nbsp;&nbsp;&nbsp;&nbsp;(4918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;$4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(925) | &nbsp;&nbsp;$(13137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791) | &nbsp;&nbsp;$(9211) | &nbsp;&nbsp;&nbsp;&nbsp;(2682) | &nbsp;&nbsp;$(33454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;$34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;$144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;$368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;$(349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;$(217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) | &nbsp;&nbsp;$(1274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | &nbsp;&nbsp;$(3023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;2402 | &nbsp;&nbsp;$23507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9416 | &nbsp;&nbsp;$107409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;$42657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8607 | &nbsp;&nbsp;$107216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(7976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79473) | &nbsp;&nbsp;&nbsp;&nbsp;(20155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230909) | &nbsp;&nbsp;&nbsp;&nbsp;(12198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144479) | &nbsp;&nbsp;&nbsp;&nbsp;(43607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5076) | &nbsp;&nbsp;$(51041) | &nbsp;&nbsp;&nbsp;&nbsp;(5216) | &nbsp;&nbsp;$(67982) | &nbsp;&nbsp;&nbsp;&nbsp;(5848) | &nbsp;&nbsp;$(70528) | &nbsp;&nbsp;&nbsp;&nbsp;(27960) | &nbsp;&nbsp;$(358932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;$48124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336 | &nbsp;&nbsp;$63588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636 | &nbsp;&nbsp;$31766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;$61904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(2711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27210) | &nbsp;&nbsp;&nbsp;&nbsp;(8848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104424) | &nbsp;&nbsp;&nbsp;&nbsp;(5998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71162) | &nbsp;&nbsp;&nbsp;&nbsp;(22672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;2512 | &nbsp;&nbsp;$25998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;$1171 | &nbsp;&nbsp;&nbsp;&nbsp;(2531) | &nbsp;&nbsp;$(29686) | &nbsp;&nbsp;&nbsp;&nbsp;(15450) | &nbsp;&nbsp;$(195442) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;$1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;$1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;$14153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;$10222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued-merger (See Note 12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7029) | &nbsp;&nbsp;&nbsp;&nbsp;(2331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16123) | &nbsp;&nbsp;&nbsp;&nbsp;(6156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) | &nbsp;&nbsp;$(1550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;$(1829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;$(1022) | &nbsp;&nbsp;&nbsp;&nbsp;14510 | &nbsp;&nbsp;$131504 |

---

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;$64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;$68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued-merger (See Note 12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | &nbsp;&nbsp;&nbsp;&nbsp;(85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;$(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;$(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;$(540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;$3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;$781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;$1969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;$14832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017 | &nbsp;&nbsp;$76579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued-merger (See Note 12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(1008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7736) | &nbsp;&nbsp;&nbsp;&nbsp;(1151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9607) | &nbsp;&nbsp;&nbsp;&nbsp;(10955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80109) | &nbsp;&nbsp;&nbsp;&nbsp;(32734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898) | &nbsp;&nbsp;$(6955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455) | &nbsp;&nbsp;$(4203) | &nbsp;&nbsp;&nbsp;&nbsp;(8722) | &nbsp;&nbsp;$(63739) | &nbsp;&nbsp;&nbsp;&nbsp;25525 | &nbsp;&nbsp;$246831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;$8187 | &nbsp;&nbsp;&nbsp;&nbsp;2671 | &nbsp;&nbsp;$22068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;$25953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;$25826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued-merger (See Note 12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(1379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9330) | &nbsp;&nbsp;&nbsp;&nbsp;(1133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9093) | &nbsp;&nbsp;&nbsp;&nbsp;(1309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9833) | &nbsp;&nbsp;&nbsp;&nbsp;(3287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) | &nbsp;&nbsp;$(1143) | &nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;$19051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;$16856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 | &nbsp;&nbsp;$47808 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;$1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;$4397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;$10281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;$16093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7563) | &nbsp;&nbsp;&nbsp;&nbsp;(1469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20432) | &nbsp;&nbsp;&nbsp;&nbsp;(1132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(628) | &nbsp;&nbsp;$(5119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(754) | &nbsp;&nbsp;$(6201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) | &nbsp;&nbsp;$(10151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777) | &nbsp;&nbsp;$(34894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;1620 | &nbsp;&nbsp;$24805 | &nbsp;&nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;$41207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;$32749 | &nbsp;&nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;$62849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8640) | &nbsp;&nbsp;&nbsp;&nbsp;(1151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15892) | &nbsp;&nbsp;&nbsp;&nbsp;(1243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69473) | &nbsp;&nbsp;&nbsp;&nbsp;(3815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;1064 | &nbsp;&nbsp;$16422 | &nbsp;&nbsp;&nbsp;&nbsp;1784 | &nbsp;&nbsp;$25580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(667) | &nbsp;&nbsp;$(36724) | &nbsp;&nbsp;&nbsp;&nbsp;(2528) | &nbsp;&nbsp;$(120780) |

---

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;$388 | &nbsp;&nbsp;&nbsp;&nbsp;1297 | &nbsp;&nbsp;$17647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;$2671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;$12338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1332) | &nbsp;&nbsp;&nbsp;&nbsp;(1074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;$(935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;$1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;$(6743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$(1273) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

#### Note 6. 10% Shareholders
As of June 30, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | **% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

<sup>\*</sup> None of the accounts are affiliated.

#### Note 7. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. The Fund is unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of the Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions,

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At June 30, 2025, the following Funds held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Sector** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;31 |

---

#### Note 8. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 9. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At June 30, 2025, the Funds did not hold any securities that were restricted.

#### Note 10. Redemption Facility

#### ($ reported in thousands)
The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 3, 2025. The Credit Agreement allows the funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable of each Fund's total net assets in accordance with the terms of the agreement. Each fund that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of the Secured Overnight Funding Rate (''SOFR") or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the six months ended June 30, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations. At June 30, 2025, the Funds did not have outstanding borrowings.

The following Funds had outstanding loans during the six months period. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Incurred on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Days<br> Outstanding** |
| Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1200 | &nbsp;&nbsp;&nbsp;&nbsp;5.44% | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than $500 (not in thousands).

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025

#### Note 11. Federal Income Tax Information

#### ($ reported in thousands)
At June 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Ceredex Large-Cap Value Equity Fund<br>| $528622 | &nbsp;&nbsp;&nbsp;&nbsp;$63130 | &nbsp;&nbsp;&nbsp;&nbsp;$(24244) | &nbsp;&nbsp;&nbsp;&nbsp;$38886 |
| Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;1366541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130235 |
| Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 |
| SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;311411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43134 |
| Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148254 |
| Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;188684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351329 |

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended December 31, 2024, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$83114 | &nbsp;&nbsp;&nbsp;&nbsp;$7969 |

---

#### Note 12. Reorganization

#### ($ reported in thousands)
On November 15, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Vontobel Foreign Opportunities Fund, a series of the Virtus Opportunities Trust, (the "Acquired Fund), and the Virtus SGA International Growth Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Funds for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Funds. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Funds to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on March 8, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares Converted** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund Net<br> Asset Value of<br> Converted Shares** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5679 | &nbsp;&nbsp;&nbsp;&nbsp;15893 | &nbsp;&nbsp;&nbsp;&nbsp;151272 |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416 |
| Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;15408 | &nbsp;&nbsp;&nbsp;&nbsp;41885 | &nbsp;&nbsp;&nbsp;&nbsp;414406 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43554 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Acquired Fund<br> Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund Unrealized<br> Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquiring<br> Fund Net Assets** |
| $613648 | &nbsp;&nbsp;&nbsp;&nbsp;$206883 | &nbsp;&nbsp;&nbsp;&nbsp;$79404 |

---

The net assets of the Acquiring Fund immediately following the acquisition were $693,052.

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### June 30, 2025
Assuming the acquisition had been completed on January 1, 2024, the SGA International Growth Fund's pro-forma results of operations for the year ended December 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(382)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56350<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$55968 |

---

<sup>(a)</sup> $1,179, as reported in the Statement of Operations, plus $(1,561) net investment loss from the Acquired Fund pre-merger.

<sup>(b)</sup> $(48,249), as reported in the Statements of Operations, plus $104,599 net realized and unrealized gain (loss) on investments from Acquired Fund pre-merger.

Because the Acquired Fund and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since March 8, 2024.

#### Note 13. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or the subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 14. Recent Accounting Pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

#### Note 15. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements.

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST

#### OTHER INFORMATION (Unaudited)

#### June 30, 2025

#### FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants
None

#### FORM N-CSR ITEM 9 - Proxy Disclosure
None

#### FORM N-CSR ITEM 10 - Remuneration Paid to Trustees
For the six months ended June 30, 2025, the Funds incurred independent Trustee's fees totaling $125 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

#### FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract
None

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

#### VIRTUS ASSET TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

#### How to Contact Us

---

| | |
|:---|:---|
| Mutual Fund Services | 1-800-243-1574 |
| Adviser Consulting Group | 1-800-243-4361 |
| Website | **Virtus.com** |

---

------

[**Table of Contents**](#JOB_VAT_E_7c83567a-4ee0-4ba5-8fb7-391f4f6f03da_TOC)

![](g833372img3f170dcb2.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

---

| | |
|:---|:---|
| 8623 | 08-25 |

---

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Refer to the Other Information Section in Item 7(a).

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not Applicable. |
| (a)(2) | Not applicable. |

---

------

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d57789dex99cert.htm) |
| (a)(4) | Disclosure not required for open-end management investment companies. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d57789dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Asset Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

 <br> Date 8/29/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

 <br> Date 8/29/2025

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

---

 <br> Date 8/29/2025

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Asset Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | <u>8/29/2025</u> | /s/ George R. Aylward |
|  |  | George R. Aylward, President |
|  |  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Asset Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | <u>8/29/2025</u> | /s/ W. Patrick Bradley |
|  |  | W. Patrick Bradley, Executive Vice President, |
|  |  | Chief Financial Officer, and Treasurer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, George R. Aylward, President of Virtus Asset Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:<u> </u><u>8/29/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Asset Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:<u> </u><u>8/29/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---