# EDGAR Filing Document

**Accession Number:** 0001018593
**File Stem:** 0000940400-25-011184
**Filing Date:** 2025-11
**Character Count:** 61808
**Document Hash:** 88d864635db461b1fc1b312a3136c678
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011184.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011184

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07705
- **FILM NUMBER:** 251531606

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**VIRTUS Seix Investment Grade Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds**<sup>(1)</sup>**—92.3%** | **Municipal Bonds**<sup>(1)</sup>**—92.3%** | **Municipal Bonds**<sup>(1)</sup>**—92.3%** |
| **California—0.2%** | **California—0.2%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency <br> Revenue, Series A<br>|  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 6/1/27 | $100 | &nbsp;&nbsp; $103 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 6/1/28 | 100 | &nbsp;&nbsp; 105 |
|  |  | &nbsp;&nbsp; 208 |
| **Colorado—4.6%** | **Colorado—4.6%** |  |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University <br> System, System Enterprise Revenue, Series C <br>5.000%, 3/1/36<br>| 1360 | &nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Co. Utilities System Revenue, <br> Series B <br>5.000%, 11/15/43<br>| 1180 | &nbsp;&nbsp; 1258 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise, Miscellaneous <br> Revenue, Series A (AG Insured) <br>5.250%, 12/1/54<br>| 500 | &nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Sales Tax Revenue, <br> Series A<br>|  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 1/15/27 | 900 | &nbsp;&nbsp; 920 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 7/15/27 | 1025 | &nbsp;&nbsp; 1056 |
|  |  | &nbsp;&nbsp; 5304 |
| **Connecticut—2.0%** | **Connecticut—2.0%** |  |
| State of Connecticut, General Obligation, Series B |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 12/1/29 | 500 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 12/1/34 | 1500 | &nbsp;&nbsp; 1742 |
|  |  | &nbsp;&nbsp; 2293 |
| **Florida—8.6%** | **Florida—8.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Jacksonville, General Fund Revenue <br>5.000%, 10/1/37<br>| 1155 | &nbsp;&nbsp; 1293 |
| Florida Municipal Power Agency Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.000%, 10/1/32 | 750 | &nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.000%, 10/1/33 | 750 | &nbsp;&nbsp; 727 |
| &nbsp;&nbsp;&nbsp; Marion County School Board, Certificates of <br> Participation (AG Insured) <br>5.000%, 6/1/43<br>| 1530 | &nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp; Miami-Dade Seaport Department County Revenue, <br> Senior Bonds, Series A (AMT) <br>5.000%, 10/1/40<br>| 2500 | &nbsp;&nbsp; 2606 |
| &nbsp;&nbsp;&nbsp; Orange County School Board, Certificates of <br> Participation, Series A <br>5.000%, 8/1/34<br>| 1650 | &nbsp;&nbsp; 1885 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Water Revenue, Series A <br>5.000%, 10/1/49<br>| 1040 | &nbsp;&nbsp; 1087 |
|  |  | &nbsp;&nbsp; 9951 |
| **Georgia—3.3%** | **Georgia—3.3%** |  |
| &nbsp;&nbsp;&nbsp; Atlanta Urban Redevelopment Agency, Surface <br> Transportation & Infrastructure Project Revenue, <br> Series B <br>5.000%, 7/1/37<br>| 1350 | &nbsp;&nbsp; 1530 |
| &nbsp;&nbsp;&nbsp; Jackson County School District, General Obligation <br> State AID Withholding <br>5.000%, 3/1/35<br>| 2000 | &nbsp;&nbsp; 2327 |
|  |  | &nbsp;&nbsp; 3857 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Illinois—6.1%** | **Illinois—6.1%** |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport Revenue, Senior <br> Lien, Series D (AMT) <br>5.000%, 1/1/26<br>| $2600 | &nbsp;&nbsp; $2614 |
| &nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, <br> Second Lien,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A (AG Insured) <br>5.250%, 1/1/40<br>| 2650 | &nbsp;&nbsp; 2835 |
| &nbsp;&nbsp;&nbsp; Series B (AG Insured) <br>5.000%, 1/1/38<br>| 1000 | &nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp; City of Chicago, General Obligation, Series E <br>6.000%, 1/1/42<br>| 525 | &nbsp;&nbsp; 565 |
|  |  | &nbsp;&nbsp; 7086 |
| **Indiana—3.6%** | **Indiana—3.6%** |  |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Indianapolis Airport Authority Revenue <br>5.250%, 1/1/41<br>| 3870 | &nbsp;&nbsp; 4149 |
| **Louisiana—2.8%** | **Louisiana—2.8%** |  |
| State of Louisiana, General Obligation, |  |  |
| &nbsp;&nbsp;&nbsp; Series B <br>5.000%, 6/1/37<br>| 415 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Series E <br>5.000%, 9/1/27<br>| 1000 | &nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Series E <br>5.000%, 9/1/31<br>| 1550 | &nbsp;&nbsp; 1762 |
|  |  | &nbsp;&nbsp; 3280 |
| **Maryland—5.0%** | **Maryland—5.0%** |  |
| &nbsp;&nbsp;&nbsp; Anne Arundel County, General Obligation <br>5.000%, 10/1/30<br>| 2615 | &nbsp;&nbsp; 2675 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Water <br> Revenue (CNTY GTD Insured) <br>5.000%, 6/15/30<br>| 3000 | &nbsp;&nbsp; 3122 |
|  |  | &nbsp;&nbsp; 5797 |
| **Massachusetts—2.2%** | **Massachusetts—2.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, General Obligation, <br> Series E <br>5.000%, 8/1/41<br>| 1015 | &nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax <br> Revenue, Senior Bond, Series B <br>5.000%, 7/1/40<br>| 1250 | &nbsp;&nbsp; 1380 |
|  |  | &nbsp;&nbsp; 2495 |
| **Mississippi—2.7%** | **Mississippi—2.7%** |  |
| &nbsp;&nbsp;&nbsp; State of Mississippi, General Obligation, Series C <br>5.000%, 10/1/36<br>| 3000 | &nbsp;&nbsp; 3147 |
| **Nevada—0.7%** | **Nevada—0.7%** |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Convention & Visitors Authority, Hotel <br> Occupancy Tax Revenue, Series A <br>5.000%, 7/1/49<br>| 760 | &nbsp;&nbsp; 785 |

---

See Notes to Schedule of Investments

------

**VIRTUS Seix Investment Grade Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **New Jersey—3.2%** | **New Jersey—3.2%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority <br> Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A <br>5.000%, 6/15/35<br>| $1390 | &nbsp;&nbsp; $1580 |
| &nbsp;&nbsp;&nbsp; Series AA <br>5.250%, 6/15/41<br>| 2000 | &nbsp;&nbsp; 2186 |
|  |  | &nbsp;&nbsp; 3766 |
| **New York—10.0%** | **New York—10.0%** |  |
| City of New York, General Obligation, |  |  |
| &nbsp;&nbsp;&nbsp; Series A <br>5.000%, 8/1/40<br>| 1000 | &nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp; Series D-1 <br>5.500%, 5/1/46<br>| 500 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; Series G-1 <br>5.000%, 2/1/43<br>| 1000 | &nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Water Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series AA <br>5.000%, 6/15/49<br>| 915 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp; Series EE <br>5.000%, 6/15/45<br>| 1445 | &nbsp;&nbsp; 1476 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Income <br> Tax Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1 <br>5.000%, 11/1/40<br>| 1000 | &nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; Series B <br>5.000%, 5/1/46<br>| 1600 | &nbsp;&nbsp; 1673 |
| &nbsp;&nbsp;&nbsp; Series H-1 <br>5.000%, 11/1/41<br>| 500 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp; Series H-1 <br>5.500%, 11/1/51<br>| 345 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, (AMT) <br>5.000%, 10/15/30<br>| 2595 | &nbsp;&nbsp; 2846 |
|  |  | &nbsp;&nbsp; 11644 |
| **North Carolina—0.9%** | **North Carolina—0.9%** |  |
| &nbsp;&nbsp;&nbsp; County of Wake Revenue, Series A <br>5.000%, 5/1/44<br>| 1000 | &nbsp;&nbsp; 1069 |
| **Ohio—6.7%** | **Ohio—6.7%** |  |
| &nbsp;&nbsp;&nbsp; State of Ohio, General Obligation, Series A <br>5.000%, 6/15/32<br>| 7735 | &nbsp;&nbsp; 7801 |
| **Oklahoma—1.0%** | **Oklahoma—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Clean Water <br> Program Revenue <br>5.000%, 4/1/42<br>| 1100 | &nbsp;&nbsp; 1177 |
| **Oregon—2.0%** | **Oregon—2.0%** |  |
| &nbsp;&nbsp;&nbsp; Oregon State Lottery Revenue, Series A <br>5.250%, 4/1/42<br>| 500 | &nbsp;&nbsp; 553 |
| Port of Portland, Airport Revenue, Series 24B (AMT) |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 7/1/26 | 750 | &nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 7/1/30 | 1000 | &nbsp;&nbsp; 1022 |
|  |  | &nbsp;&nbsp; 2337 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pennsylvania—7.1%** | **Pennsylvania—7.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Philadelphia, General Obligation, Series C <br>5.000%, 8/1/32<br>| $4300 | &nbsp;&nbsp; $4893 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, PENNDOT Major Bridges Revenue (AMT) <br>5.250%, 6/30/35<br>| 750 | &nbsp;&nbsp; 814 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Toll Highway <br> Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp; First Subordinate Series <br>5.000%, 12/1/39<br>| 1000 | &nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp; Series B <br>5.250%, 12/1/41<br>| 1000 | &nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; Series B <br>5.250%, 12/1/52<br>| 400 | &nbsp;&nbsp; 417 |
|  |  | &nbsp;&nbsp; 8285 |
| **South Carolina—0.9%** | **South Carolina—0.9%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Novant Health Obligated Group Revenue, Series A <br>5.250%, 11/1/41<br>| 1000 | &nbsp;&nbsp; 1077 |
| **Texas—17.0%** | **Texas—17.0%** |  |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Trinity Basin <br> Preparatory Revenue (PSF-GTD Insured) <br>4.500%, 8/15/53<br>| 430 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Toll Highway <br> Revenue, Senior Lien, Series E<br>|  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 1/1/29 | 500 | &nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 1/1/30 | 1300 | &nbsp;&nbsp; 1420 |
| &nbsp;&nbsp;&nbsp; City of Austin, General Obligation <br>5.000%, 9/1/28<br>| 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi, Utility System Revenue, Series B <br>5.000%, 7/15/40<br>| 1450 | &nbsp;&nbsp; 1540 |
| &nbsp;&nbsp;&nbsp; City of Dallas, Waterworks & Sewer System Revenue, <br> Series A <br>5.000%, 10/1/31<br>| 6845 | &nbsp;&nbsp; 6970 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System Revenue, <br> First Subordinate Lien, Series A <br>5.000%, 11/15/38<br>| 1400 | &nbsp;&nbsp; 1534 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Revenue <br> (PSF-GTD Insured) <br>5.000%, 8/15/35<br>| 1715 | &nbsp;&nbsp; 1780 |
| &nbsp;&nbsp;&nbsp; Lovejoy Independent School District, General <br> Obligation (PSF-GTD Insured) <br>5.000%, 2/15/31<br>| 1020 | &nbsp;&nbsp; 1141 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System <br> Revenue <br>5.000%, 9/1/31<br>| 500 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas <br> System Revenue, Series B <br>5.000%, 7/1/36<br>| 1300 | &nbsp;&nbsp; 1516 |
| &nbsp;&nbsp;&nbsp; Spring Branch Independent School District, General <br> Obligation (PSF-GTD Insured) <br>5.000%, 2/1/29<br>| 1200 | &nbsp;&nbsp; 1297 |
| &nbsp;&nbsp;&nbsp; Wichita Falls Independent School District, General <br> Obligation (PSF-GTD Insured) <br>4.000%, 2/1/29<br>| 1000 | &nbsp;&nbsp; 1043 |
|  |  | &nbsp;&nbsp; 19734 |

---

See Notes to Schedule of Investments

------

**VIRTUS Seix Investment Grade Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utah—1.1%** | **Utah—1.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City, Airport Revenue, Series A (AMT) <br>5.250%, 7/1/36<br>| $1145 | &nbsp;&nbsp; $1257 |
| **Washington—0.6%** | **Washington—0.6%** |  |
| &nbsp;&nbsp;&nbsp; Grant County Public Hospital District No. 1, General <br> Obligation <br>5.500%, 12/1/43<br>| 690 | &nbsp;&nbsp; 715 |
| **Total Municipal Bonds** <br>**(Identified Cost $107,225)** | **Total Municipal Bonds** <br>**(Identified Cost $107,225)** | &nbsp;&nbsp; **107214** |
| **Total Long-Term Investments—92.3%** <br>**(Identified Cost $107,225)** | **Total Long-Term Investments—92.3%** <br>**(Identified Cost $107,225)** | &nbsp;&nbsp; **107214** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investments—2.7%** | **Short-Term Investments—2.7%** | **Short-Term Investments—2.7%** |
| **Money Market Mutual Funds—2.7%** | **Money Market Mutual Funds—2.7%** | **Money Market Mutual Funds—2.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 4.041%)<sup>(2)</sup> <br>| 590293 | &nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money <br> Market Fund - Institutional Shares (seven-day <br> effective yield 4.010%)<sup>(2)</sup> <br>| 2524813 | &nbsp;&nbsp; 2525 |
| **Total Short-Term Investments** <br>**(Identified Cost $3,115)** | **Total Short-Term Investments** <br>**(Identified Cost $3,115)** | &nbsp;&nbsp; **3115** |
| **TOTAL INVESTMENTS—95.0%** <br>**(Identified Cost $110,340)** | **TOTAL INVESTMENTS—95.0%** <br>**(Identified Cost $110,340)** | &nbsp;&nbsp; **$110329** |
| Other assets and liabilities, net—5.0% | Other assets and liabilities, net—5.0% | &nbsp;&nbsp; 5831 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$116160** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| CNTY GTD | County Guarantee Program |
| PSF-GTD | Permanent School Fund Guarantee Program |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| At September 30, 2025, 15.6% of the securities in the portfolio are backed by <br> insurance of financial institutions and financial guaranty assurance agencies.<br>|
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107214 |
| Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $110329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107214 |

---

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

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

See Notes to Schedule of Investments

------

**VIRTUS Seix Investment Grade Tax-Exempt Bond Fund**

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

**Note 1. Security Valuation**

The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds ("ETFs"), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity-linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for the

Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

*For additional information about significant accounting policies, refer to the Fund's most recent semi or annual financial statements.*

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Virtus Asset Trust

- **b. Investment Company Act file number:** 811-07705

- **c. CIK number of Registrant:** 0001018593

- **d. LEI of Registrant:** 5493001887IYOL1CRU72

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 Munson Street

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9668

  - **Telephone number:** 800-263-4790

**Item A.2. Information about the Series.**

- **a. Name of Series:** Virtus Seix Investment Grade Tax-Exempt Bond Fund

- **b. EDGAR series identifier (if any):** S000057026

- **c. LEI of Series:** 549300LNKCL4VRVSKI97

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $116442709.08

**Total Liabilities:** $355449.92

**Net Assets:** $116087259.16

**Cash Not Reported:** $4761153.20

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -121.71853760 | **5-Year:** -2888.04916100 | **10-Year:** -15110.13489000 | **30-Year:** -42342.97723000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -2.90958515 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000181173 | -0.14%               | 0.69%                | 1.50%                |
| Class ID C000181174 | -0.22%               | 0.71%                | 1.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-122904.96              | $-332011.08                                |
| Month 2  | $-223924.05              | $718862.54                                 |
| Month 3  | $0.00                    | $1538135.20                                |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LOVEJOY TX INDEP SCH DIST                                  | Lovejoy Independent School District                          | CUSIP: 547160XN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1141437.63   | 0.98%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRANT CNTY WA PUBLIC HOSP DIST                             | Grant County Public Hospital District No 1                   | CUSIP: 387812DV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $715357.43    | 0.62%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUNI PWR AGY                                    | Florida Municipal Power Agency                               | CUSIP: 342816R80<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    750000 | PA      | $740129.40    | 0.64%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI                             | Permanent University Fund - University of Texas System       | CUSIP: 915130BH0<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1515603.05   | 1.31%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                | City of New York NY                                          | CUSIP: 64966SLZ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068210.20   | 0.92%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                             | Port of Portland OR Airport Revenue                          | CUSIP: 735240L84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021783.30   | 0.88%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                             | Clifton Higher Education Finance Corp                        | CUSIP: 187145HY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1780079.28   | 1.53%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                              | New York City Municipal Water Finance Authority              | CUSIP: 64972GA95<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1476472.10   | 1.27%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY GA SCH DIST                                   | Jackson County School District/GA                            | CUSIP: 466784EJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2326416.60   | 2.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                                 | City of Chicago IL                                           | CUSIP: 167486W47<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    525000 | PA      | $565120.71    | 0.49%             | 2042-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                            | City of Philadelphia PA                                      | CUSIP: 717813C72<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4892884.00   | 4.21%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTER                             | Colorado Bridge & Tunnel Enterprise                          | CUSIP: 19633TBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528726.00    | 0.46%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency              | CUSIP: 13016NEK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103226.98    | 0.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                             | City of Chicago IL Wastewater Transmission Revenue           | CUSIP: 167727B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2834512.88   | 2.44%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                             | Central Texas Regional Mobility Authority                    | CUSIP: 155498KB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536695.55    | 0.46%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                             | South Carolina Jobs-Economic Development Authority           | CUSIP: 837032BU4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076742.60   | 0.93%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX                                                  | City of Austin TX                                            | CUSIP: 052397ZG4<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10674.70     | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                              | Pennsylvania Economic Development Financing Authority        | CUSIP: 70868YAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $813793.95    | 0.70%             | 2035-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                             | State of Connecticut                                         | CUSIP: 20772KC72<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1742180.10   | 1.50%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY FL WTR REGL WTR SPLY                             | Tampa Bay Water                                              | CUSIP: 875124HW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1087252.09   | 0.94%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                | City of New York NY                                          | CUSIP: 64966Q6F2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074928.30   | 0.93%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                         | Dreyfus Government Cash Management                           | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    590293 | NS      | $590292.99    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN                             | Massachusetts Bay Transportation Authority Sales Tax Revenue | CUSIP: 575579Z67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1379689.38   | 1.19%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRING BRANCH TX INDEP SCH DIS                             | Spring Branch Independent School District                    | CUSIP: 849476WX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1296995.40   | 1.12%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                             | Indianapolis Local Public Improvement Bond Bank              | CUSIP: 45528U4M0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3870000 | PA      | $4149383.43   | 3.57%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                              | New Jersey Transportation Trust Fund Authority               | CUSIP: 64613CEM6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1580272.79   | 1.36%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency              | CUSIP: 13016NEL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105013.38    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                                               | State of Louisiana                                           | CUSIP: 546417KD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048698.10   | 0.90%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                                               | State of Louisiana                                           | CUSIP: 546417LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $468637.38    | 0.40%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                              | New York City Municipal Water Finance Authority              | CUSIP: 64972GK86<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    915000 | PA      | $958345.11    | 0.83%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                                               | State of Louisiana                                           | CUSIP: 546417KH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1762353.72   | 1.52%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                | City of New York NY                                          | CUSIP: 64966QC65<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533507.35    | 0.46%             | 2046-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional US Government Money Market Fund   | CUSIP: 857492649<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   2379017 | NS      | $2379016.66   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                              | New York City Transitional Finance Authority                 | CUSIP: 64972JSZ2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545214.25    | 0.47%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX WTRWKS & SWR SYS REV                             | City of Dallas TX Waterworks & Sewer System Revenue          | CUSIP: 23542JAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6845000 | PA      | $6970345.64   | 6.00%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL SPL REVENUE                                | City of Jacksonville FL                                      | CUSIP: 469487WT5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1293359.07   | 1.11%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                              | New Jersey Transportation Trust Fund Authority               | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2185538.40   | 1.88%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N TEXAS ST MUNI WTR DIST WTR S                             | North Texas Municipal Water District Water System Revenue    | CUSIP: 662903VX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531447.95    | 0.46%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUNI PWR AGY                                    | Florida Municipal Power Agency                               | CUSIP: 342816R98<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    750000 | PA      | $726701.18    | 0.63%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TX UTILITY SYSR                             | City of Corpus Christi TX Utility System Revenue             | CUSIP: 220245V50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1539798.21   | 1.33%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                             | Pennsylvania Turnpike Commission                             | CUSIP: 709225GF7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086378.10   | 0.94%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST WTR RESOURCE BRD R                             | Oklahoma Water Resources Board                               | CUSIP: 67919PVA8<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1176826.97   | 1.01%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                      | CUSIP: 041807FG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $414130.29    | 0.36%             | 2053-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                             | Chicago O'Hare International Airport                         | CUSIP: 167593E24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2614067.82   | 2.25%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                             | City of Salt Lake City UT Airport Revenue                    | CUSIP: 795576LT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1257291.18   | 1.08%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                             | County of Miami-Dade Seaport Department                      | CUSIP: 59335KEX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2605718.25   | 2.24%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                              | New York City Transitional Finance Authority                 | CUSIP: 64972JJX7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093932.80   | 0.94%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                              | New York City Transitional Finance Authority                 | CUSIP: 64972JTH1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    345000 | PA      | $374947.38    | 0.32%             | 2051-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                             | Pennsylvania Turnpike Commission                             | CUSIP: 709225HB5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075019.60   | 0.93%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                             | Pennsylvania Turnpike Commission                             | CUSIP: 709225GL4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    400000 | PA      | $417476.76    | 0.36%             | 2052-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                           | Commonwealth of Massachusetts                                | CUSIP: 57582TEX6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1115627.51   | 0.96%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                             | Central Texas Regional Mobility Authority                    | CUSIP: 155498KC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1419813.98   | 1.22%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                             | Port Authority of New York & New Jersey                      | CUSIP: 73358XRD6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2846020.32   | 2.45%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CNTY MD                                       | County of Anne Arundel MD                                    | CUSIP: 03588HQV1<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2674989.93   | 2.30%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                             | City of Chicago IL Wastewater Transmission Revenue           | CUSIP: 167727D86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071953.20   | 0.92%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                             | Regional Transportation District                             | CUSIP: 759151BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1055913.39   | 0.91%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA URBAN REDEV AGY REV                             | Atlanta Urban Redevelopment Agency                           | CUSIP: 047851DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1530190.17   | 1.32%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                              | New York City Transitional Finance Authority                 | CUSIP: 64972JAX6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1672946.08   | 1.44%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                             | City of Houston TX Combined Utility System Revenue           | CUSIP: 44244CT64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1533488.60   | 1.32%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAKE CNTY NC LIMITED OBLIG                                 | County of Wake NC                                            | CUSIP: 930876JN8<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068712.70   | 0.92%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                                             | State of Mississippi                                         | CUSIP: 605581PP6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3147268.50   | 2.71%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L                             | Oregon State Lottery                                         | CUSIP: 68607V6Q3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $553463.60    | 0.48%             | 2042-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U                             | Board of Governors of Colorado State University System       | CUSIP: 196707Z63<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1540773.24   | 1.33%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MD SUBURBAN SAN DIS                             | Washington Suburban Sanitary Commission                      | CUSIP: 940157P87<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121630.80   | 2.69%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL SCH BRD COPS                                | Orange County School Board                                   | CUSIP: 684517SS5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1885120.71   | 1.62%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                             | Regional Transportation District                             | CUSIP: 759151BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $920284.92    | 0.79%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WICHITA FALLS TX INDEP SCH DIS                             | Wichita Falls Independent School District                    | CUSIP: 967171QT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043470.20   | 0.90%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV CONVENTION & VISI                             | Las Vegas Convention & Visitors Authority                    | CUSIP: 51771FCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $784700.08    | 0.68%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                             | Port of Portland OR Airport Revenue                          | CUSIP: 735240L43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761531.25    | 0.66%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES                              | City of Colorado Springs CO Utilities System Revenue         | CUSIP: 1966327J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1258194.35   | 1.08%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION CNTY FL SCH BRD COPS                                | Marion County School Board                                   | CUSIP: 56879EHK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1612583.89   | 1.39%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                             | State of Connecticut                                         | CUSIP: 20772KC23<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550516.45    | 0.47%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                                    | State of Ohio                                                | CUSIP: 677522ZE7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7735000 | PA      | $7801326.85   | 6.72%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Virtus Asset Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer