# EDGAR Filing Document

**Accession Number:** 0000792359
**File Stem:** 0001752724-23-053224
**Filing Date:** 2023-3
**Character Count:** 261322
**Document Hash:** 59db2d5d576abec0f7e58ecc74452105
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-053224.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001752724-23-053224

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000792359
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04642
- **FILM NUMBER:** 23727200

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103
- **BUSINESS PHONE:** 8002487971

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIG EDGE SERIES FUND
- **DATE OF NAME CHANGE:** 19920304

## Series and Classes Contracts Data

### Virtus KAR Small-Cap Growth Series (Series ID: S000001949)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005133 | Class A      |  |
| C000126193 | Class I      |  |

### Virtus Newfleet Multi-Sector Intermediate Bond Series (Series ID: S000001950)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005134 | Class A      |  |
| C000126194 | Class I      |  |

### Virtus KAR Small-Cap Value Series (Series ID: S000001958)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005142 | Class A      |  |

### Virtus Duff & Phelps Real Estate Securities Series (Series ID: S000001962)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005146 | Class A      |  |
| C000126195 | Class I      |  |

### Virtus KAR Capital Growth Series (Series ID: S000001963)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005147 | Class A      |  |

### Virtus KAR Equity Income Series (Series ID: S000001964)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005148 | Class A      |  |

### VIRTUS STRATEGIC ALLOCATION SERIES (Series ID: S000001966)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005150 | Class A      |  |

### Virtus SGA International Growth Series (Series ID: S000002231)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005730 | Class A      |  |
| C000126196 | Class I      |  |

## Internal

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Virtus Variable Insurance Trust and Shareholders of Virtus Duff & Phelps Real Estate Securities Series, Virtus KAR Capital Growth Series, Virtus KAR Equity Income Series, Virtus KAR Small-Cap Growth Series, Virtus KAR Small-Cap Value Series, Virtus Newfleet Multi-Sector Intermediate Bond Series, Virtus SGA International Growth Series and Virtus Strategic Allocation Series

In planning and performing our audits of the financial statements of Virtus Duff & Phelps Real Estate Securities Series, Virtus KAR Capital Growth Series, Virtus KAR Equity Income Series, Virtus KAR Small- Cap Growth Series, Virtus KAR Small-Cap Value Series, Virtus Newfleet Multi-Sector Intermediate Bond Series, Virtus SGA International Growth Series and Virtus Strategic Allocation Series (constituting Virtus Variable Insurance Trust, hereafter collectively referred to as the "Funds"), as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose

described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB.

However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of December 31, 2022.

This report is intended solely for the information and use of the Board of Trustees of Virtus Variable Insurance Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 24, 2023

PricewaterhouseCoopers LLP, Two Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, PA 19103-7042 T: (267) 330-3000, F: (267) 330-3300, www .pwc.com/us

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000792359

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000001958

**Series ID Record:2**
- **Series ID:** S000001949

**Series ID Record:3**
- **Series ID:** S000001966

**Series ID Record:4**
- **Series ID:** S000001964

**Series ID Record:5**
- **Series ID:** S000002231

**Series ID Record:6**
- **Series ID:** S000001950

**Series ID Record:7**
- **Series ID:** S000001962

**Series ID Record:8**
- **Series ID:** S000001963

**Class ID Record:1**
- **Class ID:** C000005142

**Class ID Record:2**
- **Class ID:** C000126193

**Class ID Record:3**
- **Class ID:** C000005133

**Class ID Record:4**
- **Class ID:** C000005150

**Class ID Record:5**
- **Class ID:** C000005148

**Class ID Record:6**
- **Class ID:** C000126196

**Class ID Record:7**
- **Class ID:** C000005730

**Class ID Record:8**
- **Class ID:** C000126194

**Class ID Record:9**
- **Class ID:** C000005134

**Class ID Record:10**
- **Class ID:** C000126195

**Class ID Record:11**
- **Class ID:** C000005146

**Class ID Record:12**
- **Class ID:** C000005147

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Virtus Variable Insurance Trust

- **Item B.1.b - Investment Company Act file number:** 811-04642

- **Item B.1.c - CIK:** 0000792359

- **Item B.1.d - LEI:** 5493003VWTC7OD2WQT04

- **Item B.2.a - Street 1:** One Financial Plaza

- **Item B.2.b - City:** Hartford

- **Item B.2.c - State:** CT

- **Item B.2.e - Zip Code:** 06103

- **Item B.2.f - Telephone:** 800-248-4790

- **Item B.2.g - Public Website:** www.virtus.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Kayne Anderson Rudnick Investment Management, LLC

- **b. Street 1:** 2000 Avenue of the Stars

- **Street 2:** Suite 1110

- **c. City:** Los Angeles

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90067

- **g. Telephone number:** 310-556-2721

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as subadviser

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Virtus Investment Advisers, Inc.

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 800-248-7971

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Investment Adviser

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** The Bank of New York Mellon

- **b. Street 1:** 240 Greenwich Street

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10286

- **g. Telephone number:** 1-212-495-1784

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Custodian

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Virtus Fund Services, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 800-243-1574

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Administrator

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Sustainable Growth Advisers, LP

- **b. Street 1:** 301 Tresser Blvd.

- **Street 2:** Suite 1310

- **c. City:** Stamford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06901

- **g. Telephone number:** 1-203-348-4742

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as subadviser

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Newfleet Asset Management, a division of Virtus Fixed Income Advisers, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 877-332-8172

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** BNY Mellon Investment Servicing (US) Inc.

- **b. Street 1:** 301 Bellevue Parkway

- **c. City:** Wilmington

- **d. State, if applicable:** DE

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19809

- **g. Telephone number:** 1-302-791-1700

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Sub-Transfer Agent, Fund Accountant, Subadministrator and Dividend Dispersing Agent

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Duff & Phelps Investment Management Co.

- **b. Street 1:** 200 South Wacker Drive

- **Street 2:** Suite 500

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60606-5802

- **g. Telephone number:** 800-338-8214

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Jennifer Fromm, Esq.

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** (800)-243-1574

- **h. Briefly describe the books and records kept at this location:** Records related to her functions as Secretary of the Trust

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** VP Distributors, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 860-263-4736

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Principal Underwriter

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Virtus Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 8

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                  | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|:---|:---|:---|
| Sarah E. Cogan        | No                      | 811-21078, 811-07455, 811-22818, 811-23648, 811-23781, 811-21601, 811-21238, 811-23241, 811-21338, 811-10377, 811-21417, 811-21188, 811-00945, 811-06161, 811-08216, 811-21311, 811-22716, 811-23505, 811-22906, 811-23749, 811-10381, 811-21284, 811-21734, 811-21374, 811-22473, 811-10379, 811-21187, 811-23390, 811-21989, 811-07816, 811-22608, 811-23314, 811-09721, 811-10555, 811-21279, 811-23039, 811-21076, 811-07705, 811-21077, 811-23211, 811-22167, 811-03445, 811-22673, 811-05620, 811-21189, 811-23446 |
| Brian T. Zino         | No                      | 811-07455, 811-09140, 811-21284, 811-22716, 811-23446, 811-23039, 811-23241, 811-22906, 811-06161, 811-21989, 811-22608, 811-21417, 811-22473, 811-22818, 811-21338, 811-05620, 811-07705, 811-00945, 811-03445, 811-22167, 811-21279                                                                                                                                                                                                                                                                                    |
| Sidney E. Harris      | No                      | 811-21279, 811-07705, 811-22716, 811-00945, 811-22818, 811-06161, 811-22473, 811-03445, 811-22608, 811-22906, 811-05620, 811-22167, 811-07455, 811-09140                                                                                                                                                                                                                                                                                                                                                                 |
| R. Keith Walton       | No                      | 811-22167, 811-22818, 811-22906, 811-23039, 811-06161, 811-07912, 811-22473, 811-00945, 811-03445, 811-21284, 811-07705, 811-22716, 811-22608, 811-21279, 811-07455, 811-21989, 811-05620, 811-23446, 811-09140                                                                                                                                                                                                                                                                                                          |
| John R. Mallin        | No                      | 811-22608, 811-22716, 811-05620, 811-22906, 811-09140, 811-00945, 811-22167, 811-22473, 811-07455, 811-21279, 811-06161, 811-03445, 811-07705, 811-22818                                                                                                                                                                                                                                                                                                                                                                 |
| Deborah A. DeCotis    | No                      | 811-21076, 811-03445, 811-21989, 811-22673, 811-22608, 811-21311, 811-08216, 811-23648, 811-23314, 811-23039, 811-21374, 811-22473, 811-07455, 811-10555, 811-22167, 811-21338, 811-05620, 811-10379, 811-21601, 811-10381, 811-00945, 811-07705, 811-09721, 811-22818, 811-10377, 811-23505, 811-22906, 811-23241, 811-21734, 811-21284, 811-23749, 811-23211, 811-21188, 811-23390, 811-22716, 811-07816, 811-21078, 811-21279, 811-23781, 811-21417, 811-21077, 811-23446, 811-21238, 811-06161, 811-21189, 811-21187 |
| F. Ford Drummond      | No                      | 811-07455, 811-22473, 811-06161, 811-22608, 811-23039, 811-21417, 811-22818, 811-22906, 811-22167, 811-03445, 811-21989, 811-21284, 811-23446, 811-05620, 811-00945, 811-21279, 811-22716, 811-21338, 811-07705, 811-23241                                                                                                                                                                                                                                                                                               |
| Philip R. McLoughlin  | No                      | 811-00945, 811-22473, 811-05620, 811-06161, 811-23446, 811-23241, 811-22533, 811-07705, 811-06416, 811-22906, 811-21279, 811-22608, 811-03445, 811-21284, 811-23039, 811-22716, 811-22167, 811-04915, 811-21989, 811-09140, 811-21338, 811-07455, 811-21417, 811-22818                                                                                                                                                                                                                                                   |
| George R. Aylward     | Yes                     | 811-21279, 811-03445, 811-23446, 811-23241, 811-21417, 811-22167, 811-21989, 811-22608, 811-23039, 811-07705, 811-06161, 811-00945, 811-22716, 811-09140, 811-21338, 811-22473, 811-21284, 811-23078, 811-07455, 811-22906, 811-05620, 811-22818                                                                                                                                                                                                                                                                         |
| Connie D. McDaniel    | No                      | 811-22906, 811-22818, 811-07705, 811-09140, 811-05620, 811-06161, 811-07455, 811-00945, 811-22608, 811-03445, 811-22167, 811-21279, 811-22473, 811-22716                                                                                                                                                                                                                                                                                                                                                                 |
| Geraldine M. McNamara | No                      | 811-22533, 811-03445, 811-23446, 811-09140, 811-06161, 811-04915, 811-07705, 811-22608, 811-22906, 811-21989, 811-06416, 811-22167, 811-22818, 811-22473, 811-22716, 811-00945, 811-21279, 811-07455, 811-05620                                                                                                                                                                                                                                                                                                          |
| Donald C. Burke       | No                      | 811-22167, 811-07705, 811-06416, 811-22533, 811-21279, 811-03445, 811-22608, 811-05620, 811-22818, 811-09140, 811-22716, 811-04915, 811-07455, 811-06161, 811-00945, 811-22473, 811-22906                                                                                                                                                                                                                                                                                                                                |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Timothy Branigan

- **b. CRD Number, if any:** 005980557

- **c. Street Address 1:** One Financial Plaza

- **   Street Address 2:** 26th Floor

- **d. City:** Hartford

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 06013

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

| Series Name                                           | Series ID   |
|:---|:---|
| Virtus KAR Small-Cap Value Series                     | S000001958  |
| Virtus KAR Small-Cap Growth Series                    | S000001949  |
| Virtus Strategic Allocation Series                    | S000001966  |
| Virtus KAR Equity Income Series                       | S000001964  |
| Virtus SGA International Growth Series                | S000002231  |
| Virtus Newfleet Multi-Sector Intermediate Bond Series | S000001950  |
| Virtus Duff & Phelps Real Estate Securities Series    | S000001962  |
| Virtus KAR Capital Growth Series                      | S000001963  |

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33897 

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** VP Distributors, LLC

- **ii. SEC file number:** 008-14100

- **iii. CRD number:** 000003036

- **iv. LEI, if any:** 549300IW1QX018U5W603

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PricewaterhouseCoopers LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Virtus KAR Small-Cap Value Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Small-Cap Value Series

- **b. Series identification number, if any:** S000001958

- **c. LEI:** 549300BR56P85EVCTD13

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000005142                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Robert W. Baird & Co. Incorporated

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,704.00

**Brokers Record: 2**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,486.00

**Brokers Record: 3**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,065.00

**Brokers Record: 4**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,497.00

**Brokers Record: 5**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $481.00

**Brokers Record: 6**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 008-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $224.00

**Brokers Record: 7**

- **i. Full name of broker:** Sandler, O'Neill & Partners, L.P.

- **ii. SEC file number:** 008-40214

- **iii. CRD number:** 000023328

- **iv. LEI, if any:** 254900L3FGOOS5VBCH09

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $493.00

**Brokers Record: 8**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $988.00

**Brokers Record: 9**

- **i. Full name of broker:** KEYBANC CAPITAL MARKETS, INC.

- **ii. SEC file number:** 008-30177

- **iii. CRD number:** 000000566

- **iv. LEI, if any:** 2EQWV0180Z211YVAD813

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $547.00

**Brokers Record: 10**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $195.00

**Aggregate Commission:** $10,078.00

**Item C.17.a. Principal transaction counterparties.**

| Name                       | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $2,032,096.00             |
| JEFFERIES LLC              | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $1,392,537.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $3,424,632.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $72,973,891.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| The Merger Fund                                                | 811-03445         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus KAR Equity Income Series                                | 811-04642         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Virtus KAR Small-Cap Growth Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Small-Cap Growth Series

- **b. Series identification number, if any:** S000001949

- **c. LEI:** 549300Q6LMM5SHUPN178

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class I                 | C000126193                                | N/A                          |
|                           2 | Class A                 | C000005133                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $401,735.61

- **g. Provide the net income from securities lending activities:** $935.40

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 5**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,082.00

**Brokers Record: 2**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,153.00

**Brokers Record: 3**

- **i. Full name of broker:** INSTINET, LLC

- **ii. SEC file number:** 008-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** 549300MGMN3RKMU8FT57

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $875.00

**Brokers Record: 4**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,666.00

**Brokers Record: 5**

- **i. Full name of broker:** BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,229.00

**Brokers Record: 6**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 008-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,119.00

**Brokers Record: 7**

- **i. Full name of broker:** AUERBACH GRAYSON & COMPANY LLC

- **ii. SEC file number:** 008-45136

- **iii. CRD number:** 000030761

- **iv. LEI, if any:** 254900THN5ANAH8X1V30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $742.00

**Brokers Record: 8**

- **i. Full name of broker:** Sandler, O'Neill & Partners, L.P.

- **ii. SEC file number:** 008-40214

- **iii. CRD number:** 000023328

- **iv. LEI, if any:** 254900L3FGOOS5VBCH09

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,554.00

**Brokers Record: 9**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,716.00

**Brokers Record: 10**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,895.00

**Aggregate Commission:** $28,493.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $96,184,501.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| The Merger Fund                                                | 811-03445         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Virtus Strategic Allocation Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Strategic Allocation Series

- **b. Series identification number, if any:** S000001966

- **c. LEI:** 549300DQUY8629YQT565

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000005150                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $73,075.15

- **g. Provide the net income from securities lending activities:** $1,029.35

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 2**

- **i. Full name:** Citibank Argentina

- **ii. LEI, if any:** 579100KKDGKCFFKKF005

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** Deutsche Bank A.S. (Turkey)

- **ii. LEI, if any:** 789000N5SE3LWDK7OI11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** Citibank Europe PLC, Hungarian Branch Office

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** UBS SWITZERLAND AG (T2S)

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** The Bank of New York Mellon (Ireland)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** CACEIS BANK SPAIN S.A.

- **ii. LEI, if any:** 95980020140005970915

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** STANBIC IBTC BANK PLC

- **ii. LEI, if any:** 549300NIVXF92ZIOVW61

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** THE STANDARD BANK OF SOUTH AFRICA

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** Banque Nationale de Belgique SA/NV

- **ii. LEI, if any:** CGYP50QBGGR6NCHTSN68

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank N.A., Brazilian Branch

- **ii. LEI, if any:** 1P0UUG7LC1S92QTNHG39

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** Banco Santander Chile

- **ii. LEI, if any:** 3YJP8HORPAEXJ80D6368

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** Clearstream Banking S.A. (Luxembourg)

- **ii. LEI, if any:** 549300OL514RA0SXJJ44

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** Euroclear Belgium

- **ii. LEI, if any:** 21380014SJC1QPK8O356

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 16**

- **i. Full name:** Citibank ZAO

- **ii. LEI, if any:** CHSQDSVI1UI96Y2SW097

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** Landsbankinn hf.

- **ii. LEI, if any:** 549300TLZPT6JELDWM92

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation, Seoul

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** Deutsche Bank AG (India)

- **ii. LEI, if any:** 529900XJG4R4MYZD2W75

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** Euroclear France

- **ii. LEI, if any:** 54930060MY6S68NEUP16

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 21**

- **i. Full name:** The Bank of New York Mellon SA/NV (Germany)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation, Vietnam

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Copenhagen Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 24**

- **i. Full name:** HSBC Bank Australia Limited

- **ii. LEI, if any:** DY9DBNI4W8J63Z298033

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 26**

- **i. Full name:** Deutsche Bank AG (Indonesia)

- **ii. LEI, if any:** 529900BYFVEGGOM24P36

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** Citibank Europe PLC (Czech Republic)

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 28**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 29**

- **i. Full name:** STANDARD CHARTERED BANK (SINGAPORE) LIMITED

- **ii. LEI, if any:** 549300MDYVVHJ8D1DW28

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 30**

- **i. Full name:** Cititrust S.A., Bogota

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 31**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 32**

- **i. Full name:** Citibank N.A., Sucursal De Lima

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 33**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Stockholm

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 34**

- **i. Full name:** Standard Chartered Bank Malaysia Berhad

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 35**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 36**

- **i. Full name:** HSBC Bank Middle East Limited - Dubai Branch

- **ii. LEI, if any:** 549300F99IL9YJDWH369

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 37**

- **i. Full name:** Credit Suisse (Switzerland) Ltd.

- **ii. LEI, if any:** 549300CWR0W0BCS9Q144

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 38**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Italy)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 39**

- **i. Full name:** Standard Chartered Bank (Makati City, Metro Manila, PH, Branch)

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 40**

- **i. Full name:** HSBC Shenzhen

- **ii. LEI, if any:** 213800H3TEBTFHD5JR69

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 41**

- **i. Full name:** Bank Polska Kasa Opieki S.A.

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 42**

- **i. Full name:** Citibanamex, Mexico City

- **ii. LEI, if any:** 5493004NLEXB8DK06353

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 43**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 44**

- **i. Full name:** HSBC Shanghai

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 45**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 46**

- **i. Full name:** Credit Suisse (Switzerland) Ltd (T2S)

- **ii. LEI, if any:** 549300CWR0W0BCS9Q144

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 47**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Helsinki Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 48**

- **i. Full name:** UniCredit Bank Austria AG

- **ii. LEI, if any:** D1HEB8VEU6D9M8ZUXG17

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 49**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 50**

- **i. Full name:** HSBC Bank (Taiwan) Limited

- **ii. LEI, if any:** 549300SG184IVNYDMN03

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 51**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Netherlands)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 52**

- **i. Full name:** Bank Hapoalim B.M.

- **ii. LEI, if any:** B6ARUI4946ST4S7WOU88

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 53**

- **i. Full name:** Citibank Europe PLC (Portugal)

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 54**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Oslo Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 55**

- **i. Full name:** HSBC HK Bond Connect - Hong Kong

- **ii. LEI, if any:** N/A

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 56**

- **i. Full name:** HSBC NOMINEES (NEW ZEALAND) LIMITED

- **ii. LEI, if any:** 213800NHDWIZKO5KIH05

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 57**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 008-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $782.00

**Brokers Record: 2**

- **i. Full name of broker:** Needham & Company, LLC

- **ii. SEC file number:** 008-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $928.00

**Brokers Record: 3**

- **i. Full name of broker:** AUERBACH GRAYSON & COMPANY LLC

- **ii. SEC file number:** 008-45136

- **iii. CRD number:** 000030761

- **iv. LEI, if any:** 254900THN5ANAH8X1V30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,512.00

**Brokers Record: 4**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,278.00

**Brokers Record: 5**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,668.00

**Brokers Record: 6**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,262.00

**Brokers Record: 7**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,046.00

**Brokers Record: 8**

- **i. Full name of broker:** Strategas Securities, LLC

- **ii. SEC file number:** 008-68138

- **iii. CRD number:** 000149326

- **iv. LEI, if any:** 254900D5NQ2O9DJLKH96

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $776.00

**Brokers Record: 9**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $708.00

**Brokers Record: 10**

- **i. Full name of broker:** NUMIS SECURITIES INC.

- **ii. SEC file number:** 008-66139

- **iii. CRD number:** 000128471

- **iv. LEI, if any:** 213800GW3YZJDBPALN37

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $898.00

**Aggregate Commission:** $18,001.00

**Item C.17.a. Principal transaction counterparties.**

| Name                                | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| GOLDMAN SACHS & CO. LLC             | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $997,683.00               |
| J.P. Morgan Securities LLC          | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,248,597.00             |
| MORGAN STANLEY & CO. LLC            | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $510,143.00               |
| BOFA SECURITIES, INC.               | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $1,077,683.00             |
| BARCLAYS CAPITAL, INC.              | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $451,796.00               |
| Jane Street Execution Services, LLC | 008-69254         |    000167280 | 549300HXJLXCPDWAH070 | NY      | US        | $456,463.00               |
| WELLS FARGO SECURITIES, LLC         | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $502,160.00               |
| SIEBERT WILLIAMS SHANK & CO LLC     | 008-49877         |    000042568 | 254900VTARX8RAY9QK77 | CA      | US        | $640,073.00               |
| DEUTSCHE BANK SECURITIES, INC.      | 008-17822         |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $386,953.00               |
| CitiGroup Global Markets Inc.       | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $816,805.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $9,466,308.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $75,596,882.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| The Merger Fund                                                | 811-03445         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Virtus KAR Equity Income Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Equity Income Series

- **b. Series identification number, if any:** S000001964

- **c. LEI:** 549300PC54UX0KQ8FZ02

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000005148                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $275,661.07

- **g. Provide the net income from securities lending activities:** $3,344.07

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Strategas Securities, LLC

- **ii. SEC file number:** 008-68138

- **iii. CRD number:** 000149326

- **iv. LEI, if any:** 254900D5NQ2O9DJLKH96

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,543.00

**Brokers Record: 2**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $306.00

**Brokers Record: 3**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $328.00

**Brokers Record: 4**

- **i. Full name of broker:** Stifel, Nicolaus & Company, Incorporated

- **ii. SEC file number:** 008-01447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,012.00

**Brokers Record: 5**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $883.00

**Brokers Record: 6**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,880.00

**Brokers Record: 7**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 008-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $980.00

**Brokers Record: 8**

- **i. Full name of broker:** Robert W. Baird & Co. Incorporated

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,920.00

**Brokers Record: 9**

- **i. Full name of broker:** BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,731.00

**Brokers Record: 10**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,249.00

**Aggregate Commission:** $16,023.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $94,394,968.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| The Merger Fund                                                | 811-03445         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus FORT Trend Fund                                         | 811-07455         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Virtus SGA International Growth Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus SGA International Growth Series

- **b. Series identification number, if any:** S000002231

- **c. LEI:** 549300Z1M2ELIDGVV206

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class I                 | C000126196                                | N/A                          |
|                           2 | Class A                 | C000005730                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $1,638,351.36

- **g. Provide the net income from securities lending activities:** $4,719.22

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Sustainable Growth Advisers, LP

- **ii. SEC file number:** 801-62151

- **iii. CRD number:** 000127447

- **iv. LEI, if any:** 254900YJCQ391O8UQ071

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** STANDARD CHARTERED BANK (SINGAPORE) LIMITED

- **ii. LEI, if any:** 549300MDYVVHJ8D1DW28

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** HSBC Bank Australia Limited

- **ii. LEI, if any:** DY9DBNI4W8J63Z298033

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation, Seoul

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Oslo Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** The Bank of New York Mellon (Ireland)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** THE STANDARD BANK OF SOUTH AFRICA

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Euroclear Belgium

- **ii. LEI, if any:** 21380014SJC1QPK8O356

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 10**

- **i. Full name:** Euroclear France

- **ii. LEI, if any:** 54930060MY6S68NEUP16

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 11**

- **i. Full name:** Clearstream Banking S.A. (Luxembourg)

- **ii. LEI, if any:** 549300OL514RA0SXJJ44

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Standard Chartered Bank (Makati City, Metro Manila, PH, Branch)

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** Credit Suisse (Switzerland) Ltd (T2S)

- **ii. LEI, if any:** 549300CWR0W0BCS9Q144

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 15**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Netherlands)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 16**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Copenhagen Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** Deutsche Bank AG (India)

- **ii. LEI, if any:** 529900XJG4R4MYZD2W75

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** PJSC ROSBANK

- **ii. LEI, if any:** HOXMZG026UQNRK6J0C60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** Citibanamex, Mexico City

- **ii. LEI, if any:** 5493004NLEXB8DK06353

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 24**

- **i. Full name:** HSBC Bank (China) Company Limited

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** Banque Nationale de Belgique SA/NV

- **ii. LEI, if any:** CGYP50QBGGR6NCHTSN68

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** Credit Suisse (Switzerland) Ltd.

- **ii. LEI, if any:** 549300CWR0W0BCS9Q144

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 28**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Stockholm

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 29**

- **i. Full name:** Citibank N.A., Brazilian Branch

- **ii. LEI, if any:** 1P0UUG7LC1S92QTNHG39

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 30**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 31**

- **i. Full name:** CACEIS BANK SPAIN S.A.

- **ii. LEI, if any:** 95980020140005970915

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 32**

- **i. Full name:** The Bank of New York Mellon SA/NV (Germany)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** NOMURA SECURITIES INTERNATIONAL, INC.

- **ii. SEC file number:** 008-15255

- **iii. CRD number:** 000004297

- **iv. LEI, if any:** OXTKY6Q8X53C9ILVV871

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,059.00

**Brokers Record: 2**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,305.00

**Brokers Record: 3**

- **i. Full name of broker:** JONESTRADING

- **ii. SEC file number:** 008-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,625.00

**Brokers Record: 4**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,216.00

**Brokers Record: 5**

- **i. Full name of broker:** RBC CAPITAL MARKETS, LLC

- **ii. SEC file number:** 008-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,324.00

**Brokers Record: 6**

- **i. Full name of broker:** TOURMALINE PARTNERS, LLC

- **ii. SEC file number:** 008-68644

- **iii. CRD number:** 000154492

- **iv. LEI, if any:** 5493002XAV50EJHN6Y32

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,264.00

**Brokers Record: 7**

- **i. Full name of broker:** EVERCORE GROUP L.L.C.

- **ii. SEC file number:** 008-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,503.00

**Brokers Record: 8**

- **i. Full name of broker:** BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,586.00

**Brokers Record: 9**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,154.00

**Brokers Record: 10**

- **i. Full name of broker:** CitiGroup Global Markets Inc.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,431.00

**Aggregate Commission:** $74,255.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $133,887,558.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| The Merger Fund                                                | 811-03445         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Virtus Newfleet Multi-Sector Intermediate Bond Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Newfleet Multi-Sector Intermediate Bond Series

- **b. Series identification number, if any:** S000001950

- **c. LEI:** 549300JZNZ5QA71A1O24

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class I                 | C000126194                                | N/A                          |
|                           2 | Class A                 | C000005134                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $578,144.12

- **g. Provide the net income from securities lending activities:** $6,825.04

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Citibank Argentina

- **ii. LEI, if any:** 579100KKDGKCFFKKF005

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** Citibanamex, Mexico City

- **ii. LEI, if any:** 5493004NLEXB8DK06353

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** HSBC Bank Australia Limited

- **ii. LEI, if any:** DY9DBNI4W8J63Z298033

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Deutsche Bank A.S. (Turkey)

- **ii. LEI, if any:** 789000N5SE3LWDK7OI11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** HSBC NOMINEES (NEW ZEALAND) LIMITED

- **ii. LEI, if any:** 213800NHDWIZKO5KIH05

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** STANBIC IBTC BANK PLC

- **ii. LEI, if any:** 549300NIVXF92ZIOVW61

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation, Seoul

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Bank Polska Kasa Opieki S.A.

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Citibank N.A., Brazilian Branch

- **ii. LEI, if any:** 1P0UUG7LC1S92QTNHG39

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** Banco Santander Chile

- **ii. LEI, if any:** 3YJP8HORPAEXJ80D6368

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 13**

- **i. Full name:** HSBC Bank (Taiwan) Limited

- **ii. LEI, if any:** 549300SG184IVNYDMN03

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** UBS SWITZERLAND AG (T2S)

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Oslo Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 16**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Stockholm

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** Citibank N.A., Sucursal De Lima

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** PJSC ROSBANK

- **ii. LEI, if any:** HOXMZG026UQNRK6J0C60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** Cititrust S.A., Bogota

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 24**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** HSBC HK Bond Connect - Hong Kong

- **ii. LEI, if any:** N/A

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** THE STANDARD BANK OF SOUTH AFRICA

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 28**

- **i. Full name:** Deutsche Bank AG (Indonesia)

- **ii. LEI, if any:** 529900BYFVEGGOM24P36

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Jane Street Execution Services, LLC

- **ii. SEC file number:** 008-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $296.00

**Brokers Record: 2**

- **i. Full name of broker:** INSTINET, LLC

- **ii. SEC file number:** 008-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** 549300MGMN3RKMU8FT57

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $132.00

**Aggregate Commission:** $428.00

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| CitiGroup Global Markets Inc.      | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,961,862.00             |
| RBC CAPITAL MARKETS LLC            | 008-45411         |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $2,839,332.00             |
| JEFFERIES LLC                      | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $3,654,472.00             |
| J.P. Morgan Securities LLC         | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $12,012,457.00            |
| WELLS FARGO SECURITIES, LLC        | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $8,580,410.00             |
| CREDIT SUISSE SECURITIES (USA) LLC | 008-00422         |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $3,878,576.00             |
| MORGAN STANLEY & CO. LLC           | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $7,470,275.00             |
| BOFA SECURITIES, INC.              | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $10,329,468.00            |
| BARCLAYS CAPITAL, INC.             | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $7,890,867.00             |
| GOLDMAN SACHS & CO. LLC            | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $8,704,521.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $86,237,224.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $100,986,775.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| The Merger Fund                                                | 811-03445         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus SGA International Growth Series                         | 811-04642         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Virtus Duff & Phelps Real Estate Securities Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Duff & Phelps Real Estate Securities Series

- **b. Series identification number, if any:** S000001962

- **c. LEI:** 5493005DJ3IB0Z43U721

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class I                 | C000126195                                | N/A                          |
|                           2 | Class A                 | C000005146                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Duff & Phelps Investment Management Co.

- **ii. SEC file number:** 801-14813

- **iii. CRD number:** 000107296

- **iv. LEI, if any:** 549300W01Z54L5RHPJ40

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** SMBC NIKKO SECURITIES AMERICA, INC.

- **ii. SEC file number:** 008-43852

- **iii. CRD number:** 000028602

- **iv. LEI, if any:** 6PJDTY319315T5LR2241

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,627.00

**Brokers Record: 2**

- **i. Full name of broker:** CitiGroup Global Markets Inc.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $404.00

**Brokers Record: 3**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5.00

**Brokers Record: 4**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 008-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,613.00

**Brokers Record: 5**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,923.00

**Brokers Record: 6**

- **i. Full name of broker:** EVERCORE GROUP L.L.C.

- **ii. SEC file number:** 008-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,197.00

**Brokers Record: 7**

- **i. Full name of broker:** RBC CAPITAL MARKETS, LLC

- **ii. SEC file number:** 008-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $654.00

**Brokers Record: 8**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,930.00

**Brokers Record: 9**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,467.00

**Brokers Record: 10**

- **i. Full name of broker:** WOLFE RESEARCH SECURITIES

- **ii. SEC file number:** 008-68406

- **iii. CRD number:** 000151850

- **iv. LEI, if any:** 25490055RCIM412FC286

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $234.00

**Aggregate Commission:** $15,055.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $99,388,291.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| The Merger Fund                                                | 811-03445         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Virtus KAR Capital Growth Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Capital Growth Series

- **b. Series identification number, if any:** S000001963

- **c. LEI:** 549300NHKW2V5WOVDF18

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000005147                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $50,060.26

- **g. Provide the net income from securities lending activities:** $293.07

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, Inc.

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 4**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Netherlands)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,453.00

**Brokers Record: 2**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,032.00

**Brokers Record: 3**

- **i. Full name of broker:** WILLIAM BLAIR & COMPANY, L.L.C.

- **ii. SEC file number:** 008-02698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,013.00

**Brokers Record: 4**

- **i. Full name of broker:** Robert W. Baird & Co. Incorporated

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $799.00

**Brokers Record: 5**

- **i. Full name of broker:** Strategas Securities, LLC

- **ii. SEC file number:** 008-68138

- **iii. CRD number:** 000149326

- **iv. LEI, if any:** 254900D5NQ2O9DJLKH96

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,902.00

**Brokers Record: 6**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,895.00

**Brokers Record: 7**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,709.00

**Brokers Record: 8**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,805.00

**Brokers Record: 9**

- **i. Full name of broker:** Needham & Company, LLC

- **ii. SEC file number:** 008-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,636.00

**Brokers Record: 10**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,300.00

**Aggregate Commission:** $27,038.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $223,706,881.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| The Merger Fund                                                | 811-03445         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Virtus Variable Insurance Trust

**Date:** 2023-03-13

**Signature:** Benjamin Lowe 

**Title:** Vice President