# EDGAR Filing Document

**Accession Number:** 0001018593
**File Stem:** 0001193125-23-059905
**Filing Date:** 2023-3
**Character Count:** 1336994
**Document Hash:** 1a7e4bd1cb0f3ef6be104697ac92583d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-059905.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001193125-23-059905

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS ASSET TRUST
- **CENTRAL INDEX KEY:** 0001018593
- **IRS NUMBER:** 956981193
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07705
- **FILM NUMBER:** 23703365

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

### Virtus Seix High Income Fund (Series ID: S000057024)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181163 | Class A      | SAHIX           |
| C000181164 | Class I      | STHTX           |
| C000181165 | Class R6     | STHZX           |

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

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

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

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

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

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

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

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

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

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

### Virtus Seix Ultra-Short Bond Fund (Series ID: S000057035)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181204 | Class I      | SISSX           |
| C000203237 | Class A      | SASSX           |

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

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

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

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

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

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

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

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

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

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

### Virtus Seix Corporate Bond Fund (Series ID: S000057045)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181243 | Class A      | SAINX           |
| C000181244 | Class C      | STIFX           |
| C000181245 | Class I      | STICX           |
| C000224215 | Class R6     | VRSBX           |

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

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

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-07705** 

------

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

------

**101 Munson Street** 

**Greenfield, MA 01301-9668** 

**(Address of principal executive offices) (Zip code)** 

------

**Jennifer Fromm, Esq.** 

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

**One Financial Plaza** 

**Hartford, CT 06103-2608** 

**(Name and address of agent for service)** 

------

**Registrant's telephone number, including area code: (800) 243-1574** 

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

------

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

------

ANNUAL REPORT

## VIRTUS ASSET TRUST
![](g436853imga29360321.gif)

------

December 31, 2022

---

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

---

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | | |
|:---|:---|:---|
| [Message to Shareholders](#xx_05a80b6a-1b0b-4057-afc6-7ee6dadb50e4_1) | [Message to Shareholders](#xx_05a80b6a-1b0b-4057-afc6-7ee6dadb50e4_1) | 1 |
| [Disclosure of Fund Expenses](#xx_bd8f7301-91f6-4345-8e26-35c0cb82d47d_1) | [Disclosure of Fund Expenses](#xx_bd8f7301-91f6-4345-8e26-35c0cb82d47d_1) | 2 |
| [Key Investment Terms](#xx_5a90f5c2-8694-4a51-9067-dc361a65d30a_1) | [Key Investment Terms](#xx_5a90f5c2-8694-4a51-9067-dc361a65d30a_1) | 5 |
| **Fund** | **Fund <br> Summary** | &nbsp;&nbsp;**Schedule <br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Core Bond Fund ("Seix Core Bond Fund")](#xx_45d63a84-8fff-4aa0-8700-727e16ec59bb_1)<br>| 9 | &nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Corporate Bond Fund ("Seix Corporate Bond Fund")](#xx_902b355b-4ca6-48ae-a558-eb678a4633fb_1)<br>| 13 | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Floating Rate High Income Fund ("Seix Floating Rate High Income Fund")](#xx_e90d6664-e766-4059-9f4d-5a27282b4071_1)<br>| 17 | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix High Grade Municipal Bond Fund ("Seix High Grade Municipal Bond Fund")](#xx_a5bacb06-8fcd-4182-9aa4-72d7fdd68d47_1)<br>| 21 | &nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix High Income Fund ("Seix High Income Fund")](#xx_d3e888b2-a695-4acd-9ffe-750129f35bbd_1)<br>| 24 | &nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix High Yield Fund ("Seix High Yield Fund")](#xx_dd9e76de-7b08-44b4-a27b-f198f9c82c2d_1)<br>| 27 | &nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Investment Grade Tax-Exempt Bond Fund ("Seix Investment Grade Tax-Exempt Bond Fund")](#xx_a500d9f5-26d6-4b93-874d-640b2b8dcd53_1)<br>| 30 | &nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Total Return Bond Fund ("Seix Total Return Bond Fund")](#xx_aa5c99f2-0a07-4ce0-b1ac-40b37c89b90f_1)<br>| 33 | &nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Seix U.S. Government Securities Ultra-Short Bond Fund")](#xx_b5343f66-ad66-439a-a524-6bcc58b7fe3d_1)<br>| 37 | &nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Seix Ultra-Short Bond Fund ("Seix Ultra-Short Bond Fund")](#xx_20f0865a-6f87-42e2-8c75-ff2f8544986d_1)<br>| 40 | &nbsp;&nbsp;86 |
| [Statements of Assets and Liabilities](#xx_a5593064-d889-4dde-9f45-e3c194a9474b_1) | [Statements of Assets and Liabilities](#xx_a5593064-d889-4dde-9f45-e3c194a9474b_1) | 89 |
| [Statements of Operations](#xx_73816594-0121-41e6-8297-ca89c14ffa44_1) | [Statements of Operations](#xx_73816594-0121-41e6-8297-ca89c14ffa44_1) | 94 |
| [Statements of Changes in Net Assets](#xx_384c93b6-af9c-43b7-bf3a-2f0252d08dd0_1) | [Statements of Changes in Net Assets](#xx_384c93b6-af9c-43b7-bf3a-2f0252d08dd0_1) | 97 |
| [Financial Highlights](#xx_46475fe8-73ca-4c7d-b7ac-f0e3b105bee6_1) | [Financial Highlights](#xx_46475fe8-73ca-4c7d-b7ac-f0e3b105bee6_1) | 102 |
| [Notes to Financial Statements](#xx_250d9686-95fb-414e-9a8f-d81ae914baa5_1) | [Notes to Financial Statements](#xx_250d9686-95fb-414e-9a8f-d81ae914baa5_1) | 108 |
| [Report of Independent Registered Public Accounting Firm](#xx_1e9ae87e-b9f6-493b-8d15-79058edaad2b_1) | [Report of Independent Registered Public Accounting Firm](#xx_1e9ae87e-b9f6-493b-8d15-79058edaad2b_1) | 126 |
| [Tax Information Notice](#xx_c9da7ae4-5867-4cf5-951f-4ef8c82885b4_1) | [Tax Information Notice](#xx_c9da7ae4-5867-4cf5-951f-4ef8c82885b4_1) | 127 |
| [Consideration of Advisory and Subadvisory Agreements by the Board of Trustees](#xx_9c64c98f-c88a-439c-b05a-6770262bbfc8_1) | [Consideration of Advisory and Subadvisory Agreements by the Board of Trustees](#xx_9c64c98f-c88a-439c-b05a-6770262bbfc8_1) | 128 |
| [Fund Management Tables](#xx_7f16cbdf-9965-47a5-91e4-aa323b38a983_1) | [Fund Management Tables](#xx_7f16cbdf-9965-47a5-91e4-aa323b38a983_1) | 133 |

---

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

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

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus

which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

MESSAGE TO SHAREHOLDERS

To my fellow shareholders of Virtus Funds:

![](g436853img26d87d892.gif)

I am pleased to present this annual report, which reviews the performance of your Fund for the 12 months ended December 31, 2022.

The 12-month period was challenging for investors, as stock and bond markets wrestled with persistently higher inflation, rising interest rates and the ongoing war in Ukraine. The Federal Reserve (the Fed) was committed to tamping down rising prices, and implemented several interest rate increases in an effort to accomplish that goal. Investors swung from fears of inflation for much of the year to fears of recession as 2022 came to a close.

Domestic and international equity indexes posted negative returns for the 12 months ended December 31, 2022. U.S. large-capitalization stocks declined 18.11%, as measured by the S&P 500<sup>®</sup> Index, while small-cap stocks were down 20.44%, as measured by the Russell 2000<sup>®</sup> Index. Within international equities, developed markets, as measured by the MSCI EAFE<sup>®</sup> Index (net), lost 14.45%, while emerging markets, as measured by the MSCI Emerging Markets Index (net), declined 20.09%.

In fixed income markets, the yield on the 10-year Treasury rose sharply to 3.88% on December 31, 2022, from 1.52% on December 31, 2021. The broader U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, was down 13.01% for the 12-month period, while non-investment grade bonds, as measured by the Bloomberg U.S. Corporate High Yield Bond Index, were down 11.19%.

Thank you for entrusting the Virtus Funds with your assets. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

![](g436853img8e1323ae3.jpg)

George R. Aylward<br> President, Virtus Funds

February 2023

*Refer to the Fund Summary section for your Fund's performance. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investing involves risk, including the risk of loss of principal invested.*

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Virtus Asset Trust Fund discussed in this shareholder report (each, a "Fund"), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The Annualized Expense Ratios may be different from the expense ratios in the Financial Highlights which are for the fiscal year ended December 31, 2022.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

#### Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Seix Core Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$962.30 | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;$3.31 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963.00 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963.70 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Seix Corporate Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970.70 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967.10 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;8.33 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971.80 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973.10 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Seix Floating Rate High Income Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1039.90 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.20 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.07 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1041.60 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1042.10 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| Seix High Grade Municipal Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1003.90 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.70 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| Seix High Income Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1042.80 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1042.20 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1044.60 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| Seix High Yield Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1043.20 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1043.80 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1044.40 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Seix Investment Grade Tax-Exempt Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.40 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.20 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 |
| Seix Total Return Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959.60 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960.00 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961.70 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Seix U.S. Government Securities Ultra-Short Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1000.70 | &nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;$3.48 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.90 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1002.70 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Seix Ultra-Short Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1012.90 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.20 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

#### Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Seix Core Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1021.83 | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;$3.41 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.53 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.24 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Seix Corporate Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.27 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.74 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;8.54 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.53 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.89 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| Seix Floating Rate High Income Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.21 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1017.29 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.83 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.33 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| Seix High Grade Municipal Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.37 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.13 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| Seix High Income Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.37 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.63 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.08 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Seix High Yield Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.92 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.83 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.38 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| Seix Investment Grade Tax-Exempt Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.68 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.43 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Seix Total Return Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1021.53 | &nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;$3.72 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.74 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.49 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Seix U.S. Government Securities Ultra-Short Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.73 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.94 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.69 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Seix Ultra-Short Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.78 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.04 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### December 31, 2022

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

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

#### Bloomberg U.S. Treasury Bill 3-6 Month Index
The Bloomberg U.S. Treasury Bill 3-6 Month Index is comprised of all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 6 months and more than 3 months, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in US dollars and must be fixed rate and non-convertible. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Bloomberg U.S. Aggregate Bond Index
The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Bloomberg U.S. Corporate High Yield Bond Index
The Bloomberg U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Bloomberg U.S. Corporate Investment Grade Bond Index
The Bloomberg U.S. Corporate Investment Grade Bond Index measures performance of investment grade corporate bond funds. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index
The Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. It is an unmanaged index representative of the tax exempt bond market. Its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Bloomberg U.S. Municipal Bond Index
The Bloomberg U.S. Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt bond market. The index includes investment grade bonds, general obligations, revenue bonds, insured bonds and pre-funded bonds. The index is calculated on a total return basis. The index is unmanaged and not available for direct investment.

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

#### Commercial Mortgage-Backed Securities ("CMBS")
Commercial mortgage-backed securities are fixed income investment products backed by mortgage loans on commercial properties such as apartment buildings and complexes, multi-family dwellings, factories, hotels and other commercial real estate.

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

#### Consumer Price Index ("CPI")
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

#### Credit Default Swap ("CDS")
A CDS is a financial derivative contract that shifts the credit risk of a fixed income product to a counterparty in exchange for a premium. The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, may expect to receive a payoff if the asset defaults.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited) (Continued) <br> December 31, 2022

#### Credit Suisse Leveraged Loan Index
The Credit Suisse Leveraged Loan Index is a market-weighted index that tracks the investable universe of the U.S. dollar denominated leveraged loans. The index is calculated on a total return basis, is unmanaged and not available for direct investment. The unmanaged index returns do not reflect any fees, expenses, or sales charges.

#### Federal Reserve (the "Fed")
The central Bank of the United States, responsible for controlling the money supply, interest rates and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state banks that are part of the system.

#### ICE BofA 10+ Year U.S. Cash Pay High Yield Index
ICE BofA 10+ Year U.S. Cash Pay High Yield Index is a subset of ICE BofA U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity greater than or equal to 10 years. ICE BofA U.S. Cash Pay High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### ICE BofA BB U.S. High Yield Index
ICE BofA BB U.S. High Yield Index is a subset of (H0A0) that includes all securities with a given investment grade rating BB. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### ICE BofA CCC & Lower U.S. High Yield Index
ICE BofA CCC & Lower U.S. High Yield Index is a subset of (H0A0) that includes all securities with a given investment grade rating CCC or below. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### ICE BofA Single-B U.S. High Yield Index
ICE BofA Single- B U.S. High Yield Index is a subset of (H0A0) that includes with a given investment grade rating B. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### ICE BofA U.S. Corporate Index
ICE BofA U.S. Corporate Index, which tracks the performance of U.S. dollar denominated investment grade rated corporate debt publicly issued in the U.S. domestic market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### ICE BofA U.S. Distressed High Yield Index
ICE BofAML U.S. Distressed High Yield Index is a subset of (H0A0) which includes any performing issues trading at an option-adjusted spread over 1000 basis points. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### ICE BofA U.S. High Yield BB-B Constrained Index
The ICE BofA U.S. High Yield BB-B Constrained Index measures performance of BB/B U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, and is restricted to a maximum of 2% per issuer. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### ICE BofA U.S. High Yield Index ("H0A0")
The ICE BofA U.S. High Yield Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt publicly issued in the US domestic market. To qualify for inclusion in the index, securities with a given investment grade rating BB. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Intercontinental Exchange ("ICE")
An American Fortune 500 company formed in 2000 that operates global exchanges and clearing houses, and provides mortgage technology, data and listing services. The company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada and Europe, the Liffe futures exchanges in Europe, the New York Stock Exchange, equity options exchanges and over-the-counter energy, credit and equity markets.

#### J.P. Morgan Leveraged Loan Index
The J.P. Morgan Leveraged Loan Index is designed to mirror the investable universe of the USD institutional leveraged loan market. The index is comprised of issuers domiciled across the global markets. The international component of the index is comprised of developed market domiciled issuers only.

#### Leveraged Loan
Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited) (Continued) <br>December 31, 2022
transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

#### London Interbank Offered Rate ("LIBOR")
A benchmark rate that some of the world's leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

#### Markit's North American High Yield CDX Index ("Markit HYCDX") ("CDX.NA.HY")
CDX.NA.HY is composed of 100 liquid North American entities with high yield credit ratings that trade in the credit default swap market.

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

#### MSCI EAFE<sup>®</sup> Index (net)
The MSCI EAFE<sup>®</sup> (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### MSCI Emerging Markets Index (net)
The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Option-Adjusted Spread ("OAS")
An option-adjusted spread is the difference between the yield of a security that pays fixed interest payments and the current U.S. Treasury rates, which represents the rate of return on a risk-free investment.

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

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

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

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

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

#### Residential Mortgage-Backed Securities ("RMBS")
Residential mortgage-backed securities are fixed income investment products backed by residential mortgage loans.

#### Russell 2000<sup>®</sup> Index
The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### S&P 500<sup>®</sup> Index
The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### School Bond Guaranty ("SCH BD GTY")
A program by which the bonds issued by certain public school districts and/or charter schools are guaranteed using a pool of assets held by a state for the purpose of ensuring the availability of public education.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited) (Continued) <br>December 31, 2022

#### Securitized Assets
Assets that have been packaged into pools so that payments made by individual borrowers of both interest and principal on certain secured debt may be in effect "passed through" to investors, net of any fees paid to the issuer or guarantor of the securities. Typical examples of securitized assets are mortgage-related and other asset-backed securities, which collectively are securities backed by mortgages, installment contracts, credit card receivables or other financial assets.

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

#### Treasury Inflation-Protected Securities (TIPS)
A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation.

#### Yield Curve
A yield curve is a line on a graph plotting the interest rates, at a set point in time, of bonds having equal credit quality but different maturity dates.

#### Yield to Three-Year Takeout
Yield to three-year takeout is the yield associated with a bank loan assuming that the loan will be retired in three years.

#### Yield to Worst ("YTW")
Yield to worst is the estimated lowest potential yield that can be received on a bond without the issuer actually defaulting.

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: STGIX |
| Class I: STIGX |
| Class R6: STGZX |

---

## Seix Core Bond Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -13.85%, Class I shares at NAV returned -13.72%, and Class R6 shares at NAV returned -13.60%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the
Fund's style-specific benchmark appropriate for comparison, returned -13.01%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
Unprecedented is the only way to describe the bond market in 2022. In response to an inflation backdrop that saw the headline rate peak at 9.1% in June, the Federal Reserve (the Fed) was forced to embark on a tightening cycle the likes of which the market had not seen since the early 1980s. Not coincidentally, that was also the last time the economy endured such painful consumer price inflation.

Entering the 2022 calendar year, expectations were for the Fed to begin tightening monetary policy, but at a fairly slow and gradual pace. However, the persistence of high inflation – and the Fed's tarnished reputation after incorrectly characterizing the post-pandemic inflation bounce as transitory – necessitated a far more forceful policy response. Ultimately, the Fed raised rates by 4.25%, bringing the top end of the Fed's target range to 4.50% by the end of the year.

As a result of this dramatic tightening cycle, interest rates across the board rose considerably throughout

the year. Shorter-term Treasury yields (2-year and 5-year) were most impacted by higher policy rates. Longer-term Treasury yields were also impacted, but to a lesser degree. Benchmark Treasury yield changes were as follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21 12/30/22 2022

#### &nbsp;&nbsp;&nbsp;&nbsp; 2yr 0.73% 4.43% +3.70%

#### &nbsp;&nbsp;&nbsp;&nbsp; 5yr 1.26 4.01 +2.75

#### &nbsp;&nbsp;&nbsp;&nbsp; 10yr 1.51 3.88 +2.37

#### &nbsp;&nbsp;&nbsp;&nbsp; 30yr 1.90 3.97 +2.07
As a result of this dramatic increase in Treasury rates, total returns across the investment grade bond market were uniformly negative and, in many cases, the worst annual returns ever. The Bloomberg U.S. Aggregate Bond Index, the leading broad-based benchmark for the domestic investment grade bond market, endured a -13.01% total return for the year. That was its worst total return by a wide margin since the inception of the Index in 1976. The prior worst annual total return was -2.92% in 1994.

The uncertainty of the monetary policy backdrop contributed to the underperformance of most spread sectors (non-governmental fixed income investments). In 2022, all of the investment grade spread sectors generated negative excess return. Excess return refers to the difference in return – positive or negative – between an individual security and a comparable risk-free asset, in this case a Treasury note or bond with the same duration (interest rate sensitivity).

The residential mortgage-backed sector performed worst, with -2.23% of negative excess return for the year. Investment grade corporate credit generated -1.25% of negative excess return; the commercial mortgage-backed sector generated -1.20% of negative excess return; and the government-related sector earned -0.42% of negative excess return. The underperformance of the spread sectors was prevalent for most of 2022, with only the fourth quarter offering some positive excess return.

The overriding narrative that persisted amid the unprecedented Fed tightening cycle was focused on the inevitable recession this policy was expected to produce. At times in 2022, analysts argued that the economy was already in recession and the data would eventually make that clear for all to see.

Resilience at both the corporate and consumer level appeared to keep this outcome at bay, but expectations for 2023 continued to focus on a recession, with the timing the only unknown variable.

#### What factors affected the Fund's performance during its fiscal year?
In a year in which interest rates rose sharply, the Fund underperformed its benchmark for the 12-month period ended December 31, 2022. The Fund's allocation to the corporate bond sector provided mixed results over the year, as the underweight to the sector (asset allocation) was a positive contributor, but security selection within the sector was a more meaningful detractor from performance. Similarly, the allocation to the securitized asset sector provided mixed results, as the residential mortgage-backed securities (RMBS) allocation and security selection were positive; however, commercial mortgage-backed securities (CMBS) security selection and asset-backed securities (ABS) security selection and allocation both detracted from relative performance.

Neither the Fund's U.S. Treasury yield curve positioning, allocation to Treasury Inflation-Protected Securities (TIPS), nor the lack of an allocation to the traditional government agency sector were significant influences on relative performance for the full calendar year.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

***Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.***

***Foreign Investing: Investing in foreign securities subjects the Fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the***

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Core Bond Fund (Continued)

*foreign investment; and political, regulatory, economic, and market risk.*

***ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the Fund.***

***Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, spread of infectious illness (e.g.,COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.***

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Mortgage-Backed Securities |  | &nbsp;&nbsp;41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency | 36% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;U.S. Government Securities |  | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | &nbsp;&nbsp;7 |  |
| &nbsp;&nbsp;Asset-Backed Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Core Bond Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-13.85%** | &nbsp;&nbsp;**-0.18%** | &nbsp;&nbsp; **0.77%** | &nbsp;&nbsp;&nbsp;&nbsp; **— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-17.08** | &nbsp;&nbsp;**-0.94** | &nbsp;&nbsp; **0.39** | &nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-13.72** | &nbsp;&nbsp;**-0.04** | &nbsp;&nbsp; **0.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-13.60** | &nbsp;&nbsp;&nbsp;**0.10** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.81** | &nbsp;&nbsp; **8/3/15** |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;**-13.01** | &nbsp;&nbsp;&nbsp;**0.02** | &nbsp;&nbsp; **1.06** | &nbsp;&nbsp;&nbsp;**0.80 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.88%, Net: 0.64%; Class I shares: Gross 0.60%, Net: 0.50%; Class R6 shares: Gross 0.48%, Net 0.36%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.88%, Net: 0.64%; Class I shares: Gross 0.60%, Net: 0.50%; Class R6 shares: Gross 0.48%, Net 0.36%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.88%, Net: 0.64%; Class I shares: Gross 0.60%, Net: 0.50%; Class R6 shares: Gross 0.48%, Net 0.36%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.88%, Net: 0.64%; Class I shares: Gross 0.60%, Net: 0.50%; Class R6 shares: Gross 0.48%, Net 0.36%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.88%, Net: 0.64%; Class I shares: Gross 0.60%, Net: 0.50%; Class R6 shares: Gross 0.48%, Net 0.36%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.88%, Net: 0.64%; Class I shares: Gross 0.60%, Net: 0.50%; Class R6 shares: Gross 0.48%, Net 0.36%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imgf55c345b4.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Core Bond Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img7faaf8135.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SAINX |
| Class C: STIFX |
| Class I: STICX |
| Class R6: VRSBX |

---

## Seix Corporate Bond Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -18.45%, Class C shares at NAV returned -19.00%, Class I shares at NAV returned -18.25%, and Class R6 shares at NAV returned -18.02%. For the same period, the
Bloomberg U.S. Corporate Investment Grade Bond Index, the Fund's style-specific benchmark appropriate for comparison, returned -15.76%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
Unprecedented is the only way to describe the bond market in 2022. In response to an inflation backdrop that saw the headline rate peak at 9.1% in June, the Federal Reserve (the Fed) was forced to embark on a tightening cycle the likes of which the market had not seen since the early 1980s. Not coincidentally, that was also the last time the economy endured such painful consumer price inflation.

Entering the 2022 calendar year, expectations were for the Fed to begin tightening monetary policy, but at a fairly slow and gradual pace. However, the persistence of high inflation – and the Fed's tarnished reputation after incorrectly characterizing the post-pandemic inflation bounce as transitory – necessitated a far more forceful policy response. Ultimately, the Fed raised rates by 4.25%, bringing the top end of the Fed's target range to 4.50% by the end of the year.

As a result of this dramatic tightening cycle, interest rates across the board rose considerably throughout the year. Shorter-term Treasury yields (2-year and 5-year) were most impacted by higher policy rates. Longer-term Treasury yields were also impacted, but to a lesser degree. Benchmark Treasury yield changes were as follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21 12/30/22 2022

#### &nbsp;&nbsp;&nbsp;&nbsp; 2yr 0.73% 4.43% +3.70%

#### &nbsp;&nbsp;&nbsp;&nbsp; 5yr 1.26 4.01 +2.75

#### &nbsp;&nbsp;&nbsp;&nbsp; 10yr 1.51 3.88 +2.37

#### &nbsp;&nbsp;&nbsp;&nbsp; 30yr 1.90 3.97 +2.07
As a result of this dramatic increase in Treasury rates, total returns across the investment grade bond market were uniformly negative and, in many cases, the worst annual returns ever. The Bloomberg U.S. Aggregate Bond Index, the leading broad-based benchmark for the domestic investment grade bond market, endured a -13.01% total return for the year. That was its worst total return by a wide margin since the inception of the Index in 1976. The prior worst annual total return was -2.92% in 1994.

The uncertainty of the monetary policy backdrop contributed to the underperformance of most spread sectors (non-governmental fixed income investments). In 2022, all of the investment grade spread sectors generated negative excess return. Excess return refers to the difference in return – positive or negative – between an individual security and a comparable risk-free asset, in this case a Treasury note or bond with the same duration (interest rate sensitivity).

The residential mortgage-backed sector performed worst, with -2.23% of negative excess return for the year. Investment grade corporate credit generated -1.25% of negative excess return; the commercial mortgage-backed sector generated -1.20% of negative excess return; and the government-related sector earned -0.42% of negative excess return. The underperformance of the spread sectors was prevalent for most of 2022, with only the fourth quarter offering some positive excess return.

The overriding narrative that persisted amid the unprecedented Fed tightening cycle was focused on the inevitable recession this policy was expected to produce. At times in 2022, analysts argued that the

economy was already in recession and the data would eventually make that clear for all to see. Resilience at both the corporate and consumer level appeared to keep this outcome at bay, but expectations for 2023 continued to focus on a recession, with the timing the only unknown variable.

#### What factors affected the Fund's performance during its fiscal year?
The Fund underperformed its benchmark for the 12-month period ended December 31, 2022. Primary detractors from relative performance came from the Fund's industry allocation as well as security selection in and within certain sectors. The Fund's overweight to BBB-rated corporates as well as select high yield issuers also detracted from performance. Positive contributors came from the Fund's position in the Markit HYCDX, an index of high yield credit default swaps, as well as U.S. Treasury and cash positions during the year.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

***Financial Sector Concentration: Because the portfolio is presently heavily weighted in the financial sector, it will be impacted by that sector's performance more than a portfolio with broader sector diversification.***

**High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.**

**Derivatives: Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage, or attempt to increase**

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Corporate Bond Fund (Continued)

returns. Investments in derivatives may result in increased volatility and the Fund may incur a loss greater than its principal investment.

**Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.**

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 41% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;U.S. Government Security |  | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Corporate Bond Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp; Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-18.45%** | &nbsp;&nbsp;&nbsp;**0.31%** | &nbsp;&nbsp;**1.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-21.51** | &nbsp;&nbsp;**-0.46** | &nbsp;&nbsp;**1.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class C shares at NAV<sup>2</sup> and with CDSC<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-19.00** | &nbsp;&nbsp;**-0.40** | &nbsp;&nbsp;**1.10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-18.25** | &nbsp;&nbsp;&nbsp;**0.52** | &nbsp;&nbsp;**2.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-18.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-7.26** | &nbsp;&nbsp; **10/20/20** |
| **Bloomberg U.S. Corporate Investment Grade Bond Index** | &nbsp;&nbsp;**-15.76** | &nbsp;&nbsp;&nbsp;**0.45** | &nbsp;&nbsp;**1.96** | &nbsp;&nbsp;&nbsp;**-6.78 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.04%, Net: 0.95%; Class C shares: Gross 1.76%, Net: 1.65%; Class I shares: Gross 0.77%, Net: 0.70%; Class R6 shares: Gross 0.70%, Net 0.43%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.04%, Net: 0.95%; Class C shares: Gross 1.76%, Net: 1.65%; Class I shares: Gross 0.77%, Net: 0.70%; Class R6 shares: Gross 0.70%, Net 0.43%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.04%, Net: 0.95%; Class C shares: Gross 1.76%, Net: 1.65%; Class I shares: Gross 0.77%, Net: 0.70%; Class R6 shares: Gross 0.70%, Net 0.43%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.04%, Net: 0.95%; Class C shares: Gross 1.76%, Net: 1.65%; Class I shares: Gross 0.77%, Net: 0.70%; Class R6 shares: Gross 0.70%, Net 0.43%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.04%, Net: 0.95%; Class C shares: Gross 1.76%, Net: 1.65%; Class I shares: Gross 0.77%, Net: 0.70%; Class R6 shares: Gross 0.70%, Net 0.43%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.04%, Net: 0.95%; Class C shares: Gross 1.76%, Net: 1.65%; Class I shares: Gross 0.77%, Net: 0.70%; Class R6 shares: Gross 0.70%, Net 0.43%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares and Class C shares, including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imge135058f6.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Corporate Bond Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img722b68f37.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SFRAX |
| Class C: SFRCX |
| Class I: SAMBX |
| Class R6: SFRZX |

---

## Seix Floating Rate High Income Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of attempting to provide a high level of current income. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -1.20%, Class C shares at NAV returned -1.77%, Class I shares at NAV returned -0.89%, and Class R6 shares at NAV returned -0.78%. For the same period, the
Credit Suisse Leveraged Loan Index, the Fund's style-specific benchmark appropriate for comparison, returned -1.06%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
Leveraged loans experienced a relatively flat year for 2022 while outperforming most fixed income sectors throughout the year. The Credit Suisse Leveraged Loan Index returned -1.06%. Notable contributors by industry were energy (+5.82%), utilities (+4.88%), and food and drug (+4.34%), while laggards were consumer durables (-7.40%), telecommunications (-3.90%), and health care (-3.88%). Split-BBB-rated loans (+3.00%) outperformed both BB- (+2.81%) and split BB-rated loans (+0.72%).

As of December 31, 2022, the yield to 3-year takeout for the J.P. Morgan Leveraged Loan Index was up to 10.83%, after the Federal Reserve (the Fed) started raising rates in the spring of 2022. The price on the Credit Suisse Leveraged Loan Index, which started 2022 at approximately $98.51, fell over six points to end the year around $91.89.

For the full year 2022, leveraged loan issuance totaled $252.5 billion, driven primarily by $179.6 billion issued in the first quarter of the year. Collateralized loan obligation (CLO) activity, an

important component of loan market demand, remained constructive in 2022. Volatility slowed CLO formation during the first quarter, but issuance improved during the year owing to improving CLO economics. CLOs benefit from lower loan pricing, which drives the arbitrage. Historically, BB loan pricing near $98.75, with B near $94.00, has provided attractive CLO equity returns, which in turn bolstered loan secondary market demand. In 2022, CLO issuance excluding refinancing was $127.5 billion according to JPMorgan, which was the third highest issuance ever.

Leveraged loans continued to demonstrate "through-the-cycle" appeal during a difficult 2022, losing only 1.06%, as measured by the Credit Suisse Leveraged Loan Index, while rising interest rates led other fixed income sectors to produce materially more negative returns. This included Treasuries (-16.47%), investment grade bonds (-13.01%, as measured by the Bloomberg U.S. Aggregate Bond Index), and high yield bonds (-11.19%, as measured by the Bloomberg U.S. Corporate High Yield Bond Index). Importantly, loans are primarily secured credit versus the primarily unsecured high yield market. We believe security provides a critical level of protection that has made the loan market especially attractive in the current phase of the investment cycle.

Default rates continued to be muted during the fiscal year. The Credit Suisse Leveraged Loan Index's loan par-weighted default rate including distressed exchanges, in which troubled companies seek to exchange outstanding debt for loans with less onerous terms, began the year at 0.65% and ended 2022 at 1.1%. This was well below the historical average of 3.1%.

#### What factors affected the Fund's performance during its fiscal year?
After a tumultuous year for most markets, the Fund posted a return for the 12 months ended December 31, 2022 that was slightly better than that of its benchmark, the Credit Suisse Leveraged Loan Index.

The Fund benefited from credit selection in energy, utilities, and telecommunications. This was partially offset by relative underperformance in information technology, retail, and financials.

On a credit rating basis, the Fund benefitted from credit selection in split BBB and BB-rated bonds, while detractors included credit selection for CCC- and split B-rated issues.

The Fund's top-performing credits were BBOB Holdings (energy), Longview Power (utilities), Eastern Power (utilities), and American Airlines (aerospace). The top detractors were Quest Software (information technology), Avaya (information technology), Envision Healthcare (health care), and Bright Bidco BV (information technology).

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

**Bank Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be less liquid and may trade infrequently on the secondary market. Bank loans settle on a delayed basis, thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.**

**High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.**

**Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine) acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public issues, recessions, or other events could a significant impact on the Fund and its investments,**

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Floating Rate High Income Fund (Continued)

including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Leveraged Loans |  | &nbsp;&nbsp;90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service | &nbsp;&nbsp;9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Cable/Wireless Video | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 36 |  |
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Common Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Preferred Stock |  | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Other (includes short-term investment) |  | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Floating Rate High Income Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; 1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp; Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-1.20%** | &nbsp;&nbsp;**1.99%** | &nbsp;&nbsp;**2.78%** | &nbsp;&nbsp;&nbsp;&nbsp; **— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp; **-3.92** | &nbsp;&nbsp;**1.43** | &nbsp;&nbsp;**2.49** | &nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class C shares at NAV<sup>2</sup> and with CDSC<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-1.77** | &nbsp;&nbsp;**1.43** | &nbsp;&nbsp;**2.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-0.89** | &nbsp;&nbsp;**2.32** | &nbsp;&nbsp;**3.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-0.78** | &nbsp;&nbsp;**2.42** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.25** | &nbsp;&nbsp; **1/30/15** |
| **Credit Suisse Leveraged Loan Index** | &nbsp;&nbsp; **-1.06** | &nbsp;&nbsp;**3.24** | &nbsp;&nbsp;**3.78** | &nbsp;&nbsp;&nbsp; **3.71 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.93%, Net: 0.93%; Class C shares: Gross 1.71%, Net: 1.52%; Class I shares: Gross 0.71%, Net: 0.62%; Class R6 shares: Gross 0.60%, Net: 0.52%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.93%, Net: 0.93%; Class C shares: Gross 1.71%, Net: 1.52%; Class I shares: Gross 0.71%, Net: 0.62%; Class R6 shares: Gross 0.60%, Net: 0.52%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.93%, Net: 0.93%; Class C shares: Gross 1.71%, Net: 1.52%; Class I shares: Gross 0.71%, Net: 0.62%; Class R6 shares: Gross 0.60%, Net: 0.52%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.93%, Net: 0.93%; Class C shares: Gross 1.71%, Net: 1.52%; Class I shares: Gross 0.71%, Net: 0.62%; Class R6 shares: Gross 0.60%, Net: 0.52%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.93%, Net: 0.93%; Class C shares: Gross 1.71%, Net: 1.52%; Class I shares: Gross 0.71%, Net: 0.62%; Class R6 shares: Gross 0.60%, Net: 0.52%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.93%, Net: 0.93%; Class C shares: Gross 1.71%, Net: 1.52%; Class I shares: Gross 0.71%, Net: 0.62%; Class R6 shares: Gross 0.60%, Net: 0.52%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares and Class C shares, including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img5f3c1ca38.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Floating Rate High Income Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img8834098d9.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SFLTX |
| Class I: SCFTX |

---

## Seix High Grade Municipal Bond Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking to maximize total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -8.69% and Class I shares at NAV returned -8.56%. For the same period, the Bloomberg U.S. Municipal Bond Index, the Fund's style-specific benchmark
appropriate for comparison, returned -8.53%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
During the 12-month period, tax-exempt interest rates moved sharply higher across the entire yield curve as tax-exempt bonds fell victim to surging U.S. Treasury bond yields. Higher inflation readings, the Russia/Ukraine conflict, and the Federal Reserve (the Fed) raising its target interest rate eight times in 2022 to 4.50%, all contributed to some of the worst performance for tax-exempt bonds in more than 40 years. As the fiscal year ended, interest rates were at multi-decade highs as yields across the curve were more than 1.59% higher, with some maturities more than 2.00% higher than at the start of the year. The Bloomberg U.S. Municipal Bond Index, a broad measure of the municipal market, returned -8.5% for the year. Bonds with maturities longer than 22 years and bonds rated BBB produced the largest losses over the 12-month period, down more than 15% and 12%, respectively.

Investors were uncomfortable with the rapid increase in rates, eventually pulling more than $124 billion

from mutual funds over the previous 52 weeks. This change in retail investor demand resulted in intense selling pressure, causing the market to soften and yields to rise further, begetting a self-fulfilling cycle. The market posted a positive monthly return in only four of the 12 months of 2022.

While demand dropped, overall municipal issuance fell short of what the market experienced in 2021. This decline in issuance was largely a result of a sharp decline in taxable municipal issuance, as market volatility hampered issuers' ability to manage the timing of refinancing their outstanding bonds. The supply of tax-exempt bonds was also suppressed as higher interest rates pushed issuance to the sidelines. Lighter issuance mitigated some of the downward pressure caused by constant selling.

Credit fundamentals in the municipal market remained mostly sound at year-end. State and local governments began fiscal 2022 with record levels of reserves, which gave them significant flexibility and the ability to weather periods of volatility. This was largely attributable to the sizable infusions of federal relief aid, robust property tax assessed valuations, and better-than-expected sales and income tax collections. Inflation moved sharply higher during the 12-month period, with year-over-year growth in the Consumer Price Index (CPI) hitting multi-decade highs. Rising inflation, initially driven by pandemic-related imbalances that impacted the supply of labor, materials, and distribution networks, was exacerbated by the conflict in Eastern Europe. However, ongoing elevated inflation has historically driven even higher tax collections as the cost of goods and services increases.

#### What factors affected the Fund's performance during its fiscal year?
The Fund benefited from its overweights to AAA- and AA-rated bonds, as well as an underweight to the 20-year and long bond areas of the yield curve, relative to the weighting of the Bloomberg U.S. Municipal Bond Index. Security selection in the education and local general obligation sectors was detrimental to performance.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other*

*conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

#### Municipal Market: Events negatively impacting a municipality, municipal security, or the municipal bond market in general, may cause the Fund to decrease in value.
**State & AMT Tax: A portion of income may be subject to some state and/or local taxes and, for certain investors, a portion may be subject to the federal alternative minimum tax.**

**Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the portfolio manager(s) to invest the Fund's assets as intended.**

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;90% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Total | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix High Grade Municipal Bond Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **-8.69%** | &nbsp;&nbsp;**1.15%** | &nbsp;&nbsp;**2.30%** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-11.20** | &nbsp;&nbsp;**0.59** | &nbsp;&nbsp;**2.01** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-8.56** | &nbsp;&nbsp;**1.32** | &nbsp;&nbsp;**2.46** |
| **Bloomberg U.S. Municipal Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp; **-8.53** | &nbsp;&nbsp;**1.25** | &nbsp;&nbsp;**2.13** |
| **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.93%, Net 0.73%; Class I shares: Gross 0.85%, Net 0.58%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.93%, Net 0.73%; Class I shares: Gross 0.85%, Net 0.58%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.93%, Net 0.73%; Class I shares: Gross 0.85%, Net 0.58%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.93%, Net 0.73%; Class I shares: Gross 0.85%, Net 0.58%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.*

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imga0a2898a10.jpg)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imgf7c6a2ac11.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix High Grade Municipal Bond Fund (Continued)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SAHIX |
| Class I: STHTX |
| Class R6: STHZX |

---

## Seix High Income Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking high current income and, secondarily, total return (comprised of capital appreciation and income). *There is no guarantee that the Fund will meet its objective(s).* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -11.31%, Class I shares at NAV returned -11.12%, and Class R6 shares at NAV returned -11.04%. For the same period, the Bloomberg U.S. Corporate High Yield Bond
Index, the Fund's style-specific benchmark appropriate for comparison, returned -11.19%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
The high yield market experienced its second-worst calendar year performance ever (2008 marked the worst), declining 11.22% as measured by the ICE BofA U.S. High Yield Index. Interestingly, high yield outperformed the investment grade market, which declined by 15.44% as measured by the ICE BofA U.S. Corporate Index. The increase in Treasury rates drove most of the performance for the two markets, as higher-rated credits were more affected by the rate move while lower-rated credits experienced a greater impact due to spread widening. The spread is the additional yield an investor receives above the risk-free rate for bonds of the same duration (sensitivity to changes in interest rates). The full high yield market began the year with a yield to worst (YTW) of 4.32% and an option-adjusted spread (OAS) of 3.10%, and ended the year with a YTW of 8.99% and an OAS of 4.81%, suggesting that the rate move was more impactful to performance than spread widening.

In this challenging environment, lower-rated segments of the market underperformed those with higher ratings. BB-rated securities, as measured by the ICE BofA BB U.S. High Yield Index, declined 10.57% for the fiscal year; single-Bs, as measured by the ICE BofA Single-B U.S. High Yield Index, declined 10.58%; and CCCs, as measured by the ICE BofA CCC & Lower U.S. High Yield Index, declined 16.32%. Notable underperforming segments of the market for the year included the ICE BofA U.S. Distressed High Yield Index, which declined 27.36% (this Index has a CCC1 composite rating), and the ICE BofA 10+ Year U.S. Cash Pay High Yield Index, which declined 22.46% (this Index has a BB2 composite rating).

Top-performing sectors in high yield for the year included transportation (-4.15%), aerospace (-4.24%), gaming (-5.48%), and energy (-5.52%). Bottom-performing sectors included non-food retail (-21.75%), entertainment (-19.25%), broadcasting (-16.65%), and health care (-16.33%).

#### What factors affected the Fund's performance during its fiscal year?
The Fund had a negative return for the 12 months ended December 31, 2022, but outperformed its benchmark, the Bloomberg U.S. Corporate High Yield Bond Index.

The largest contributors to relative performance for the year were an overweight and positive security selection in energy, an underweight and positive security selection in consumer non-cyclicals, and an overweight and positive security selection in transportation.

Top detractors from relative performance for the fiscal year were negative security selection in consumer cyclicals, an underweight and negative security selection in capital goods, and an overweight in finance companies.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

**High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.**

**Foreign Investing: Investing in foreign securities subjects the Fund to additional risks such as increased volatility, currency fluctuations, less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.**

**Market Volatility: The value of securities in the Fund may go up or down in response prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the portfolio manager(s) to invest the Fund's assets as intended.**

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| &nbsp;&nbsp;Leveraged Loans |  | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Other (includes short-term investment and securities lending collateral) |  | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix High Income Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp; Since <br> inception | &nbsp;&nbsp; Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-11.31%** | &nbsp;&nbsp;**1.45%** | &nbsp;&nbsp;**3.23%** | &nbsp;&nbsp;&nbsp;&nbsp; **— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-14.64** | &nbsp;&nbsp;**0.67** | &nbsp;&nbsp;**2.84** | &nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-11.12** | &nbsp;&nbsp;**1.69** | &nbsp;&nbsp;**3.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-11.04** | &nbsp;&nbsp;**1.80** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.89** | &nbsp;&nbsp; **8/1/14** |
| **Bloomberg U.S. Corporate High Yield Bond Index** | &nbsp;&nbsp;**-11.19** | &nbsp;&nbsp;**2.31** | &nbsp;&nbsp;**4.03** | &nbsp;&nbsp;&nbsp; **3.49 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.14%, Net 0.93%; Class I shares: Gross 0.89%, Net 0.68%; Class R6 shares: Gross 0.75%, Net 0.59%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.14%, Net 0.93%; Class I shares: Gross 0.89%, Net 0.68%; Class R6 shares: Gross 0.75%, Net 0.59%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.14%, Net 0.93%; Class I shares: Gross 0.89%, Net 0.68%; Class R6 shares: Gross 0.75%, Net 0.59%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.14%, Net 0.93%; Class I shares: Gross 0.89%, Net 0.68%; Class R6 shares: Gross 0.75%, Net 0.59%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.14%, Net 0.93%; Class I shares: Gross 0.89%, Net 0.68%; Class R6 shares: Gross 0.75%, Net 0.59%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.14%, Net 0.93%; Class I shares: Gross 0.89%, Net 0.68%; Class R6 shares: Gross 0.75%, Net 0.59%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imge33c075c12.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix High Income Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imgf3ebb6af13.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: HYPSX |
| Class I: SAMHX |
| Class R6: HYIZX |

---

## Seix High Yield Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking high income and, secondarily, capital appreciation. *There is no guarantee that the Fund will meet its objective(s).* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -10.70%, Class I shares at NAV returned -10.51%, and Class R6 shares at NAV returned -10.41%. For the same period, the ICE BofA U.S. High Yield BB-B
Constrained Index, the Fund's style-specific benchmark appropriate for comparison, returned -10.58%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
The high yield market experienced its second-worst calendar year performance ever (2008 marked the worst), declining 11.22% as measured by the ICE BofA U.S. High Yield Index. The option-adjusted spread (OAS) for the benchmark widened 1.71% during the year due to an increase in Treasury rates. The full high yield market began the year with a yield to worst (YTW) of 4.32% and an OAS of 3.10%, and ended the year with a YTW of 8.99% and an OAS of 4.81%, suggesting that the rate move was more impactful to performance than spread widening. The spread is the additional yield an investor receives above the risk-free rate for bonds of the same duration (sensitivity to changes in interest rates).

In this challenging environment, lower-rated segments of the market underperformed those with higher ratings. BB-rated securities, as measured by the ICE BofA BB U.S. High Yield Index, declined 10.57% for the fiscal year; single-Bs, as measured by the ICE BofA Single-B U.S. High Yield Index, declined 10.58%; and CCCs, as measured by the ICE BofA

CCC & Lower U.S. High Yield Index, declined 16.32%. Notable underperforming segments of the market for the year included the ICE BofA U.S. Distressed High Yield Index, which declined 27.36% (this Index has a CCC1 composite rating), and the ICE BofA 10+ Year U.S. Cash Pay High Yield Index, which declined 22.46% (this Index has a BB2 composite rating).

Including distressed exchanges, in which troubled companies seek to exchange outstanding debt for loans with less onerous terms, U.S. high yield bond default rates increased from 0.29% in 2021 to 1.59% in 2022, according to JP Morgan.

From a supply perspective, high yield issuance totaled approximately $115 billion for the full year. In 2022, high yield fund outflows totaled $47 billion ($7.4 billion of which was from exchange-traded funds), compared with outflows of $13.6 billion in 2021.

#### What factors affected the Fund's performance during its fiscal year?
The Fund had a negative return for the 12 months ended December 31, 2022, but outperformed its benchmark, the ICE BofA U.S. High Yield BB-B Constrained Index.

The largest contributor to relative performance for the year was an overweight and positive security selection in energy. Security selection in financials and an underweight to health care were also positive for performance.

Top detractors from relative performance included an overweight and negative security selection in retailers, negative security selection in media non-cable, and negative sector and security selection in metals and mining.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt**

instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.

**High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.**

**Foreign Investing: Investing in foreign securities subjects the Fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.**

**Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the portfolio manager(s) to invest the Fund's assets as intended.**

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| &nbsp;&nbsp;Leveraged Loans |  | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Other (includes securities lending collateral) |  | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix High Yield Fund (Continued)

**Average Annual Total Returns<sup>1</sup>** for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-10.70%** | &nbsp;&nbsp;**2.33%** | &nbsp;&nbsp;**3.33%** | &nbsp;&nbsp;&nbsp;&nbsp; **— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-14.05** | &nbsp;&nbsp;**1.55** | &nbsp;&nbsp;**2.94** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-10.51** | &nbsp;&nbsp;**2.55** | &nbsp;&nbsp;**3.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-10.41** | &nbsp;&nbsp;**2.63** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.79** | &nbsp;&nbsp; **8/1/16** |
| **ICE BofA U.S. High Yield BB-B Constrained Index** | &nbsp;&nbsp;**-10.58** | &nbsp;&nbsp;**2.31** | &nbsp;&nbsp;**3.94** | &nbsp;&nbsp;&nbsp; **3.48 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.01%, Net 0.82%; Class I shares: Gross 0.73%, Net 0.64%; Class R6 shares: Gross 0.64%, Net 0.53%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.01%, Net 0.82%; Class I shares: Gross 0.73%, Net 0.64%; Class R6 shares: Gross 0.64%, Net 0.53%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.01%, Net 0.82%; Class I shares: Gross 0.73%, Net 0.64%; Class R6 shares: Gross 0.64%, Net 0.53%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.01%, Net 0.82%; Class I shares: Gross 0.73%, Net 0.64%; Class R6 shares: Gross 0.64%, Net 0.53%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.01%, Net 0.82%; Class I shares: Gross 0.73%, Net 0.64%; Class R6 shares: Gross 0.64%, Net 0.53%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.01%, Net 0.82%; Class I shares: Gross 0.73%, Net 0.64%; Class R6 shares: Gross 0.64%, Net 0.53%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img66be1a7614.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix High Yield Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imgbaf52df515.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

## Seix Investment Grade Tax-Exempt Bond Fund

#### Fund Summary (Unaudited)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SISIX |
| Class I: STTBX |

---

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking to maximize high total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -6.62% and Class I shares at NAV returned -6.49%. For the same period, the Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index, the Fund's
style-specific benchmark appropriate for comparison, returned -5.95%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
During the 12-month period, tax-exempt interest rates moved sharply higher across the entire yield curve as tax-exempt bonds fell victim to surging U.S. Treasury bond yields. Higher inflation readings, the Russia/Ukraine conflict, and the Federal Reserve (the Fed) raising its target interest rate eight times in 2022 to 4.50%, all contributed to some of the worst performance for tax-exempt bonds in more than 40 years. As the fiscal year ended, interest rates were at multi-decade highs as yields across the curve were more than 1.59% higher, with some maturities more than 2.00% higher than at the start of the year. The Bloomberg U.S. Municipal Bond Index, a broad measure of the municipal market, returned -8.5% for the year. Bonds with maturities longer than 22 years and bonds rated BBB produced the largest losses over the 12-month period, down more than 15% and 12%, respectively.

Investors were uncomfortable with the rapid increase in rates, eventually pulling more than $124 billion from mutual funds over the previous 52 weeks. This change in retail investor demand resulted in intense selling pressure, causing the market to soften and yields to rise further, begetting a self-fulfilling cycle. The market posted a positive monthly return in only four of the 12 months of 2022.

While demand dropped, overall municipal issuance fell short of what the market experienced in 2021. This decline in issuance was largely a result of a sharp decline in taxable municipal issuance, as market volatility hampered issuers' ability to manage the timing of refinancing their outstanding bonds. The supply of tax-exempt bonds was also suppressed as higher interest rates pushed issuance to the sidelines. Lighter issuance mitigated some of the downward pressure caused by constant selling.

Credit fundamentals in the municipal market remained mostly sound at year-end. State and local governments began fiscal 2022 with record levels of reserves, which gave them significant flexibility and the ability to weather periods of volatility. This was largely attributable to the sizable infusions of federal relief aid, robust property tax assessed valuations, and better-than-expected sales and income tax collections. Inflation moved sharply higher during the 12-month period, with year-over-year growth in the Consumer Price Index (CPI) hitting multi-decade highs. Rising inflation, initially driven by pandemic-related imbalances that impacted the supply of labor, materials, and distribution networks, was exacerbated by the conflict in Eastern Europe. However, ongoing elevated inflation has historically driven even higher tax collections as the cost of goods and services increases.

#### What factors affected the Fund's performance during its fiscal year?
The Fund underperformed the Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index largely as a result of the Fund's exposure to the 20-year and longer part of the yield curve. Security selection in the health care and transportation sectors was a drag on performance, while security selection in special tax aided performance.

*The preceding information is the opinion of portfolio management only through the end of the period*

*stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

#### Municipal Market: Events negatively impacting a municipality, municipal security, or the municipal bond market in general, may cause the Fund to decrease in value.
**State & AMT Tax: A portion of income may be subject to some state and/or local taxes and, for certain investors, a portion may be subject to the federal alternative minimum tax.**

**Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the portfolio manager(s) to invest the Fund's assets as intended.**

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;95% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Total | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Investment Grade Tax-Exempt Bond Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-6.62%** | &nbsp;&nbsp;**1.10%** | &nbsp;&nbsp;**1.64%** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-9.19** | &nbsp;&nbsp;**0.54** | &nbsp;&nbsp;**1.36** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-6.49** | &nbsp;&nbsp;**1.27** | &nbsp;&nbsp;**1.80** |
| **Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index** | &nbsp;&nbsp;**-5.95** | &nbsp;&nbsp;**1.44** | &nbsp;&nbsp;**1.95** |
| **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 1.02%, Net: 0.68%; Class I shares: Gross 0.81%, Net: 0.53%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 1.02%, Net: 0.68%; Class I shares: Gross 0.81%, Net: 0.53%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 1.02%, Net: 0.68%; Class I shares: Gross 0.81%, Net: 0.53%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 1.02%, Net: 0.68%; Class I shares: Gross 0.81%, Net: 0.53%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.*

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img5dc33da616.jpg)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img0954433e17.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Investment Grade Tax-Exempt Bond Fund (Continued)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: CBPSX |
| Class I: SAMFX |
| Class R6: SAMZX |

---

## Seix Total Return Bond Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -13.70%, Class I shares at NAV returned -13.57%, and Class R6 shares at NAV returned -13.36%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the
Fund's style-specific benchmark appropriate for comparison, returned -13.01%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
Unprecedented is the only way to describe the bond market in 2022. In response to an inflation backdrop that saw the headline rate peak at 9.1% in June, the Federal Reserve (the Fed) was forced to embark on a tightening cycle the likes of which the market had not seen since the early 1980s. Not coincidentally, that was also the last time the economy endured such painful consumer price inflation.

Entering the 2022 calendar year, expectations were for the Fed to begin tightening monetary policy, but at a fairly slow and gradual pace. However, the persistence of high inflation – and the Fed's tarnished reputation after incorrectly characterizing the post-pandemic inflation bounce as transitory – necessitated a far more forceful policy response. Ultimately, the Fed raised rates by 4.25%, bringing the top end of the Fed's target range to 4.50% by the end of the year.

As a result of this dramatic tightening cycle, interest rates across the board rose considerably throughout

the year. Shorter-term Treasury yields (2-year and 5-year) were most impacted by higher policy rates. Longer-term Treasury yields were also impacted, but to a lesser degree. Benchmark Treasury yield changes were as follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21 12/30/22 2022

#### &nbsp;&nbsp;&nbsp;&nbsp; 2yr 0.73% 4.43% +3.70%

#### &nbsp;&nbsp;&nbsp;&nbsp; 5yr 1.26 4.01 +2.75

#### &nbsp;&nbsp;&nbsp;&nbsp; 10yr 1.51 3.88 +2.37

#### &nbsp;&nbsp;&nbsp;&nbsp; 30yr 1.90 3.97 +2.07
As a result of this dramatic increase in Treasury rates, total returns across the investment grade bond market were uniformly negative and, in many cases, the worst annual returns ever. The Bloomberg U.S. Aggregate Bond Index, the leading broad-based benchmark for the domestic investment grade bond market, endured a -13.01% total return for the year. That was its worst total return by a wide margin since the inception of the Index in 1976. The prior worst annual total return was -2.92% in 1994.

The uncertainty of the monetary policy backdrop contributed to the underperformance of most spread sectors (non-governmental fixed income investments). In 2022, all of the investment grade spread sectors generated negative excess return. Excess return refers to the difference in return – positive or negative – between an individual security and a comparable risk-free asset, in this case a Treasury note or bond with the same duration (interest rate sensitivity).

The residential mortgage-backed sector performed worst, with -2.23% of negative excess return for the year. Investment grade corporate credit generated -1.25% of negative excess return; the commercial mortgage-backed sector generated -1.20% of negative excess return; and the government-related sector earned -0.42% of negative excess return. The underperformance of the spread sectors was prevalent for most of 2022, with only the fourth quarter offering some positive excess return.

The overriding narrative that persisted amid the unprecedented Fed tightening cycle was focused on the inevitable recession this policy was expected to produce. At times in 2022, analysts argued that the economy was already in recession and the data would eventually make that clear for all to see.

Resilience at both the corporate and consumer level appeared to keep this outcome at bay, but expectations for 2023 continued to focus on a recession, with the timing the only unknown variable.

#### What factors affected the Fund's performance during its fiscal year?
In a year in which interest rates rose sharply, the Fund underperformed its benchmark for the 12-month period ended December 31, 2022. The Fund's allocation to the corporate bond sector provided mixed results over the year, as the underweight to the sector (asset allocation) was a positive contributor, but security selection within the sector was a more meaningful detractor from performance. Similarly, the allocation to the securitized asset sector provided mixed results, as the residential mortgage-backed securities (RMBS) allocation and security selection were positive; however, commercial mortgage-backed security (CMBS) security selection and asset-backed security (ABS) security selection and allocation both detracted from relative performance.

Neither the Fund's U.S. Treasury yield curve positioning, allocation to Treasury Inflation-Protected Securities (TIPS), nor the lack of an allocation to the traditional government agency sector were significant influences on relative performance for the full calendar year. The Fund's position in the Markit HYCDX, an index of high yield credit default swaps, was the biggest positive contributor to relative performance for the year.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

#### Foreign & Emerging Markets: Investing in foreign securities, especially in emerging markets, subjects
For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Total Return Bond Fund (Continued)

the Fund to additional risks such as increased volatility, currency fluctuations, less liquidity, and political, regulatory, economic, and market risk.

**ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the Fund.**

**High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.**

**Derivatives: Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage, or attempt to increase**

returns. Investments in derivatives may result in increased volatility and the Fund may incur a loss greater than its principal investments.

**Market Volatility: The value of securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the portfolio manager(s) to invest the Fund's assets as intended.**

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Mortgage-Backed Securities |  | &nbsp;&nbsp;41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency | 36% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;U.S. Government Securities |  | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | &nbsp;&nbsp;7 |  |
| &nbsp;&nbsp;Asset-Backed Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Total Return Bond Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-13.70%** | &nbsp;&nbsp;&nbsp; **0.03%** | &nbsp;&nbsp;**0.78%** | &nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-16.94** | &nbsp;&nbsp;**-0.74** | &nbsp;&nbsp;**0.40** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-13.57** | &nbsp;&nbsp;&nbsp;**0.26** | &nbsp;&nbsp;**1.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-13.36** | &nbsp;&nbsp;&nbsp;**0.41** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** | &nbsp;&nbsp;**8/1/14** |
| **Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;**-13.01** | &nbsp;&nbsp;&nbsp;**0.02** | &nbsp;&nbsp;**1.06** | &nbsp;&nbsp;&nbsp; **1.04 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.86%, Net: 0.70%; Class I shares: Gross 0.56%, Net: 0.46%; Class R6 shares: Gross 0.45%, Net: 0.31%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.86%, Net: 0.70%; Class I shares: Gross 0.56%, Net: 0.46%; Class R6 shares: Gross 0.45%, Net: 0.31%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.86%, Net: 0.70%; Class I shares: Gross 0.56%, Net: 0.46%; Class R6 shares: Gross 0.45%, Net: 0.31%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.86%, Net: 0.70%; Class I shares: Gross 0.56%, Net: 0.46%; Class R6 shares: Gross 0.45%, Net: 0.31%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.86%, Net: 0.70%; Class I shares: Gross 0.56%, Net: 0.46%; Class R6 shares: Gross 0.45%, Net: 0.31%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 0.86%, Net: 0.70%; Class I shares: Gross 0.56%, Net: 0.46%; Class R6 shares: Gross 0.45%, Net: 0.31%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img3ab3d2c718.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Total Return Bond Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img4cd416fc19.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### Fund Summary (Unaudited)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SSAGX |
| Class I: SIGVX |
| Class R6: SIGZX |

---

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking to maximize current income consistent with capital preservation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -1.39%, Class I shares at NAV returned -1.05%, and Class R6 shares at NAV returned
-1.00%<sup>†</sup>. For the same period, the Bloomberg U.S. Treasury Bill 3-6 Month Index, the Fund's style-specific benchmark appropriate for comparison, returned 1.31%.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>†</sup> See footnote 3 on page 38.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
Unprecedented is the only way to describe the bond market in 2022. In response to an inflation backdrop that saw the headline rate peak at 9.1% in June, the Federal Reserve (the Fed) was forced to embark on a tightening cycle the likes of which the market had not seen since the early 1980s. Not coincidentally, that was also the last time the economy endured such painful consumer price inflation.

Entering the 2022 calendar year, expectations were for the Fed to begin tightening monetary policy, but at a fairly slow and gradual pace. However, the persistence of high inflation – and the Fed's tarnished reputation after incorrectly characterizing the post-pandemic inflation bounce as transitory – necessitated a far more forceful policy response. Ultimately, the Fed raised rates by 4.25%, bringing the top end of the Fed's target range to 4.50% by the end of the year.

As a result of this dramatic tightening cycle, interest rates across the board rose considerably throughout

the year. Shorter-term Treasury yields (2-year and 5-year) were most impacted by higher policy rates. Longer-term Treasury yields were also impacted, but to a lesser degree. Benchmark Treasury yield changes were as follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21 12/30/22 2022

#### &nbsp;&nbsp;&nbsp;&nbsp; 2yr 0.73% 4.43% +3.70%

#### &nbsp;&nbsp;&nbsp;&nbsp; 5yr 1.26 4.01 +2.75

#### &nbsp;&nbsp;&nbsp;&nbsp; 10yr 1.51 3.88 +2.37

#### &nbsp;&nbsp;&nbsp;&nbsp; 30yr 1.90 3.97 +2.07
As a result of this dramatic increase in Treasury rates, total returns across the investment grade bond market were uniformly negative and, in many cases, the worst annual returns ever. The Bloomberg U.S. Aggregate Bond Index, the leading broad-based benchmark for the domestic investment grade bond market, endured a -13.01% total return for the year. That was its worst total return by a wide margin since the inception of the Index in 1976. The prior worst annual total return was -2.92% in 1994.

The uncertainty of the monetary policy backdrop contributed to the underperformance of most spread sectors (non-governmental fixed income investments). In 2022, all of the investment grade spread sectors generated negative excess return. Excess return refers to the difference in return – positive or negative – between an individual security and a comparable risk-free asset, in this case a Treasury note or bond with the same duration (interest rate sensitivity).

The residential mortgage-backed sector performed worst, with -2.23% of negative excess return for the year. Investment grade corporate credit generated -1.25% of negative excess return; the commercial mortgage-backed sector generated -1.20% of negative excess return; and the government-related sector earned -0.42% of negative excess return. The underperformance of the spread sectors was prevalent for most of 2022, with only the fourth quarter offering some positive excess return.

The overriding narrative that persisted amid the unprecedented Fed tightening cycle was focused on the inevitable recession this policy was expected to produce. At times in 2022, analysts argued that the economy was already in recession and the data would eventually make that clear for all to see.

Resilience at both the corporate and consumer level appeared to keep this outcome at bay, but expectations for 2023 continued to focus on a recession, with the timing the only unknown variable.

#### What factors affected the Fund's performance during its fiscal year?
The Fund underperformed its benchmark for the 12-month period ended December 31, 2022. The sharp rise in short-term interest rates as well as spread widening in the out-of-index securitized asset sector were the largest detractors from absolute and relative performance. The Fund's utilization of interest rate futures to partially offset rate hikes was a positive contributor to performance. The Fund's allocation to floating rate securities was increased during the year as the average duration, or sensitivity to changes in interest rates, was cut to around .38 years at year-end.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

**ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the Fund.**

**U.S. Government Securities: U.S. government securities may be subject to price fluctuations. An agency may default on an obligation not backed by the United States. Any guarantee on U.S. government securities does not apply to the value of the Fund's shares.**

#### Market Volatility: The value of the securities in the Fund may go up or down in response to the
For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix U.S. Government Securities Ultra-Short Bond Fund (Continued)

prospects of individual and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the portfolio manager(s) to invest the Fund's assets as intended.

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Mortgage-Backed Securities |  | &nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency | 96% |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix U.S. Government Securities Ultra-Short Bond Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; 1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-1.39%** | &nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp; **— %** | &nbsp;&nbsp; **0.49%** | &nbsp;&nbsp; **7/24/18** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-1.05** | &nbsp;&nbsp;**0.82** | &nbsp;&nbsp;**0.70** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-1.00 <sup>3</sup>** | &nbsp;&nbsp;**0.97** | &nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.04** | &nbsp;&nbsp;&nbsp;&nbsp; **8/1/16** |
| **Bloomberg U.S. Treasury Bill 3-6 Month Index** | &nbsp;&nbsp;&nbsp; **1.31** | &nbsp;&nbsp;**1.31** | &nbsp;&nbsp;**0.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **— <sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.66%, Net: 0.66%; Class I shares: Gross 0.49%, Net: 0.41%; Class R6 shares: Gross 0.35%, Net: 0.26%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.66%, Net: 0.66%; Class I shares: Gross 0.49%, Net: 0.41%; Class R6 shares: Gross 0.35%, Net: 0.26%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.66%, Net: 0.66%; Class I shares: Gross 0.49%, Net: 0.41%; Class R6 shares: Gross 0.35%, Net: 0.26%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.66%, Net: 0.66%; Class I shares: Gross 0.49%, Net: 0.41%; Class R6 shares: Gross 0.35%, Net: 0.26%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.66%, Net: 0.66%; Class I shares: Gross 0.49%, Net: 0.41%; Class R6 shares: Gross 0.35%, Net: 0.26%.** | **Fund Expense Ratios<sup>5</sup>: Class A shares: Gross 0.66%, Net: 0.66%; Class I shares: Gross 0.49%, Net: 0.41%; Class R6 shares: Gross 0.35%, Net: 0.26%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853img8164812c20.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report.* 

 *<sup>4</sup>* *The index return is 1.26% since inception of Class A shares and 1.18% since inception of Class R6 shares.* 

 *<sup>5</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SASSX |
| Class I: SISSX |

---

## Seix Ultra-Short Bond Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Seix Investment Advisors
■ The Fund is
diversified and has an investment objective of seeking to maximize current income consistent with capital preservation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -0.94% and Class I shares at NAV returned -0.59%. For the same period, the Bloomberg U.S. Treasury Bill 3-6 Month Index, the Fund's style-specific
benchmark appropriate for comparison, returned 1.31%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
Unprecedented is the only way to describe the bond market in 2022. In response to an inflation backdrop that saw the headline rate peak at 9.1% in June, the Federal Reserve (the Fed) was forced to embark on a tightening cycle the likes of which the market had not seen since the early 1980s. Not coincidentally, that was also the last time the economy endured such painful consumer price inflation.

Entering the 2022 calendar year, expectations were for the Fed to begin tightening monetary policy, but at a fairly slow and gradual pace. However, the persistence of high inflation – and the Fed's tarnished reputation after incorrectly characterizing the post-pandemic inflation bounce as transitory – necessitated a far more forceful policy response. Ultimately, the Fed raised rates by 4.25%, bringing the top end of the Fed's target range to 4.50% by the end of the year.

As a result of this dramatic tightening cycle, interest rates across the board rose considerably throughout the year. Shorter-term Treasury yields (2-year and 5-year) were most impacted by higher policy rates. Longer-term Treasury yields were also impacted, but

to a lesser degree. Benchmark Treasury yield changes were as follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21 12/30/22 2022

#### &nbsp;&nbsp;&nbsp;&nbsp; 2yr 0.73% 4.43% +3.70%

#### &nbsp;&nbsp;&nbsp;&nbsp; 5yr 1.26 4.01 +2.75

#### &nbsp;&nbsp;&nbsp;&nbsp; 10yr 1.51 3.88 +2.37

#### &nbsp;&nbsp;&nbsp;&nbsp; 30yr 1.90 3.97 +2.07
As a result of this dramatic increase in Treasury rates, total returns across the investment grade bond market were uniformly negative and, in many cases, the worst annual returns ever. The Bloomberg U.S. Aggregate Bond Index, the leading broad-based benchmark for the domestic investment grade bond market, endured a -13.01% total return for the year. That was its worst total return by a wide margin since the inception of the Index in 1976. The prior worst annual total return was -2.92% in 1994.

The uncertainty of the monetary policy backdrop contributed to the underperformance of most spread sectors (non-governmental fixed income investments). In 2022, all of the investment grade spread sectors generated negative excess return. Excess return refers to the difference in return – positive or negative – between an individual security and a comparable risk-free asset, in this case a Treasury note or bond with the same duration (interest rate sensitivity).

The residential mortgage-backed sector performed worst, with -2.23% of negative excess return for the year. Investment grade corporate credit generated -1.25% of negative excess return; the commercial mortgage-backed sector generated -1.20% of negative excess return; and the government-related sector earned -0.42% of negative excess return. The underperformance of the spread sectors was prevalent for most of 2022, with only the fourth quarter offering some positive excess return.

The overriding narrative that persisted amid the unprecedented Fed tightening cycle was focused on the inevitable recession this policy was expected to produce. At times in 2022, analysts argued that the economy was already in recession and the data would eventually make that clear for all to see. Resilience at both the corporate and consumer level appeared to keep this outcome at bay, but

expectations for 2023 continued to focus on a recession, with the timing the only unknown variable.

#### What factors affected the Fund's performance during its fiscal year?
The Fund underperformed its benchmark for the 12-month period ended December 31, 2022. The sharp rise in short-term interest rates as well as spread widening in the out-of-index securitized asset and corporate sectors were the largest detractors from absolute and relative performance. The Fund's utilization of interest rate futures to partially offset rate hikes was a positive contributor to performance.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

**Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.**

**Foreign Investing: Investing in foreign securities subjects the Fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.**

**ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the Fund.**

**Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public**

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Ultra-Short Bond Fund (Continued)

health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the portfolio manager(s) to invest the Fund's assets as intended.

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 27% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Mortgage-Backed Securities |  | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency | &nbsp;&nbsp;7 |  |
| &nbsp;&nbsp;Asset-Backed Securities |  | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles | &nbsp;&nbsp;7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student Loan | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;Total |  | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

Seix Ultra-Short Bond Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp; **-0.94%** | &nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;**0.73%** | &nbsp;&nbsp;**7/24/18** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-0.59** | &nbsp;&nbsp;**1.10** | &nbsp;&nbsp;**1.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Bloomberg U.S. Treasury Bill 3-6 Month Index** | &nbsp;&nbsp;&nbsp; **1.31** | &nbsp;&nbsp;**1.31** | &nbsp;&nbsp;**0.82** | &nbsp;&nbsp;&nbsp;**1.26 <sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>4</sup>: Class A shares: Gross 0.86%, Net: 0.65%; Class I shares: Gross 0.63%, Net: 0.40%.** | **Fund Expense Ratios<sup>4</sup>: Class A shares: Gross 0.86%, Net: 0.65%; Class I shares: Gross 0.63%, Net: 0.40%.** | **Fund Expense Ratios<sup>4</sup>: Class A shares: Gross 0.86%, Net: 0.65%; Class I shares: Gross 0.63%, Net: 0.40%.** | **Fund Expense Ratios<sup>4</sup>: Class A shares: Gross 0.86%, Net: 0.65%; Class I shares: Gross 0.63%, Net: 0.40%.** | **Fund Expense Ratios<sup>4</sup>: Class A shares: Gross 0.86%, Net: 0.65%; Class I shares: Gross 0.63%, Net: 0.40%.** | **Fund Expense Ratios<sup>4</sup>: Class A shares: Gross 0.86%, Net: 0.65%; Class I shares: Gross 0.63%, Net: 0.40%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436853imgca5ac67321.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *The since inception index return is from the inception date of Class A shares.* 

 *<sup>4</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 5.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—32.5%** | **U.S. Government Securities—32.5%** | **U.S. Government Securities—32.5%** |
| U.S. Treasury Bonds<br> 3.000%, 8/15/52 | $6114 | $5037 |
| U.S. Treasury Inflation Indexed Bonds<br> 0.125%, 1/15/32 | &nbsp;&nbsp; 3982 | &nbsp;&nbsp;&nbsp; 3488 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, 6/30/23 | &nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;0.125%, 12/15/23 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp; 1360 |
| &nbsp;&nbsp;&nbsp;0.375%, 7/15/24 | &nbsp;&nbsp; 2678 | &nbsp;&nbsp;&nbsp; 2509 |
| &nbsp;&nbsp;&nbsp;0.500%, 3/31/25 | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp;0.250%, 9/30/25 | &nbsp;&nbsp; 2225 | &nbsp;&nbsp;&nbsp; 1998 |
| &nbsp;&nbsp;&nbsp;2.750%, 7/31/27 | &nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | &nbsp;&nbsp; 3596 | &nbsp;&nbsp;&nbsp; 3669 |
| **Total U.S. Government Securities<br> (Identified Cost $20,014)** | **Total U.S. Government Securities<br> (Identified Cost $20,014)** | &nbsp;&nbsp;&nbsp;&nbsp;**19473** |
| **Mortgage-Backed Securities—40.8%** | **Mortgage-Backed Securities—40.8%** | **Mortgage-Backed Securities—40.8%** |
| **Agency—36.2%** | **Agency—36.2%** |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Pool #A95259<br> 4.000%, 12/1/40 | &nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;Pool #G60019<br> 4.500%, 3/1/44 | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;Pool #Q35611<br> 4.000%, 9/1/45 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;Pool #Q42921<br> 3.500%, 9/1/46 | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;Pool #Q52135<br> 3.500%, 11/1/47 | &nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp;Pool #Q53881<br> 4.500%, 1/1/48 | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;Pool #Q61680<br> 4.000%, 2/1/49 | &nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;Pool #QA3079<br> 3.500%, 10/1/49 | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;Pool #QA4766<br> 3.500%, 11/1/49 | &nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;Pool #QA9935<br> 3.000%, 6/1/50 | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;Pool #QC2692<br> 3.000%, 6/1/51 | &nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Pool #QC4721<br> 3.000%, 7/1/51 | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;Pool #QD9468<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;Pool #QE0961<br> 4.000%, 4/1/52 | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;Pool #QE1443<br> 4.000%, 5/1/52 | &nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;Pool #QE1985<br> 4.500%, 5/1/52 | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;Pool #QE2366<br> 5.000%, 5/1/52 | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;Pool #QE4826<br> 4.500%, 7/1/52 | &nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp;Pool #QE9889<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Pool #QE9908<br> 5.500%, 9/1/52 | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;Pool #QF0346<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 115 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #QF0904<br> 5.000%, 10/1/52 | $783 | $772 |
| &nbsp;&nbsp;&nbsp;Pool #QF2469<br> 5.500%, 11/1/52 | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;Pool #RA2622<br> 3.000%, 5/1/50 | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;Pool #RA7191<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp;Pool #RA7502<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;Pool #SC0203<br> 2.500%, 12/1/41 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;Pool #SD0164<br> 3.500%, 12/1/49 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;Pool #SD1618<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp;Pool #ZM5226<br> 3.500%, 12/1/47 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 188 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AB3692<br> 4.000%, 10/1/41 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;Pool #AB3878<br> 4.000%, 11/1/41 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;Pool #AB5924<br> 3.000%, 8/1/42 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;Pool #BA4799<br> 4.000%, 2/1/46 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;Pool #BE5050<br> 4.000%, 9/1/45 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;Pool #BJ8599<br> 3.500%, 4/1/48 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;Pool #BK6111<br> 4.000%, 7/1/48 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;Pool #BN4542<br> 4.500%, 2/1/49 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;Pool #BO3024<br> 3.500%, 10/1/49 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;Pool #BP5431<br> 3.000%, 6/1/50 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;Pool #BP5432<br> 3.000%, 6/1/50 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;Pool #BT7914<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;Pool #BV3044<br> 3.000%, 2/1/52 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;Pool #BV5020<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;Pool #BV8320<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;Pool #BV8328<br> 3.500%, 5/1/52 | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;Pool #BV9705<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;Pool #BW0044<br> 5.000%, 7/1/52 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;Pool #BW1929<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;Pool #BW3311<br> 4.500%, 7/1/52 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp;Pool #BX1225<br> 5.500%, 10/1/52 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 336 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #CA5122<br> 3.000%, 2/1/50 | $200 | $178 |
| &nbsp;&nbsp;&nbsp;Pool #CB2684<br> 3.500%, 1/1/52 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;Pool #CB2760<br> 3.500%, 2/1/52 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;Pool #CB3630<br> 4.000%, 5/1/52 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;Pool #CB3922<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp;Pool #FM3181<br> 4.000%, 4/1/50 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;Pool #FM7290<br> 3.000%, 5/1/51 | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;Pool #FM8210<br> 3.000%, 4/1/50 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;Pool #FS1253<br> 4.000%, 4/1/52 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;Pool #FS1383<br> 4.000%, 4/1/52 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;Pool #FS1443<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp;Pool #FS2249<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp;Pool #FS2692<br> 5.000%, 8/1/52 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp;Pool #FS3262<br> 4.000%, 10/1/46 | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;Pool #FS3386<br> 3.500%, 5/1/38 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 617 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #CO1904<br> 5.000%, 8/15/52 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;Pool #CO1918<br> 5.500%, 9/15/52 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 199 |
|  |  | &nbsp;&nbsp;21701 |
| **Non-Agency—4.6%** | **Non-Agency—4.6%** |  |
| BB-UBS Trust 2012-SHOW, B 144A<br> 3.882%, 11/5/36<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 561 |
| BWAY Mortgage Trust 2013-1515, A2 144A<br> 3.454%, 3/10/33<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 93 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(1)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;2020-1, B1 144A<br> 2.280%, 7/15/60<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 214 |
| Goldman Sachs Mortgage Securities Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;2005-ROCK, A 144A<br> 5.366%, 5/3/32<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;2012-BWTR, A 144A<br> 2.954%, 11/5/34<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 166 |
| Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A<br> 5.238%, 7/15/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 160 |
| JPMBB Commercial Mortgage Securities Trust 2013-C15, A4<br> 4.096%, 11/15/45 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 356 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-BTC, A 144A<br> 3.544%, 4/16/35<sup>(1)</sup> | $190 | $181 |
| &nbsp;&nbsp;&nbsp;2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A<br> 5.468%, 2/15/40<sup>(1)(2)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; 310 |
|  |  | &nbsp;&nbsp;&nbsp; 2756 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $25,761)** | **Total Mortgage-Backed Securities<br> (Identified Cost $25,761)** | &nbsp;&nbsp;&nbsp;&nbsp;**24457** |
| **Asset-Backed Securities—5.9%** | **Asset-Backed Securities—5.9%** | **Asset-Backed Securities—5.9%** |
| **Credit Card—1.8%** | **Credit Card—1.8%** |  |
| Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%)<br> 4.629%, 5/15/28<sup>(2)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 530 |
| Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%)<br> 5.062%, 5/14/29<sup>(2)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 574 |
|  |  | &nbsp;&nbsp;&nbsp; 1104 |
| **Other—4.1%** | **Other—4.1%** |  |
| Arby's Funding LLC 2020-1A, A2 144A<br> 3.237%, 7/30/50<sup>(1)</sup> | &nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 215 |
| DB Master Finance LLC 2021-1A, A23 144A<br> 2.791%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 370 |
| Five Guys Funding LLC 2017-1A, A2 144A<br> 4.600%, 7/25/47<sup>(1)</sup> | &nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; 333 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 606 |
| Stack Infrastructure Issuer LLC 2021-1A, A2 144A<br> 1.877%, 3/26/46<sup>(1)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 380 |
| Taco Bell Funding LLC 2021-1A, A23 144A<br> 2.542%, 8/25/51<sup>(1)</sup> | &nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 282 |
| Vantage Data Centers LLC 2020-2A, A2 144A<br> 1.992%, 9/15/45<sup>(1)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 267 |
|  |  | &nbsp;&nbsp;&nbsp; 2453 |
| **Total Asset-Backed Securities<br> (Identified Cost $4,023)** | **Total Asset-Backed Securities<br> (Identified Cost $4,023)** | &nbsp;&nbsp;&nbsp;&nbsp; **3557** |
| **Corporate Bonds and Notes—18.2%** | **Corporate Bonds and Notes—18.2%** | **Corporate Bonds and Notes—18.2%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| AT&T, Inc.<br> 3.550%, 9/15/55 | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 170 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, 5/19/32 | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;4.950%, 5/19/50 | &nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 136 |
| Warnermedia Holdings, Inc. 144A<br> 5.141%, 3/15/52<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 265 |
|  |  | &nbsp;&nbsp;&nbsp; 696 |
| **Consumer Discretionary—0.6%** | **Consumer Discretionary—0.6%** |  |
| Hyatt Hotels Corp.<br> 1.800%, 10/1/24 | &nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 190 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Kohl's Corp.<br> 3.625%, 5/1/31 | $234 | $164 |
|  |  | &nbsp;&nbsp; 354 |
| **Consumer Staples—0.9%** | **Consumer Staples—0.9%** |  |
| Coca-Cola Co. (The)<br> 1.000%, 3/15/28 | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 303 |
| Mars, Inc. 144A<br> 2.450%, 7/16/50<sup>(1)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 229 |
|  |  | &nbsp;&nbsp; 532 |
| **Energy—2.6%** | **Energy—2.6%** |  |
| Boardwalk Pipelines LP<br> 4.450%, 7/15/27 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 78 |
| Continental Resources, Inc. 144A<br> 2.875%, 4/1/32<sup>(1)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 184 |
| Enterprise Products Operating LLC<br> 4.200%, 1/31/50 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 148 |
| HF Sinclair Corp.<br> 4.500%, 10/1/30 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 242 |
| Pioneer Natural Resources Co.<br> 1.900%, 8/15/30 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 377 |
| Plains All American Pipeline LP<br> 3.800%, 9/15/30 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 249 |
| Targa Resources Corp.<br> 4.200%, 2/1/33 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 135 |
| Williams Cos., Inc. (The)<br> 3.500%, 10/15/51 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 123 |
|  |  | &nbsp;&nbsp; 1536 |
| **Financials—8.4%** | **Financials—8.4%** |  |
| AerCap Ireland Capital DAC<br> 3.850%, 10/29/41 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 160 |
| American Express Co.<br> 3.950%, 8/1/25 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 131 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.125%, 2/21/26<sup>(1)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;144A 4.250%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 155 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.087%, 6/14/29 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;2.572%, 10/20/32 | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 201 |
| Bank of New York Mellon Corp. (The)<br> 4.414%, 7/24/26 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 310 |
| BPCE S.A. 144A<br> 5.748%, 7/19/33<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 238 |
| Daimler Trucks Finance North America LLC 144A<br> 2.500%, 12/14/31<sup>(1)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 141 |
| Goldman Sachs Group, Inc. (The)<br> 1.542%, 9/10/27 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 363 |
| Hartford Financial Services Group, Inc. (The)<br> 2.800%, 8/19/29 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 148 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;0.824%, 6/1/25 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 43 |
| KeyBank N.A.<br> 4.390%, 12/14/27 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 240 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;0.791%, 1/22/25 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;1.593%, 5/4/27 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 311 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| PG&E Wildfire Recovery Funding LLC Series A-2<br> 4.263%, 6/1/36 | $175 | $162 |
| PNC Financial Services Group, Inc. (The) Series V<br> 6.200% <sup>(3)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 105 |
| U.S. Bancorp<br> 5.727%, 10/21/26 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 131 |
| United Airlines Pass-Through-Trust 2020-1, A<br> 5.875%, 10/15/27 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 345 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;3.350%, 3/2/33 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 5058 |
| **Health Care—0.5%** | **Health Care—0.5%** |  |
| AbbVie, Inc.<br> 4.250%, 11/21/49 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 278 |
| **Industrials—0.6%** | **Industrials—0.6%** |  |
| Triton Container International Ltd.<br> 3.250%, 3/15/32 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 331 |
| **Information Technology—0.7%** | **Information Technology—0.7%** |  |
| Broadcom, Inc. 144A<br> 3.750%, 2/15/51<sup>(1)</sup> | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 188 |
| Global Payments, Inc.<br> 4.950%, 8/15/27 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 127 |
| Micron Technology, Inc.<br> 3.477%, 11/1/51 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 127 |
|  |  | &nbsp;&nbsp; 442 |
| **Materials—1.3%** | **Materials—1.3%** |  |
| Freeport-McMoRan, Inc.<br> 5.450%, 3/15/43 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 265 |
| LYB International Finance III LLC<br> 3.625%, 4/1/51 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 92 |
| Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 10/1/30 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;6.250%, 10/1/39 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 242 |
|  |  | &nbsp;&nbsp; 801 |
| **Real Estate—0.5%** | **Real Estate—0.5%** |  |
| Equinix, Inc.<br> 3.900%, 4/15/32 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 177 |
| Tanger Properties LP<br> 2.750%, 9/1/31 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 135 |
|  |  | &nbsp;&nbsp; 312 |
| **Utilities—0.9%** | **Utilities—0.9%** |  |
| Boardwalk Pipelines LP<br> 3.400%, 2/15/31 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 99 |
| Consolidated Edison Co. of New York, Inc. Series 20B<br> 3.950%, 4/1/50 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 126 |
| Pacific Gas & Electric Co.<br> 2.500%, 2/1/31 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 141 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Core Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern Co. (The) Series A<br> 3.700%, 4/30/30 | $193 | $174 |
|  |  | &nbsp;&nbsp;&nbsp; 540 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $12,907)** | **Total Corporate Bonds and Notes<br> (Identified Cost $12,907)** | &nbsp;&nbsp;&nbsp;&nbsp;**10880** |
| **Total Long-Term Investments—97.4%<br> (Identified Cost $62,705)** | **Total Long-Term Investments—97.4%<br> (Identified Cost $62,705)** | &nbsp;&nbsp;&nbsp;&nbsp;**58367** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—1.9%** | **Short-Term Investment—1.9%** | **Short-Term Investment—1.9%** |
| **Money Market Mutual Fund—1.9%** | **Money Market Mutual Fund—1.9%** | **Money Market Mutual Fund—1.9%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(4)</sup> | 1140983 | &nbsp;&nbsp;&nbsp;&nbsp; 1141 |
| **Total Short-Term Investment<br> (Identified Cost $1,141)** | **Total Short-Term Investment<br> (Identified Cost $1,141)** | &nbsp;&nbsp; **1141** |
| **TOTAL INVESTMENTS—99.3%<br> (Identified Cost $63,846)** | **TOTAL INVESTMENTS—99.3%<br> (Identified Cost $63,846)** | **$59508** |
| Other assets and liabilities, net—0.7% | Other assets and liabilities, net—0.7% | &nbsp;&nbsp;&nbsp; 418 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$59926** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $6,655 or 11.1% of net assets. |
| <sup>(2)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(3)</sup> | No contractual maturity date. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3557 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10880 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24457 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19473 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58367 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Corporate Bond Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Security—3.2%** | **U.S. Government Security—3.2%** | **U.S. Government Security—3.2%** |
| U.S. Treasury Bonds<br> 1.875%, 11/15/51 | $2300 | $1457 |
| **Total U.S. Government Security<br> (Identified Cost $1,906)** | **Total U.S. Government Security<br> (Identified Cost $1,906)** | &nbsp;&nbsp;&nbsp;&nbsp; **1457** |
| **Corporate Bonds and Notes—95.2%** | **Corporate Bonds and Notes—95.2%** | **Corporate Bonds and Notes—95.2%** |
| **Communication Services—8.6%** | **Communication Services—8.6%** |  |
| AT&T, Inc.<br> 3.550%, 9/15/55 | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 354 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, 5/19/32 | &nbsp;&nbsp; 679 | &nbsp;&nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp;4.950%, 5/19/50 | &nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp; 703 |
| Verizon Communications, Inc.<br> 4.125%, 3/16/27 | &nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp; 1268 |
| Warnermedia Holdings, Inc. 144A<br> 5.141%, 3/15/52<sup>(1)</sup> | &nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp; 1018 |
|  |  | &nbsp;&nbsp;&nbsp; 3899 |
| **Consumer Discretionary—5.1%** | **Consumer Discretionary—5.1%** |  |
| Carnival Corp. 144A<br> 9.875%, 8/1/27<sup>(1)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; 702 |
| Hyatt Hotels Corp.<br> 1.800%, 10/1/24 | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 818 |
| Kohl's Corp.<br> 3.625%, 5/1/31 | &nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; 515 |
| Tapestry, Inc.<br> 3.050%, 3/15/32 | &nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; 293 |
|  |  | &nbsp;&nbsp;&nbsp; 2328 |
| **Consumer Staples—1.4%** | **Consumer Staples—1.4%** |  |
| Mars, Inc. 144A<br> 2.450%, 7/16/50<sup>(1)</sup> | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp; 625 |
| **Energy—17.5%** | **Energy—17.5%** |  |
| Boardwalk Pipelines LP<br> 4.450%, 7/15/27 | &nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 619 |
| Continental Resources, Inc. 144A<br> 2.875%, 4/1/32<sup>(1)</sup> | &nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp; 708 |
| Enterprise Products Operating LLC<br> 4.200%, 1/31/50 | &nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; 669 |
| HF Sinclair Corp.<br> 4.500%, 10/1/30 | &nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp; 1337 |
| Petroleos Mexicanos<br> 6.700%, 2/16/32 | &nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp; 825 |
| Pioneer Natural Resources Co.<br> 1.900%, 8/15/30 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp; 1328 |
| Plains All American Pipeline LP<br> 3.800%, 9/15/30 | &nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp; 1292 |
| Targa Resources Corp.<br> 4.200%, 2/1/33 | &nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp; 536 |
| Williams Cos., Inc. (The)<br> 3.500%, 10/15/51 | &nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 626 |
|  |  | &nbsp;&nbsp;&nbsp; 7940 |
| **Financials—40.9%** | **Financials—40.9%** |  |
| AerCap Ireland Capital DAC<br> 3.850%, 10/29/41 | &nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp; 433 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| American Express Co.<br> 3.950%, 8/1/25 | $443 | $434 |
| Avolon Holdings Funding Ltd. 144A<br> 2.125%, 2/21/26<sup>(1)</sup> | &nbsp;&nbsp;1527 | &nbsp;&nbsp; 1314 |
| Bank of America Corp.<br> 2.572%, 10/20/32 | &nbsp;&nbsp;1423 | &nbsp;&nbsp; 1115 |
| Bank of New York Mellon Corp. (The)<br> 4.414%, 7/24/26 | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 832 |
| BPCE S.A. 144A<br> 5.748%, 7/19/33<sup>(1)</sup> | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 669 |
| Daimler Trucks Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 1.625%, 12/13/24<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp;144A 2.500%, 12/14/31<sup>(1)</sup> | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 696 |
| Ford Motor Credit Co. LLC<br> 3.375%, 11/13/25 | &nbsp;&nbsp;1135 | &nbsp;&nbsp; 1026 |
| Goldman Sachs Group, Inc. (The)<br> 1.542%, 9/10/27 | &nbsp;&nbsp;1535 | &nbsp;&nbsp; 1324 |
| Hyundai Capital America 144A<br> 2.000%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;1252 | &nbsp;&nbsp; 1020 |
| JPMorgan Chase & Co.<br> 1.578%, 4/22/27 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 750 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;0.791%, 1/22/25 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp;1.593%, 5/4/27 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 568 |
| NatWest Group plc<br> 1.642%, 6/14/27 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 866 |
| OneMain Finance Corp.<br> 4.000%, 9/15/30 | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 437 |
| PNC Financial Services Group, Inc. (The) Series V<br> 6.200% <sup>(2)</sup> | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 840 |
| Pricoa Global Funding I 144A<br> 1.200%, 9/1/26<sup>(1)</sup> | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 723 |
| U.S. Bancorp<br> 5.727%, 10/21/26 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 418 |
| UBS Group AG 144A<br> 4.751%, 5/12/28<sup>(1)</sup> | &nbsp;&nbsp;1087 | &nbsp;&nbsp; 1040 |
| United Airlines Pass-Through-Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A<br> 5.875%, 10/15/27 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp;2020-1, B<br> 4.875%, 1/15/26 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 743 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp;1196 | &nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp;3.350%, 3/2/33 | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 239 |
|  |  | &nbsp;&nbsp;18527 |
| **Industrials—2.7%** | **Industrials—2.7%** |  |
| Triton Container International Ltd.<br> 3.250%, 3/15/32 | &nbsp;&nbsp;1590 | &nbsp;&nbsp; 1220 |
| **Information Technology—4.7%** | **Information Technology—4.7%** |  |
| Broadcom, Inc. 144A<br> 3.750%, 2/15/51<sup>(1)</sup> | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 519 |
| Dell International LLC 144A<br> 3.450%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp;1049 | &nbsp;&nbsp; 642 |
| Global Payments, Inc.<br> 4.950%, 8/15/27 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 448 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Corporate Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Micron Technology, Inc.<br> 3.477%, 11/1/51 | $799 | $496 |
|  |  | &nbsp;&nbsp;&nbsp; 2105 |
| **Materials—6.1%** | **Materials—6.1%** |  |
| Freeport-McMoRan, Inc.<br> 5.450%, 3/15/43 | &nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp; 1201 |
| LYB International Finance III LLC<br> 3.625%, 4/1/51 | &nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp; 940 |
| Newmont Corp.<br> 6.250%, 10/1/39 | &nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 617 |
|  |  | &nbsp;&nbsp;&nbsp; 2758 |
| **Real Estate—3.6%** | **Real Estate—3.6%** |  |
| Equinix, Inc.<br> 3.900%, 4/15/32 | &nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp; 629 |
| Tanger Properties LP<br> 2.750%, 9/1/31 | &nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp; 1008 |
|  |  | &nbsp;&nbsp;&nbsp; 1637 |
| **Utilities—4.6%** | **Utilities—4.6%** |  |
| Boardwalk Pipelines LP<br> 3.400%, 2/15/31 | &nbsp;&nbsp; 837 | &nbsp;&nbsp;&nbsp; 700 |
| Consolidated Edison Co. of New York, Inc. Series 20B<br> 3.950%, 4/1/50 | &nbsp;&nbsp; 818 | &nbsp;&nbsp;&nbsp; 642 |
| Pacific Gas & Electric Co.<br> 2.500%, 2/1/31 | &nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; 757 |
|  |  | &nbsp;&nbsp;&nbsp; 2099 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $51,846)** | **Total Corporate Bonds and Notes<br> (Identified Cost $51,846)** | &nbsp;&nbsp;&nbsp;&nbsp;**43138** |
| **Total Long-Term Investments—98.4%<br> (Identified Cost $53,752)** | **Total Long-Term Investments—98.4%<br> (Identified Cost $53,752)** | &nbsp;&nbsp;&nbsp;&nbsp;**44595** |
| **TOTAL INVESTMENTS—98.4%<br> (Identified Cost $53,752)** | **TOTAL INVESTMENTS—98.4%<br> (Identified Cost $53,752)** | &nbsp;&nbsp;**$44595** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$45310** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.HY | Markit's North American High Yield CDX Index |
| LLC | Limited Liability Company |
| LP | Limited Partnership |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $10,279 or 22.7% of net assets. |
| <sup>(2)</sup> | No contractual maturity date. |

---

---

| | |
|:---|:---|
| **Counterparties:** |  |
| ICE | Intercontinental Exchange |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;84% |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** |
| **Reference Entity** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Notional <br> Amount<sup>(2)</sup>** | **Value** | **Premiums <br> Paid<br> (Received)** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| CDX.NA.HY.39 | Quarterly ICE | 5.000% | 12/20/27 | $(2579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Total** |  |  |  |  | $(19) | $(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
| <sup>(2)</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Corporate Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43138 |
| &nbsp;&nbsp;&nbsp;U.S. Government Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44595 |
| Liabilities: |  |  |
| Other Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44576 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—0.3%** | **Asset-Backed Securities—0.3%** | **Asset-Backed Securities—0.3%** |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| Mountain View CLO XVI Ltd. 2022-1A, E (3 month Term SOFR + 9.080%, Cap N/A, Floor 9.080%) 144A<br> 13.134%, 10/15/32<sup>(1)(2)</sup> | $5000 | $4987 |
| **Total Asset-Backed Securities<br> (Identified Cost $4,607)** | **Total Asset-Backed Securities<br> (Identified Cost $4,607)** | &nbsp;&nbsp;&nbsp;&nbsp; **4987** |
| **Convertible Bonds and Notes—0.1%** | **Convertible Bonds and Notes—0.1%** | **Convertible Bonds and Notes—0.1%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Liberty Interactive LLC<br> 4.000%, 11/15/29 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 2680 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $6,602)** | **Total Convertible Bonds and Notes<br> (Identified Cost $6,602)** | &nbsp;&nbsp;&nbsp;&nbsp; **2680** |
| **Corporate Bonds and Notes—6.3%** | **Corporate Bonds and Notes—6.3%** | **Corporate Bonds and Notes—6.3%** |
| **Communication Services—0.5%** | **Communication Services—0.5%** |  |
| Allen Media LLC 144A<br> 10.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 760 |
| Cable One, Inc. 144A<br> 4.000%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1569 |
| CCO Holdings LLC 144A<br> 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 4312 |
| Gray Television, Inc. 144A<br> 4.750%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1447 |
| Uniti Group LP 144A<br> 4.750%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1600 |
|  |  | &nbsp;&nbsp;&nbsp; 9688 |
| **Consumer Discretionary—0.7%** | **Consumer Discretionary—0.7%** |  |
| Foot Locker, Inc. 144A<br> 4.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 3116 |
| Installed Building Products, Inc. 144A<br> 5.750%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 6027 | &nbsp;&nbsp;&nbsp; 5419 |
| QVC, Inc.<br> 4.750%, 2/15/27 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2123 |
| Signal Parent, Inc. 144A<br> 6.125%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 874 |
| Winnebago Industries, Inc. 144A<br> 6.250%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2798 |
|  |  | &nbsp;&nbsp;&nbsp; 14330 |
| **Consumer Staples—0.1%** | **Consumer Staples—0.1%** |  |
| Albertsons Cos., Inc. 144A<br> 3.250%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1824 |
| **Energy—0.2%** | **Energy—0.2%** |  |
| CONSOL Energy, Inc. 144A<br> 11.000%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2794 | &nbsp;&nbsp;&nbsp; 2861 |
| Patterson-UTI Energy, Inc.<br> 5.150%, 11/15/29 | &nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; 2192 |
|  |  | &nbsp;&nbsp;&nbsp; 5053 |
| **Financials—1.0%** | **Financials—1.0%** |  |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2415 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Bread Financial Holdings, Inc. 144A<br> 4.750%, 12/15/24<sup>(1)</sup> | $2000 | $1773 |
| CCO Holdings LLC 144A<br> 4.250%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1604 |
| Ford Motor Credit Co. LLC<br> 2.700%, 8/10/26 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2605 |
| Holdco LLC LSF11-15 144A<br> 6.625%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 2156 |
| MPH Acquisition Holdings LLC 144A<br> 5.500%, 9/1/28<sup>(1)</sup> | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 4603 |
| Rithm Capital Corp. 144A<br> 6.250%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1795 |
| Rocket Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.875%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2229 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 763 |
| Summit Midstream Holdings LLC 144A<br> 8.500%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 943 |
|  |  | &nbsp;&nbsp; 20886 |
| **Health Care—0.8%** | **Health Care—0.8%** |  |
| DaVita, Inc. 144A<br> 4.625%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 3620 |
| Emergent BioSolutions, Inc. 144A<br> 3.875%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3465 | &nbsp;&nbsp; 1722 |
| Encompass Health Corp.<br> 4.500%, 2/1/28 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2725 |
| Syneos Health, Inc. 144A<br> 3.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1593 |
| Tenet Healthcare Corp. 144A<br> 6.125%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 7610 |
|  |  | &nbsp;&nbsp; 17270 |
| **Industrials—1.0%** | **Industrials—1.0%** |  |
| Fertitta Entertainment LLC 144A<br> 6.750%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4700 | &nbsp;&nbsp; 3791 |
| Griffon Corp.<br> 5.750%, 3/1/28 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1830 |
| Icahn Enterprises LP<br> 4.375%, 2/1/29 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1691 |
| Iliad Holding SASU 144A<br> 6.500%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10550 | &nbsp;&nbsp; 9785 |
| TMS International Corp. 144A<br> 6.250%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5420 | &nbsp;&nbsp; 3877 |
|  |  | &nbsp;&nbsp; 20974 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| Crowdstrike Holdings, Inc.<br> 3.000%, 2/15/29 | &nbsp;&nbsp; 5250 | &nbsp;&nbsp; 4430 |
| Elastic N.V. 144A<br> 4.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 7996 | &nbsp;&nbsp; 6458 |
| Global Payments, Inc.<br> 2.900%, 5/15/30 | &nbsp;&nbsp; 3751 | &nbsp;&nbsp; 3073 |
| NCR Corp. 144A<br> 5.125%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 3847 |
| Sensata Technologies B.V. 144A<br> 4.000%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2588 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Virtusa Corp. 144A<br> 7.125%, 12/15/28<sup>(1)</sup> | $1950 | $1481 |
|  |  | &nbsp;&nbsp;&nbsp; 21877 |
| **Materials—0.7%** | **Materials—0.7%** |  |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3615 | &nbsp;&nbsp;&nbsp; 3016 |
| Mativ Holdings, Inc. 144A<br> 6.875%, 10/1/26<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 2206 |
| Sylvamo Corp. 144A<br> 7.000%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8969 | &nbsp;&nbsp;&nbsp; 8537 |
|  |  | &nbsp;&nbsp;&nbsp; 13759 |
| **Real Estate—0.3%** | **Real Estate—0.3%** |  |
| Brookfield Property REIT, Inc. 144A<br> 5.750%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1827 |
| Forestar Group, Inc. 144A<br> 3.850%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1754 |
| SBA Communications Corp.<br> 3.125%, 2/1/29 | &nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp; 2702 |
|  |  | &nbsp;&nbsp;&nbsp; 6283 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $153,798)** | **Total Corporate Bonds and Notes<br> (Identified Cost $153,798)** | &nbsp;&nbsp;&nbsp;&nbsp; **131944** |
| **Leveraged Loans—87.6%** | **Leveraged Loans—87.6%** | **Leveraged Loans—87.6%** |
| **Aerospace—4.4%** | **Aerospace—4.4%** |  |
| Amentum Government Services Holdings LLC Tranche B-3 (6 month Term SOFR + 4.000%)<br> 7.558% - 8.764%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 10746 | &nbsp;&nbsp;&nbsp; 10447 |
| American Airlines, Inc. (3 month LIBOR + 4.750%)<br> 8.993%, 4/20/28<sup>(2)</sup> | &nbsp;&nbsp; 17455 | &nbsp;&nbsp;&nbsp; 17360 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 2.500%)<br> 6.884%, 6/7/28<sup>(2)</sup> | &nbsp;&nbsp; 5184 | &nbsp;&nbsp;&nbsp; 5081 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1-3 month Term SOFR + 3.750%)<br> 7.844% - 8.073%, 7/2/29<sup>(2)</sup> | &nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp; 993 |
| Cobham Ultra Seniorco S.a r.l. (6 month LIBOR + 3.750%)<br> 7.063%, 8/6/29<sup>(2)</sup> | &nbsp;&nbsp; 4204 | &nbsp;&nbsp;&nbsp; 4078 |
| Delta Air Lines, Inc. (3 month LIBOR + 3.750%)<br> 7.993%, 10/20/27<sup>(2)</sup> | &nbsp;&nbsp; 9008 | &nbsp;&nbsp;&nbsp; 9170 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2020, Tranche B-1 (1 month LIBOR + 3.500%)<br> 7.923%, 4/6/26<sup>(2)</sup> | &nbsp;&nbsp; 4429 | &nbsp;&nbsp;&nbsp; 4213 |
| &nbsp;&nbsp;&nbsp;2020, Tranche B-2 (1 month Term SOFR + 3.500%)<br> 7.923%, 4/6/26<sup>(2)</sup> | &nbsp;&nbsp; 2381 | &nbsp;&nbsp;&nbsp; 2265 |
| KKR Apple Bidco LLC (1 month LIBOR + 2.750%)<br> 7.134%, 9/22/28<sup>(2)</sup> | &nbsp;&nbsp; 3346 | &nbsp;&nbsp;&nbsp; 3296 |
| MB Aerospace Holdings II Corp. First Lien (3 month LIBOR + 3.500%)<br> 8.230%, 1/22/25<sup>(2)</sup> | &nbsp;&nbsp; 3802 | &nbsp;&nbsp;&nbsp; 3298 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 9.996%, 6/21/27<sup>(2)</sup> | &nbsp;&nbsp; 10611 | &nbsp;&nbsp;&nbsp; 10900 |
| Spirit AeroSystems, Inc. (1 month Term SOFR + 4.500%)<br> 8.823%, 1/15/27<sup>(2)</sup> | &nbsp;&nbsp; 4968 | &nbsp;&nbsp;&nbsp; 4923 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| TransDigm, Inc. Tranche F (3 month LIBOR + 2.250%)<br> 6.980%, 12/9/25<sup>(2)</sup> | $4714 | $4650 |
| United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%)<br> 8.108%, 4/21/28<sup>(2)</sup> | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5519 |
| Vertex Aerospace Services Corp. (1 month LIBOR + 3.500%)<br> 7.884%, 12/6/28<sup>(2)</sup> | &nbsp;&nbsp; 5174 | &nbsp;&nbsp; 5076 |
|  |  | &nbsp;&nbsp; 91269 |
| **Chemicals—7.0%** | **Chemicals—7.0%** |  |
| American Axle & Manufacturing, Inc. Tranche B, First Lien (1 month Term SOFR + 3.600%)<br> 7.898%, 12/13/29<sup>(2)</sup> | &nbsp;&nbsp; 4965 | &nbsp;&nbsp; 4849 |
| ARC Falcon I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 3.750%)<br> 8.134%, 9/30/28<sup>(2)</sup> | &nbsp;&nbsp; 3888 | &nbsp;&nbsp; 3403 |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 7.000%)<br> 11.384%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4312 |
| Ascend Performance Materials Operations LLC 2021 (3 month Term SOFR + 4.850%)<br> 8.831%, 8/27/26<sup>(2)</sup> | &nbsp;&nbsp; 5185 | &nbsp;&nbsp; 4870 |
| Axalta Coating Systems Dutch Holding B B.V. Tranche B-4 (3 month LIBOR + 3.000%)<br> 0.000%, 12/20/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 4060 | &nbsp;&nbsp; 4060 |
| Bakelite U.S. Holdco, Inc. (3 month Term SOFR + 4.000%)<br> 8.580%, 5/29/29<sup>(2)</sup> | &nbsp;&nbsp; 3408 | &nbsp;&nbsp; 3161 |
| Blue Tree Holdings, Inc. (3 month LIBOR + 2.500%)<br> 7.230%, 3/4/28<sup>(2)</sup> | &nbsp;&nbsp; 7089 | &nbsp;&nbsp; 6858 |
| Consolidated Energy Finance S.A. (1 month LIBOR + 2.500%)<br> 6.884%, 5/7/25<sup>(2)</sup> | &nbsp;&nbsp; 8758 | &nbsp;&nbsp; 8550 |
| Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%)<br> 7.420%, 12/31/27<sup>(2)</sup> | &nbsp;&nbsp; 4053 | &nbsp;&nbsp; 3985 |
| Geon Performance Solutions LLC (3 month LIBOR + 4.500%)<br> 9.230%, 8/18/28<sup>(2)</sup> | &nbsp;&nbsp; 5835 | &nbsp;&nbsp; 5660 |
| Herens Holdco S.a.r.l. Tranche B (3 month LIBOR + 4.000%)<br> 8.730%, 7/3/28<sup>(2)</sup> | &nbsp;&nbsp; 6241 | &nbsp;&nbsp; 5703 |
| Hexion Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month Term SOFR + 4.650%)<br> 8.934%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp; 4373 | &nbsp;&nbsp; 3743 |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month Term SOFR + 7.538%)<br> 11.859%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 4305 | &nbsp;&nbsp; 3358 |
| Ineos Enterprises Holdings U.S. Finco LLC Tranche B (3 month LIBOR + 3.500%)<br> 8.235%, 8/28/26<sup>(2)</sup> | &nbsp;&nbsp; 3959 | &nbsp;&nbsp; 3788 |
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)<br> 8.173%, 11/8/27<sup>(2)</sup> | &nbsp;&nbsp; 3742 | &nbsp;&nbsp; 3678 |
| Ineos U.S. Finance LLC 2028 (1 month Term SOFR + 2.600%)<br> 6.923%, 11/8/28<sup>(2)</sup> | &nbsp;&nbsp; 6173 | &nbsp;&nbsp; 5939 |
| Ineos U.S. Petrochem LLC 2026, Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 1/29/26<sup>(2)</sup> | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 3606 |
| Kraton Corp. (3 month Term SOFR + 3.512%)<br> 8.040%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp; 4819 | &nbsp;&nbsp; 4769 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| LSF11 AS Holdco LLC (1 month Term SOFR + 3.614%)<br> 7.938%, 10/15/28<sup>(2)</sup> | $4595 | $4433 |
| Manchester Acquisition Sub LLC (1 month Term SOFR + 5.900%)<br> 10.304%, 12/1/26<sup>(2)</sup> | &nbsp;&nbsp; 4990 | &nbsp;&nbsp; 4017 |
| Momentive Performance Materials, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.640%, 5/15/24<sup>(2)</sup> | &nbsp;&nbsp; 7627 | &nbsp;&nbsp; 7594 |
| Neptune Husky U.S. Bidco LLC (3 month Term SOFR + 5.150%)<br> 9.730%, 1/3/29<sup>(2)</sup> | &nbsp;&nbsp; 5056 | &nbsp;&nbsp; 3978 |
| Pearls Netherlands Bidco B.V. Tranche B (3 month Term SOFR + 3.750%)<br> 7.844%, 2/26/29<sup>(2)</sup> | &nbsp;&nbsp; 3844 | &nbsp;&nbsp; 3724 |
| PMHC II, Inc. (3 month Term SOFR + 4.250%)<br> 8.494%, 4/23/29<sup>(2)</sup> | &nbsp;&nbsp; 8437 | &nbsp;&nbsp; 7109 |
| Starfruit Finco B.V. (3 month LIBOR + 2.750%)<br> 7.165%, 10/1/25<sup>(2)</sup> | &nbsp;&nbsp; 7568 | &nbsp;&nbsp; 7451 |
| Trinseo Materials Operating SCA |  |  |
| &nbsp;&nbsp;&nbsp;2018 (1 month LIBOR + 2.000%)<br> 6.384%, 9/6/24<sup>(2)</sup> | &nbsp;&nbsp; 6065 | &nbsp;&nbsp; 5876 |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 2.500%)<br> 6.884%, 5/3/28<sup>(2)</sup> | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 3142 |
| Tronox Finance LLC 2022, First Lien (3 month Term SOFR + 3.250%)<br> 7.830%, 4/4/29<sup>(2)</sup> | &nbsp;&nbsp; 4303 | &nbsp;&nbsp; 4206 |
| Vantage Specialty Chemicals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 3.500%)<br> 7.915% - 8.230%, 10/28/24<sup>(2)</sup> | &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 3225 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 8.250%)<br> 12.985%, 10/27/25<sup>(2)</sup> | &nbsp;&nbsp; 7470 | &nbsp;&nbsp; 6788 |
|  |  | &nbsp;&nbsp; 145835 |
| **Consumer Durables—1.0%** | **Consumer Durables—1.0%** |  |
| Lakeshore Learning Materials (3 month LIBOR + 3.500%)<br> 8.230%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 4277 | &nbsp;&nbsp; 4170 |
| Restoration Hardware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 2.500%)<br> 6.884%, 10/20/28<sup>(2)</sup> | &nbsp;&nbsp; 5034 | &nbsp;&nbsp; 4620 |
| &nbsp;&nbsp;&nbsp;2022 (1 month Term SOFR + 3.350%)<br> 7.673%, 10/20/28<sup>(2)</sup> | &nbsp;&nbsp; 2444 | &nbsp;&nbsp; 2280 |
| Safety Products First Lien (1 month LIBOR + 4.500%)<br> 8.884%, 6/26/26<sup>(2)</sup> | &nbsp;&nbsp; 1883 | &nbsp;&nbsp; 1678 |
| Specialty Building Products Holdings LLC First Lien (1 month LIBOR + 3.750%)<br> 7.766%, 10/15/28<sup>(2)</sup> | &nbsp;&nbsp; 3653 | &nbsp;&nbsp; 3276 |
| Weber-Stephen Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022, Tranche B (1 month Term SOFR + 4.350%)<br> 8.673%, 10/30/27<sup>(2)</sup> | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 1645 |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month LIBOR + 3.250%)<br> 7.634%, 10/30/27<sup>(2)</sup> | &nbsp;&nbsp; 3668 | &nbsp;&nbsp; 3081 |
|  |  | &nbsp;&nbsp; 20750 |
| **Consumer Non-Durables—0.8%** | **Consumer Non-Durables—0.8%** |  |
| ABG Intermediate Holdings 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 6.100%)<br> 10.423%, 12/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 1538 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Non-Durables—continued** | **Consumer Non-Durables—continued** |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 3.250%)<br> 7.634%, 9/27/24<sup>(2)</sup> | $6548 | $6499 |
| Birkenstock U.S. Bidco, Inc. Tranche B (3 month LIBOR + 3.250%)<br> 7.665%, 4/28/28<sup>(2)</sup> | &nbsp;&nbsp; 2412 | &nbsp;&nbsp; 2346 |
| Coty, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.471%, 4/7/25<sup>(2)</sup> | &nbsp;&nbsp; 6841 | &nbsp;&nbsp; 6714 |
|  |  | &nbsp;&nbsp; 17097 |
| **Energy—3.3%** | **Energy—3.3%** |  |
| AL NGPL Holdings LLC (3 month LIBOR + 3.750%)<br> 7.534%, 4/14/28<sup>(2)</sup> | &nbsp;&nbsp; 4774 | &nbsp;&nbsp; 4707 |
| Ascent Resources Utica Holdings LLC Second Lien (3 month LIBOR + 9.000%)<br> 12.941%, 11/1/25<sup>(2)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2108 |
| BCP Renaissance Parent LLC Tranche B-3 (1 month Term SOFR + 3.500%)<br> 7.823%, 11/2/26<sup>(2)</sup> | &nbsp;&nbsp; 11920 | &nbsp;&nbsp; 11784 |
| Blackbrush Oil & Gas LP PIK Interest Capitalization (3 month LIBOR + 5.000%)<br> 10.176%, 9/3/25<sup>(2)(4)</sup> | &nbsp;&nbsp; 4902 | &nbsp;&nbsp; 4902 |
| ChampionX Corp. Tranche B-1 (1 month Term SOFR + 3.350%)<br> 7.567%, 6/7/29<sup>(2)</sup> | &nbsp;&nbsp; 6055 | &nbsp;&nbsp; 6017 |
| Keane Group Holdings LLC (1 month LIBOR + 3.500%)<br> 7.938%, 5/25/25<sup>(2)</sup> | &nbsp;&nbsp; 9282 | &nbsp;&nbsp; 9050 |
| M6 ETX Holdings II Midco LLC (3 month Term SOFR + 4.650%)<br> 9.158%, 9/19/29<sup>(2)</sup> | &nbsp;&nbsp; 7980 | &nbsp;&nbsp; 7973 |
| Medallion Midland Acquisition LLC (3 month Term SOFR + 3.750%)<br> 8.592%, 10/18/28<sup>(2)</sup> | &nbsp;&nbsp; 3826 | &nbsp;&nbsp; 3784 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(2)</sup> | &nbsp;&nbsp; 8087 | &nbsp;&nbsp; 7979 |
| TerraForm Power Operating LLC (3 month Term SOFR + 2.850%)<br> 7.430%, 5/21/29<sup>(2)</sup> | &nbsp;&nbsp; 5603 | &nbsp;&nbsp; 5554 |
| Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%)<br> 8.800%, 9/27/24<sup>(2)</sup> | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 4999 |
|  |  | &nbsp;&nbsp; 68857 |
| **Financials—6.3%** | **Financials—6.3%** |  |
| Allspring Buyer LLC (3 month LIBOR + 3.000%)<br> 7.750%, 11/1/28<sup>(2)</sup> | &nbsp;&nbsp; 3871 | &nbsp;&nbsp; 3812 |
| AltiSource Solutions S.a.r.l. Tranche B (3 month LIBOR + 4.000%)<br> 8.730%, 4/3/24<sup>(2)</sup> | &nbsp;&nbsp; 3632 | &nbsp;&nbsp; 2937 |
| Apollo Commercial Real Estate Finance, Inc. (1 month LIBOR + 2.750%)<br> 7.134%, 5/15/26<sup>(2)</sup> | &nbsp;&nbsp; 4286 | &nbsp;&nbsp; 4093 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-3, Second Lien (1 month LIBOR + 5.250%)<br> 9.634%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 5720 | &nbsp;&nbsp; 4438 |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (1 month LIBOR + 5.250%)<br> 9.634%, 1/20/29<sup>(2)</sup> | &nbsp;&nbsp; 13796 | &nbsp;&nbsp; 10662 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B-8 (1 month LIBOR + 3.250%)<br> 7.634%, 12/23/26<sup>(2)</sup> | $20204 | $17969 |
| Blackstone Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 4/23/26<sup>(2)</sup> | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; 4838 |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (1 month Term SOFR + 3.500%)<br> 7.823%, 5/9/29<sup>(2)</sup> | &nbsp;&nbsp; 3086 | &nbsp;&nbsp; 3016 |
| Citadel Securities LP |  |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month Term SOFR + 2.614%)<br> 6.938%, 2/2/28<sup>(2)</sup> | &nbsp;&nbsp; 10023 | &nbsp;&nbsp; 9815 |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 3.114%)<br> 7.438%, 2/2/28<sup>(2)</sup> | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 1897 |
| CTC Holdings LP (3 month Term SOFR + 5.000%)<br> 8.356%, 2/20/29<sup>(2)</sup> | &nbsp;&nbsp; 4819 | &nbsp;&nbsp; 4602 |
| DRW Holdings LLC First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 3/1/28<sup>(2)</sup> | &nbsp;&nbsp; 8301 | &nbsp;&nbsp; 8068 |
| EIG Management Co. LLC (1 month LIBOR + 3.750%)<br> 8.134%, 2/24/25<sup>(2)</sup> | &nbsp;&nbsp; 5176 | &nbsp;&nbsp; 5047 |
| First Eagle Holdings, Inc. 2018, Tranche B (3 month LIBOR + 2.500%)<br> 7.230%, 2/1/27<sup>(2)</sup> | &nbsp;&nbsp; 4410 | &nbsp;&nbsp; 4293 |
| HighTower Holding LLC (3 month LIBOR + 4.000%)<br> 8.278%, 4/21/28<sup>(2)</sup> | &nbsp;&nbsp; 5495 | &nbsp;&nbsp; 5019 |
| Hudson River Trading LLC (1 month Term SOFR + 3.114%)<br> 7.438%, 3/20/28<sup>(2)</sup> | &nbsp;&nbsp; 6151 | &nbsp;&nbsp; 5806 |
| Jane Street Group LLC (1 month LIBOR + 2.750%)<br> 7.134%, 1/26/28<sup>(2)</sup> | &nbsp;&nbsp; 8891 | &nbsp;&nbsp; 8615 |
| Mariner Wealth Advisors LLC (3 month Term SOFR + 3.250%)<br> 7.777% - 8.092%, 8/18/28<sup>(2)</sup> | &nbsp;&nbsp; 3868 | &nbsp;&nbsp; 3689 |
| OneDigital Borrower LLC 2021, Tranche B (3 month Term SOFR + 4.250%)<br> 8.494%, 11/16/27<sup>(2)</sup> | &nbsp;&nbsp; 4975 | &nbsp;&nbsp; 4689 |
| Starwood Property Mortgage LLC Tranche B (1 month Term SOFR + 3.250%)<br> 7.573%, 11/18/27<sup>(2)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3934 |
| Superannuation and Investments U.S. LLC (1 month LIBOR + 3.750%)<br> 8.134%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 4178 | &nbsp;&nbsp; 4099 |
| VFH Parent LLC (1 month Term SOFR + 3.000%)<br> 7.321%, 1/13/29<sup>(2)</sup> | &nbsp;&nbsp; 6950 | &nbsp;&nbsp; 6752 |
| WH Borrower LLC (1 month Term SOFR + 5.500%)<br> 9.363%, 2/15/27<sup>(2)</sup> | &nbsp;&nbsp; 3910 | &nbsp;&nbsp; 3714 |
|  |  | &nbsp;&nbsp; 131804 |
| **Food / Tobacco—2.1%** | **Food / Tobacco—2.1%** |  |
| Domtar Corp. (1 month LIBOR + 5.500%)<br> 9.792%, 11/30/28<sup>(2)</sup> | &nbsp;&nbsp; 5728 | &nbsp;&nbsp; 5442 |
| Evergreen AcqCo 1 LP (3 month Term SOFR + 5.762%)<br> 10.342%, 4/26/28<sup>(2)</sup> | &nbsp;&nbsp; 4414 | &nbsp;&nbsp; 4252 |
| Flynn Restaurant Group LP 2021 (1 month LIBOR + 4.250%)<br> 8.634%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 3435 | &nbsp;&nbsp; 3210 |
| MIC Glen LLC Second Lien (1 month LIBOR + 6.750%)<br> 11.134%, 7/20/29<sup>(2)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 753 |
| Milk Specialties Co. 2021 (3 month LIBOR + 4.000%)<br> 8.730%, 8/15/25<sup>(2)</sup> | &nbsp;&nbsp; 4596 | &nbsp;&nbsp; 4585 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| Naked Juice LLC |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 3.250%)<br> 7.930%, 1/24/29<sup>(2)</sup> | $4212 | $3757 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month Term SOFR + 6.100%)<br> 10.680%, 1/24/30<sup>(2)</sup> | &nbsp;&nbsp; 3830 | &nbsp;&nbsp; 3012 |
| Primary Products Finance LLC (3 month Term SOFR + 4.150%)<br> 7.709%, 3/30/29<sup>(2)</sup> | &nbsp;&nbsp; 4313 | &nbsp;&nbsp; 4229 |
| Quirch Foods Holdings LLC (1 month Term SOFR + 4.614%)<br> 8.989%, 10/27/27<sup>(2)</sup> | &nbsp;&nbsp; 5493 | &nbsp;&nbsp; 4998 |
| Sycamore Buyer LLC Tranche B (1 month Term SOFR + 2.364%)<br> 6.688%, 7/23/29<sup>(2)</sup> | &nbsp;&nbsp; 4015 | &nbsp;&nbsp; 3909 |
| Whole Earth Brands, Inc. (1 month Term SOFR + 4.500%)<br> 9.230%, 2/5/28<sup>(2)</sup> | &nbsp;&nbsp; 7345 | &nbsp;&nbsp; 6721 |
|  |  | &nbsp;&nbsp; 44868 |
| **Forest Prod / Containers—1.7%** | **Forest Prod / Containers—1.7%** |  |
| Graham Packaging Co., Inc. (1 month LIBOR + 3.000%)<br> 7.384%, 8/4/27<sup>(2)</sup> | &nbsp;&nbsp; 5745 | &nbsp;&nbsp; 5634 |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.750%)<br> 8.259%, 2/12/26<sup>(2)</sup> | &nbsp;&nbsp; 6095 | &nbsp;&nbsp; 5389 |
| Pregis Topco LLC (1 month LIBOR + 3.750%)<br> 8.134%, 7/31/26<sup>(2)</sup> | &nbsp;&nbsp; 4760 | &nbsp;&nbsp; 4605 |
| Pregis TopCo LLC First Lien (1 month Term SOFR + 3.750%)<br> 8.188%, 7/31/26<sup>(2)</sup> | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 244 |
| Schweitzer-Mauduit International, Inc. Tranche B (1 month LIBOR + 3.750%)<br> 8.188%, 4/20/28<sup>(2)</sup> | &nbsp;&nbsp; 7063 | &nbsp;&nbsp; 6604 |
| Spa Holdings 3 Oy Tranche B (3 month LIBOR + 3.750%)<br> 8.480%, 2/4/28<sup>(2)</sup> | &nbsp;&nbsp; 5207 | &nbsp;&nbsp; 4960 |
| TricorBraun, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 4290 | &nbsp;&nbsp; 4084 |
| Trident TPI Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.250%)<br> 7.980%, 10/17/24<sup>(2)</sup> | &nbsp;&nbsp; 4770 | &nbsp;&nbsp; 4705 |
|  |  | &nbsp;&nbsp; 36225 |
| **Gaming / Leisure—4.1%** | **Gaming / Leisure—4.1%** |  |
| Aimbridge Acquisition Co. 2021, Tranche B (3 month LIBOR + 4.750%)<br> 0.000%, 2/1/26<sup>(2)(3)</sup> | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1359 |
| Aimbridge Acquisition Co., Inc. (1 month LIBOR + 3.750%)<br> 8.134%, 2/2/26<sup>(2)</sup> | &nbsp;&nbsp; 2987 | &nbsp;&nbsp; 2699 |
| AP Gaming I LLC Tranche B (3 month Term SOFR + 4.000%)<br> 8.730%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 3077 | &nbsp;&nbsp; 2908 |
| Bombardier Recreational Products, Inc. 2022-2 (3 month LIBOR + 3.000%)<br> 0.000%, 12/13/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2936 |
| Caesars Resort Collection LLC Tranche B-1 (1 month LIBOR + 3.500%)<br> 7.884%, 7/21/25<sup>(2)</sup> | &nbsp;&nbsp; 10810 | &nbsp;&nbsp; 10773 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Everi Holdings, Inc. Tranche B (1 month LIBOR + 2.500%)<br> 6.884%, 8/3/28<sup>(2)</sup> | $4327 | $4284 |
| Flutter Entertainment plc 2028, Tranche B (3 month LIBOR + 4.000%)<br> 8.092%, 7/22/28<sup>(2)</sup> | &nbsp;&nbsp; 4359 | &nbsp;&nbsp; 4334 |
| Four Seasons Hotels Ltd. (1 month Term SOFR + 3.350%)<br> 7.673%, 11/30/29<sup>(2)</sup> | &nbsp;&nbsp; 4001 | &nbsp;&nbsp; 4000 |
| Herschend Entertainment Co. LLC (1 month LIBOR + 3.750%)<br> 8.190%, 8/27/28<sup>(2)</sup> | &nbsp;&nbsp; 4424 | &nbsp;&nbsp; 4374 |
| Penn National Gaming, Inc. Tranche B (1 month Term SOFR + 2.850%)<br> 7.173%, 5/3/29<sup>(2)</sup> | &nbsp;&nbsp; 5905 | &nbsp;&nbsp; 5837 |
| Playa Resorts Holding B.V. (3 month Term SOFR + 4.250%)<br> 8.576%, 1/5/29<sup>(2)</sup> | &nbsp;&nbsp; 6575 | &nbsp;&nbsp; 6398 |
| Scientific Games Holdings LP (3 month Term SOFR + 3.500%)<br> 7.097%, 4/4/29<sup>(2)</sup> | &nbsp;&nbsp; 9841 | &nbsp;&nbsp; 9368 |
| Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%)<br> 7.417%, 4/13/29<sup>(2)</sup> | &nbsp;&nbsp; 11637 | &nbsp;&nbsp; 11450 |
| Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%)<br> 6.980%, 7/21/26<sup>(2)</sup> | &nbsp;&nbsp; 6410 | &nbsp;&nbsp; 6311 |
| Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)<br> 6.640%, 2/8/27<sup>(2)</sup> | &nbsp;&nbsp; 6220 | &nbsp;&nbsp; 6062 |
| Travel + Leisure Co. 2022 (1 month Term SOFR + 4.100%)<br> 8.608%, 12/14/29<sup>(2)</sup> | &nbsp;&nbsp; 3540 | &nbsp;&nbsp; 3478 |
|  |  | &nbsp;&nbsp; 86571 |
| **Health Care—10.5%** | **Health Care—10.5%** |  |
| Agiliti Health, Inc. (1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(2)</sup> | &nbsp;&nbsp; 3377 | &nbsp;&nbsp; 3280 |
| AHP Health Partners, Inc. (1 month LIBOR + 3.500%)<br> 7.884%, 8/24/28<sup>(2)</sup> | &nbsp;&nbsp; 10472 | &nbsp;&nbsp; 10270 |
| Amneal Pharmaceuticals LLC (1-3 month LIBOR + 3.500%)<br> 7.938% - 8.250%, 5/4/25<sup>(2)</sup> | &nbsp;&nbsp; 2992 | &nbsp;&nbsp; 2673 |
| ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%)<br> 9.092%, 10/6/27<sup>(2)</sup> | &nbsp;&nbsp; 6139 | &nbsp;&nbsp; 5962 |
| AthenaHealth Group, Inc. (1 month Term SOFR + 3.500%)<br> 7.821%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 8241 | &nbsp;&nbsp; 7420 |
| Avantor Funding, Inc. Tranche B-5 (1 month LIBOR + 2.250%)<br> 6.634%, 11/8/27<sup>(2)</sup> | &nbsp;&nbsp; 5912 | &nbsp;&nbsp; 5875 |
| DaVita, Inc. Tranche B-1 (1 month LIBOR + 1.750%)<br> 6.134%, 8/12/26<sup>(2)</sup> | &nbsp;&nbsp; 7982 | &nbsp;&nbsp; 7766 |
| Envision Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 3.750%)<br> 8.330%, 3/31/27<sup>(2)</sup> | &nbsp;&nbsp; 5425 | &nbsp;&nbsp; 1356 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.250%)<br> 8.830%, 3/31/27<sup>(2)</sup> | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; 791 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| FINThrive Software Intermediate Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 4.000%)<br> 8.354%, 12/18/28<sup>(2)</sup> | $3146 | $2651 |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month LIBOR + 6.750%)<br> 11.134%, 12/17/29<sup>(2)</sup> | &nbsp;&nbsp; 2115 | &nbsp;&nbsp; 1595 |
| Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)<br> 8.730%, 10/1/27<sup>(2)</sup> | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5243 |
| Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%)<br> 6.884%, 9/2/28<sup>(2)</sup> | &nbsp;&nbsp; 5437 | &nbsp;&nbsp; 5348 |
| ICON Luxembourg S.a.r.l. (3 month LIBOR + 2.250%)<br> 7.000%, 7/3/28<sup>(2)</sup> | &nbsp;&nbsp; 16806 | &nbsp;&nbsp; 16741 |
| ICU Medical, Inc. Tranche B (1-3 month Term SOFR + 2.650%)<br> 6.923% - 7.230%, 1/8/29<sup>(2)</sup> | &nbsp;&nbsp; 5017 | &nbsp;&nbsp; 4846 |
| Indivior Finance S.a r.l. (3 month Term SOFR+ 5.510%)<br> 10.090%, 6/30/26<sup>(2)</sup> | &nbsp;&nbsp; 3851 | &nbsp;&nbsp; 3769 |
| Insulet Corp. Tranche B (1 month Term SOFR + 3.364%)<br> 7.688%, 5/4/28<sup>(2)</sup> | &nbsp;&nbsp; 5456 | &nbsp;&nbsp; 5371 |
| Mamba Purchaser, Inc. (1 month LIBOR + 3.500%)<br> 7.889%, 10/16/28<sup>(2)</sup> | &nbsp;&nbsp; 5072 | &nbsp;&nbsp; 4833 |
| Medical Solutions Holdings, Inc. (3 month LIBOR + 3.500%)<br> 7.884%, 11/1/28<sup>(2)</sup> | &nbsp;&nbsp; 8877 | &nbsp;&nbsp; 8298 |
| Medline Borrower LP (1 month LIBOR + 3.250%)<br> 7.634%, 10/23/28<sup>(2)</sup> | &nbsp;&nbsp; 14690 | &nbsp;&nbsp; 13940 |
| MJH Healthcare Holdings LLC Tranche B (1 month Term SOFR + 3.600%)<br> 7.923%, 1/28/29<sup>(2)</sup> | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5181 |
| MPH Acquisition Holdings LLC (3 month LIBOR + 4.250%)<br> 8.985%, 9/1/28<sup>(2)</sup> | &nbsp;&nbsp; 6335 | &nbsp;&nbsp; 5385 |
| NAPA Management Services Corp. (1 month Term SOFR + 5.250%)<br> 9.673%, 2/23/29<sup>(2)</sup> | &nbsp;&nbsp; 6451 | &nbsp;&nbsp; 5215 |
| National Mentor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (1-3 month LIBOR + 3.750%)<br> 8.140% - 8.480%, 3/2/28<sup>(2)</sup> | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 3920 |
| &nbsp;&nbsp;&nbsp;Tranche C, First Lien (3 month LIBOR + 3.750%)<br> 8.480%, 3/2/28<sup>(2)</sup> | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 117 |
| Onex TSG Intermediate Corp. (3 month LIBOR + 4.750%)<br> 9.165%, 2/28/28<sup>(2)</sup> | &nbsp;&nbsp; 3726 | &nbsp;&nbsp; 3308 |
| Option Care Health, Inc. Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 10/27/28<sup>(2)</sup> | &nbsp;&nbsp; 7680 | &nbsp;&nbsp; 7615 |
| Organon & Co. (3 month LIBOR + 3.000%)<br> 7.750%, 6/2/28<sup>(2)</sup> | &nbsp;&nbsp; 11768 | &nbsp;&nbsp; 11636 |
| Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.500%)<br> 7.174% -8.230%, 11/30/27<sup>(2)</sup> | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 3927 |
| Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%)<br> 6.923%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 3890 | &nbsp;&nbsp; 3861 |
| PetIQ, Inc. First Lien (1 month LIBOR + 4.250%)<br> 8.568%, 4/13/28<sup>(2)</sup> | &nbsp;&nbsp; 4630 | &nbsp;&nbsp; 4167 |
| Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 11/15/28<sup>(2)</sup> | &nbsp;&nbsp; 9444 | &nbsp;&nbsp; 9079 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Physician Partners LLC (1 month Term SOFR + 4.000%)<br> 8.423%, 12/22/28<sup>(2)</sup> | $3404 | $3236 |
| PRA Health Sciences, Inc. (3 month LIBOR + 2.250%)<br> 7.000%, 7/3/28<sup>(2)</sup> | &nbsp;&nbsp; 4187 | &nbsp;&nbsp; 4171 |
| R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.323%, 6/21/29<sup>(2)</sup> | &nbsp;&nbsp; 3476 | &nbsp;&nbsp; 3433 |
| Signify Health LLC (1 month LIBOR + 3.000%)<br> 7.730%, 6/22/28<sup>(2)</sup> | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 2952 |
| Sotera Health Holdings LLC (3 month LIBOR + 2.750%)<br> 7.165%, 12/11/26<sup>(2)</sup> | &nbsp;&nbsp; 3606 | &nbsp;&nbsp; 3318 |
| Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%)<br> 8.050%, 8/31/26<sup>(2)</sup> | &nbsp;&nbsp; 5655 | &nbsp;&nbsp; 5577 |
| Team Health Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 2.750%)<br> 7.134%, 2/6/24<sup>(2)</sup> | &nbsp;&nbsp; 2174 | &nbsp;&nbsp; 1853 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 5.250%)<br> 9.573%, 3/2/27<sup>(2)</sup> | &nbsp;&nbsp; 13156 | &nbsp;&nbsp; 9834 |
| Vizient, Inc. Tranche B-7 (1 month Term SOFR + 2.350%)<br> 6.671%, 5/16/29<sup>(2)</sup> | &nbsp;&nbsp; 3682 | &nbsp;&nbsp; 3673 |
|  |  | &nbsp;&nbsp; 219486 |
| **Housing—5.1%** | **Housing—5.1%** |  |
| 84 Lumber Co. Tranche B-1 (1 month LIBOR + 3.000%)<br> 7.384%, 11/13/26<sup>(2)</sup> | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; 3658 |
| ACProducts Holdings, Inc. (3 month LIBOR + 4.250%)<br> 8.980%, 5/17/28<sup>(2)</sup> | &nbsp;&nbsp; 8623 | &nbsp;&nbsp; 6419 |
| Brookfield Property REIT, Inc. Tranche B (1 month Term SOFR + 2.600%)<br> 6.923%, 8/27/25<sup>(2)</sup> | &nbsp;&nbsp; 11062 | &nbsp;&nbsp; 10875 |
| Core & Main LP Tranche B-1 (1-6 month LIBOR + 2.500%)<br> 6.889% - 7.416%, 7/27/28<sup>(2)</sup> | &nbsp;&nbsp; 7756 | &nbsp;&nbsp; 7642 |
| CPG International LLC (1 month Term SOFR + 2.600%)<br> 6.923%, 4/28/29<sup>(2)</sup> | &nbsp;&nbsp; 3646 | &nbsp;&nbsp; 3536 |
| Cushman & Wakefield U.S. Borrower LLC (1 month LIBOR + 2.750%)<br> 7.134%, 8/21/25<sup>(2)</sup> | &nbsp;&nbsp; 6938 | &nbsp;&nbsp; 6767 |
| Empire Today LLC (1 month LIBOR + 5.000%)<br> 9.292%, 4/3/28<sup>(2)</sup> | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 2301 |
| Foley Products Co. LLC (3 month Term SOFR + 4.750%)<br> 9.480%, 12/29/28<sup>(2)</sup> | &nbsp;&nbsp; 4306 | &nbsp;&nbsp; 4152 |
| Forest City Enterprises LP Tranche B (1 month LIBOR + 3.500%)<br> 7.884%, 12/8/25<sup>(2)</sup> | &nbsp;&nbsp; 5611 | &nbsp;&nbsp; 5389 |
| Foundation Building Materials, Inc. First Lien (3 month LIBOR + 3.250%)<br> 7.665%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 5403 | &nbsp;&nbsp; 5102 |
| Griffon Corp. Tranche B (3 month PRIME + 1.500%)<br> 7.009% - 9.000%, 1/24/29<sup>(2)</sup> | &nbsp;&nbsp; 14714 | &nbsp;&nbsp; 14429 |
| Installed Building Products, Inc. (1 month LIBOR + 2.250%)<br> 6.634%, 12/14/28<sup>(2)</sup> | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; 2918 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| LBM Acquisition LLC First Lien (6 month LIBOR + 3.750%)<br> 7.121%, 12/17/27<sup>(2)</sup> | $7525 | $6506 |
| Oscar Acquisitionco LLC Tranche B (3 month Term SOFR + 4.600%)<br> 8.153%, 4/29/29<sup>(2)</sup> | &nbsp;&nbsp; 7476 | &nbsp;&nbsp; 7060 |
| Smyrna Ready Mix Concrete LLC (1 month Term SOFR + 4.350%)<br> 8.673%, 4/2/29<sup>(2)</sup> | &nbsp;&nbsp; 3970 | &nbsp;&nbsp; 3881 |
| Snap One Holdings Corp. (1 month LIBOR + 4.500%)<br> 8.884%, 12/8/28<sup>(2)</sup> | &nbsp;&nbsp; 6302 | &nbsp;&nbsp; 5751 |
| Standard Industries, Inc. (3 month LIBOR + 2.250%)<br> 6.425%, 9/22/28<sup>(2)</sup> | &nbsp;&nbsp; 9527 | &nbsp;&nbsp; 9401 |
|  |  | &nbsp;&nbsp; 105787 |
| **Information Technology—9.4%** | **Information Technology—9.4%** |  |
| Allegro MicroSystems, Inc. (1 month LIBOR + 3.750%)<br> 8.134%, 9/30/27<sup>(2)</sup> | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 381 |
| AQA Acquisition Holding, Inc. First Lien (1 month LIBOR + 4.250%)<br> 8.985%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 3856 | &nbsp;&nbsp; 3689 |
| ASP T3 Acquisition Co. LLC First Lien (3 month LIBOR + 4.250%)<br> 8.980%, 10/8/28<sup>(2)</sup> | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 2803 |
| Atlas Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 5.250%)<br> 8.676%, 5/8/28<sup>(2)</sup> | &nbsp;&nbsp; 4976 | &nbsp;&nbsp; 3471 |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month LIBOR + 9.000%)<br> 11.188%, 5/7/29<sup>(2)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 549 |
| Bright Bidco B.V. (3 month Term SOFR + 8.000%)<br> 12.094%, 10/31/27<sup>(2)</sup> | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 767 |
| CDK Global, Inc. (3 month Term SOFR + 4.500%)<br> 9.080%, 7/6/29<sup>(2)</sup> | &nbsp;&nbsp; 3465 | &nbsp;&nbsp; 3430 |
| Cloudera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month LIBOR + 3.750%)<br> 8.134%, 10/8/28<sup>(2)</sup> | &nbsp;&nbsp; 2722 | &nbsp;&nbsp; 2553 |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month LIBOR + 6.000%)<br> 10.384%, 10/8/29<sup>(2)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1663 |
| ConnectWise LLC (3 month LIBOR + 3.500%)<br> 7.884%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 3643 | &nbsp;&nbsp; 3453 |
| ConvergeOne Holdings Corp. First Lien (1 month LIBOR + 5.000%)<br> 9.384%, 1/4/26<sup>(2)</sup> | &nbsp;&nbsp; 4299 | &nbsp;&nbsp; 2469 |
| Creation Technologies, Inc. (3 month LIBOR + 5.500%)<br> 9.248%, 10/5/28<sup>(2)</sup> | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 3585 |
| Digi International, Inc. (1 month LIBOR + 5.000%)<br> 9.384%, 11/1/28<sup>(2)</sup> | &nbsp;&nbsp; 5054 | &nbsp;&nbsp; 4990 |
| E2Open LLC (1 month LIBOR + 3.500%)<br> 7.685%, 2/4/28<sup>(2)</sup> | &nbsp;&nbsp; 5323 | &nbsp;&nbsp; 5220 |
| II-VI, Inc. Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 7/2/29<sup>(2)</sup> | &nbsp;&nbsp; 7489 | &nbsp;&nbsp; 7394 |
| Instructure Holdings, Inc. (3 month LIBOR + 2.750%)<br> 6.121%, 10/30/28<sup>(2)</sup> | &nbsp;&nbsp; 4739 | &nbsp;&nbsp; 4644 |
| Lendingtree, Inc. Tranche B (1 month LIBOR + 3.750%)<br> 8.140%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 4259 | &nbsp;&nbsp; 3780 |
| MA Financeco LLC Tranche B-4 (3 month LIBOR + 4.250%)<br> 8.973%, 6/5/25<sup>(2)</sup> | &nbsp;&nbsp; 7726 | &nbsp;&nbsp; 7693 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Magenta Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 4.750%)<br> 9.170%, 7/27/28<sup>(2)</sup> | $6603 | $5621 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 8.250%)<br> 12.670%, 7/27/29<sup>(2)</sup> | &nbsp;&nbsp; 2540 | &nbsp;&nbsp; 1990 |
| Magnite, Inc. (1 month LIBOR + 5.000%)<br> 8.570% - 9.740%, 4/28/28<sup>(2)</sup> | &nbsp;&nbsp; 5768 | &nbsp;&nbsp; 5374 |
| Maverick Bidco, Inc. First Lien (3 month LIBOR + 3.750%)<br> 8.165%, 5/18/28<sup>(2)</sup> | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; 1140 |
| MaxLinear, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 6/23/28<sup>(2)</sup> | &nbsp;&nbsp; 3826 | &nbsp;&nbsp; 3778 |
| McAfee Corp. Tranche B-1 (1 month Term SOFR + 3.750%)<br> 7.974%, 3/1/29<sup>(2)</sup> | &nbsp;&nbsp; 11398 | &nbsp;&nbsp; 10582 |
| Mermaid Bidco, Inc. Tranche B-2 (3 month LIBOR + 3.500%)<br> 7.960%, 12/22/27<sup>(2)</sup> | &nbsp;&nbsp; 5997 | &nbsp;&nbsp; 5667 |
| MKS Instruments, Inc. Tranche B (1 month Term SOFR + 2.850%)<br> 7.171%, 8/17/29<sup>(2)</sup> | &nbsp;&nbsp; 10364 | &nbsp;&nbsp; 10222 |
| NortonLifeLock, Inc. Tranche B (1 month Term SOFR + 2.100%)<br> 6.423%, 9/12/29<sup>(2)</sup> | &nbsp;&nbsp; 8265 | &nbsp;&nbsp; 8112 |
| Open Text Corp. (3 month SOFR + 3.750%)<br> 0.000%, 8/25/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 10390 | &nbsp;&nbsp; 10138 |
| Orchid Merger Sub II LLC (1 month Term SOFR + 4.900%)<br> 9.480%, 7/27/27<sup>(2)(5)</sup> | &nbsp;&nbsp; 5299 | &nbsp;&nbsp; 4557 |
| Rackspace Technology Global, Inc. Tranche B (3 month LIBOR + 2.750%)<br> 7.380%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 7614 | &nbsp;&nbsp; 4731 |
| Sabre GLBL, Inc. 2022, Tranche B-2 (1 month Term SOFR + 5.100%)<br> 9.423%, 6/30/28<sup>(2)</sup> | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; 3531 |
| Seattle SpinCo, Inc. Tranche B-1 (1 month Term SOFR + 4.000%)<br> 8.321%, 2/26/27<sup>(2)</sup> | &nbsp;&nbsp; 3267 | &nbsp;&nbsp; 3258 |
| SolarWinds Holdings, Inc. 2022 (1 month Term SOFR + 4.000%)<br> 8.323%, 2/5/27<sup>(2)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1068 |
| Sovos Compliance LLC First Lien (1 month LIBOR + 4.500%)<br> 8.884%, 8/11/28<sup>(2)</sup> | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1558 |
| SS&C Technologies Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month LIBOR + 1.750%)<br> 6.134%, 4/16/25<sup>(2)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1355 |
| &nbsp;&nbsp;&nbsp;Tranche B-4 (1 month LIBOR + 1.750%)<br> 6.134%, 4/16/25<sup>(2)</sup> | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp;Tranche B-6 (1 month Term SOFR + 2.250%)<br> 6.673%, 3/22/29<sup>(2)</sup> | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; 2440 |
| &nbsp;&nbsp;&nbsp;Tranche B-7 (1 month Term SOFR + 2.250%)<br> 6.673%, 3/22/29<sup>(2)</sup> | &nbsp;&nbsp; 3751 | &nbsp;&nbsp; 3677 |
| UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(2)</sup> | &nbsp;&nbsp; 5763 | &nbsp;&nbsp; 5475 |
| Ultra Clean Holdings, Inc. Tranche B (1 month LIBOR + 3.750%)<br> 8.134%, 8/27/25<sup>(2)</sup> | &nbsp;&nbsp; 13112 | &nbsp;&nbsp; 13030 |
| UST Global, Inc. (1 month LIBOR + 3.750%)<br> 8.137%, 11/20/28<sup>(2)</sup> | &nbsp;&nbsp; 4855 | &nbsp;&nbsp; 4725 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Virtusa Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month LIBOR + 3.750%)<br> 8.134%, 2/11/28<sup>(2)</sup> | $6975 | $6713 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 3.850%)<br> 8.173%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1191 | &nbsp;&nbsp; 1146 |
| Xperi Holding Corp. Tranche B (1 month LIBOR + 3.500%)<br> 7.884%, 6/8/28<sup>(2)</sup> | &nbsp;&nbsp; 14223 | &nbsp;&nbsp; 13690 |
|  |  | &nbsp;&nbsp; 197213 |
| **Manufacturing—2.1%** | **Manufacturing—2.1%** |  |
| Ali Group North America Corp. Tranche B (1 month Term SOFR + 2.114%)<br> 6.438%, 7/30/29<sup>(2)</sup> | &nbsp;&nbsp; 6666 | &nbsp;&nbsp; 6601 |
| Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)<br> 7.409%, 10/8/27<sup>(2)</sup> | &nbsp;&nbsp; 3527 | &nbsp;&nbsp; 3454 |
| Canada Goose, Inc. 2021 (3 month LIBOR + 3.500%)<br> 8.230%, 10/7/27<sup>(2)</sup> | &nbsp;&nbsp; 3986 | &nbsp;&nbsp; 3866 |
| Chart Industries, Inc. Tranche B (3 month SOFR + 4.000%)<br> 0.000%, 12/7/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 3540 | &nbsp;&nbsp; 3498 |
| Clark Equipment Co. Tranche B (3 month Term SOFR + 2.600%)<br> 7.180%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 3186 | &nbsp;&nbsp; 3137 |
| Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%)<br> 6.884%, 3/31/27<sup>(2)</sup> | &nbsp;&nbsp; 5511 | &nbsp;&nbsp; 5385 |
| Grinding Media, Inc. First Lien (3 month LIBOR + 4.000%)<br> 7.702% - 8.765%, 10/12/28<sup>(2)</sup> | &nbsp;&nbsp; 4209 | &nbsp;&nbsp; 3893 |
| Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)<br> 8.173%, 2/23/29<sup>(2)</sup> | &nbsp;&nbsp; 3970 | &nbsp;&nbsp; 3828 |
| Safety Products First Lien (1 month LIBOR + 4.500%)<br> 8.884%, 6/28/26 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 91 |
| VM Consolidated, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 3/24/28<sup>(2)</sup> | &nbsp;&nbsp; 5169 | &nbsp;&nbsp; 5130 |
| WireCo WorldGroup, Inc. (3 month LIBOR + 4.250%)<br> 8.938%, 11/13/28<sup>(2)</sup> | &nbsp;&nbsp; 4271 | &nbsp;&nbsp; 4148 |
|  |  | &nbsp;&nbsp; 43031 |
| **Media / Telecom - Broadcasting—0.8%** | **Media / Telecom - Broadcasting—0.8%** |  |
| Gray Television, Inc. Tranche C (1 month LIBOR + 2.500%)<br> 6.620%, 1/2/26<sup>(2)</sup> | &nbsp;&nbsp; 5986 | &nbsp;&nbsp; 5815 |
| Terrier Media Buyer, Inc. 2021, Tranche B (3 month LIBOR + 3.500%)<br> 8.230%, 12/17/26<sup>(2)</sup> | &nbsp;&nbsp; 4633 | &nbsp;&nbsp; 4328 |
| Univision Communications, Inc. 2021 (1 month LIBOR + 3.250%)<br> 7.634%, 3/15/26<sup>(2)</sup> | &nbsp;&nbsp; 7136 | &nbsp;&nbsp; 7013 |
|  |  | &nbsp;&nbsp; 17156 |
| **Media / Telecom - Cable/Wireless Video—4.6%** | **Media / Telecom - Cable/Wireless Video—4.6%** |  |
| Altice Financing S.A. 2022 (3 month Term SOFR + 5.000%)<br> 9.566%, 10/29/27<sup>(2)</sup> | &nbsp;&nbsp; 21890 | &nbsp;&nbsp; 20905 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless Video—continued** | **Media / Telecom - Cable/Wireless Video—continued** |  |
| Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.140%, 2/1/27<sup>(2)</sup> | $6489 | $6328 |
| Cogeco Communications Finance USA LP Tranche B (1 month LIBOR + 2.500%)<br> 6.884%, 9/1/28<sup>(2)</sup> | &nbsp;&nbsp; 7159 | &nbsp;&nbsp; 6943 |
| Coral-U.S. Co-Borrower LLC Tranche B-5 (1 month LIBOR + 2.250%)<br> 6.568%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 8184 | &nbsp;&nbsp; 7904 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017 (1 month LIBOR + 2.250%)<br> 6.568%, 7/17/25<sup>(2)</sup> | &nbsp;&nbsp; 4541 | &nbsp;&nbsp; 4280 |
| &nbsp;&nbsp;&nbsp;2018 (1 month LIBOR + 2.250%)<br> 6.568%, 1/15/26<sup>(2)</sup> | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 599 |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.384%, 8/2/27<sup>(2)</sup> | &nbsp;&nbsp; 11098 | &nbsp;&nbsp; 10781 |
| Intelsat Jackson Holdings S.A. Tranche B (3 month Term SOFR + 4.500%)<br> 7.445%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 7601 | &nbsp;&nbsp; 7324 |
| Radiate Holdco LLC (1 month LIBOR + 3.250%)<br> 7.634%, 9/25/26<sup>(2)</sup> | &nbsp;&nbsp; 10321 | &nbsp;&nbsp; 8346 |
| Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%)<br> 6.318%, 4/28/28<sup>(2)</sup> | &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 4794 |
| Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%)<br> 6.818%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 11256 | &nbsp;&nbsp; 11051 |
| Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%)<br> 6.818%, 4/30/28<sup>(2)</sup> | &nbsp;&nbsp; 7166 | &nbsp;&nbsp; 6976 |
|  |  | &nbsp;&nbsp; 96231 |
| **Media / Telecom - Diversified Media—4.1%** | **Media / Telecom - Diversified Media—4.1%** |  |
| Allen Media LLC Tranche B (3 month Term SOFR + 5.650%)<br> 10.230%, 2/10/27<sup>(2)</sup> | &nbsp;&nbsp; 4419 | &nbsp;&nbsp; 3605 |
| Applovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month PRIME + 2.000%)<br> 2.000%, 10/25/28<sup>(2)</sup> | &nbsp;&nbsp; 5486 | &nbsp;&nbsp; 5198 |
| &nbsp;&nbsp;&nbsp;(3 month PRIME + 2.250%)<br> 2.250%, 8/15/25<sup>(2)</sup> | &nbsp;&nbsp; 8390 | &nbsp;&nbsp; 8057 |
| Banijay Entertainment SAS Tranche B (1 month LIBOR + 3.750%)<br> 7.892%, 3/1/25<sup>(2)</sup> | &nbsp;&nbsp; 3912 | &nbsp;&nbsp; 3892 |
| Deluxe Entertainment Services Group, Inc., PIK Interest Capitalization Second Lien (3 month LIBOR + 8.500%)<br> 13.230%, 9/25/24<sup>(5)(6)(7)</sup> | &nbsp;&nbsp; 4502 | &nbsp;&nbsp; — |
| Digital Media Solutions LLC (3 month LIBOR + 5.000%)<br> 9.730%, 5/25/26<sup>(2)</sup> | &nbsp;&nbsp; 3875 | &nbsp;&nbsp; 3255 |
| E.W. Scripps Co. (The) Tranche B-2 (1 month LIBOR + 2.563%)<br> 6.946%, 5/1/26<sup>(2)</sup> | &nbsp;&nbsp; 7214 | &nbsp;&nbsp; 7077 |
| Electronics For Imaging, Inc. First Lien (1 month LIBOR + 5.000%)<br> 9.384%, 7/23/26<sup>(2)</sup> | &nbsp;&nbsp; 4213 | &nbsp;&nbsp; 2793 |
| Lions Gate Capital Holdings LLC Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 3/24/25<sup>(2)</sup> | &nbsp;&nbsp; 5205 | &nbsp;&nbsp; 4958 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified Media—continued** | **Media / Telecom - Diversified Media—continued** |  |
| McGraw-Hill Education, Inc. (3 month LIBOR + 4.750%)<br> 8.316%, 7/28/28<sup>(2)</sup> | $5611 | $5269 |
| MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020 (1 month LIBOR + 3.750%)<br> 8.134%, 9/13/24<sup>(2)</sup> | &nbsp;&nbsp; 4143 | &nbsp;&nbsp; 4020 |
| &nbsp;&nbsp;&nbsp;First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 9/13/24<sup>(2)</sup> | &nbsp;&nbsp; 7297 | &nbsp;&nbsp; 7079 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month Term SOFR + 6.250%)<br> 10.649%, 2/23/29<sup>(2)</sup> | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2286 |
| RR Donnelley & Sons Co. 2022 (1 month Term SOFR + 6.250%)<br> 10.673%, 11/1/26<sup>(2)</sup> | &nbsp;&nbsp; 2881 | &nbsp;&nbsp; 2728 |
| Summer BC Bidco B LLC Tranche B-2 (3 month LIBOR + 4.500%)<br> 9.230%, 12/4/26<sup>(2)</sup> | &nbsp;&nbsp; 4149 | &nbsp;&nbsp; 3838 |
| Vericast Corp. 2022 (1 month Term SOFR + 7.750%)<br> 12.592%, 6/16/26<sup>(2)</sup> | &nbsp;&nbsp; 4837 | &nbsp;&nbsp; 3730 |
| William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%)<br> 7.140%, 5/18/25<sup>(2)</sup> | &nbsp;&nbsp; 17225 | &nbsp;&nbsp; 16820 |
|  |  | &nbsp;&nbsp; 84605 |
| **Media / Telecom - Telecommunications—2.8%** | **Media / Telecom - Telecommunications—2.8%** |  |
| AP Core Holdings II LLC Tranche B-2 (1 month LIBOR + 5.500%)<br> 9.884%, 9/1/27<sup>(2)</sup> | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 6998 |
| Connect U.S. Finco LLC (1 month LIBOR + 3.500%)<br> 7.890%, 12/11/26<sup>(2)</sup> | &nbsp;&nbsp; 8393 | &nbsp;&nbsp; 8284 |
| Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%)<br> 7.875%, 10/2/27<sup>(2)</sup> | &nbsp;&nbsp; 3768 | &nbsp;&nbsp; 3315 |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month LIBOR + 3.688%)<br> 7.767%, 1/31/26<sup>(2)</sup> | &nbsp;&nbsp; 12016 | &nbsp;&nbsp; 11105 |
| &nbsp;&nbsp;&nbsp;Tranche B-13 (3 month LIBOR + 4.000%)<br> 8.650%, 8/14/26<sup>(2)</sup> | &nbsp;&nbsp; 12098 | &nbsp;&nbsp; 11226 |
| Voyage Digital NZ Ltd. (1 month Term SOFR + 4.500%)<br> 8.784%, 5/11/29<sup>(2)</sup> | &nbsp;&nbsp; 4139 | &nbsp;&nbsp; 4067 |
| Zacapa S.a.r.l. 2022 (3 month Term SOFR + 4.250%)<br> 8.830%, 3/22/29<sup>(2)</sup> | &nbsp;&nbsp; 13895 | &nbsp;&nbsp; 13325 |
|  |  | &nbsp;&nbsp; 58320 |
| **Media / Telecom - Wireless Communications—1.1%** | **Media / Telecom - Wireless Communications—1.1%** |  |
| CCI Buyer, Inc. First Lien (3 month Term SOFR + 4.000%)<br> 8.580%, 12/17/27<sup>(2)</sup> | &nbsp;&nbsp; 5391 | &nbsp;&nbsp; 5138 |
| Crown Subsea Communications Holding, Inc. (1 month LIBOR + 4.750%)<br> 8.870%, 4/27/27<sup>(2)</sup> | &nbsp;&nbsp; 5174 | &nbsp;&nbsp; 5036 |
| Iridium Satellite LLC Tranche B-2 (1 month LIBOR + 2.500%)<br> 6.923%, 11/4/26<sup>(2)</sup> | &nbsp;&nbsp; 3015 | &nbsp;&nbsp; 2983 |
| Patagonia Holdco LLC (3 month Term SOFR + 5.750%)<br> 9.960%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3007 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Wireless Communications—continued** | **Media / Telecom - Wireless Communications—continued** |  |
| Venga Finance S.a.r.l. (3 month LIBOR + 4.750%)<br> 9.485%, 6/28/29<sup>(2)</sup> | $7306 | $6676 |
|  |  | &nbsp;&nbsp; 22840 |
| **Metals / Minerals—1.0%** | **Metals / Minerals—1.0%** |  |
| AMG Advanced Metallurgical Group N.V. 2021 (1 month LIBOR + 3.500%)<br> 7.884%, 11/30/28<sup>(2)</sup> | &nbsp;&nbsp; 4658 | &nbsp;&nbsp; 4483 |
| Atkore International, Inc. (3 month LIBOR + 2.000%)<br> 6.188%, 5/26/28<sup>(2)</sup> | &nbsp;&nbsp; 3422 | &nbsp;&nbsp; 3402 |
| Consol Energy, Inc. Tranche B (1 month Term SOFR + 4.600%)<br> 8.923%, 9/27/24<sup>(2)</sup> | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 2482 |
| Oxbow Carbon LLC Tranche B, First Lien (3 month LIBOR + 4.250%)<br> 8.980%, 10/17/25<sup>(2)</sup> | &nbsp;&nbsp; 5974 | &nbsp;&nbsp; 5928 |
| U.S. Silica Co. (1 month LIBOR + 4.000%)<br> 8.438%, 5/1/25<sup>(2)</sup> | &nbsp;&nbsp; 4381 | &nbsp;&nbsp; 4332 |
|  |  | &nbsp;&nbsp; 20627 |
| **Retail—2.2%** | **Retail—2.2%** |  |
| Academy Ltd. (1 month LIBOR + 3.750%)<br> 7.870%, 11/5/27<sup>(2)</sup> | &nbsp;&nbsp; 3614 | &nbsp;&nbsp; 3586 |
| Ascena Retail Group, Inc. Tranche B (3 month LIBOR + 4.500%)<br> 4.500%, 8/21/22<sup>(5)(6)</sup> | &nbsp;&nbsp; 2496 | &nbsp;&nbsp; 4 |
| Belk, Inc. First Lien (3 month LIBOR + 7.500%)<br> 12.199%, 7/31/25<sup>(2)</sup> | &nbsp;&nbsp; 4375 | &nbsp;&nbsp; 3828 |
| Belk, Inc., PIK Interest Capitalization Second Lien<br> 13.000%, 7/31/25<sup>(8)</sup> | &nbsp;&nbsp; 4091 | &nbsp;&nbsp; 436 |
| CWGS Group LLC (1 month LIBOR + 2.500%)<br> 6.571% - 6.818%, 6/3/28<sup>(2)</sup> | &nbsp;&nbsp; 6405 | &nbsp;&nbsp; 5908 |
| Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%)<br> 8.134%, 3/6/28<sup>(2)</sup> | &nbsp;&nbsp; 4663 | &nbsp;&nbsp; 4470 |
| Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.500%)<br> 7.859%, 2/26/29<sup>(2)</sup> | &nbsp;&nbsp; 5786 | &nbsp;&nbsp; 5068 |
| J.C. Penney Corp., Inc. Tranche B (3 month LIBOR + 0.043%)<br> 1.043%, 6/23/23<sup>(5)(6)</sup> | &nbsp;&nbsp; 3733 | &nbsp;&nbsp; 4 |
| Jo-Ann Stores LLC Tranche B-1 (3 month LIBOR + 4.750%)<br> 9.077%, 7/7/28<sup>(2)</sup> | &nbsp;&nbsp; 4339 | &nbsp;&nbsp; 2914 |
| LSF9 Atlantis Holdings LLC Tranche B (3 month Term SOFR + 7.250%)<br> 11.830%, 3/31/29<sup>(2)</sup> | &nbsp;&nbsp; 3901 | &nbsp;&nbsp; 3782 |
| Petco Health & Wellness Co., Inc. First Lien (3 month Term SOFR + 3.512%)<br> 8.092%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; 6560 |
| PetsMart LLC (1 month LIBOR + 3.750%)<br> 8.130%, 2/11/28<sup>(2)</sup> | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 4619 |
| Rent-A-Center, Inc. Tranche B-2 (3 month LIBOR + 3.250%)<br> 7.688%, 2/17/28<sup>(2)</sup> | &nbsp;&nbsp; 3629 | &nbsp;&nbsp; 3489 |
| Rising Tide Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 4.750%)<br> 9.485%, 6/1/28<sup>(2)(5)</sup> | &nbsp;&nbsp; 1306 | &nbsp;&nbsp; 587 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 8.250%)<br> 12.985%, 6/1/29<sup>(2)(5)</sup> | $2545 | $891 |
|  |  | &nbsp;&nbsp; 46146 |
| **Service—8.8%** | **Service—8.8%** |  |
| Adtalem Global Education, Inc. Tranche B (1 month LIBOR + 4.000%)<br> 8.389%, 8/12/28<sup>(2)</sup> | &nbsp;&nbsp; 6563 | &nbsp;&nbsp; 6502 |
| American Public Education, Inc. (1 month LIBOR + 5.500%)<br> 9.884%, 3/29/27<sup>(2)</sup> | &nbsp;&nbsp; 2161 | &nbsp;&nbsp; 2102 |
| Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%)<br> 8.258%, 7/27/28<sup>(2)</sup> | &nbsp;&nbsp; 4985 | &nbsp;&nbsp; 4736 |
| APX Group, Inc. (3 month PRIME + 2.250%)<br> 6.730% - 9.750%, 7/10/28<sup>(2)</sup> | &nbsp;&nbsp; 7979 | &nbsp;&nbsp; 7862 |
| ASP Dream Acquisition Co. LLC (1 month Term SOFR + 4.350%)<br> 8.673%, 12/15/28<sup>(2)</sup> | &nbsp;&nbsp; 4204 | &nbsp;&nbsp; 4036 |
| Belfor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (1 month LIBOR + 4.000%)<br> 8.384%, 4/6/26<sup>(2)</sup> | &nbsp;&nbsp; 4420 | &nbsp;&nbsp; 4376 |
| &nbsp;&nbsp;&nbsp;Tranche B-2, First Lien (1 month Term SOFR + 4.250%)<br> 8.573%, 4/6/26<sup>(2)</sup> | &nbsp;&nbsp; 3731 | &nbsp;&nbsp; 3694 |
| BrightView Landscapes LLC Tranche B (1 month Term SOFR + 3.250%)<br> 7.573%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 2588 | &nbsp;&nbsp; 2487 |
| Camelot U.S. Acquisition I Co. (1 month LIBOR + 3.000%)<br> 7.384%, 10/30/26<sup>(2)</sup> | &nbsp;&nbsp; 5931 | &nbsp;&nbsp; 5834 |
| Conduent Business Services LLC Tranche B (1 month LIBOR + 4.250%)<br> 8.639%, 10/16/28<sup>(2)</sup> | &nbsp;&nbsp; 3118 | &nbsp;&nbsp; 2967 |
| Dun & Bradstreet Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;2022, Tranche B-2 (1 month Term SOFR + 3.250%)<br> 7.573%, 1/18/29<sup>(2)</sup> | &nbsp;&nbsp; 4335 | &nbsp;&nbsp; 4256 |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month LIBOR + 3.250%)<br> 7.639%, 2/6/26<sup>(2)</sup> | &nbsp;&nbsp; 2094 | &nbsp;&nbsp; 2071 |
| Employbridge Holding Co. Tranche B (3 month LIBOR + 4.750%)<br> 9.480% - 9.493%, 7/19/28<sup>(2)</sup> | &nbsp;&nbsp; 4932 | &nbsp;&nbsp; 3997 |
| Energize Holdco LLC (1 month LIBOR + 3.750%)<br> 8.134%, 12/8/28<sup>(2)</sup> | &nbsp;&nbsp; 4610 | &nbsp;&nbsp; 4396 |
| EverCommerce Solutions, Inc. (1 month LIBOR + 3.250%)<br> 7.634%, 7/6/28<sup>(2)</sup> | &nbsp;&nbsp; 5071 | &nbsp;&nbsp; 4963 |
| First Student Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month LIBOR + 3.000%)<br> 7.726%, 7/21/28<sup>(2)</sup> | &nbsp;&nbsp; 1993 | &nbsp;&nbsp; 1796 |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month LIBOR + 3.000%)<br> 7.726%, 7/21/28<sup>(2)</sup> | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 668 |
| Foundational Education Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 3.750%)<br> 8.592%, 8/31/28<sup>(2)</sup> | &nbsp;&nbsp; 2933 | &nbsp;&nbsp; 2581 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 6.500%)<br> 11.342%, 8/31/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 647 |
| GFL Environmental, Inc. 2020 (3 month LIBOR + 3.000%)<br> 7.415%, 5/30/25<sup>(2)</sup> | &nbsp;&nbsp; 4390 | &nbsp;&nbsp; 4388 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| GI Consilio Parent LLC First Lien (1 month LIBOR + 4.000%)<br> 8.384%, 5/12/28<sup>(2)</sup> | $4819 | $4549 |
| Harsco Corp. (1 month Term SOFR + 2.250%)<br> 6.573%, 3/10/28<sup>(2)</sup> | &nbsp;&nbsp; 5204 | &nbsp;&nbsp; 4848 |
| Holding Socotec Tranche B (3 month LIBOR + 4.000%)<br> 8.730%, 6/30/28<sup>(2)</sup> | &nbsp;&nbsp; 3272 | &nbsp;&nbsp; 3067 |
| Houghton Mifflin Harcourt Co. Tranche B, First Lien (1 month Term SOFR + 5.250%)<br> 9.673%, 4/9/29<sup>(2)</sup> | &nbsp;&nbsp; 4723 | &nbsp;&nbsp; 4477 |
| Lakeland Tours LLC PIK Interest Capitalization First Lien<br> 13.250%, 9/25/27<sup>(7)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 64 |
| Marnix Sas Tranche B (3 month Term SOFR + 3.750%)<br> 8.081%, 8/4/28<sup>(2)</sup> | &nbsp;&nbsp; 2851 | &nbsp;&nbsp; 2696 |
| MHI Holdings LLC First Lien (1 month LIBOR + 5.000%)<br> 9.384%, 9/21/26<sup>(2)</sup> | &nbsp;&nbsp; 6774 | &nbsp;&nbsp; 6698 |
| Michael Baker International LLC (1 month LIBOR + 5.000%)<br> 9.384%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1646 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 7.730%, 11/23/28<sup>(2)</sup> | &nbsp;&nbsp; 3645 | &nbsp;&nbsp; 3538 |
| National Intergovernmental Purchasing Alliance Co. First Lien (3 month Term SOFR + 3.500%)<br> 8.080%, 5/23/25<sup>(2)</sup> | &nbsp;&nbsp; 2885 | &nbsp;&nbsp; 2840 |
| Osmose Utilities Services, Inc. First Lien (1 month LIBOR + 3.250%)<br> 7.634%, 6/23/28<sup>(2)</sup> | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 195 |
| Oyo Hospitality Netharlands B.V. (3 month LIBOR + 8.250%)<br> 12.980%, 6/23/26<sup>(2)</sup> | &nbsp;&nbsp; 3422 | &nbsp;&nbsp; 2954 |
| Paysafe Holdings U.S. Corp. Tranche B-1 (1 month LIBOR + 2.750%)<br> 7.134%, 6/28/28<sup>(2)</sup> | &nbsp;&nbsp; 3414 | &nbsp;&nbsp; 3248 |
| Peraton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B, First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 2/1/28<sup>(2)</sup> | &nbsp;&nbsp; 16087 | &nbsp;&nbsp; 15681 |
| &nbsp;&nbsp;&nbsp;Tranche B-1, Second Lien (1 month LIBOR + 7.750%)<br> 12.089%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2836 |
| Prime Security Services Borrower LLC 2021, Tranche B-1 (3 month LIBOR + 2.750%)<br> 6.505%, 9/23/26<sup>(2)</sup> | &nbsp;&nbsp; 5474 | &nbsp;&nbsp; 5420 |
| Priority Holdings LLC (3 month LIBOR + 5.750%)<br> 10.485%, 4/27/27<sup>(2)</sup> | &nbsp;&nbsp; 5477 | &nbsp;&nbsp; 5436 |
| Refficiency Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 (1 month LIBOR + 3.250%)<br> 0.000%, 12/16/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;2021 (3 month LIBOR + 4.500%)<br> 0.000%, 12/16/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 1726 | &nbsp;&nbsp; 1630 |
| Signal Parent, Inc. (1 month LIBOR + 3.500%)<br> 7.887%, 4/3/28<sup>(2)</sup> | &nbsp;&nbsp; 4275 | &nbsp;&nbsp; 2547 |
| Sitel Group (1 month LIBOR + 3.750%)<br> 8.140%, 8/28/28<sup>(2)</sup> | &nbsp;&nbsp; 3646 | &nbsp;&nbsp; 3594 |
| Spin Holdco, Inc. (3 month LIBOR + 4.000%)<br> 8.765%, 3/4/28<sup>(2)</sup> | &nbsp;&nbsp; 3483 | &nbsp;&nbsp; 2925 |
| St. George's University Scholastic Services LLC (1 month LIBOR + 3.250%)<br> 7.634%, 2/10/29<sup>(2)</sup> | &nbsp;&nbsp; 4934 | &nbsp;&nbsp; 4790 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Trans Union LLC 2021, Tranche B-6 (1 month LIBOR + 2.250%)<br> 6.634%, 12/1/28<sup>(2)</sup> | $9490 | $9384 |
| TTF Holdings LLC (1 month LIBOR + 4.000%)<br> 8.440%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 5525 | &nbsp;&nbsp; 5442 |
| United Talent Agency LLC Tranche B (1 month Term SOFR + 4.114%)<br> 8.438%, 7/7/28<sup>(2)</sup> | &nbsp;&nbsp; 3980 | &nbsp;&nbsp; 3910 |
| Vaco Holdings LLC (3 month Term SOFR + 5.000%)<br> 9.730%, 1/19/29<sup>(2)</sup> | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 3424 |
| Weld North Education LLC 2021 (1 month LIBOR + 3.750%)<br> 8.134%, 12/21/27<sup>(2)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 925 |
|  |  | &nbsp;&nbsp; 183353 |
| **Transportation - Automotive—1.3%** | **Transportation - Automotive—1.3%** |  |
| Autokiniton U.S. Holdings, Inc. Tranche B (1 month LIBOR + 4.500%)<br> 8.792%, 4/6/28<sup>(2)</sup> | &nbsp;&nbsp; 8540 | &nbsp;&nbsp; 8246 |
| Dexko Global, Inc. (3 month Term SOFR + 6.500%)<br> 11.080%, 10/5/29<sup>(2)</sup> | &nbsp;&nbsp; 2595 | &nbsp;&nbsp; 2413 |
| DexKo Global, Inc. First Lien (3 month Term SOFR + 3.750%)<br> 8.593%, 10/4/28<sup>(2)</sup> | &nbsp;&nbsp; 4969 | &nbsp;&nbsp; 4443 |
| ENC Parent Corp. First Lien (3 month PRIME + 4.250%)<br> 8.980% - 11.750%, 8/19/28<sup>(2)</sup> | &nbsp;&nbsp; 3569 | &nbsp;&nbsp; 3319 |
| ILPEA Parent, Inc. (1 month LIBOR + 4.500%)<br> 8.890%, 6/22/28<sup>(2)</sup> | &nbsp;&nbsp; 4186 | &nbsp;&nbsp; 3956 |
| RVR Dealership Holdings LLC 2022 (1 month Term SOFR + 3.850%)<br> 8.171%, 2/8/28<sup>(2)</sup> | &nbsp;&nbsp; 5906 | &nbsp;&nbsp; 5424 |
|  |  | &nbsp;&nbsp; 27801 |
| **Transportation - Land Transportation—1.1%** | **Transportation - Land Transportation—1.1%** |  |
| Daseke Cos., Inc. (1 month LIBOR + 4.000%)<br> 8.390%, 3/9/28<sup>(2)</sup> | &nbsp;&nbsp; 8253 | &nbsp;&nbsp; 7923 |
| LaserShip, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month LIBOR + 4.500%)<br> 9.230%, 5/7/28<sup>(2)</sup> | &nbsp;&nbsp; 4916 | &nbsp;&nbsp; 3501 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month LIBOR + 7.500%)<br> 12.230%, 5/7/29<sup>(2)</sup> | &nbsp;&nbsp; 3135 | &nbsp;&nbsp; 1849 |
| Pilot Travel Centers LLC Tranche B (1 month Term SOFR + 2.100%)<br> 6.423%, 8/4/28<sup>(2)</sup> | &nbsp;&nbsp; 10473 | &nbsp;&nbsp; 10339 |
|  |  | &nbsp;&nbsp; 23612 |
| **Transportation - Shipping—0.2%** | **Transportation - Shipping—0.2%** |  |
| Carriage Purchaser, Inc. Tranche B (1 month LIBOR + 4.250%)<br> 8.634%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 4691 | &nbsp;&nbsp; 4334 |
| WWEX Uni Topco Holdings LLC Second Lien (3 month LIBOR + 7.000%)<br> 11.730%, 7/26/29<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 332 |
|  |  | &nbsp;&nbsp; 4666 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—1.8%** | **Utilities—1.8%** |  |
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)<br> 7.134%, 8/1/25<sup>(2)</sup> | $10417 | $10256 |
| Eastern Power LLC Tranche B (3 month LIBOR + 3.750%)<br> 8.480%, 10/2/25<sup>(2)</sup> | &nbsp;&nbsp; 5479 | &nbsp;&nbsp;&nbsp; 4851 |
| Generation Bridge LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month LIBOR + 5.000%)<br> 9.730%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp; 2525 |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month LIBOR + 5.000%)<br> 9.730%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 55 |
| Granite Generation LLC (1 month LIBOR + 3.750%)<br> 8.134%, 11/9/26<sup>(2)</sup> | &nbsp;&nbsp; 6572 | &nbsp;&nbsp;&nbsp; 6369 |
| Invenergy Thermal Operating I LLC (1 month Term SOFR + 3.750%)<br> 8.188%, 8/28/25<sup>(2)</sup> | &nbsp;&nbsp; 2492 | &nbsp;&nbsp;&nbsp; 2459 |
| Longview Power LLC (3 month LIBOR + 13.674%)<br> 13.674%, 7/30/25<sup>(2)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp; 739 |
| WaterBridge Midstream Operating LLC (3 month LIBOR + 5.750%)<br> 9.127%, 6/22/26<sup>(2)</sup> | &nbsp;&nbsp; 10175 | &nbsp;&nbsp;&nbsp; 9759 |
|  |  | &nbsp;&nbsp;&nbsp; 37013 |
| **Total Leveraged Loans<br> (Identified Cost $1,936,155)** | **Total Leveraged Loans<br> (Identified Cost $1,936,155)** | &nbsp;&nbsp;&nbsp;&nbsp;**1831163** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.7%** | **Preferred Stock—0.7%** | **Preferred Stock—0.7%** |
| **Energy—0.7%** | **Energy—0.7%** |  |
| Blackbrush Oil & Gas PIK, 1.000%<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14313 | &nbsp;&nbsp;&nbsp; 14654 |
| **Total Preferred Stock<br> (Identified Cost $4,209)** | **Total Preferred Stock<br> (Identified Cost $4,209)** | **14654** |
| **Common Stocks—1.0%** | **Common Stocks—1.0%** | **Common Stocks—1.0%** |
| **Consumer Discretionary—0.3%** | **Consumer Discretionary—0.3%** |  |
| Belk, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp; 13 |
| Earnout Trust Certificates<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp; 12 |
| TRU Topco Units<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp; 6692 |
| Wayne Services Legacy, Inc. <sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp; 6717 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| Blackbrush Oil & Gas<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;437150 | &nbsp;&nbsp;&nbsp; 6005 |
| Summit Midstream Partners LP<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108293 | &nbsp;&nbsp;&nbsp; 1807 |
|  |  | &nbsp;&nbsp;&nbsp; 7812 |
| **Financials—0.0%** | **Financials—0.0%** |  |
| Copper Property CTL Pass Through Trust<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17816 | &nbsp;&nbsp;&nbsp; 223 |
| **Information Technology—0.0%** | **Information Technology—0.0%** |  |
| Bright Bidco<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26953 | &nbsp;&nbsp;&nbsp; 450 |
| Internap Holding LLC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;681392 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp; 450 |
| **Real Estate—0.0%** | **Real Estate—0.0%** |  |
| Hill Street Properties<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85002 | &nbsp;&nbsp;&nbsp; 425 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Longview Intermediate Holdings LLC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350306 | $4904 |
| **Total Common Stocks<br> (Identified Cost $14,490)** | **Total Common Stocks<br> (Identified Cost $14,490)** | &nbsp;&nbsp;&nbsp;&nbsp; **20531** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Utilities—0.0%** | **Utilities—0.0%** |  |
| Vistra Energy Corp.<sup>(5)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;410667 | &nbsp;&nbsp;&nbsp; 493 |
| **Total Rights<br> (Identified Cost $554)** | **Total Rights<br> (Identified Cost $554)** | &nbsp;&nbsp;&nbsp;&nbsp; **493** |
| **Warrant—0.0%** | **Warrant—0.0%** | **Warrant—0.0%** |
| **Real Estate—0.0%** | **Real Estate—0.0%** |  |
| Hill Street Properties<sup>(5)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;144733 | &nbsp;&nbsp;&nbsp; — |
| **Total Warrant<br> (Identified Cost $2)** | **Total Warrant<br> (Identified Cost $2)** | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Total Long-Term Investments—96.0%<br> (Identified Cost $2,120,417)** | **Total Long-Term Investments—96.0%<br> (Identified Cost $2,120,417)** | &nbsp;&nbsp;&nbsp;&nbsp;**2006452** |
| **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** |
| **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(10)</sup> | 16806039 | &nbsp;&nbsp;&nbsp; 16806 |
| **Total Short-Term Investment<br> (Identified Cost $16,806)** | **Total Short-Term Investment<br> (Identified Cost $16,806)** | &nbsp;&nbsp;&nbsp;&nbsp; **16806** |
| **TOTAL INVESTMENTS—96.8%<br> (Identified Cost $2,137,223)** | **TOTAL INVESTMENTS—96.8%<br> (Identified Cost $2,137,223)** | &nbsp;&nbsp;**$2023258** |
| Other assets and liabilities, net—3.2% | Other assets and liabilities, net—3.2% | &nbsp;&nbsp;&nbsp;&nbsp; 67794 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$2091052** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CLO | Collateralized Loan Obligation |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $113,560 or 5.4% of net assets. |
| <sup>(2)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

<sup>(3)</sup> This loan will settle after December 31, 2022, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(4)</sup> 80% of the income received was in cash and 20% was in PIK.

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

<sup>(6)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(7)</sup> 100% of the income received was in PIK.

<sup>(8)</sup> 38% of the income received was in cash and 62% was in PIK.

<sup>(9)</sup> Non-income producing.

<sup>(10)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

As of December 31, 2022, the Fund had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **<u>Borrower</u>** | **Par Value** | **Commitment** | **Value** | **Unrealized <br> Appreciation<br> (Depreciation)** |
| ARC Falcon I, Inc., (3 month LIBOR + 1.000%) 1.000%, 9/30/28 | &nbsp;&nbsp;$573 | &nbsp;&nbsp;$571 | &nbsp;&nbsp;$502 | &nbsp;&nbsp;$(69) |
| AthenaHealth Group, Inc., (1 month Term SOFR + 4.500%) 5.000%, 2/15/29 | &nbsp;&nbsp;1404 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1264 | &nbsp;&nbsp;(136) |
| ENC Parent Corp., (3 month LIBOR + 4.250%) 4.250%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;(21) |
| U.S. Silica Co., (3 month LIBOR + 0.500%) 0.500%, 5/01/23 | &nbsp;&nbsp;2250 | &nbsp;&nbsp;2236 | &nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp;(30) |
| Total | $4547 | $4526 | $4270 | $(256) |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18724 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14654 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2023258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1964084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40561 |

---

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

Securities held by the Fund with an end of period value of $6,686 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Leveraged <br> Loans | &nbsp;&nbsp;&nbsp;&nbsp;Common <br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Preferred <br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Warrant | &nbsp;&nbsp;&nbsp;&nbsp;Right |
| **Investments in Securities** |  |  |  |  |  |  |
| **Balance as of December 31, 2021:** | &nbsp;&nbsp;&nbsp;&nbsp;$19478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5093<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7678<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$6165 | &nbsp;&nbsp;&nbsp;&nbsp;$— | $542 |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8354 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Floating Rate High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Leveraged <br> Loans | &nbsp;&nbsp;&nbsp;&nbsp;Common <br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Preferred <br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Warrant | &nbsp;&nbsp;&nbsp;&nbsp;Right |
| Sales <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7180) | &nbsp;&nbsp;&nbsp;&nbsp;(6866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Transfers into Level 3<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |  |
| **Balance as of December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;$40561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6690<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18724 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$14654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(a)</sup> | $493 |

---

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

<sup>(b)</sup> The change in unrealized appreciation (depreciation) on investments still held at December 31, 2022, was $18,289.

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

<sup>(d)</sup> Transfers into and/or from represent the ending value as of December 31, 2022, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br> Securities – Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Balance<br> at December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Technique Used** | &nbsp;&nbsp;&nbsp;&nbsp;**Unobservable <br> Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Input <br> Values** |
| **Preferred Stock:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Blackbrush Oil & Gas PIK | &nbsp;&nbsp;&nbsp;&nbsp;$14654 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;3.11x (1.62x - 6.00x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.13x (1.88x - 5.16x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BlackBrush Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;$6005 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;3.11x (1.62x - 6.00x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3.13x (1.88x - 5.16x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;TRU Topco Units | &nbsp;&nbsp;&nbsp;&nbsp;$6692 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;5.61x (3.24x - 10.67x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8.41x (5.14x - 15.11x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Precedent Transaction Multiples | &nbsp;&nbsp;&nbsp;&nbsp;7.33x (5.90x - 10.50x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Grade Municipal Bond Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds<sup>(1)</sup>—88.5%** | **Municipal Bonds<sup>(1)</sup>—88.5%** | **Municipal Bonds<sup>(1)</sup>—88.5%** |
| **Alabama—5.0%** | **Alabama—5.0%** |  |
| Jefferson County, |  |  |
| &nbsp;&nbsp;&nbsp;Sales Tax Revenue<br> 5.000%, 9/15/33 | $1000 | $1070 |
| &nbsp;&nbsp;&nbsp;Sales Tax Revenue<br> 5.000%, 9/15/35 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1060 |
|  |  | &nbsp;&nbsp; 2130 |
| **California—7.8%** | **California—7.8%** |  |
| Regents of the University of California Medical Center Pooled Revenue, Series P<br> 5.000%, 5/15/42 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1096 |
| San Diego County Regional Transportation Commission Revenue, Series B<br> 5.000%, 4/1/41 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 332 |
| San Diego Redevelopment Agency Successor Agency |  |  |
| &nbsp;&nbsp;&nbsp;Sales Tax Revenue, Series A<br> 5.000%, 9/1/28 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;Sales Tax Revenue, Series A<br> 5.000%, 9/1/29 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 428 |
| San Mateo Foster, City of, Public Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 5/1/45 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;4.000%, 5/1/48 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 486 |
|  |  | &nbsp;&nbsp; 3359 |
| **Colorado—7.0%** | **Colorado—7.0%** |  |
| E-470 Public Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;Toll Highway Revenue, Series A<br> 5.000%, 9/1/35 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 888 |
| &nbsp;&nbsp;&nbsp;Toll Highway Revenue, Series A<br> 5.000%, 9/1/36 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1101 |
| Regional Transportation District, Sales Tax Revenue, Series A<br> 5.000%, 1/15/28 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1044 |
|  |  | &nbsp;&nbsp; 3033 |
| **Connecticut—3.8%** | **Connecticut—3.8%** |  |
| Connecticut, State of, Sales Tax Revenue<br> 5.000%, 5/1/37 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1652 |
| **District of Columbia—2.5%** | **District of Columbia—2.5%** |  |
| District of Columbia, General Obligation, Series D<br> 5.000%, 6/1/31 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1083 |
| **Florida—2.5%** | **Florida—2.5%** |  |
| Collier County, Water-Sewer District Revenue<br> 5.000%, 7/1/33 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1072 |
| **Georgia—4.6%** | **Georgia—4.6%** |  |
| DeKalb GA Water & Sewerage Revenue County<br> 5.000%, 10/1/43 | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1994 |
| **Idaho—1.7%** | **Idaho—1.7%** |  |
| Idaho Housing & Finance Association |  |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 4.000%, 7/15/38 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Idaho—continued** | **Idaho—continued** |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 4.000%, 7/15/39 | $500 | $495 |
|  |  | &nbsp;&nbsp; 744 |
| **Illinois—2.5%** | **Illinois—2.5%** |  |
| Illinois Finance Authority Revenue<br> 5.000%, 7/1/28 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1087 |
| **Indiana—4.3%** | **Indiana—4.3%** |  |
| Indianapolis Local Public Improvement Bond Bank Sales Tax Revenue<br> 5.250%, 1/1/48 | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1854 |
| **Mississippi—1.2%** | **Mississippi—1.2%** |  |
| Mississippi, State of, General Obligation, Series C<br> 4.000%, 10/1/37 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
| **New Jersey—2.5%** | **New Jersey—2.5%** |  |
| New Jersey Turnpike Authority Revenue, Series G<br> 5.000%, 1/1/36 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1076 |
| **New York—5.2%** | **New York—5.2%** |  |
| City of New York, |  |  |
| &nbsp;&nbsp;&nbsp;General Obligation<br> 5.500%, 5/1/44 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;General Obligation, Series B<br> 5.250%, 10/1/47 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 550 |
| New York City Municipal Water Finance Authority Revenue, Series AA<br> 5.250%, 6/15/52 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 547 |
|  |  | &nbsp;&nbsp; 2219 |
| **Ohio—2.2%** | **Ohio—2.2%** |  |
| Ohio, State of, General Obligation, Series A<br> 5.000%, 3/1/41 | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 939 |
| **Oregon—2.4%** | **Oregon—2.4%** |  |
| Portland, Port of, Airport Revenue<br> 5.000%, 7/1/47 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1026 |
| **Pennsylvania—5.7%** | **Pennsylvania—5.7%** |  |
| Pennsylvania Economic Development Financing Authority Revenue<br> 5.500%, 6/30/40 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2085 |
| Pennsylvania Turnpike Commission, Series B<br> 5.250%, 12/1/52 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 376 |
|  |  | &nbsp;&nbsp; 2461 |
| **Tennessee—5.1%** | **Tennessee—5.1%** |  |
| Chattanooga Health Educational & Housing Facility Board, Series A<br> 5.000%, 8/1/30 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1077 |
| Tennessee, State of, General Obligation, Series A<br> 5.000%, 9/1/30 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1108 |
|  |  | &nbsp;&nbsp; 2185 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Grade Municipal Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—15.4%** | **Texas—15.4%** |  |
| City of Corpus Christi, Utility System Revenue, Series B<br> 5.000%, 7/15/52 | $500 | $540 |
| Fort Worth, City of, Water & Sewer System Revenue<br> 5.000%, 2/15/30 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1107 |
| Godley Independent School District, General Obligation (PSF-GTD Insured)<br> 4.000%, 2/15/52 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 936 |
| Katy Independent School District, General Obligation (PSF-GTD Insured)<br> 4.000%, 2/15/39 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 494 |
| North Texas Municipal Water District Water System Revenue<br> 5.000%, 9/1/32 | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 832 |
| Texas Water Development Board Revenue<br> 4.650%, 10/15/40 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1051 |
| University of Texas System Revenue, Series A<br> 3.550%, 7/1/38 | &nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp; 1650 |
|  |  | &nbsp;&nbsp;&nbsp; 6610 |
| **Washington—7.1%** | **Washington—7.1%** |  |
| Energy Northwest Revenue<br> 5.000%, 7/1/34 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 2097 |
| Washington Health Care Facilities Authority, Series A<br> 5.000%, 8/1/44 | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 942 |
|  |  | &nbsp;&nbsp;&nbsp; 3039 |
| **Total Municipal Bonds<br> (Identified Cost $39,591)** | **Total Municipal Bonds<br> (Identified Cost $39,591)** | &nbsp;&nbsp;&nbsp;&nbsp;**38070** |
| **Total Long-Term Investments—88.5%<br> (Identified Cost $39,591)** | **Total Long-Term Investments—88.5%<br> (Identified Cost $39,591)** | &nbsp;&nbsp;&nbsp;&nbsp;**38070** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—9.5%** | **Short-Term Investment—9.5%** | **Short-Term Investment—9.5%** |
| **Money Market Mutual Fund—9.5%** | **Money Market Mutual Fund—9.5%** | **Money Market Mutual Fund—9.5%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(2)</sup> | 4091742 | $4092 |
| **Total Short-Term Investment<br> (Identified Cost $4,092)** | **Total Short-Term Investment<br> (Identified Cost $4,092)** | &nbsp;&nbsp;&nbsp;&nbsp; **4092** |
| **TOTAL INVESTMENTS—98.0%<br> (Identified Cost $43,683)** | **TOTAL INVESTMENTS—98.0%<br> (Identified Cost $43,683)** | &nbsp;&nbsp;**$42162** |
| Other assets and liabilities, net—2.0% | Other assets and liabilities, net—2.0% | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$43030** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| PSF-GTD | Permanent School Fund Guarantee Program |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | At December 31, 2022, 3.4% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38070 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38070 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Income Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—0.3%** | **Convertible Bonds and Notes—0.3%** | **Convertible Bonds and Notes—0.3%** |
| **Communication Services—0.3%** | **Communication Services—0.3%** |  |
| DISH Network Corp.<br> 3.375%, 8/15/26 | $585 | $366 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $563)** | **Total Convertible Bonds and Notes<br> (Identified Cost $563)** | &nbsp;&nbsp;&nbsp;&nbsp; **366** |
| **Corporate Bonds and Notes—95.8%** | **Corporate Bonds and Notes—95.8%** | **Corporate Bonds and Notes—95.8%** |
| **Communication Services—9.2%** | **Communication Services—9.2%** |  |
| CMG Media Corp. 144A<br> 8.875%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp; 640 |
| Altice France S.A. 144A<br> 8.125%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp; 774 |
| ANGI Group LLC 144A<br> 3.875%, 8/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp; 471 |
| Cable One, Inc. 144A<br> 4.000%, 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp; 961 |
| CCO Holdings LLC 144A<br> 5.125%, 5/1/27<sup>(1)</sup> | &nbsp;&nbsp; 2060 | &nbsp;&nbsp;&nbsp; 1920 |
| Charter Communications Operating LLC<br> 5.750%, 4/1/48 | &nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 332 |
| CSC Holdings LLC 144A<br> 6.500%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp; 1067 |
| DirecTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 672 |
| DISH DBS Corp.<br> 7.375%, 7/1/28 | &nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 357 |
| LCPR Senior Secured Financing DAC 144A<br> 6.750%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 365 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 913 | &nbsp;&nbsp;&nbsp; 778 |
| Match Group Holdings II LLC 144A<br> 4.625%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; 655 |
| Scripps Escrow II, Inc. 144A<br> 5.375%, 1/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 349 |
| Sirius XM Radio, Inc. 144A<br> 4.000%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp; 827 |
| Time Warner Cable LLC<br> 6.750%, 6/15/39 | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 293 |
| Uniti Group LP 144A<br> 4.750%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp; 556 |
| ZipRecruiter, Inc. 144A<br> 5.000%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp; 721 |
| ZoomInfo Technologies LLC 144A<br> 3.875%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 365 |
|  |  | &nbsp;&nbsp;&nbsp; 12836 |
| **Consumer Discretionary—16.9%** | **Consumer Discretionary—16.9%** |  |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 397 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 3/1/33 | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;6.750%, 7/1/36 | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 492 |
| Bloomin' Brands, Inc. 144A<br> 5.125%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; 551 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/1/27<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp; 828 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Crocs, Inc. 144A<br> 4.250%, 3/15/29<sup>(1)</sup> | $815 | $690 |
| FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 9/1/28<sup>(1)</sup> | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 499 |
| Foot Locker, Inc. 144A<br> 4.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 826 |
| Installed Building Products, Inc. 144A<br> 5.750%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1362 |
| LGI Homes, Inc. 144A<br> 4.000%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 396 |
| Liberty Interactive LLC<br> 8.250%, 2/1/30 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 250 |
| Macy's Retail Holdings LLC<br> 5.125%, 1/15/42 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 278 |
| Marriott Ownership Resorts, Inc.<br> 4.750%, 1/15/28 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 557 |
| MercadoLibre, Inc.<br> 3.125%, 1/14/31 | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1275 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 479 |
| Michaels Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 583 |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 358 |
| NCL Corp., Ltd. 144A<br> 5.875%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 923 |
| New Home Co., Inc. (The) 144A<br> 7.250%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1635 | &nbsp;&nbsp; 1398 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 286 |
| Penn Entertainment, Inc. 144A<br> 4.125%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 415 |
| Prime Security Services Borrower LLC 144A<br> 5.750%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 892 |
| QVC, Inc.<br> 5.450%, 8/15/34 | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 1103 |
| Rent-A-Center, Inc. 144A<br> 6.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 676 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, 3/15/28 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/31/26<sup>(1)</sup> | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 154 |
| Shea Homes LP<br> 4.750%, 2/15/28 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 699 |
| Signal Parent, Inc. 144A<br> 6.125%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 240 |
| Station Casinos LLC 144A<br> 4.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2360 | &nbsp;&nbsp; 2052 |
| Thor Industries, Inc. 144A<br> 4.000%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 404 |
| Travel + Leisure Co. 144A<br> 6.625%, 7/31/26<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 783 |
| VOC Escrow Ltd. 144A<br> 5.000%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 864 |
|  |  | &nbsp;&nbsp; 23384 |
| **Consumer Staples—3.4%** | **Consumer Staples—3.4%** |  |
| JBS USA LUX S.A. 144A<br> 4.375%, 2/2/52<sup>(1)</sup> | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 661 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Pilgrim's Pride Corp. 144A<br> 5.875%, 9/30/27<sup>(1)</sup> | $765 | $742 |
| Simmons Foods, Inc. 144A<br> 4.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 692 |
| Triton Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 341 |
| Turning Point Brands, Inc. 144A<br> 5.625%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1009 |
| Vector Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.500%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 817 |
|  |  | &nbsp;&nbsp; 4674 |
| **Energy—18.4%** | **Energy—18.4%** |  |
| Ascent Resources Utica Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 12/31/28<sup>(1)</sup> | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 1230 |
| California Resources Corp. 144A<br> 7.125%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 841 |
| Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 7/1/26<sup>(2)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 338 |
| Chesapeake Energy Corp. 144A<br> 5.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 690 |
| Civitas Resources, Inc. 144A<br> 5.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 942 |
| Comstock Resources, Inc. 144A<br> 5.875%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 788 |
| Energy Transfer LP Series B<br> 6.625% <sup>(3)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 368 |
| Ensign Drilling, Inc. 144A<br> 9.250%, 4/15/24<sup>(1)</sup> | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 940 |
| EQM Midstream Partners LP 144A<br> 6.500%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 1211 |
| Hilcorp Energy I LP 144A<br> 6.250%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 1358 |
| Laredo Petroleum, Inc. 144A<br> 7.750%, 7/31/29<sup>(1)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 387 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.000%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2146 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 2/1/25 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;144A 9.000%, 2/1/25<sup>(1)</sup> | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp;144A 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 407 |
| New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2105 | &nbsp;&nbsp; 1991 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 9/30/26<sup>(1)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 729 |
| Occidental Petroleum Corp.<br> 6.450%, 9/15/36 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 345 |
| Patterson-UTI Energy, Inc.<br> 5.150%, 11/15/29 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1282 |
| Precision Drilling Corp. 144A<br> 6.875%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 317 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.950%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 7/15/38<sup>(1)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 615 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/27 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;6.500%, 7/15/28 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 557 |
| Tallgrass Energy Partners LP 144A<br> 7.500%, 10/1/25<sup>(1)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 832 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Talos Production, Inc.<br> 12.000%, 1/15/26 | $673 | $708 |
| Transocean Phoenix 2 Ltd. 144A<br> 7.750%, 10/15/24<sup>(1)</sup> | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 422 |
| Transocean Proteus Ltd. 144A<br> 6.250%, 12/1/24<sup>(1)</sup> | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 556 |
| Weatherford International Ltd. 144A<br> 8.625%, 4/30/30<sup>(1)</sup> | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 988 |
| Western Midstream Operating LP<br> 4.650%, 7/1/26 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 664 |
|  |  | &nbsp;&nbsp; 25482 |
| **Financials—19.8%** | **Financials—19.8%** |  |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 604 |
| Altice France Holding S.A. 144A<br> 10.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 427 |
| AssuredPartners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 350 |
| Castlelake Aviation Finance DAC 144A<br> 5.000%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 483 |
| CCO Holdings LLC 144A<br> 5.000%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 472 |
| CDI Escrow Issuer, Inc. 144A<br> 5.750%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1067 |
| Charter Communications Operating LLC<br> 6.484%, 10/23/45 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 332 |
| Cimpress plc 144A<br> 7.000%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 765 |
| Domtar Corp. 144A<br> 6.750%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 405 |
| Enact Holdings, Inc. 144A<br> 6.500%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 717 |
| Fairfax Financial Holdings Ltd. 144A<br> 5.625%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 864 |
| Freedom Mortgage Corp. 144A<br> 7.625%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 859 |
| Gray Television, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 346 |
| Hightower Holding LLC 144A<br> 6.750%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 929 | &nbsp;&nbsp; 776 |
| Hilton Grand Vacations Borrower Escrow LLC 144A<br> 5.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 490 |
| Holdco LLC LSF11-15 144A<br> 6.625%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 368 |
| Icahn Enterprises LP<br> 5.250%, 5/15/27 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 682 |
| Jefferies Finance LLC 144A<br> 5.000%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 359 |
| Kinetik Holdings LP 144A<br> 5.875%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 689 |
| Macy's Retail Holdings LLC 144A<br> 6.125%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 556 |
| MGIC Investment Corp.<br> 5.250%, 8/15/28 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 396 |
| Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 449 |
| MPH Acquisition Holdings LLC 144A<br> 5.500%, 9/1/28<sup>(1)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 519 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Nationstar Mortgage Holdings, Inc. 144A<br> 6.000%, 1/15/27<sup>(1)</sup> | $1525 | $1365 |
| Park River Holdings, Inc. 144A<br> 6.750%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 278 |
| PennyMac Financial Services, Inc. 144A<br> 5.750%, 9/15/31<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 555 |
| Radian Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 10/1/24 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/25 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 760 |
| Rithm Capital Corp. 144A<br> 6.250%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 713 |
| ROCC Holdings LLC 144A<br> 9.250%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 553 |
| Rocket Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.875%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp;144A 3.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 377 |
| Summit Midstream Holdings LLC 144A<br> 8.500%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 462 |
| Transocean Pontus Ltd. 144A<br> 6.125%, 8/1/25<sup>(1)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 411 |
| United Rentals North America, Inc. 144A<br> 6.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 238 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 1344 |
| Victors Merger Corp. 144A<br> 6.375%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 297 |
| Viking Cruises Ltd. 144A<br> 6.250%, 5/15/25<sup>(1)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 685 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 5/13/24<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 5/13/25<sup>(1)</sup> | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; 1231 |
| Vmed O2 UK Financing I plc 144A<br> 4.750%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 431 |
|  |  | &nbsp;&nbsp; 27414 |
| **Health Care—5.4%** | **Health Care—5.4%** |  |
| Centene Corp.<br> 4.250%, 12/15/27 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 699 |
| DaVita, Inc. 144A<br> 4.625%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1404 |
| Emergent BioSolutions, Inc. 144A<br> 3.875%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 353 |
| Molina Healthcare, Inc. 144A<br> 4.375%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 716 |
| Syneos Health, Inc. 144A<br> 3.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 350 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 775 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 1/31/25 | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1268 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/9/27 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 500 |
| US Acute Care Solutions LLC 144A<br> 6.375%, 3/1/26<sup>(1)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 630 |
|  |  | &nbsp;&nbsp; 7474 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—11.1%** | **Industrials—11.1%** |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 7/15/25<sup>(1)</sup> | $610 | $654 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 4/20/26<sup>(1)</sup> | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1370 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 411 |
| Brundage-Bone Concrete Pumping Holdings, Inc. 144A<br> 6.000%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 542 |
| Builders FirstSource, Inc. 144A<br> 4.250%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 705 |
| Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 1/1/31<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 287 |
| Fertitta Entertainment LLC 144A<br> 6.750%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 698 |
| Foundation Building Materials, Inc. 144A<br> 6.000%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 552 |
| Hertz Corp. (The) 144A<br> 4.625%, 12/1/26<sup>(1)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 662 |
| Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 465 |
| Manitowoc Co., Inc. (The) 144A<br> 9.000%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 530 |
| Mileage Plus Holdings LLC 144A<br> 6.500%, 6/20/27<sup>(1)</sup> | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 680 |
| Spirit AeroSystems, Inc. 144A<br> 9.375%, 11/30/29<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 58 |
| Terex Corp. 144A<br> 5.000%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 526 |
| TMS International Corp. 144A<br> 6.250%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 848 |
| TransDigm UK Holdings plc<br> 6.875%, 5/15/26 | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1406 |
| TransDigm, Inc. 144A<br> 6.250%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2145 |
| Uber Technologies, Inc. 144A<br> 7.500%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1828 | &nbsp;&nbsp; 1829 |
|  |  | &nbsp;&nbsp; 15368 |
| **Information Technology—3.7%** | **Information Technology—3.7%** |  |
| Block, Inc.<br> 2.750%, 6/1/26 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 715 |
| Elastic N.V. 144A<br> 4.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 658 |
| Fair Isaac Corp. 144A<br> 5.250%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| Global Payments, Inc.<br> 4.950%, 8/15/27 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 984 |
| NCR Corp. 144A<br> 5.125%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 406 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 546 |
| Seagate HDD Cayman<br> 5.750%, 12/1/34 | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 727 |
| Synaptics, Inc. 144A<br> 4.000%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 396 |
| Viasat, Inc. 144A<br> 5.625%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 672 |
|  |  | &nbsp;&nbsp; 5148 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—3.6%** | **Materials—3.6%** |  |
| Allegheny Ludlum LLC<br> 6.950%, 12/15/25 | $323 | $320 |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp; 567 |
| Mativ Holdings, Inc. 144A<br> 6.875%, 10/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 1280 |
| Standard Industries, Inc. 144A<br> 5.000%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp; 1730 |
| Sylvamo Corp. 144A<br> 7.000%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp; 841 |
| Warrior Met Coal, Inc. 144A<br> 7.875%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 237 |
|  |  | &nbsp;&nbsp;&nbsp; 4975 |
| **Real Estate—2.8%** | **Real Estate—2.8%** |  |
| Brookfield Property REIT, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1442 | &nbsp;&nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 4/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 836 |
| Forestar Group, Inc. 144A<br> 3.850%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 807 |
| Howard Hughes Corp. (The) 144A<br> 5.375%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 468 |
| Necessity Retail REIT, Inc.(The) 144A<br> 4.500%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp; 426 |
|  |  | &nbsp;&nbsp;&nbsp; 3854 |
| **Utilities—1.5%** | **Utilities—1.5%** |  |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/15/24<sup>(1)</sup> | &nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 393 |
| Pacific Gas & Electric Co.<br> 4.950%, 7/1/50 | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 542 |
| Vistra Operations Co. LLC 144A<br> 5.625%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp; 792 |
|  |  | &nbsp;&nbsp;&nbsp; 2042 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $147,319)** | **Total Corporate Bonds and Notes<br> (Identified Cost $147,319)** | &nbsp;&nbsp;&nbsp;&nbsp;**132651** |
| **Leveraged Loans—0.9%** | **Leveraged Loans—0.9%** | **Leveraged Loans—0.9%** |
| **Aerospace—0.9%** | **Aerospace—0.9%** |  |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 10.000%, 6/21/27<sup>(4)</sup> | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 1248 |
| **Total Leveraged Loans<br> (Identified Cost $1,276)** | **Total Leveraged Loans<br> (Identified Cost $1,276)** | &nbsp;&nbsp;&nbsp;&nbsp; **1248** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| SandRidge Energy, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp; 3 |
| **Total Common Stocks<br> (Identified Cost $1)** | **Total Common Stocks<br> (Identified Cost $1)** | **3** |
| **Total Long-Term Investments—97.0%<br> (Identified Cost $149,159)** | **Total Long-Term Investments—97.0%<br> (Identified Cost $149,159)** | **134268** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.4%** | **Short-Term Investment—1.4%** | **Short-Term Investment—1.4%** |
| **Money Market Mutual Fund—1.4%** | **Money Market Mutual Fund—1.4%** | **Money Market Mutual Fund—1.4%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(6)</sup> | 1948803 | $1949 |
| **Total Short-Term Investment<br> (Identified Cost $1,949)** | **Total Short-Term Investment<br> (Identified Cost $1,949)** | &nbsp;&nbsp;&nbsp;&nbsp; **1949** |
| **Securities Lending Collateral—1.3%** | **Securities Lending Collateral—1.3%** | **Securities Lending Collateral—1.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(6)(7)</sup> | 1835030 | &nbsp;&nbsp;&nbsp; 1835 |
| **Total Securities Lending Collateral<br> (Identified Cost $1,835)** | **Total Securities Lending Collateral<br> (Identified Cost $1,835)** | &nbsp;&nbsp;&nbsp;&nbsp; **1835** |
| **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $152,943)** | **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $152,943)** | &nbsp;&nbsp;**$138052** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$138438** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| REIT | Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $111,616 or 80.6% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | No contractual maturity date. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | Non-income producing. |
| <sup>(6)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(7)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;86% |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Income Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132651 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$138052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$134265 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—0.4%** | **Convertible Bonds and Notes—0.4%** | **Convertible Bonds and Notes—0.4%** |
| **Communication Services—0.4%** | **Communication Services—0.4%** |  |
| DISH Network Corp.<br> 3.375%, 8/15/26 | $1055 | $661 |
| Liberty Interactive LLC<br> 4.000%, 11/15/29 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp; 419 |
|  |  | &nbsp;&nbsp;&nbsp; 1080 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $2,037)** | **Total Convertible Bonds and Notes<br> (Identified Cost $2,037)** | &nbsp;&nbsp;&nbsp;&nbsp; **1080** |
| **Corporate Bonds and Notes—95.4%** | **Corporate Bonds and Notes—95.4%** | **Corporate Bonds and Notes—95.4%** |
| **Communication Services—11.1%** | **Communication Services—11.1%** |  |
| Altice France S.A. 144A<br> 8.125%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp; 1535 |
| ANGI Group LLC 144A<br> 3.875%, 8/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; 980 |
| Cable One, Inc. 144A<br> 4.000%, 11/15/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 2599 | &nbsp;&nbsp;&nbsp; 2039 |
| CCO Holdings LLC 144A<br> 5.125%, 5/1/27<sup>(1)</sup> | &nbsp;&nbsp; 4290 | &nbsp;&nbsp;&nbsp; 3999 |
| Charter Communications Operating LLC<br> 5.750%, 4/1/48 | &nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp; 621 |
| CSC Holdings LLC 144A<br> 6.500%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3048 | &nbsp;&nbsp;&nbsp; 2492 |
| DirecTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp; 1470 |
| DISH DBS Corp.<br> 7.375%, 7/1/28 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp;&nbsp; 789 |
| LCPR Senior Secured Financing DAC 144A<br> 6.750%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1698 | &nbsp;&nbsp;&nbsp; 1588 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3340 | &nbsp;&nbsp;&nbsp; 2846 |
| Match Group Holdings II LLC 144A<br> 4.625%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1630 | &nbsp;&nbsp;&nbsp; 1453 |
| Scripps Escrow II, Inc. 144A<br> 5.375%, 1/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 685 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp; 1762 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; 899 |
| Time Warner Cable LLC<br> 6.750%, 6/15/39 | &nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 560 |
| Uniti Group LP 144A<br> 4.750%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1867 | &nbsp;&nbsp;&nbsp; 1494 |
| ZipRecruiter, Inc. 144A<br> 5.000%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp; 1440 |
| ZoomInfo Technologies LLC 144A<br> 3.875%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 699 |
|  |  | &nbsp;&nbsp;&nbsp; 28883 |
| **Consumer Discretionary—19.3%** | **Consumer Discretionary—19.3%** |  |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1039 | &nbsp;&nbsp;&nbsp; 834 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 3/1/33 | &nbsp;&nbsp; 963 | &nbsp;&nbsp;&nbsp; 840 |
| &nbsp;&nbsp;&nbsp;6.750%, 7/1/36 | &nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp; 620 |
| Bloomin' Brands, Inc. 144A<br> 5.125%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp; 1078 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/1/27<sup>(1)</sup> | &nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp; 783 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 8/1/28<sup>(1)</sup> | $1901 | $1550 |
| Crocs, Inc. 144A<br> 4.250%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1588 |
| Fertitta Entertainment LLC 144A<br> 4.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 783 |
| FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 9/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1177 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1277 | &nbsp;&nbsp; 1137 |
| Foot Locker, Inc. 144A<br> 4.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2776 | &nbsp;&nbsp; 2163 |
| Installed Building Products, Inc. 144A<br> 5.750%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 2572 |
| LGI Homes, Inc. 144A<br> 4.000%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1402 | &nbsp;&nbsp; 1083 |
| Macy's Retail Holdings LLC<br> 5.125%, 1/15/42 | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 571 |
| Marriott Ownership Resorts, Inc.<br> 4.750%, 1/15/28 | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 1924 |
| MercadoLibre, Inc.<br> 3.125%, 1/14/31 | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 2427 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; 1065 |
| Michaels Cos., Inc. (The) 144A<br> 5.250%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1078 |
| NCL Corp., Ltd. 144A<br> 5.875%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2276 | &nbsp;&nbsp; 1972 |
| New Home Co., Inc. (The) 144A<br> 7.250%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 2749 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 527 |
| Penn Entertainment, Inc. 144A<br> 4.125%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 883 |
| Prime Security Services Borrower LLC 144A<br> 5.750%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1699 |
| QVC, Inc.<br> 5.450%, 8/15/34 | &nbsp;&nbsp; 4428 | &nbsp;&nbsp; 2314 |
| Rent-A-Center, Inc. 144A<br> 6.375%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1566 | &nbsp;&nbsp; 1267 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/31/26<sup>(1)</sup> | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1182 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1063 | &nbsp;&nbsp; 861 |
| Shea Homes LP |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 2/15/28 | &nbsp;&nbsp; 1759 | &nbsp;&nbsp; 1536 |
| &nbsp;&nbsp;&nbsp;4.750%, 4/1/29 | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 827 |
| Station Casinos LLC 144A<br> 4.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4646 | &nbsp;&nbsp; 4039 |
| Thor Industries, Inc. 144A<br> 4.000%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 909 |
| Travel + Leisure Co. 144A<br> 6.625%, 7/31/26<sup>(1)</sup> | &nbsp;&nbsp; 1636 | &nbsp;&nbsp; 1600 |
| TRI Pointe Group, Inc.<br> 5.875%, 6/15/24 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1025 |
| VOC Escrow Ltd. 144A<br> 5.000%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 1608 |
| Winnebago Industries, Inc. 144A<br> 6.250%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 891 |
|  |  | &nbsp;&nbsp; 50032 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—4.2%** | **Consumer Staples—4.2%** |  |
| JBS USA LUX S.A. 144A<br> 4.375%, 2/2/52<sup>(1)</sup> | $1740 | $1230 |
| Pilgrim's Pride Corp. 144A<br> 5.875%, 9/30/27<sup>(1)</sup> | &nbsp;&nbsp; 3451 | &nbsp;&nbsp; 3347 |
| Simmons Foods, Inc. 144A<br> 4.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1605 | &nbsp;&nbsp; 1307 |
| Turning Point Brands, Inc. 144A<br> 5.625%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2635 | &nbsp;&nbsp; 2273 |
| Vector Group Ltd. 144A<br> 5.750%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3076 | &nbsp;&nbsp; 2667 |
|  |  | &nbsp;&nbsp; 10824 |
| **Energy—16.3%** | **Energy—16.3%** |  |
| Ascent Resources Utica Holdings LLC 144A<br> 7.000%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 2781 | &nbsp;&nbsp; 2698 |
| California Resources Corp. 144A<br> 7.125%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 1576 |
| Callon Petroleum Co.<br> 6.375%, 7/1/26 | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 802 |
| Chesapeake Energy Corp. 144A<br> 5.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1390 |
| Civitas Resources, Inc. 144A<br> 5.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2057 | &nbsp;&nbsp; 1881 |
| Comstock Resources, Inc. 144A<br> 5.875%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2003 | &nbsp;&nbsp; 1722 |
| Energy Transfer LP Series B<br> 6.625% <sup>(3)</sup> | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 751 |
| EQM Midstream Partners LP 144A<br> 6.500%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 2615 | &nbsp;&nbsp; 2499 |
| Hilcorp Energy I LP 144A<br> 6.250%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 2986 |
| Laredo Petroleum, Inc. 144A<br> 7.750%, 7/31/29<sup>(1)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 806 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.000%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 3742 | &nbsp;&nbsp; 3592 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%, 2/1/25<sup>(1)</sup> | &nbsp;&nbsp; 2294 | &nbsp;&nbsp; 2323 |
| &nbsp;&nbsp;&nbsp;144A 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 829 |
| New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 4636 | &nbsp;&nbsp; 4385 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 9/30/26<sup>(1)</sup> | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1379 |
| Occidental Petroleum Corp.<br> 6.450%, 9/15/36 | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 657 |
| Patterson-UTI Energy, Inc.<br> 5.150%, 11/15/29 | &nbsp;&nbsp; 2888 | &nbsp;&nbsp; 2588 |
| Precision Drilling Corp. 144A<br> 6.875%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 627 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.950%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1494 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 7/15/38<sup>(1)</sup> | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1367 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/27 | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 823 |
| &nbsp;&nbsp;&nbsp;6.500%, 7/15/28 | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1232 |
| Tallgrass Energy Partners LP 144A<br> 7.500%, 10/1/25<sup>(1)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 409 |
| Talos Production, Inc.<br> 12.000%, 1/15/26 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 709 |
| Transocean Phoenix 2 Ltd. 144A<br> 7.750%, 10/15/24<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 792 |
| Transocean Proteus Ltd. 144A<br> 6.250%, 12/1/24<sup>(1)</sup> | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 518 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Weatherford International Ltd. 144A<br> 8.625%, 4/30/30<sup>(1)</sup> | $1275 | $1224 |
| Welltec International ApS 144A<br> 8.250%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 214 |
|  |  | &nbsp;&nbsp; 42273 |
| **Financials—17.0%** | **Financials—17.0%** |  |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 2294 |
| Castlelake Aviation Finance DAC 144A<br> 5.000%, 4/15/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1066 |
| CDI Escrow Issuer, Inc. 144A<br> 5.750%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1425 |
| Charter Communications Operating LLC<br> 6.484%, 10/23/45 | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 626 |
| Domtar Corp. 144A<br> 6.750%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 973 |
| Enact Holdings, Inc. 144A<br> 6.500%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1451 |
| Fairfax Financial Holdings Ltd. 144A<br> 5.625%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp; 1715 | &nbsp;&nbsp; 1610 |
| Freedom Mortgage Corp. 144A<br> 7.625%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; 1540 |
| Gray Television, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 643 |
| Hilton Grand Vacations Borrower Escrow LLC 144A<br> 5.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 906 |
| Icahn Enterprises LP<br> 5.250%, 5/15/27 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1099 |
| Jefferies Finance LLC 144A<br> 5.000%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 730 |
| Kinetik Holdings LP 144A<br> 5.875%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1336 |
| LCPR Senior Secured Financing DAC 144A<br> 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 857 |
| Macy's Retail Holdings LLC 144A<br> 6.125%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 960 |
| MGIC Investment Corp.<br> 5.250%, 8/15/28 | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 792 |
| Midcap Financial Issuer Trust 144A<br> 5.625%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 903 |
| MPH Acquisition Holdings LLC 144A<br> 5.500%, 9/1/28<sup>(1)</sup> | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 536 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2964 | &nbsp;&nbsp; 2653 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 318 |
| PennyMac Financial Services, Inc. 144A<br> 5.750%, 9/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1031 |
| Radian Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 10/1/24 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/25 | &nbsp;&nbsp; 1609 | &nbsp;&nbsp; 1587 |
| Rithm Capital Corp. 144A<br> 6.250%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 1335 |
| ROCC Holdings LLC 144A<br> 9.250%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1274 |
| Rocket Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.875%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3085 | &nbsp;&nbsp; 2644 |
| &nbsp;&nbsp;&nbsp;144A 3.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 300 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Summit Midstream Holdings LLC 144A<br> 8.500%, 10/15/26<sup>(1)</sup> | $1078 | $1027 |
| Transocean Pontus Ltd. 144A<br> 6.125%, 8/1/25<sup>(1)</sup> | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 610 |
| United Rentals North America, Inc. 144A<br> 6.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 457 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2153 | &nbsp;&nbsp; 1939 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3688 | &nbsp;&nbsp; 2934 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 5/13/24<sup>(1)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 5/13/25<sup>(1)</sup> | &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 2518 |
| Vmed O2 UK Financing I plc 144A<br> 4.750%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1015 |
|  |  | &nbsp;&nbsp; 44098 |
| **Health Care—5.4%** | **Health Care—5.4%** |  |
| Centene Corp.<br> 4.250%, 12/15/27 | &nbsp;&nbsp; 2255 | &nbsp;&nbsp; 2115 |
| DaVita, Inc. 144A<br> 4.625%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2983 | &nbsp;&nbsp; 2399 |
| Emergent BioSolutions, Inc. 144A<br> 3.875%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1388 | &nbsp;&nbsp; 690 |
| Molina Healthcare, Inc. 144A<br> 4.375%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1346 |
| Syneos Health, Inc. 144A<br> 3.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 660 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1562 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 1559 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 1/31/25 | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2851 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/9/27 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 942 |
|  |  | &nbsp;&nbsp; 14124 |
| **Industrials—9.7%** | **Industrials—9.7%** |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1303 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 4/20/26<sup>(1)</sup> | &nbsp;&nbsp; 3301 | &nbsp;&nbsp; 3174 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 877 |
| Brundage-Bone Concrete Pumping Holdings, Inc. 144A<br> 6.000%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1301 | &nbsp;&nbsp; 1186 |
| Builders FirstSource, Inc. 144A<br> 4.250%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1360 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1161 |
| Hertz Corp. (The) 144A<br> 4.625%, 12/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1445 |
| Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1790 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1026 |
| Manitowoc Co., Inc. (The) 144A<br> 9.000%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1022 |
| Mileage Plus Holdings LLC 144A<br> 6.500%, 6/20/27<sup>(1)</sup> | &nbsp;&nbsp; 1284 | &nbsp;&nbsp; 1277 |
| Spirit AeroSystems, Inc. 144A<br> 9.375%, 11/30/29<sup>(1)</sup> | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 114 |
| Terex Corp. 144A<br> 5.000%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1195 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| TMS International Corp. 144A<br> 6.250%, 4/15/29<sup>(1)</sup> | $2439 | $1745 |
| TransDigm, Inc. 144A<br> 6.250%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2655 | &nbsp;&nbsp; 2618 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1636 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2105 | &nbsp;&nbsp; 2106 |
|  |  | &nbsp;&nbsp; 25035 |
| **Information Technology—3.3%** | **Information Technology—3.3%** |  |
| Elastic N.V. 144A<br> 4.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1793 | &nbsp;&nbsp; 1448 |
| Fair Isaac Corp. 144A<br> 5.250%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 121 |
| Global Payments, Inc.<br> 4.950%, 8/15/27 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1378 |
| NCR Corp. 144A<br> 5.125%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1402 | &nbsp;&nbsp; 1173 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1391 |
| Seagate HDD Cayman<br> 5.750%, 12/1/34 | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 847 |
| Synaptics, Inc. 144A<br> 4.000%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 838 |
| Viasat, Inc. 144A<br> 5.625%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1623 | &nbsp;&nbsp; 1474 |
|  |  | &nbsp;&nbsp; 8670 |
| **Materials—3.6%** | **Materials—3.6%** |  |
| Allegheny Ludlum LLC<br> 6.950%, 12/15/25 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 627 |
| Mativ Holdings, Inc. 144A<br> 6.875%, 10/1/26<sup>(1)</sup> | &nbsp;&nbsp; 2704 | &nbsp;&nbsp; 2386 |
| Standard Industries, Inc. 144A<br> 5.000%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 3123 |
| Summit Materials LLC 144A<br> 6.500%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 647 |
| Sylvamo Corp. 144A<br> 7.000%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1918 |
| Warrior Met Coal, Inc. 144A<br> 7.875%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 643 |
|  |  | &nbsp;&nbsp; 9344 |
| **Real Estate—4.2%** | **Real Estate—4.2%** |  |
| Brookfield Property REIT, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2952 | &nbsp;&nbsp; 2697 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 4/1/27<sup>(1)</sup> | &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 2754 |
| Forestar Group, Inc. 144A<br> 3.850%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3283 | &nbsp;&nbsp; 2878 |
| Howard Hughes Corp. (The) 144A<br> 5.375%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 998 | &nbsp;&nbsp; 899 |
| Necessity Retail REIT, Inc.(The) 144A<br> 4.500%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 827 |
| SBA Communications Corp.<br> 3.875%, 2/15/27 | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 757 |
|  |  | &nbsp;&nbsp; 10812 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix High Yield Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—1.3%** | **Utilities—1.3%** |  |
| NRG Energy, Inc. 144A<br> 5.250%, 6/15/29<sup>(1)</sup> | $937 | $827 |
| Pacific Gas & Electric Co.<br> 4.950%, 7/1/50 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 1039 |
| Vistra Operations Co. LLC 144A<br> 5.625%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp; 1589 |
|  |  | &nbsp;&nbsp;&nbsp; 3455 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $275,700)** | **Total Corporate Bonds and Notes<br> (Identified Cost $275,700)** | &nbsp;&nbsp;&nbsp;&nbsp;**247550** |
| **Leveraged Loans—0.6%** | **Leveraged Loans—0.6%** | **Leveraged Loans—0.6%** |
| **Aerospace—0.6%** | **Aerospace—0.6%** |  |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 10.000%, 6/21/27<sup>(4)</sup> | &nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp; 1538 |
| **Total Leveraged Loans<br> (Identified Cost $1,573)** | **Total Leveraged Loans<br> (Identified Cost $1,573)** | &nbsp;&nbsp;&nbsp;&nbsp; **1538** |
| **Total Long-Term Investments—96.4%<br> (Identified Cost $279,310)** | **Total Long-Term Investments—96.4%<br> (Identified Cost $279,310)** | &nbsp;&nbsp;&nbsp;&nbsp;**250168** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Securities Lending Collateral—0.8%** | **Securities Lending Collateral—0.8%** | **Securities Lending Collateral—0.8%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(5)(6)</sup> | 2163856 | &nbsp;&nbsp;&nbsp;&nbsp; 2164 |
| **Total Securities Lending Collateral<br> (Identified Cost $2,164)** | **Total Securities Lending Collateral<br> (Identified Cost $2,164)** | &nbsp;&nbsp; **2164** |
| **TOTAL INVESTMENTS—97.2%<br> (Identified Cost $281,474)** | **TOTAL INVESTMENTS—97.2%<br> (Identified Cost $281,474)** | **$252332** |
| Other assets and liabilities, net—2.8% | Other assets and liabilities, net—2.8% | &nbsp;&nbsp;&nbsp; 7216 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$259548** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| REIT | Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $210,599 or 81.1% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | No contractual maturity date. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(6)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;87% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$247550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$247550 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$252332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250168 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds<sup>(1)</sup>—94.2%** | **Municipal Bonds<sup>(1)</sup>—94.2%** | **Municipal Bonds<sup>(1)</sup>—94.2%** |
| **Alabama—1.0%** | **Alabama—1.0%** |  |
| Jefferson County, Sales Tax Revenue<br> 5.000%, 9/15/33 | $1500 | $1606 |
| **California—4.3%** | **California—4.3%** |  |
| California County Tobacco Securitization Agency Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 6/1/24 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 6/1/25 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 6/1/27 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 6/1/28 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 105 |
| California, State of, General Obligation<br> 5.000%, 4/1/37 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4082 |
| City of Los Angeles Department of Airports<br> 5.000%, 5/15/45 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1029 |
| City of Vernon Electric System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-A<br> 5.000%, 8/1/39 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;Series 2022-A<br> 5.000%, 8/1/40 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;Series 2022-A<br> 5.000%, 8/1/41 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 413 |
|  |  | &nbsp;&nbsp; 6886 |
| **Colorado—3.1%** | **Colorado—3.1%** |  |
| E-470 Public Highway Authority, Series A<br> 5.000%, 9/1/40 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1507 |
| Pueblo County School District No. 70, General Obligation (State AID Withholding Insured)<br> 4.000%, 12/1/28 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1436 |
| Regional Transportation District, |  |  |
| &nbsp;&nbsp;&nbsp;Sales Tax Revenue<br> 5.000%, 1/15/27 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 933 |
| &nbsp;&nbsp;&nbsp;Sales Tax Revenue<br> 5.000%, 7/15/27 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1067 |
|  |  | &nbsp;&nbsp; 4943 |
| **Connecticut—1.3%** | **Connecticut—1.3%** |  |
| Connecticut State Health & Educational Facilities Authority Revenue<br> 4.000%, 7/1/40 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 911 |
| Connecticut, State of, General Obligation, Series D<br> 5.000%, 9/15/28 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1117 |
|  |  | &nbsp;&nbsp; 2028 |
| **District of Columbia—3.3%** | **District of Columbia—3.3%** |  |
| District of Columbia, General Obligation, Series D<br> 5.000%, 6/1/31 | &nbsp;&nbsp; 2825 | &nbsp;&nbsp; 3060 |
| Metropolitan Washington Airports Authority Aviation Revenue, Series A<br> 5.000%, 10/1/29 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2160 |
|  |  | &nbsp;&nbsp; 5220 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Florida—0.9%** | **Florida—0.9%** |  |
| Florida Municipal Power Agency Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 3.000%, 10/1/32 | $750 | $708 |
| &nbsp;&nbsp;&nbsp;Series A<br> 3.000%, 10/1/33 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 699 |
|  |  | &nbsp;&nbsp; 1407 |
| **Idaho—1.5%** | **Idaho—1.5%** |  |
| Idaho Housing & Finance Association |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 8/15/39 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp;5.000%, 8/15/40 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1116 |
|  |  | &nbsp;&nbsp; 2462 |
| **Illinois—3.3%** | **Illinois—3.3%** |  |
| Chicago O'Hare International Airport Revenue, Senior Lien, Series D<br> 5.000%, 1/1/26 | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2707 |
| Illinois, State of, General Obligation, Series A<br> 5.000%, 3/1/28 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2585 |
|  |  | &nbsp;&nbsp; 5292 |
| **Indiana—2.6%** | **Indiana—2.6%** |  |
| Indianapolis Local Public Improvement Bond Bank<br> 5.250%, 1/1/41 | &nbsp;&nbsp; 3870 | &nbsp;&nbsp; 4192 |
| **Maryland—3.8%** | **Maryland—3.8%** |  |
| Anne Arundel County, General Obligation<br> 5.000%, 10/1/30 | &nbsp;&nbsp; 2615 | &nbsp;&nbsp; 2839 |
| Washington Suburban Sanitary Commission Revenue (CNTY GTD Insured)<br> 5.000%, 6/15/30 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3304 |
|  |  | &nbsp;&nbsp; 6143 |
| **Minnesota—3.4%** | **Minnesota—3.4%** |  |
| Minnesota, State of, General Obligation, Series 2016-A<br> 5.000%, 8/1/29 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5404 |
| **Mississippi—2.4%** | **Mississippi—2.4%** |  |
| Mississippi, State of, |  |  |
| &nbsp;&nbsp;&nbsp;General Obligation, Series C<br> 5.000%, 10/1/36 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3290 |
| &nbsp;&nbsp;&nbsp;General Obligation, Series C<br> 4.000%, 10/1/37 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
|  |  | &nbsp;&nbsp; 3797 |
| **Missouri—0.5%** | **Missouri—0.5%** |  |
| Metropolitan St Louis Sewer District Revenue, Series B<br> 5.000%, 5/1/47 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 818 |
| **New Jersey—1.7%** | **New Jersey—1.7%** |  |
| New Jersey Transportation Trust Fund Authority<br> 5.000%, 6/15/35 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2712 |
| **New York—7.9%** | **New York—7.9%** |  |
| City of New York, General Obligation<br> 5.500%, 5/1/46 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 557 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **New York—continued** | **New York—continued** |  |
| New York City Municipal Water Finance Authority, Series EE<br> 5.000%, 6/15/45 | $1445 | $1516 |
| New York State Dormitory Authority, Sales Tax Revenue, Series A<br> 5.000%, 3/15/28 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2555 |
| New York Transportation Development Corp.<br> 5.000%, 12/1/34 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3151 |
| Port Authority of New York & New Jersey<br> 5.000%, 1/15/38 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1063 |
| Triborough Bridge & Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 5/15/43 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2163 |
| &nbsp;&nbsp;&nbsp;5.000%, 5/15/44 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1617 |
|  |  | &nbsp;&nbsp; 12622 |
| **North Carolina—3.1%** | **North Carolina—3.1%** |  |
| Charlotte, City of, 2003 Governmental Facilities Projects<br> 3.650%, 6/1/33 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
| **North Dakota—2.0%** | **North Dakota—2.0%** |  |
| North Dakota Public Finance Authority Revenue<br> 5.000%, 10/1/28 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3114 |
| **Ohio—5.9%** | **Ohio—5.9%** |  |
| Ohio, State of, |  |  |
| &nbsp;&nbsp;&nbsp;General Obligation, Series A<br> 5.000%, 6/15/32 | &nbsp;&nbsp; 7735 | &nbsp;&nbsp; 8249 |
| &nbsp;&nbsp;&nbsp;General Obligation, Series A<br> 5.000%, 3/1/37 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1144 |
|  |  | &nbsp;&nbsp; 9393 |
| **Oregon—1.8%** | **Oregon—1.8%** |  |
| Hillsboro School District No. 1J, General Obligation (SCH BD GTY Insured)<br> 5.000%, 6/15/31 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1090 |
| Port of Portland, Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series 24B<br> 5.000%, 7/1/26 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp;Series 24B<br> 5.000%, 7/1/30 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1049 |
|  |  | &nbsp;&nbsp; 2928 |
| **Pennsylvania—5.6%** | **Pennsylvania—5.6%** |  |
| Lancaster County Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 11/1/37 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 617 |
| &nbsp;&nbsp;&nbsp;5.000%, 11/1/40 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1149 |
| Pennsylvania Economic Development Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 6/30/38 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;5.500%, 6/30/41 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2076 |
| &nbsp;&nbsp;&nbsp;5.500%, 6/30/42 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1059 |
| Pennsylvania Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 8/15/28 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp;5.000%, 8/15/29 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 679 |
| Pennsylvania Turnpike Commission, |  |  |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.250%, 12/1/41 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1098 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pennsylvania—continued** | **Pennsylvania—continued** |  |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.250%, 12/1/52 | $400 | $430 |
|  |  | &nbsp;&nbsp; 8885 |
| **South Carolina—0.7%** | **South Carolina—0.7%** |  |
| University of South Carolina, |  |  |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 5/1/29 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;Series A<br> 5.000%, 5/1/31 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 518 |
|  |  | &nbsp;&nbsp; 1184 |
| **Tennessee—4.2%** | **Tennessee—4.2%** |  |
| Shelby County, General Obligation, Series B<br> 3.640%, 3/1/31 | &nbsp;&nbsp; 3415 | &nbsp;&nbsp; 3415 |
| Tennessee, State of, General Obligation, Series A<br> 5.000%, 9/1/30 | &nbsp;&nbsp; 3005 | &nbsp;&nbsp; 3328 |
|  |  | &nbsp;&nbsp; 6743 |
| **Texas—16.4%** | **Texas—16.4%** |  |
| Brazosport Independent School District, General Obligation (PSF-GTD Insured)<br> 5.000%, 2/15/28 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1193 |
| Central Texas Regional Mobility Authority Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Senior Lien, Series E<br> 5.000%, 1/1/29 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;Senior Lien, Series E<br> 5.000%, 1/1/30 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1426 |
| City of Austin, |  |  |
| &nbsp;&nbsp;&nbsp;General Obligation<br> 5.000%, 9/1/28 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;General Obligation<br> 5.000%, 9/1/28 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1280 |
| City of Corpus Christi, Utility System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.000%, 7/15/40 | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1593 |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.000%, 7/15/47 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2714 |
| &nbsp;&nbsp;&nbsp;Series B<br> 5.000%, 7/15/52 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1079 |
| City of Dallas, Waterworks & Sewer System Revenue, Series A<br> 5.000%, 10/1/31 | &nbsp;&nbsp; 6845 | &nbsp;&nbsp; 7375 |
| Eagle Mountain & Saginaw Independent School District, General Obligation (PSF-GTD Insured)<br> 5.000%, 8/15/28 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1116 |
| North Texas Municipal Water District Water System Revenue<br> 5.000%, 9/1/31 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 556 |
| Northwest Independent School District, General Obligation, Series A (PSF-GTD Insured)<br> 5.000%, 2/15/27 | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2717 |
| San Antonio, City of, Electric & Gas Systems Revenue<br> 5.000%, 2/1/38 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 828 |
| Texas, State of, General Obligation<br> 5.000%, 8/1/27 | &nbsp;&nbsp; 2540 | &nbsp;&nbsp; 2613 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—continued** | **Texas—continued** |  |
| Wichita Falls Independent School District, General Obligation (PSF-GTD Insured)<br> 4.000%, 2/1/29 | $1000 | $1061 |
|  |  | &nbsp;&nbsp;&nbsp; 26105 |
| **Virginia—3.2%** | **Virginia—3.2%** |  |
| Virginia College Building Authority Revenue, Series A<br> 5.000%, 2/1/29 | &nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp; 5066 |
| **Washington—8.6%** | **Washington—8.6%** |  |
| Energy Northwest Revenue<br> 5.000%, 7/1/34 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 8388 |
| Washington, State of, General Obligation, Series C<br> 5.000%, 2/1/30 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5313 |
|  |  | &nbsp;&nbsp;&nbsp; 13701 |
| **Wisconsin—1.7%** | **Wisconsin—1.7%** |  |
| Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/27 | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/28 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/29 | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/30 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1093 |
|  |  | &nbsp;&nbsp;&nbsp; 2708 |
| **Total Municipal Bonds<br> (Identified Cost $156,275)** | **Total Municipal Bonds<br> (Identified Cost $156,275)** | &nbsp;&nbsp;&nbsp;&nbsp;**150359** |
| **Total Long-Term Investments—94.2%<br> (Identified Cost $156,275)** | **Total Long-Term Investments—94.2%<br> (Identified Cost $156,275)** | &nbsp;&nbsp;&nbsp;&nbsp;**150359** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investments—5.0%** | **Short-Term Investments—5.0%** | **Short-Term Investments—5.0%** |
| **Money Market Mutual Funds—5.0%** | **Money Market Mutual Funds—5.0%** | **Money Market Mutual Funds—5.0%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;590293 | $590 |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(2)</sup> | 7303694 | &nbsp;&nbsp;&nbsp; 7304 |
| **Total Short-Term Investments<br> (Identified Cost $7,894)** | **Total Short-Term Investments<br> (Identified Cost $7,894)** | &nbsp;&nbsp;&nbsp;&nbsp; **7894** |
| **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $164,169)** | **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $164,169)** | &nbsp;&nbsp;**$158253** |
| Other assets and liabilities, net—0.8% | Other assets and liabilities, net—0.8% | &nbsp;&nbsp;&nbsp;&nbsp; 1324 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$159577** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CNTY GTD | County Guarantee Program |
| PSF-GTD | Permanent School Fund Guarantee Program |
| SCH BD GTY | School Bond Guaranty |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | At December 31, 2022, 8.2% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150359 |
| Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$158253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150359 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—31.3%** | **U.S. Government Securities—31.3%** | **U.S. Government Securities—31.3%** |
| U.S. Treasury Bonds<br> 3.000%, 8/15/52 | $21425 | $17652 |
| U.S. Treasury Inflation Indexed Bonds<br> 0.125%, 1/15/32 | &nbsp;&nbsp; 13047 | &nbsp;&nbsp;&nbsp; 11428 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 12/15/23<sup>(1)</sup> | &nbsp;&nbsp; 8673 | &nbsp;&nbsp;&nbsp; 8308 |
| &nbsp;&nbsp;&nbsp;0.375%, 7/15/24 | &nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp; 3958 |
| &nbsp;&nbsp;&nbsp;0.500%, 3/31/25 | &nbsp;&nbsp; 2831 | &nbsp;&nbsp;&nbsp; 2600 |
| &nbsp;&nbsp;&nbsp;0.250%, 9/30/25 | &nbsp;&nbsp; 6490 | &nbsp;&nbsp;&nbsp; 5827 |
| &nbsp;&nbsp;&nbsp;2.750%, 7/31/27 | &nbsp;&nbsp; 3103 | &nbsp;&nbsp;&nbsp; 2936 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | &nbsp;&nbsp; 10136 | &nbsp;&nbsp;&nbsp; 10344 |
| **Total U.S. Government Securities<br> (Identified Cost $64,885)** | **Total U.S. Government Securities<br> (Identified Cost $64,885)** | &nbsp;&nbsp;&nbsp;&nbsp; **63053** |
| **Mortgage-Backed Securities—41.0%** | **Mortgage-Backed Securities—41.0%** | **Mortgage-Backed Securities—41.0%** |
| **Agency—36.0%** | **Agency—36.0%** |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Pool #A95259<br> 4.000%, 12/1/40 | &nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp;Pool #G60019<br> 4.500%, 3/1/44 | &nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;Pool #G60661<br> 4.000%, 7/1/46 | &nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;Pool #Q35611<br> 4.000%, 9/1/45 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp;Pool #Q42921<br> 3.500%, 9/1/46 | &nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;Pool #Q53881<br> 4.500%, 1/1/48 | &nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp;Pool #Q61680<br> 4.000%, 2/1/49 | &nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;Pool #QA3079<br> 3.500%, 10/1/49 | &nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp;Pool #QA4766<br> 3.500%, 11/1/49 | &nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp;Pool #QC2692<br> 3.000%, 6/1/51 | &nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;Pool #QC4721<br> 3.000%, 7/1/51 | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;Pool #QD9468<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 541 |
| &nbsp;&nbsp;&nbsp;Pool #QE0961<br> 4.000%, 4/1/52 | &nbsp;&nbsp; 1222 | &nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp;Pool #QE1130<br> 4.000%, 4/1/52 | &nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;Pool #QE1443<br> 4.000%, 5/1/52 | &nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp;Pool #QE1985<br> 4.500%, 5/1/52 | &nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp;Pool #QE2366<br> 5.000%, 5/1/52 | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;Pool #QE4826<br> 4.500%, 7/1/52 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; 2362 |
| &nbsp;&nbsp;&nbsp;Pool #QE9889<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;Pool #QE9908<br> 5.500%, 9/1/52 | &nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp;Pool #QF0346<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;Pool #QF0904<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 2114 | &nbsp;&nbsp;&nbsp; 2084 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #QF2469<br> 5.500%, 11/1/52 | $838 | $842 |
| &nbsp;&nbsp;&nbsp;Pool #RA2622<br> 3.000%, 5/1/50 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;Pool #RA7191<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 2283 | &nbsp;&nbsp; 2076 |
| &nbsp;&nbsp;&nbsp;Pool #RA7502<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 1552 | &nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp;Pool #SC0203<br> 2.500%, 12/1/41 | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp;Pool #SD0164<br> 3.500%, 12/1/49 | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1671 |
| &nbsp;&nbsp;&nbsp;Pool #SD1618<br> 5.000%, 9/1/52 | &nbsp;&nbsp; 3154 | &nbsp;&nbsp; 3114 |
| &nbsp;&nbsp;&nbsp;Pool #V81992<br> 4.000%, 10/1/45 | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp;Pool #ZM5226<br> 3.500%, 12/1/47 | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 516 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AB3692<br> 4.000%, 10/1/41 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 741 |
| &nbsp;&nbsp;&nbsp;Pool #AB3878<br> 4.000%, 11/1/41 | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 849 |
| &nbsp;&nbsp;&nbsp;Pool #AB5924<br> 3.000%, 8/1/42 | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp;Pool #BE5050<br> 4.000%, 9/1/45 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;Pool #BO1345<br> 3.500%, 8/1/49 | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;Pool #BO1351<br> 4.000%, 8/1/49 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;Pool #BO3024<br> 3.500%, 10/1/49 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;Pool #BP5432<br> 3.000%, 6/1/50 | &nbsp;&nbsp; 562 | &nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;Pool #BT7914<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 1763 |
| &nbsp;&nbsp;&nbsp;Pool #BV3044<br> 3.000%, 2/1/52 | &nbsp;&nbsp; 1153 | &nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp;Pool #BV5020<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;Pool #BV8320<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp;Pool #BV8328<br> 3.500%, 5/1/52 | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 1751 |
| &nbsp;&nbsp;&nbsp;Pool #BV9705<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 1297 | &nbsp;&nbsp; 1279 |
| &nbsp;&nbsp;&nbsp;Pool #BW0044<br> 5.000%, 7/1/52 | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp;Pool #BW1929<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;Pool #BW3311<br> 4.500%, 7/1/52 | &nbsp;&nbsp; 1874 | &nbsp;&nbsp; 1809 |
| &nbsp;&nbsp;&nbsp;Pool #BX1225<br> 5.500%, 10/1/52 | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp;Pool #CA5122<br> 3.000%, 2/1/50 | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 1146 |
| &nbsp;&nbsp;&nbsp;Pool #CB2684<br> 3.500%, 1/1/52 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp;Pool #CB2760<br> 3.500%, 2/1/52 | &nbsp;&nbsp; 2005 | &nbsp;&nbsp; 1824 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #CB3630<br> 4.000%, 5/1/52 | $2520 | $2364 |
| &nbsp;&nbsp;&nbsp;Pool #CB3922<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 1601 | &nbsp;&nbsp; 1580 |
| &nbsp;&nbsp;&nbsp;Pool #FM3181<br> 4.000%, 4/1/50 | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;Pool #FM7290<br> 3.000%, 5/1/51 | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;Pool #FM7539<br> 3.000%, 6/1/51 | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;&nbsp;Pool #FM8210<br> 3.000%, 4/1/50 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;Pool #FS1253<br> 4.000%, 4/1/52 | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 1288 |
| &nbsp;&nbsp;&nbsp;Pool #FS1383<br> 4.000%, 4/1/52 | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp;Pool #FS1443<br> 3.500%, 4/1/52 | &nbsp;&nbsp; 2863 | &nbsp;&nbsp; 2610 |
| &nbsp;&nbsp;&nbsp;Pool #FS2249<br> 5.000%, 6/1/52 | &nbsp;&nbsp; 1899 | &nbsp;&nbsp; 1879 |
| &nbsp;&nbsp;&nbsp;Pool #FS2692<br> 5.000%, 8/1/52 | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp;Pool #FS3262<br> 4.000%, 10/1/46 | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 2229 |
| &nbsp;&nbsp;&nbsp;Pool #FS3386<br> 3.500%, 5/1/38 | &nbsp;&nbsp; 2290 | &nbsp;&nbsp; 2189 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #CO1904<br> 5.000%, 8/15/52 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp;Pool #CO1918<br> 5.500%, 9/15/52 | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 706 |
|  |  | &nbsp;&nbsp; 72487 |
| **Non-Agency—5.0%** | **Non-Agency—5.0%** |  |
| BB-UBS Trust 2012-SHOW, B 144A<br> 3.882%, 11/5/36<sup>(2)</sup> | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1359 |
| BWAY Mortgage Trust 2013-1515, A2 144A<br> 3.454%, 3/10/33<sup>(2)</sup> | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1709 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(2)</sup> | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;2020-1, B1 144A<br> 2.280%, 7/15/60<sup>(2)</sup> | &nbsp;&nbsp; 749 | &nbsp;&nbsp; 654 |
| Goldman Sachs Mortgage Securities Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;2005-ROCK, A 144A<br> 5.366%, 5/3/32<sup>(2)</sup> | &nbsp;&nbsp; 1586 | &nbsp;&nbsp; 1527 |
| &nbsp;&nbsp;&nbsp;2012-BWTR, A 144A<br> 2.954%, 11/5/34<sup>(2)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 502 |
| Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A<br> 5.238%, 7/15/25<sup>(2)(3)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 481 |
| Morgan Stanley Capital I Trust 2014-150E, A 144A<br> 3.912%, 9/9/32<sup>(2)</sup> | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1039 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-BTC, A 144A<br> 3.544%, 4/16/35<sup>(2)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1257 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A<br> 5.468%, 2/15/40<sup>(2)(3)</sup> | $768 | $718 |
|  |  | &nbsp;&nbsp;&nbsp; 10081 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $87,155)** | **Total Mortgage-Backed Securities<br> (Identified Cost $87,155)** | &nbsp;&nbsp;&nbsp;&nbsp; **82568** |
| **Asset-Backed Securities—5.8%** | **Asset-Backed Securities—5.8%** | **Asset-Backed Securities—5.8%** |
| **Credit Card—2.0%** | **Credit Card—2.0%** |  |
| Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%)<br> 4.629%, 5/15/28<sup>(3)</sup> | &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp; 1976 |
| Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%)<br> 5.062%, 5/14/29<sup>(3)</sup> | &nbsp;&nbsp; 2175 | &nbsp;&nbsp;&nbsp; 2134 |
|  |  | &nbsp;&nbsp;&nbsp; 4110 |
| **Other—3.8%** | **Other—3.8%** |  |
| Arby's Funding LLC 2020-1A, A2 144A<br> 3.237%, 7/30/50<sup>(2)</sup> | &nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp; 471 |
| DB Master Finance LLC 2021-1A, A23 144A<br> 2.791%, 11/20/51<sup>(2)</sup> | &nbsp;&nbsp; 1767 | &nbsp;&nbsp;&nbsp; 1361 |
| Five Guys Funding LLC 2017-1A, A2 144A<br> 4.600%, 7/25/47<sup>(2)</sup> | &nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp; 915 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp; 1760 |
| Stack Infrastructure Issuer LLC 2021-1A, A2 144A<br> 1.877%, 3/26/46<sup>(2)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp; 1054 |
| Taco Bell Funding LLC 2021-1A, A23 144A<br> 2.542%, 8/25/51<sup>(2)</sup> | &nbsp;&nbsp; 1386 | &nbsp;&nbsp;&nbsp; 1054 |
| Vantage Data Centers LLC 2020-2A, A2 144A<br> 1.992%, 9/15/45<sup>(2)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 986 |
|  |  | &nbsp;&nbsp;&nbsp; 7601 |
| **Total Asset-Backed Securities<br> (Identified Cost $13,246)** | **Total Asset-Backed Securities<br> (Identified Cost $13,246)** | &nbsp;&nbsp;&nbsp;&nbsp; **11711** |
| **Corporate Bonds and Notes—19.3%** | **Corporate Bonds and Notes—19.3%** | **Corporate Bonds and Notes—19.3%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| AT&T, Inc.<br> 3.550%, 9/15/55 | &nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp; 612 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, 5/19/32 | &nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;4.950%, 5/19/50 | &nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp; 488 |
| Warnermedia Holdings, Inc. 144A<br> 5.141%, 3/15/52<sup>(2)</sup> | &nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp; 955 |
|  |  | &nbsp;&nbsp;&nbsp; 2512 |
| **Consumer Discretionary—1.2%** | **Consumer Discretionary—1.2%** |  |
| Carnival Corp. 144A<br> 9.875%, 8/1/27<sup>(2)</sup> | &nbsp;&nbsp; 1193 | &nbsp;&nbsp;&nbsp; 1127 |
| Hyatt Hotels Corp.<br> 1.800%, 10/1/24 | &nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; 696 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Kohl's Corp.<br> 3.625%, 5/1/31 | $820 | $575 |
|  |  | &nbsp;&nbsp; 2398 |
| **Energy—3.4%** | **Energy—3.4%** |  |
| Boardwalk Pipelines LP<br> 4.450%, 7/15/27 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 278 |
| Continental Resources, Inc. 144A<br> 2.875%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 677 |
| Enterprise Products Operating LLC<br> 4.200%, 1/31/50 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 533 |
| HF Sinclair Corp.<br> 4.500%, 10/1/30 | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 898 |
| Petroleos Mexicanos<br> 6.700%, 2/16/32 | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1287 |
| Pioneer Natural Resources Co.<br> 1.900%, 8/15/30 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1390 |
| Plains All American Pipeline LP<br> 3.800%, 9/15/30 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 918 |
| Targa Resources Corp.<br> 4.200%, 2/1/33 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 497 |
| Williams Cos., Inc. (The)<br> 3.500%, 10/15/51 | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 444 |
|  |  | &nbsp;&nbsp; 6922 |
| **Financials—8.6%** | **Financials—8.6%** |  |
| AerCap Ireland Capital DAC<br> 3.850%, 10/29/41 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 371 |
| American Express Co.<br> 3.950%, 8/1/25 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 471 |
| Avolon Holdings Funding Ltd. 144A<br> 2.125%, 2/21/26<sup>(2)</sup> | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 1309 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.087%, 6/14/29 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 597 |
| &nbsp;&nbsp;&nbsp;2.572%, 10/20/32 | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 739 |
| Bank of New York Mellon Corp. (The)<br> 4.414%, 7/24/26 | &nbsp;&nbsp; 1132 | &nbsp;&nbsp; 1115 |
| BPCE S.A. 144A<br> 5.748%, 7/19/33<sup>(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 761 |
| Daimler Trucks Finance North America LLC 144A<br> 2.500%, 12/14/31<sup>(2)</sup> | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 439 |
| Ford Motor Credit Co. LLC<br> 2.900%, 2/16/28 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 657 |
| Goldman Sachs Group, Inc. (The)<br> 1.542%, 9/10/27 | &nbsp;&nbsp; 1506 | &nbsp;&nbsp; 1299 |
| Hartford Financial Services Group, Inc. (The)<br> 2.800%, 8/19/29 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 547 |
| JPMorgan Chase & Co.<br> 0.824%, 6/1/25 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 881 |
| KeyBank N.A.<br> 4.390%, 12/14/27 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 404 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;0.791%, 1/22/25 | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp;1.593%, 5/4/27 | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 1113 |
| OneMain Finance Corp.<br> 4.000%, 9/15/30 | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 660 |
| PG&E Wildfire Recovery Funding LLC Series A-2<br> 4.263%, 6/1/36 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 551 |
| PNC Financial Services Group, Inc. (The) Series V<br> 6.200% <sup>(4)(5)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 376 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| U.S. Bancorp<br> 5.727%, 10/21/26 | $463 | $472 |
| UBS Group AG 144A<br> 4.751%, 5/12/28<sup>(2)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 962 |
| United Airlines Pass-Through-Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A<br> 5.875%, 10/15/27 | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;2020-1, B<br> 4.875%, 1/15/26 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 420 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 1269 |
| &nbsp;&nbsp;&nbsp;3.350%, 3/2/33 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 438 |
|  |  | &nbsp;&nbsp; 17295 |
| **Health Care—0.5%** | **Health Care—0.5%** |  |
| AbbVie, Inc.<br> 4.250%, 11/21/49 | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 994 |
| **Industrials—0.6%** | **Industrials—0.6%** |  |
| Triton Container International Ltd.<br> 3.250%, 3/15/32 | &nbsp;&nbsp; 1588 | &nbsp;&nbsp; 1219 |
| **Information Technology—0.8%** | **Information Technology—0.8%** |  |
| Broadcom, Inc. 144A<br> 3.750%, 2/15/51<sup>(2)</sup> | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 675 |
| Global Payments, Inc.<br> 4.950%, 8/15/27 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 455 |
| Micron Technology, Inc.<br> 3.477%, 11/1/51 | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 459 |
|  |  | &nbsp;&nbsp; 1589 |
| **Materials—1.4%** | **Materials—1.4%** |  |
| Freeport-McMoRan, Inc.<br> 5.450%, 3/15/43 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 958 |
| LYB International Finance III LLC<br> 3.625%, 4/1/51 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 331 |
| Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 10/1/30 | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 744 |
| &nbsp;&nbsp;&nbsp;6.250%, 10/1/39 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 866 |
|  |  | &nbsp;&nbsp; 2899 |
| **Real Estate—0.6%** | **Real Estate—0.6%** |  |
| Equinix, Inc.<br> 3.900%, 4/15/32 | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 651 |
| Tanger Properties LP<br> 2.750%, 9/1/31 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 498 |
|  |  | &nbsp;&nbsp; 1149 |
| **Utilities—1.0%** | **Utilities—1.0%** |  |
| Boardwalk Pipelines LP<br> 3.400%, 2/15/31 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 365 |
| Consolidated Edison Co. of New York, Inc. Series 20B<br> 3.950%, 4/1/50 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 496 |
| Pacific Gas & Electric Co.<br> 2.500%, 2/1/31 | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 521 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern Co. (The) Series A<br> 3.700%, 4/30/30 | $710 | $641 |
|  |  | &nbsp;&nbsp;&nbsp; 2023 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $46,264)** | **Total Corporate Bonds and Notes<br> (Identified Cost $46,264)** | &nbsp;&nbsp;&nbsp;&nbsp; **39000** |
| **Total Long-Term Investments—97.4%<br> (Identified Cost $211,550)** | **Total Long-Term Investments—97.4%<br> (Identified Cost $211,550)** | &nbsp;&nbsp;&nbsp;&nbsp;**196332** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—2.7%** | **Short-Term Investment—2.7%** | **Short-Term Investment—2.7%** |
| **Money Market Mutual Fund—2.7%** | **Money Market Mutual Fund—2.7%** | **Money Market Mutual Fund—2.7%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(6)</sup> | 5499569 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 |
| **Total Short-Term Investment<br> (Identified Cost $5,500)** | **Total Short-Term Investment<br> (Identified Cost $5,500)** | &nbsp;&nbsp; **5500** |
| **Securities Lending Collateral—0.2%** | **Securities Lending Collateral—0.2%** | **Securities Lending Collateral—0.2%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| **Total Securities Lending Collateral<br> (Identified Cost $377)** | **Total Securities Lending Collateral<br> (Identified Cost $377)** | &nbsp;&nbsp; **377** |
| **TOTAL INVESTMENTS—100.3%<br> (Identified Cost $217,427)** | **TOTAL INVESTMENTS—100.3%<br> (Identified Cost $217,427)** | **$202209** |
| Other assets and liabilities, net—(0.3)% | Other assets and liabilities, net—(0.3)% | &nbsp;&nbsp;&nbsp; (559) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$201650** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.HY | Markit's North American High Yield CDX Index |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | All or a portion of the security is segregated as collateral for open swap contracts. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $24,587 or 12.2% of net assets. |
| <sup>(3)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(4)</sup> | No contractual maturity date. |
| <sup>(5)</sup> | All or a portion of security is on loan. |
| <sup>(6)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(7)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

---

| | |
|:---|:---|
| **Counterparties:** |  |
| ICE | Intercontinental Exchange |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of December 31, 2022 were as follows:** |
| **Reference Entity** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Notional <br> Amount<sup>(2)</sup>** | **Value** | **Premiums <br> Paid<br> (Received)** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| CDX.NA.HY.39 | Quarterly ICE | 5.000% | 12/20/27 | $(11556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Total** |  |  |  |  | $(86) | $(210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
| <sup>(2)</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Total Return Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11711 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82568 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63053 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196332 |
| Liabilities: |  |  |  |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$202123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$196246 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—95.8%** | **Mortgage-Backed Securities—95.8%** | **Mortgage-Backed Securities—95.8%** |
| **Agency—95.8%** | **Agency—95.8%** |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Pool #1B6503 (12 month LIBOR + 1.613%, Cap 6.751%, Floor 1.613%)<br> 1.751%, 1/1/51<sup>(1)</sup> | $1534 | $1435 |
| &nbsp;&nbsp;&nbsp;Pool #1Q1195 (12 month LIBOR + 1.588%, Cap 10.117%, Floor 1.588%)<br> 2.924%, 5/1/37<sup>(1)</sup> | &nbsp;&nbsp; 1936 | &nbsp;&nbsp; 1941 |
| &nbsp;&nbsp;&nbsp;Pool #1Q1420 (12 month LIBOR + 1.821%, Cap 10.675%, Floor 1.821%)<br> 3.551%, 9/1/39<sup>(1)</sup> | &nbsp;&nbsp; 1605 | &nbsp;&nbsp; 1628 |
| &nbsp;&nbsp;&nbsp;Pool #2B3257 (12 month LIBOR + 1.630%, Cap 8.053%, Floor 1.630%)<br> 3.052%, 10/1/44<sup>(1)</sup> | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;Pool #2B5891 (12 month LIBOR + 1.640%, Cap 7.885%, Floor 1.640%)<br> 2.087%, 2/1/47<sup>(1)</sup> | &nbsp;&nbsp; 3155 | &nbsp;&nbsp; 3115 |
| &nbsp;&nbsp;&nbsp;Pool #841057 (12 month LIBOR + 1.630%, Cap 8.322%, Floor 1.630%)<br> 2.360%, 6/1/50<sup>(1)</sup> | &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp;Pool #841075 (12 month LIBOR + 1.630%, Cap 8.268%, Floor 1.630%)<br> 3.268%, 1/1/49<sup>(1)</sup> | &nbsp;&nbsp; 19445 | &nbsp;&nbsp; 18408 |
| &nbsp;&nbsp;&nbsp;Pool #841083 (12 month LIBOR + 1.640%, Cap 7.804%, Floor 1.640%)<br> 2.814%, 5/1/49<sup>(1)</sup> | &nbsp;&nbsp; 22816 | &nbsp;&nbsp; 22111 |
| &nbsp;&nbsp;&nbsp;Pool #841335 (12 month LIBOR + 1.635%, Cap 7.927%, Floor 1.635%)<br> 2.927%, 7/1/50<sup>(1)</sup> | &nbsp;&nbsp; 4888 | &nbsp;&nbsp; 4538 |
| &nbsp;&nbsp;&nbsp;Pool #841345 (12 month LIBOR + 1.626%, Cap 7.650%, Floor 1.626%)<br> 3.340%, 1/1/47<sup>(1)</sup> | &nbsp;&nbsp; 2307 | &nbsp;&nbsp; 2309 |
| &nbsp;&nbsp;&nbsp;Pool #848736 (12 month LIBOR + 1.750%, Cap 9.571%, Floor 1.750%)<br> 3.490%, 5/1/35<sup>(1)</sup> | &nbsp;&nbsp; 5173 | &nbsp;&nbsp; 5206 |
| &nbsp;&nbsp;&nbsp;Pool #848744 (12 month LIBOR + 1.789%, Cap 9.156%, Floor 1.789%)<br> 3.545%, 5/1/34<sup>(1)</sup> | &nbsp;&nbsp; 2887 | &nbsp;&nbsp; 2906 |
| &nbsp;&nbsp;&nbsp;Pool #848747 (12 month LIBOR + 1.869%, Cap 10.014%, Floor 1.869%)<br> 3.487%, 7/1/36<sup>(1)</sup> | &nbsp;&nbsp; 2684 | &nbsp;&nbsp; 2707 |
| &nbsp;&nbsp;&nbsp;Pool #848796 (12 month LIBOR + 1.805%, Cap 9.823%, Floor 1.805%)<br> 3.109%, 5/1/37<sup>(1)</sup> | &nbsp;&nbsp; 5132 | &nbsp;&nbsp; 5167 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;K032, A2<br> 3.310%, 5/25/23<sup>(1)</sup> | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 981 |
| &nbsp;&nbsp;&nbsp;KF29, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.360%)<br> 4.502%, 2/25/24<sup>(1)</sup> | &nbsp;&nbsp; 3555 | &nbsp;&nbsp; 3546 |
| &nbsp;&nbsp;&nbsp;KF32, A (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%)<br> 4.512%, 5/25/24<sup>(1)</sup> | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;KF34, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.370%)<br> 4.502%, 8/25/24<sup>(1)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 787 |
| &nbsp;&nbsp;&nbsp;KF36, A (1 month LIBOR + 0.340%, Cap N/A, Floor 0.340%)<br> 4.482%, 8/25/24<sup>(1)</sup> | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; 1257 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;KF49, A (1 month LIBOR + 0.340%, Cap N/A, Floor 0.340%)<br> 4.482%, 6/25/25<sup>(1)</sup> | $2008 | $1986 |
| &nbsp;&nbsp;&nbsp;KF55, A (1 month LIBOR + 0.510%, Cap N/A, Floor 0.510%)<br> 4.652%, 11/25/25<sup>(1)</sup> | &nbsp;&nbsp; 3651 | &nbsp;&nbsp; 3617 |
| &nbsp;&nbsp;&nbsp;KF60, A (1 month LIBOR + 0.490%, Cap N/A, Floor 0.490%)<br> 4.632%, 2/25/26<sup>(1)</sup> | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 1786 |
| &nbsp;&nbsp;&nbsp;KF62, A (1 month LIBOR + 0.480%, Cap N/A, Floor 0.480%)<br> 4.622%, 4/25/26<sup>(1)</sup> | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp;KF68, A (1 month LIBOR + 0.490%, Cap N/A, Floor 0.490%)<br> 4.632%, 7/25/26<sup>(1)</sup> | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp;KF79, AL (1 month LIBOR + 0.470%, Cap N/A, Floor 0.470%)<br> 4.612%, 5/25/30<sup>(1)</sup> | &nbsp;&nbsp; 17761 | &nbsp;&nbsp; 17485 |
| &nbsp;&nbsp;&nbsp;KF82, AL (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%)<br> 4.512%, 6/25/30<sup>(1)</sup> | &nbsp;&nbsp; 7385 | &nbsp;&nbsp; 7267 |
| Federal Home Loan Mortgage Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;2781, FA (1 month LIBOR + 0.350%, Cap 7.500%, Floor 0.350%)<br> 4.668%, 4/15/34<sup>(1)</sup> | &nbsp;&nbsp; 2840 | &nbsp;&nbsp; 2841 |
| &nbsp;&nbsp;&nbsp;2980, FJ (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%)<br> 4.618%, 11/15/34<sup>(1)</sup> | &nbsp;&nbsp; 5860 | &nbsp;&nbsp; 5738 |
| &nbsp;&nbsp;&nbsp;3107, FC (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%)<br> 4.618%, 6/15/35<sup>(1)</sup> | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 964 |
| &nbsp;&nbsp;&nbsp;3820, FA (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%)<br> 4.668%, 3/15/41<sup>(1)</sup> | &nbsp;&nbsp; 5560 | &nbsp;&nbsp; 5483 |
| &nbsp;&nbsp;&nbsp;3990, GF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%)<br> 4.718%, 3/15/41<sup>(1)</sup> | &nbsp;&nbsp; 2284 | &nbsp;&nbsp; 2268 |
| &nbsp;&nbsp;&nbsp;4048, GF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%)<br> 4.668%, 10/15/40<sup>(1)</sup> | &nbsp;&nbsp; 853 | &nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp;4203, PF (1 month LIBOR + 0.250%, Cap 6.500%, Floor 0.250%)<br> 4.568%, 9/15/42<sup>(1)</sup> | &nbsp;&nbsp; 5024 | &nbsp;&nbsp; 4997 |
| &nbsp;&nbsp;&nbsp;4794, WF (1 month LIBOR + 0.350%)<br> 3.156%, 3/15/43<sup>(1)</sup> | &nbsp;&nbsp; 7341 | &nbsp;&nbsp; 7271 |
| &nbsp;&nbsp;&nbsp;4879, DF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%)<br> 4.718%, 8/15/34<sup>(1)</sup> | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; 4266 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2015-M14, FA (1 month LIBOR + 0.620%, Cap N/A, Floor 0.620%)<br> 5.009%, 10/25/25<sup>(1)</sup> | &nbsp;&nbsp; 11491 | &nbsp;&nbsp; 11428 |
| &nbsp;&nbsp;&nbsp;2015-M6, FA (1 month LIBOR + 0.300%, Cap N/A, Floor 0.300%)<br> 4.689%, 1/25/26<sup>(1)</sup> | &nbsp;&nbsp; 13088 | &nbsp;&nbsp; 12985 |
| &nbsp;&nbsp;&nbsp;2016-M13, FA (1 month LIBOR + 0.670%, Cap N/A, Floor 0.670%)<br> 4.581%, 11/25/23<sup>(1)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;2016-M9, FA (1 month LIBOR + 0.590%, Cap N/A, Floor 0.590%)<br> 4.501%, 9/25/23<sup>(1)</sup> | &nbsp;&nbsp; 2927 | &nbsp;&nbsp; 2920 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2017-M11, FA (1 month LIBOR + 0.470%, Cap 6.000%, Floor 0.470%)<br> 4.381%, 9/25/24<sup>(1)</sup> | $1110 | $1106 |
| &nbsp;&nbsp;&nbsp;2017-M13, FA (1 month LIBOR + 0.400%, Cap 6.000%, Floor 0.400%)<br> 4.311%, 10/25/24<sup>(1)</sup> | &nbsp;&nbsp; 1648 | &nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp;2017-M2, FA (1 month LIBOR + 0.530%, Cap N/A, Floor 0.530%)<br> 4.441%, 2/25/24<sup>(1)</sup> | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;Pool #AD0064 (6 month LIBOR + 1.543%, Cap 10.940%, Floor 1.543%)<br> 3.904%, 1/1/35<sup>(1)</sup> | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp;Pool #AE0544 (12 month LIBOR + 1.741%, Cap 8.074%, Floor 1.741%)<br> 3.991%, 11/1/40<sup>(1)</sup> | &nbsp;&nbsp; 1774 | &nbsp;&nbsp; 1795 |
| &nbsp;&nbsp;&nbsp;Pool #AL0270 (12 month LIBOR + 1.642%, Cap 10.566%, Floor 1.642%)<br> 3.374%, 8/1/38<sup>(1)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 770 |
| &nbsp;&nbsp;&nbsp;Pool #AL0323 (12 month LIBOR + 1.818%, Cap 8.359%, Floor 1.818%)<br> 3.402%, 6/1/41<sup>(1)</sup> | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1258 |
| &nbsp;&nbsp;&nbsp;Pool #AL0960 (12 month LIBOR + 1.691%, Cap 9.772%, Floor 1.691%)<br> 3.769%, 7/1/37<sup>(1)</sup> | &nbsp;&nbsp; 3124 | &nbsp;&nbsp; 3165 |
| &nbsp;&nbsp;&nbsp;Pool #AL1886 (12 month LIBOR + 1.752%, Cap 8.480%, Floor 1.752%)<br> 3.644%, 6/1/42<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;Pool #AL2202 (12 month LIBOR + 1.700%, Cap 9.487%, Floor 1.700%)<br> 2.847%, 6/1/36<sup>(1)</sup> | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1186 |
| &nbsp;&nbsp;&nbsp;Pool #AL3421 (U.S. Treasury Yield Curve CMT 1 year + 2.375%, Cap 10.750%, Floor 2.375%)<br> 4.445%, 9/1/37<sup>(1)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp;Pool #AL6516 (12 month LIBOR + 1.762%, Cap 8.693%, Floor 1.762%)<br> 3.177%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp; 2169 | &nbsp;&nbsp; 2195 |
| &nbsp;&nbsp;&nbsp;Pool #AL7477 (12 month LIBOR + 1.796%, Cap 8.646%, Floor 1.796%)<br> 3.942%, 12/1/40<sup>(1)</sup> | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp;Pool #AL7812 (12 month LIBOR + 1.728%, Cap 8.364%, Floor 1.728%)<br> 3.972%, 11/1/40<sup>(1)</sup> | &nbsp;&nbsp; 3252 | &nbsp;&nbsp; 3293 |
| &nbsp;&nbsp;&nbsp;Pool #AL8796 (12 month LIBOR + 1.826%, Cap 8.440%, Floor 1.826%)<br> 3.660%, 9/1/41<sup>(1)</sup> | &nbsp;&nbsp; 4078 | &nbsp;&nbsp; 4141 |
| &nbsp;&nbsp;&nbsp;Pool #AL8827<br> 3.000%, 2/1/29 | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp;Pool #AL8872 (12 month LIBOR + 1.803%, Cap 8.341%, Floor 1.803%)<br> 3.469%, 7/1/42<sup>(1)</sup> | &nbsp;&nbsp; 5812 | &nbsp;&nbsp; 5886 |
| &nbsp;&nbsp;&nbsp;Pool #AN4364 (1 month LIBOR + 0.590%, Cap 98.130%, Floor 0.590%)<br> 4.732%, 1/1/24<sup>(1)</sup> | &nbsp;&nbsp; 2781 | &nbsp;&nbsp; 2772 |
| &nbsp;&nbsp;&nbsp;Pool #BE3734 (12 month LIBOR + 1.620%, Cap 7.919%, Floor 1.620%)<br> 3.703%, 7/1/47<sup>(1)</sup> | &nbsp;&nbsp; 2363 | &nbsp;&nbsp; 2371 |
| &nbsp;&nbsp;&nbsp;Pool #BL0422 (1 month LIBOR + 0.370%, Cap 98.890%, Floor 0.370%)<br> 4.512%, 11/1/23<sup>(1)</sup> | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 20932 |
| &nbsp;&nbsp;&nbsp;Pool #BL5697 (1 month LIBOR + 0.650%, Cap 98.860%, Floor 0.650%)<br> 4.792%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 6307 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #BL6487 (1 month LIBOR + 0.760%, Cap 98.510%, Floor 0.760%)<br> 4.902%, 4/1/30<sup>(1)</sup> | $14221 | $14084 |
| &nbsp;&nbsp;&nbsp;Pool #BM1805 (12 month LIBOR + 1.605%, Cap 7.831%, Floor 1.605%)<br> 2.825%, 9/1/47<sup>(1)</sup> | &nbsp;&nbsp; 5020 | &nbsp;&nbsp; 4868 |
| &nbsp;&nbsp;&nbsp;Pool #BM3981 (12 month LIBOR + 1.758%, Cap 8.549%, Floor 1.758%)<br> 3.196%, 2/1/42<sup>(1)</sup> | &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp;Pool #BM4556 (12 month LIBOR + 1.596%, Cap 8.320%, Floor 1.596%)<br> 3.320%, 10/1/48<sup>(1)</sup> | &nbsp;&nbsp; 3696 | &nbsp;&nbsp; 3718 |
| &nbsp;&nbsp;&nbsp;Pool #BM4557 (12 month LIBOR + 1.763%, Cap 7.899%, Floor 1.766%)<br> 3.396%, 5/1/45<sup>(1)</sup> | &nbsp;&nbsp; 2157 | &nbsp;&nbsp; 2180 |
| &nbsp;&nbsp;&nbsp;Pool #BM6855 (12 month LIBOR + 1.618%, Cap 7.571%, Floor 1.618%)<br> 2.572%, 6/1/50<sup>(1)</sup> | &nbsp;&nbsp; 9479 | &nbsp;&nbsp; 8985 |
| &nbsp;&nbsp;&nbsp;Pool #BM7025 (12 month LIBOR + 1.713%, Cap 8.751%, Floor 1.713%)<br> 3.234%, 5/1/42<sup>(1)</sup> | &nbsp;&nbsp; 8561 | &nbsp;&nbsp; 8633 |
| &nbsp;&nbsp;&nbsp;Pool #BN8852 (12 month LIBOR + 1.900%, Cap 8.699%, Floor 1.900%)<br> 3.699%, 3/1/48<sup>(1)</sup> | &nbsp;&nbsp; 3698 | &nbsp;&nbsp; 3622 |
| &nbsp;&nbsp;&nbsp;Pool #BO6296 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%)<br> 2.995%, 7/1/47<sup>(1)</sup> | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp;Pool #BO7214 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%)<br> 2.375%, 7/1/47<sup>(1)</sup> | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2788 |
| &nbsp;&nbsp;&nbsp;Pool #BO7215 (U.S. Treasury Yield Curve CMT 1 year + 1.650%, Cap 8.158%, Floor 1.650%)<br> 3.053%, 4/1/49<sup>(1)</sup> | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp;Pool #BP1780 (SOFR30A + 2.350%, Cap 7.080%, Floor 2.350%)<br> 2.080%, 6/1/51<sup>(1)</sup> | &nbsp;&nbsp; 2479 | &nbsp;&nbsp; 2328 |
| &nbsp;&nbsp;&nbsp;Pool #BP5563 (12 month LIBOR + 1.600%, Cap 7.456%, Floor 1.600%)<br> 2.456%, 4/1/50<sup>(1)</sup> | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 1923 |
| &nbsp;&nbsp;&nbsp;Pool #BW7240 (SOFR30A + 2.120%, Cap 8.906%, Floor 2.120%)<br> 3.898%, 10/1/52<sup>(1)</sup> | &nbsp;&nbsp; 8131 | &nbsp;&nbsp; 7897 |
| &nbsp;&nbsp;&nbsp;Pool #BX2888 (SOFR30A + 2.110%, Cap 10.224%, Floor 2.110%)<br> 5.224%, 12/1/52<sup>(1)</sup> | &nbsp;&nbsp; 3769 | &nbsp;&nbsp; 3758 |
| &nbsp;&nbsp;&nbsp;Pool #CA3138 (12 month LIBOR + 1.603%, Cap 8.667%, Floor 1.603%)<br> 3.667%, 2/1/49<sup>(1)</sup> | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4115 |
| &nbsp;&nbsp;&nbsp;Pool #CA4499 (12 month LIBOR + 1.600%, Cap 7.693%, Floor 1.600%)<br> 2.693%, 9/1/48<sup>(1)</sup> | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 1005 |
| Federal National Mortgage Association REMIC |  |  |
| &nbsp;&nbsp;&nbsp;2005-17, FA (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%)<br> 4.689%, 3/25/35<sup>(1)</sup> | &nbsp;&nbsp; 4362 | &nbsp;&nbsp; 4277 |
| &nbsp;&nbsp;&nbsp;2005-58, KF (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%)<br> 4.889%, 7/25/35<sup>(1)</sup> | &nbsp;&nbsp; 2999 | &nbsp;&nbsp; 2948 |
| &nbsp;&nbsp;&nbsp;2005-74, NA (1 month LIBOR + 0.420%, Cap 6.500%, Floor 0.420%)<br> 4.809%, 5/25/35<sup>(1)</sup> | &nbsp;&nbsp; 7958 | &nbsp;&nbsp; 7864 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2006-113, NF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%)<br> 4.739%, 9/25/36<sup>(1)</sup> | $1742 | $1729 |
| &nbsp;&nbsp;&nbsp;2006-63, FD (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%)<br> 4.839%, 7/25/36<sup>(1)</sup> | &nbsp;&nbsp; 3118 | &nbsp;&nbsp; 3076 |
| &nbsp;&nbsp;&nbsp;2007-106, FN (1 month LIBOR + 0.590%, Cap 7.000%, Floor 0.590%)<br> 4.979%, 11/25/37<sup>(1)</sup> | &nbsp;&nbsp; 3069 | &nbsp;&nbsp; 3036 |
| &nbsp;&nbsp;&nbsp;2009-66, FP (1 month LIBOR + 0.900%, Cap 7.000%, Floor 0.900%)<br> 5.289%, 9/25/39<sup>(1)</sup> | &nbsp;&nbsp; 4879 | &nbsp;&nbsp; 4896 |
| &nbsp;&nbsp;&nbsp;2010-137, WB<br> 3.980%, 7/25/40<sup>(1)</sup> | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;2010-59, FC (1 month LIBOR + 1.000%, Cap 6.000%, Floor 1.000%)<br> 5.389%, 1/25/40<sup>(1)</sup> | &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 2744 |
| &nbsp;&nbsp;&nbsp;2011-62, LF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%)<br> 4.789%, 1/25/32<sup>(1)</sup> | &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp;2012-71, FP (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%)<br> 4.739%, 3/25/41<sup>(1)</sup> | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp;2013-34, PF (1 month LIBOR + 0.350%, Cap 6.500%, Floor 0.350%)<br> 4.739%, 8/25/42<sup>(1)</sup> | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 4246 |
| &nbsp;&nbsp;&nbsp;2016-67, AF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%)<br> 4.789%, 9/25/46<sup>(1)</sup> | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; 4489 |
| &nbsp;&nbsp;&nbsp;2018-92, AF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%)<br> 4.789%, 5/25/33<sup>(1)</sup> | &nbsp;&nbsp; 5057 | &nbsp;&nbsp; 4969 |
| &nbsp;&nbsp;&nbsp;2018-96, FC (1 month LIBOR + 0.450%, Cap 6.500%, Floor 0.450%)<br> 4.839%, 10/25/35<sup>(1)</sup> | &nbsp;&nbsp; 5079 | &nbsp;&nbsp; 4997 |
| &nbsp;&nbsp;&nbsp;2019-13, FG (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%)<br> 4.789%, 4/25/49<sup>(1)</sup> | &nbsp;&nbsp; 7830 | &nbsp;&nbsp; 7633 |
| FRESB Mortgage Trust 2016-SB13, A5H (1 month LIBOR + 0.700%, Cap N/A, Floor 0.700%)<br> 4.842%, 1/25/36<sup>(1)</sup> | &nbsp;&nbsp; 7444 | &nbsp;&nbsp; 7412 |
| Government National Mortgage Association 2009-88, FA (1 month LIBOR + 0.750%, Cap 7.000%, Floor 0.750%)<br> 5.076%, 10/16/39<sup>(1)</sup> | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 4332 |
| Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;Pool #510032 (PRIME minus 2.650%)<br> 3.600%, 6/25/34<sup>(1)</sup> | &nbsp;&nbsp; 2157 | &nbsp;&nbsp; 2156 |
| &nbsp;&nbsp;&nbsp;Pool #510076 (PRIME minus 2.650%)<br> 4.350%, 5/25/27<sup>(1)</sup> | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 1380 |
| &nbsp;&nbsp;&nbsp;Pool #510083 (PRIME minus 2.650%)<br> 3.600%, 9/25/27<sup>(1)</sup> | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp;Pool #510219 (PRIME minus 2.650%)<br> 3.600%, 11/25/28<sup>(1)</sup> | &nbsp;&nbsp; 1993 | &nbsp;&nbsp; 1991 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #510228 (PRIME minus 2.500%)<br> 3.750%, 7/25/28<sup>(1)</sup> | $642 | $647 |
| &nbsp;&nbsp;&nbsp;Pool #510241 (PRIME minus 2.600%)<br> 3.650%, 10/25/27<sup>(1)</sup> | &nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp;Pool #510254 (PRIME minus 2.600%)<br> 3.650%, 5/25/28<sup>(1)</sup> | &nbsp;&nbsp; 3487 | &nbsp;&nbsp;&nbsp; 3497 |
| &nbsp;&nbsp;&nbsp;Pool #510256 (PRIME minus 2.600%)<br> 3.650%, 12/25/28<sup>(1)</sup> | &nbsp;&nbsp; 3615 | &nbsp;&nbsp;&nbsp; 3626 |
| &nbsp;&nbsp;&nbsp;Pool #510273 (PRIME minus 2.500%)<br> 3.750%, 11/25/28<sup>(1)</sup> | &nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp; 2863 |
| &nbsp;&nbsp;&nbsp;Pool #530251 (PRIME minus 2.375%)<br> 3.875%, 4/25/32<sup>(1)</sup> | &nbsp;&nbsp; 6937 | &nbsp;&nbsp;&nbsp; 6922 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $421,493)** | **Total Mortgage-Backed Securities<br> (Identified Cost $421,493)** | &nbsp;&nbsp;&nbsp;&nbsp;**414338** |
| **Total Long-Term Investments—95.8%<br> (Identified Cost $421,493)** | **Total Long-Term Investments—95.8%<br> (Identified Cost $421,493)** | &nbsp;&nbsp;&nbsp;&nbsp;**414338** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—4.3%** | **Short-Term Investment—4.3%** | **Short-Term Investment—4.3%** |
| **Money Market Mutual Fund—4.3%** | **Money Market Mutual Fund—4.3%** | **Money Market Mutual Fund—4.3%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(2)</sup> | 18528224 | &nbsp;&nbsp;&nbsp;&nbsp; 18528 |
| **Total Short-Term Investment<br> (Identified Cost $18,528)** | **Total Short-Term Investment<br> (Identified Cost $18,528)** | &nbsp;&nbsp; **18528** |
| **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $440,021)** | **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $440,021)** | **$432866** |
| Other assets and liabilities, net—(0.1)% | Other assets and liabilities, net—(0.1)% | &nbsp;&nbsp;&nbsp; (510) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$432356** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CMT | Constant Maturity Treasury |
| LIBOR | London Interbank Offered Rate |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR30A | Secured Overnight Financing Rate 30 Day Average |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

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

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts <br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| **Short Contracts:** |  |  |  |  |  |
| 2 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;&nbsp;$(7998) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(11) |
| 5 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;&nbsp;(17916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp;$6 | &nbsp;&nbsp;&nbsp;$(11) |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$414338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$414338 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414338 |
| Liabilities: |  |  |  |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$432861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$414338 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Ultra-Short Bond Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—22.8%** | **Mortgage-Backed Securities—22.8%** | **Mortgage-Backed Securities—22.8%** |
| **Agency—7.4%** | **Agency—7.4%** |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates KF68, A (1 month LIBOR + 0.490%, Cap N/A, Floor 0.490%)<br> 4.632%, 7/25/26<sup>(1)</sup> | $1374 | $1366 |
| Federal National Mortgage Association Pool #BL0422 (1 month LIBOR + 0.370%, Cap 98.890%, Floor 0.370%)<br> 4.512%, 11/1/23<sup>(1)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp; 317 |
| Small Business Administration Pool #510273 (PRIME minus 2.500%)<br> 3.750%, 11/25/28<sup>(1)</sup> | &nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp; 572 |
|  |  | &nbsp;&nbsp;&nbsp; 2255 |
| **Non-Agency—15.4%** | **Non-Agency—15.4%** |  |
| BWAY Mortgage Trust 2013-1515, A1 144A<br> 2.809%, 3/10/33<sup>(2)</sup> | &nbsp;&nbsp; 773 | &nbsp;&nbsp;&nbsp; 739 |
| Cold Storage Trust 2020-ICE5, A (1 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A<br> 5.218%, 11/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 983 | &nbsp;&nbsp;&nbsp; 956 |
| DBGS Mortgage Trust 2018-BIOD, A (1 month LIBOR + 0.803%, Cap N/A, Floor 0.803%) 144A<br> 5.039%, 5/15/35<sup>(1)(2)</sup> | &nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp; 898 |
| KKR Industrial Portfolio Trust 2021-KDIP, A (1 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 144A<br> 4.868%, 12/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 137 |
| One New York Plaza Trust 2020-1NYP, A (1 month LIBOR + 0.950%, Cap N/A, Floor 0.950%) 144A<br> 5.268%, 1/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 944 |
| Wells Fargo Commercial Mortgage Trust 2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A<br> 5.468%, 2/15/40<sup>(1)(2)</sup> | &nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp; 1002 |
|  |  | &nbsp;&nbsp;&nbsp; 4676 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $7,154)** | **Total Mortgage-Backed Securities<br> (Identified Cost $7,154)** | &nbsp;&nbsp;&nbsp;&nbsp; **6931** |
| **Asset-Backed Securities—20.3%** | **Asset-Backed Securities—20.3%** | **Asset-Backed Securities—20.3%** |
| **Automobiles—6.8%** | **Automobiles—6.8%** |  |
| Canadian Pacer Auto Receivables Trust 2020-1A, B 144A<br> 2.000%, 7/21/25<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 971 |
| CarMax Auto Owner Trust 2020-2, A3<br> 1.700%, 11/15/24 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 347 |
| Ford Credit Auto Owner Trust 2019-1, A 144A<br> 3.520%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 735 |
|  |  | &nbsp;&nbsp;&nbsp; 2053 |
| **Credit Card—10.0%** | **Credit Card—10.0%** |  |
| Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%)<br> 4.629%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 723 |
| Chase Issuance Trust 2020-A1, A1<br> 1.530%, 1/15/25 | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 250 |
| Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%)<br> 5.062%, 5/14/29<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 981 |
| Discover Card Execution Note Trust 2018-A1, A1<br> 3.030%, 8/15/25 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 499 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Credit Card—continued** | **Credit Card—continued** |  |
| Master Credit Card Trust II 2020-1A, A 144A<br> 1.990%, 9/21/24<sup>(2)</sup> | $576 | $573 |
|  |  | &nbsp;&nbsp;&nbsp; 3026 |
| **Student Loan—3.5%** | **Student Loan—3.5%** |  |
| Goal Capital Funding Trust 2010-1, A (3 month LIBOR + 0.700%, Cap N/A, Floor 0.700%) 144A<br> 5.457%, 8/25/48<sup>(1)(2)</sup> | &nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp; 561 |
| SLM Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-4, A3 (3 month LIBOR + 0.120%)<br> 4.478%, 1/25/27<sup>(1)</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;2005-7, A4 (3 month LIBOR + 0.150%)<br> 4.508%, 10/25/29<sup>(1)</sup> | &nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 405 |
|  |  | &nbsp;&nbsp;&nbsp; 1073 |
| **Total Asset-Backed Securities<br> (Identified Cost $6,223)** | **Total Asset-Backed Securities<br> (Identified Cost $6,223)** | &nbsp;&nbsp;&nbsp;&nbsp; **6152** |
| **Corporate Bonds and Notes—55.1%** | **Corporate Bonds and Notes—55.1%** | **Corporate Bonds and Notes—55.1%** |
| **Communication Services—9.0%** | **Communication Services—9.0%** |  |
| AT&T, Inc. (SOFR + 0.640%)<br> 4.963%, 3/25/24<sup>(1)</sup> | &nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp; 868 |
| Verizon Communications, Inc. (SOFR + 0.500%)<br> 4.823%, 3/22/24<sup>(1)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 873 |
| Warnermedia Holdings, Inc. (SOFR + 1.780%) 144A<br> 6.092%, 3/15/24<sup>(1)(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 997 |
|  |  | &nbsp;&nbsp;&nbsp; 2738 |
| **Energy—8.2%** | **Energy—8.2%** |  |
| Continental Resources, Inc. 144A<br> 2.268%, 11/15/26<sup>(2)</sup> | &nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp; 581 |
| HF Sinclair Corp.<br> 2.625%, 10/1/23 | &nbsp;&nbsp; 1012 | &nbsp;&nbsp;&nbsp; 991 |
| Williams Cos., Inc. (The)<br> 4.300%, 3/4/24 | &nbsp;&nbsp; 919 | &nbsp;&nbsp;&nbsp; 908 |
|  |  | &nbsp;&nbsp;&nbsp; 2480 |
| **Financials—26.9%** | **Financials—26.9%** |  |
| AerCap Ireland Capital DAC<br> 1.650%, 10/29/24 | &nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 849 |
| ANZ New Zealand Int'l Ltd. (SOFR + 0.600%) 144A<br> 4.766%, 2/18/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 793 |
| Banco Santander S.A. (SOFR + 1.240%)<br> 5.409%, 5/24/24<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 799 |
| Barclays plc<br> 1.007%, 12/10/24 | &nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 800 |
| Daimler Trucks Finance North America LLC (SOFR + 0.750%) 144A<br> 5.062%, 12/13/24<sup>(1)(2)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 927 |
| General Motors Financial Co., Inc.<br> 1.700%, 8/18/23 | &nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp; 923 |
| Goldman Sachs Group, Inc. (The) (SOFR + 0.500%)<br> 4.784%, 9/10/24<sup>(1)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp; 931 |
| Morgan Stanley<br> 0.791%, 1/22/25 | &nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp; 497 |
| U.S. Bancorp<br> 5.727%, 10/21/26 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 181 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Ultra-Short Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| United Airlines Pass-Through-Trust 2020-1, B<br> 4.875%, 1/15/26 | $964 | $917 |
| Wells Fargo & Co.<br> 1.654%, 6/2/24 | &nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp; 548 |
|  |  | &nbsp;&nbsp;&nbsp; 8165 |
| **Industrials—5.6%** | **Industrials—5.6%** |  |
| Park Aerospace Holdings Ltd. 144A<br> 4.500%, 3/15/23<sup>(2)</sup> | &nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp; 1231 |
| Triton Container International Ltd. 144A<br> 0.800%, 8/1/23<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 483 |
|  |  | &nbsp;&nbsp;&nbsp; 1714 |
| **Information Technology—3.7%** | **Information Technology—3.7%** |  |
| Skyworks Solutions, Inc.<br> 0.900%, 6/1/23 | &nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp; 1135 |
| **Materials—0.7%** | **Materials—0.7%** |  |
| Sherwin-Williams Co. (The)<br> 4.050%, 8/8/24 | &nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 198 |
| **Utilities—1.0%** | **Utilities—1.0%** |  |
| Pacific Gas & Electric Co.<br> 3.250%, 2/16/24 | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp; 317 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $17,235)** | **Total Corporate Bonds and Notes<br> (Identified Cost $17,235)** | &nbsp;&nbsp;&nbsp;&nbsp;**16747** |
| **Total Long-Term Investments—98.2%<br> (Identified Cost $30,612)** | **Total Long-Term Investments—98.2%<br> (Identified Cost $30,612)** | &nbsp;&nbsp;&nbsp;&nbsp;**29830** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** |
| **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(3)</sup> | 75463 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| **Total Short-Term Investment<br> (Identified Cost $75)** | **Total Short-Term Investment<br> (Identified Cost $75)** | &nbsp;&nbsp; **75** |
| **TOTAL INVESTMENTS—98.4%<br> (Identified Cost $30,687)** | **TOTAL INVESTMENTS—98.4%<br> (Identified Cost $30,687)** | **$29905** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp;&nbsp; 473 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$30378** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $12,528 or 41.2% of net assets. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;78% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** | **Exchange-traded futures contracts as of December 31, 2022 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts <br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| **Short Contracts:** |  |  |  |  |  |
| 2 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;$(820) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(1) |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 5.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### Seix Ultra-Short Bond Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of December 31, 2022 were as follows (continued):** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts <br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| 5 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;$(540)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;$— |
| **Total** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;$(1) |
| **Footnote Legend:** | **Footnote Legend:** |  |  |  |
| <sup>(1)</sup>Amount is less than $500. |  |  |  |  |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6152 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16747 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29830 |
| Liabilities: |  |  |  |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29830 |

---

<sup>(1)</sup> Amount is less than $500.

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES <br>December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$59508 | &nbsp;&nbsp;&nbsp;&nbsp;$44595 | &nbsp;&nbsp;&nbsp;$2023258 | &nbsp;&nbsp;&nbsp;&nbsp;$42162 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cash pledged as collateral for cleared swaps<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;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Variation margin receivable on cleared swaps <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;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp; Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43420 |
| **Liabilities** |  |  |  |  |
| Due to custodian<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;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due to broker<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;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments<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;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$59926 | &nbsp;&nbsp;&nbsp;&nbsp;$45310 | &nbsp;&nbsp;&nbsp;$2091052 | &nbsp;&nbsp;&nbsp;&nbsp;$43030 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$73518 | &nbsp;&nbsp;&nbsp;&nbsp;$59210 | &nbsp;&nbsp;&nbsp;$2990206 | &nbsp;&nbsp;&nbsp;&nbsp;$45575 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2545) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$59926 | &nbsp;&nbsp;&nbsp;&nbsp;$45310 | &nbsp;&nbsp;&nbsp;$2091052 | &nbsp;&nbsp;&nbsp;&nbsp;$43030 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5217 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;$52113 | &nbsp;&nbsp;&nbsp;&nbsp;$39738 | &nbsp;&nbsp;&nbsp;$1795243 | &nbsp;&nbsp;&nbsp;&nbsp;$37813 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$252100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478401 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;5545123 | &nbsp;&nbsp;&nbsp;&nbsp;5501456 | &nbsp;&nbsp;&nbsp;&nbsp;231812916 | &nbsp;&nbsp;&nbsp;&nbsp;3468835 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32531128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.90 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.90 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.21 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$63846 | &nbsp;&nbsp;&nbsp;&nbsp;$53752 | &nbsp;&nbsp;&nbsp;$2137223 | &nbsp;&nbsp;&nbsp;&nbsp;$43683 |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$138052 | &nbsp;&nbsp;&nbsp;&nbsp;$252332 | &nbsp;&nbsp;&nbsp;&nbsp;$158253 | &nbsp;&nbsp;&nbsp;&nbsp;$202209 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 |
| Variation margin receivable on cleared swaps <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;89 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 |
| &nbsp;&nbsp;&nbsp; Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204778 |
| **Liabilities** |  |  |  |  |
| Due to broker<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;84 |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
| &nbsp;&nbsp;&nbsp; Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| &nbsp;&nbsp;&nbsp; Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$138438 | &nbsp;&nbsp;&nbsp;&nbsp;$259548 | &nbsp;&nbsp;&nbsp;&nbsp;$159577 | &nbsp;&nbsp;&nbsp;&nbsp;$201650 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$260858 | &nbsp;&nbsp;&nbsp;&nbsp;$363291 | &nbsp;&nbsp;&nbsp;&nbsp;$171743 | &nbsp;&nbsp;&nbsp;&nbsp;$247843 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46193) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$138438 | &nbsp;&nbsp;&nbsp;&nbsp;$259548 | &nbsp;&nbsp;&nbsp;&nbsp;$159577 | &nbsp;&nbsp;&nbsp;&nbsp;$201650 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7707 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;$118562 | &nbsp;&nbsp;&nbsp;&nbsp;$208171 | &nbsp;&nbsp;&nbsp;&nbsp;$152491 | &nbsp;&nbsp;&nbsp;&nbsp;$152706 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41237 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790737 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;21907522 | &nbsp;&nbsp;&nbsp;&nbsp;27915877 | &nbsp;&nbsp;&nbsp;&nbsp;14150543 | &nbsp;&nbsp;&nbsp;&nbsp;16211180 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5388381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379334 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.75 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.42 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.42 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5.63 | &nbsp;&nbsp;&nbsp;&nbsp;$7.55 | &nbsp;&nbsp;&nbsp;&nbsp;$11.10 | &nbsp;&nbsp;&nbsp;$10.13 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$152943 | &nbsp;&nbsp;&nbsp;$281474 | &nbsp;&nbsp;&nbsp;$164169 | &nbsp;&nbsp;&nbsp;&nbsp;$217427 |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1748 | &nbsp;&nbsp;&nbsp;&nbsp;$2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$368 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
| **Assets** |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$432866 | &nbsp;&nbsp;&nbsp;&nbsp;$29905 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Due from broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| Cash pledged as collateral for futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Variation margin receivable on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Receivables |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp; Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Receivable from affiliate<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;10 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30465 |
| **Liabilities** |  |  |
| Payables |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp; Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$432356 | &nbsp;&nbsp;&nbsp;&nbsp;$30378 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$449231 | &nbsp;&nbsp;&nbsp;&nbsp;$32245 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1867) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$432356 | &nbsp;&nbsp;&nbsp;&nbsp;$30378 |
| **Net Assets:** |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5029 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;$343827 | &nbsp;&nbsp;&nbsp;&nbsp;$25349 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519795 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;35256447 | &nbsp;&nbsp;&nbsp;&nbsp;2621922 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.67 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.67 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$440021 | &nbsp;&nbsp;&nbsp;&nbsp;$30687 |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS <br>YEAR ENDED December 31, 2022
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$764 | &nbsp;&nbsp;&nbsp;&nbsp;$67 |
| &nbsp;&nbsp;&nbsp; Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 |
| &nbsp;&nbsp;&nbsp; Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) |
| &nbsp;&nbsp;&nbsp; Less low balance account fees <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;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70206) | &nbsp;&nbsp;&nbsp;&nbsp;(1000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5583) | &nbsp;&nbsp;&nbsp;&nbsp;(10640) | &nbsp;&nbsp;&nbsp;&nbsp;(100928) | &nbsp;&nbsp;&nbsp;&nbsp;(4011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<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;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(14760) | &nbsp;&nbsp;&nbsp;&nbsp;(14774) | &nbsp;&nbsp;&nbsp;&nbsp;(171134) | &nbsp;&nbsp;&nbsp;&nbsp;(5011) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(13008) | &nbsp;&nbsp;&nbsp;&nbsp;$(12984) | &nbsp;&nbsp;&nbsp;&nbsp;$(41993) | &nbsp;&nbsp;&nbsp;&nbsp;$(4325) |

---

<sup>(1)</sup> Amount is less than $500.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS (Continued)

#### YEAR ENDED December 31, 2022
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76 |
| &nbsp;&nbsp;&nbsp; Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 |
| &nbsp;&nbsp;&nbsp; Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7757 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(13055) | &nbsp;&nbsp;&nbsp;&nbsp;(29450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6245) | &nbsp;&nbsp;&nbsp;&nbsp;(32640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<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;1102 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(17286) | &nbsp;&nbsp;&nbsp;&nbsp;(32714) | &nbsp;&nbsp;&nbsp;&nbsp;(13344) | &nbsp;&nbsp;&nbsp;&nbsp;(19254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<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;189 |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(30341) | &nbsp;&nbsp;&nbsp;&nbsp;(62164) | &nbsp;&nbsp;&nbsp;&nbsp;(19589) | &nbsp;&nbsp;&nbsp;&nbsp;(50603) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(21189) | &nbsp;&nbsp;&nbsp;&nbsp;$(44656) | &nbsp;&nbsp;&nbsp;&nbsp;$(16654) | &nbsp;&nbsp;&nbsp;&nbsp;$(44127) |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS (Continued)

#### YEAR ENDED December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41 | &nbsp;&nbsp;&nbsp;&nbsp;$18 |
| &nbsp;&nbsp;&nbsp; Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| &nbsp;&nbsp;&nbsp; Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliates<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(12001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(16776) | &nbsp;&nbsp;&nbsp;&nbsp;(1214) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(9007) | &nbsp;&nbsp;&nbsp;&nbsp;$(514) |

---

<sup>(1)</sup> Amount is less than $500.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

<sup>(3)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Corporate Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2349 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6015) |
| &nbsp;&nbsp;&nbsp; **Decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2071) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3714) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45505) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51290) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114097 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59926 | &nbsp;&nbsp;&nbsp;&nbsp;$107258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62807 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$129141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$723 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1559) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22271) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23561) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81630 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$2091052 | &nbsp;&nbsp;&nbsp;&nbsp;$2414747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58069 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix High Yield Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18929 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8198 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11316) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15811 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18685) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8158 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86211 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83337 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385596 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$138438 | &nbsp;&nbsp;&nbsp;&nbsp;$207885 | &nbsp;&nbsp;&nbsp;&nbsp;$259548 | &nbsp;&nbsp;&nbsp;&nbsp;$468933 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5357 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14968) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5398) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1687) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5549) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27249) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41702) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52649) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431731 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$159577 | &nbsp;&nbsp;&nbsp;&nbsp;$256764 | &nbsp;&nbsp;&nbsp;&nbsp;$201650 | &nbsp;&nbsp;&nbsp;&nbsp;$379082 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Ultra-Short Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$343 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp; Payment by affiliates<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Return of Capital:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4606) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4888) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48900 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$432356 | &nbsp;&nbsp;&nbsp;&nbsp;$883394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44012 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>**  | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>**  | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4)(5)</sup>**  | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>**  | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix Core Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.20 | &nbsp;&nbsp;0.21 | (1.75) | (1.54) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.26) |  | (1.80) | &nbsp;&nbsp;$9.40 | (13.85) % | &nbsp;&nbsp;&nbsp;&nbsp;$6240 | 0.66 % <sup>(6)</sup> | 0.95% | &nbsp;&nbsp;2.13% | 175% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;0.09 | (0.26) | (0.17) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.15) |  | (0.32) | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8651 | 0.64 | 0.88 | &nbsp;&nbsp;0.82 | 149 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.97 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.36) |  | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10943 | 0.64 | 0.89 | &nbsp;&nbsp;0.88 | 221 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.77 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9183 | 0.64 | 0.91 | &nbsp;&nbsp;2.03 | 197 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;0.22 | (0.25) | (0.03) | (0.23) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | (0.27) | &nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993 | 0.64 | 0.89 | &nbsp;&nbsp;2.18 | 172 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.20 | &nbsp;&nbsp;0.22 | (1.75) | (1.53) | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.27) |  | (1.80) | &nbsp;&nbsp;$9.40 | (13.72) % | &nbsp;&nbsp;&nbsp;&nbsp;$52113 | 0.51 % <sup>(6)</sup> | 0.66% | &nbsp;&nbsp;2.21% | 175% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;0.11 | (0.27) | (0.16) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.17) |  | (0.33) | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96081 | 0.50 | 0.60 | &nbsp;&nbsp;0.94 | 149 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.99 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.37) |  | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;187741 | 0.50 | 0.59 | &nbsp;&nbsp;0.90 | 221 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.78 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) |  | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93576 | 0.50 | 0.64 | &nbsp;&nbsp;2.21 | 197 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;0.24 | (0.26) | (0.02) | (0.24) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | (0.27) | &nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;136247 | 0.50 | 0.62 | &nbsp;&nbsp;2.31 | 172 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.20 | &nbsp;&nbsp;0.24 | (1.75) | (1.51) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.29) |  | (1.80) | &nbsp;&nbsp;$9.40 | (13.60) % | &nbsp;&nbsp;&nbsp;&nbsp;$1573 | 0.38 % <sup>(6)</sup> | 0.53% | &nbsp;&nbsp;2.40% | 175% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;0.13 | (0.27) | (0.14) | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.19) |  | (0.33) | &nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526 | 0.36 | 0.48 | &nbsp;&nbsp;1.12 | 149 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;1.01 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.39) |  | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | 0.36 | 0.49 | &nbsp;&nbsp;1.21 | 221 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.80 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 0.36 | 0.50 | &nbsp;&nbsp;2.12 | 197 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;0.25 | (0.26) | (0.01) | (0.25) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) |  | (0.27) | &nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | 0.36 | 0.48 | &nbsp;&nbsp;2.40 | 172 |
| **Seix Corporate Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;0.22 | (1.93) | (1.71) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.36) |  | (2.07) | &nbsp;&nbsp;$7.26 | (18.45) % | &nbsp;&nbsp;&nbsp;&nbsp;$5008 | 0.97 % <sup>(6)</sup> | 1.15% | &nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;99% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;0.18 | (0.37) | (0.19) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.37) |  | (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806 | 0.95 | 1.04 | &nbsp;&nbsp;1.85 | 164 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.54 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.60) |  | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;17.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8765 | 0.95 | 1.03 | &nbsp;&nbsp;2.07 | 135 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;1.01 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;12.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599 | 0.95 | 1.10 | &nbsp;&nbsp;2.69 | 118 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;0.26 | (0.60) | (0.34) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.02) | (0.27) |  | (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | 0.95 | 1.35 | &nbsp;&nbsp;3.08 | 299 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;0.16 | (1.92) | (1.76) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.30) |  | (2.06) | &nbsp;&nbsp;$7.23 | (19.00) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$490 | 1.66 % <sup>(6)</sup> | 1.89% | &nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;99% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;0.11 | (0.36) | (0.25) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.30) |  | (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;(2.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | 1.65 | 1.76 | &nbsp;&nbsp;1.14 | 164 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.46 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.53) |  | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;16.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | 1.65 | 1.78 | &nbsp;&nbsp;1.34 | 135 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.94 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | 1.65 | 1.84 | &nbsp;&nbsp;1.87 | 118 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;0.20 | (0.60) | (0.40) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.02) | (0.21) |  | (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;(4.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459 | 1.65 | 2.12 | &nbsp;&nbsp;2.37 | 299 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;0.24 | (1.92) | (1.68) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.38) |  | (2.06) | &nbsp;&nbsp;$7.22 | (18.25) % | &nbsp;&nbsp;&nbsp;&nbsp;$39738 | 0.72 % <sup>(6)</sup> | 0.98% | &nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;99% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;0.20 | (0.37) | (0.17) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.39) |  | (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54087 | 0.70 | 0.77 | &nbsp;&nbsp;2.07 | 164 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;1.57 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.63) |  | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;17.82 | &nbsp;&nbsp;&nbsp;&nbsp;103866 | 0.70 | 0.80 | &nbsp;&nbsp;2.26 | 135 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;1.02 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) |  | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32896 | 0.70 | 0.86 | &nbsp;&nbsp;2.90 | 118 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;0.27 | (0.60) | (0.33) | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.02) | (0.29) |  | (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35244 | 0.70 | 1.03 | &nbsp;&nbsp;3.33 | 299 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;0.26 | (1.92) | (1.66) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.40) |  | (2.06) | &nbsp;&nbsp;$7.22 | (18.02) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74 | 0.45 % <sup>(6)</sup> | 0.78% | &nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;99% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;0.23 | (0.36) | (0.13) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | (0.42) |  | (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | 0.43 | 0.70 | &nbsp;&nbsp;2.37 | 164 |
| 10/20/20 <sup>(7)</sup> to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.46 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | (0.38) |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | 0.43 | 0.71 | &nbsp;&nbsp;2.51 | 135 <sup>(8)</sup> |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br> Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br> and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br> Net Investment Income** | **Return of Capital** | **Distributions from<br> Net Realized Gains** | **Total Distributions** | **Payments from Affiliates** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>**  | **Net Assets, End of Period<br> (in thousands)** | **Ratio of Net Expenses to<br> Average Net Assets<sup>(4)(5)</sup>**  | **Ratio of Gross Expenses to<br> Average Net Assets<sup>(4)(5)</sup>**  | **Ratio of Net Investment Income (Loss)<br> to Average Net Assets<sup>(4)</sup>**  | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix Floating Rate High Income Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.23 | &nbsp;&nbsp;0.38 | (0.48) | (0.10) | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) |  | (0.49) | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;&nbsp;(1.20) % | &nbsp;&nbsp;&nbsp;&nbsp;$32916 | 0.97 % <sup>(6)(9)(10)</sup> | 0.97% | &nbsp;&nbsp;4.84% | &nbsp;&nbsp;&nbsp;57% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.41 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42301 | 0.95 <sup>(9)(10)(11)</sup> | 0.95 | &nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.30 | (0.31) | (0.01) | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) |  | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35224 | 0.96 <sup>(10)</sup> | 0.96 | &nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;68 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.52 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47938 | 0.95 <sup>(10)(11)</sup> | 0.93 | &nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;17 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;0.40 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) |  | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68213 | 0.94 | 0.95 | &nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;75 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.24 | &nbsp;&nbsp;0.33 | (0.48) | (0.15) | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) |  | (0.49) | &nbsp;&nbsp;$7.75 | &nbsp;&nbsp;&nbsp;(1.77) % | &nbsp;&nbsp;&nbsp;&nbsp;$10793 | 1.55 % <sup>(6)(10)</sup> | 1.73% | &nbsp;&nbsp;4.22% | &nbsp;&nbsp;&nbsp;57% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.37 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14303 | 1.54 <sup>(10)</sup> | 1.73 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.25 | (0.31) | (0.06) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21841 | 1.54 <sup>(10)</sup> | 1.68 | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;68 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.47 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37586 | 1.53 <sup>(10)</sup> | 1.65 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;17 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;0.35 | (0.40) | (0.05) | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) |  | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45588 | 1.52 | 1.62 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;75 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.23 | &nbsp;&nbsp;0.40 | (0.48) | (0.08) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | (0.49) | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;&nbsp;(0.89) % | $1795243 | 0.65 % <sup>(6)(10)</sup> | 0.75% | &nbsp;&nbsp;5.09% | &nbsp;&nbsp;&nbsp;57% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.44 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;2102532 | 0.64 <sup>(10)</sup> | 0.73 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.32 | (0.30) | &nbsp;&nbsp;0.02 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;1526917 | 0.64 <sup>(10)</sup> | 0.75 | &nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;68 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.54 | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;2701126 | 0.63 <sup>(10)</sup> | 0.72 | &nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;17 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;0.43 | (0.40) | &nbsp;&nbsp;0.03 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) |  | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;4380792 | 0.62 | 0.70 | &nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;75 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.24 | &nbsp;&nbsp;0.42 | (0.49) | (0.07) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) |  | (0.49) | &nbsp;&nbsp;$7.75 | &nbsp;&nbsp;&nbsp;(0.78) % | &nbsp;&nbsp;$252100 | 0.55 % <sup>(6)(10)</sup> | 0.63% | &nbsp;&nbsp;5.26% | &nbsp;&nbsp;&nbsp;57% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.45 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;255611 | 0.54 <sup>(10)</sup> | 0.62 | &nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;72 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;0.34 | (0.31) | &nbsp;&nbsp;0.03 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;142506 | 0.54 <sup>(10)</sup> | 0.63 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;68 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.55 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.45) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;552427 | 0.53 <sup>(10)</sup> | 0.61 | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;17 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;0.43 | (0.40) | &nbsp;&nbsp;0.03 | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) |  | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;805046 | 0.52 | 0.58 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;75 |
| **Seix High Grade Municipal Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $12.18 | &nbsp;&nbsp;0.18 | (1.24) | (1.06) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.22) |  | (1.28) | $10.90 | &nbsp;&nbsp;&nbsp;(8.69) % | &nbsp;&nbsp;&nbsp;&nbsp;$5217 | 0.74 % <sup>(6)</sup> | 1.03% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;99% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;0.11 | (0.07) | &nbsp;&nbsp;0.04 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | (0.28) |  | (0.24) | &nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711 | 0.73 | 0.94 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;48 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.82 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | (0.45) |  | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 | 0.75 <sup>(12)</sup> | 0.95 | &nbsp;&nbsp;1.04 | 203 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.88 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | (0.45) |  | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893 | 0.75 | 0.98 | &nbsp;&nbsp;1.78 | 233 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;0.31 | (0.26) | &nbsp;&nbsp;0.05 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.37) |  | (0.32) | &nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6767 | 0.80 <sup>(12)</sup> | 0.95 | &nbsp;&nbsp;2.63 | 130 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $12.18 | &nbsp;&nbsp;0.19 | (1.23) | (1.04) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.24) |  | (1.28) | $10.90 | &nbsp;&nbsp;&nbsp;(8.56) % | &nbsp;&nbsp;&nbsp;&nbsp;$37813 | 0.59 % <sup>(6)</sup> | 0.94% | &nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;99% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;0.13 | (0.07) | &nbsp;&nbsp;0.06 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | (0.30) |  | (0.24) | &nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51358 | 0.58 | 0.85 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;48 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.84 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | (0.47) |  | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74004 | 0.60 <sup>(12)</sup> | 0.86 | &nbsp;&nbsp;1.18 | 203 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.90 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | (0.47) |  | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53306 | 0.60 | 0.89 | &nbsp;&nbsp;1.91 | 233 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;0.32 | (0.25) | &nbsp;&nbsp;0.07 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) | (0.38) |  | (0.31) | &nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41769 | 0.65 <sup>(12)</sup> | 0.85 | &nbsp;&nbsp;2.77 | 130 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2) (3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4) (5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4) (5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix High Income Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$6.45 | &nbsp;&nbsp;0.31 | (1.03) | (0.72) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | (1.03) | &nbsp;&nbsp;$5.42 | (11.31) % | &nbsp;&nbsp;&nbsp;&nbsp;$13158 | 0.95 % <sup>(6)</sup> | 1.18% | &nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;70% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;0.30 | (0.01) | &nbsp;&nbsp;0.29 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) |  | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17612 | 0.93 | 1.14 | &nbsp;&nbsp;4.65 | 103 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.44 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20133 | 0.93 <sup>(12)</sup> | 1.16 | &nbsp;&nbsp;5.14 | 201 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.69 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) |  | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25338 | 0.98 <sup>(12)</sup> | 1.13 | &nbsp;&nbsp;5.03 | 113 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;0.36 | (0.57) | (0.21) | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) |  | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;(3.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14327 | 1.03 | 1.11 | &nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;77 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$6.44 | &nbsp;&nbsp;0.32 | (1.03) | (0.71) | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) |  | (1.03) | &nbsp;&nbsp;$5.41 | (11.12) % | &nbsp;&nbsp;$118562 | 0.70 % <sup>(6)</sup> | 0.93% | &nbsp;&nbsp;5.62% | &nbsp;&nbsp;&nbsp;70% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;0.32 | (0.02) | &nbsp;&nbsp;0.30 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;179018 | 0.68 | 0.89 | &nbsp;&nbsp;4.90 | 103 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.45 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;203543 | 0.68 <sup>(12)</sup> | 0.92 | &nbsp;&nbsp;5.38 | 201 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.71 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;234101 | 0.74 <sup>(12)</sup> | 0.90 | &nbsp;&nbsp;5.29 | 113 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;0.37 | (0.57) | (0.20) | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) |  | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;264435 | 0.80 | 0.88 | &nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;77 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$6.44 | &nbsp;&nbsp;0.33 | (1.04) | (0.71) | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) |  | (1.03) | &nbsp;&nbsp;$5.41 | (11.04) % | &nbsp;&nbsp;&nbsp;&nbsp;$6718 | 0.60 % <sup>(6)</sup> | 0.78% | &nbsp;&nbsp;5.69% | &nbsp;&nbsp;&nbsp;70% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;0.32 | (0.01) | &nbsp;&nbsp;0.31 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) |  | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11255 | 0.59 | 0.75 | &nbsp;&nbsp;4.98 | 103 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.46 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137 | 0.59 <sup>(12)</sup> | 0.77 | &nbsp;&nbsp;5.39 | 201 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.71 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) |  | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36912 | 0.61 <sup>(12)</sup> | 0.76 | &nbsp;&nbsp;5.30 | 113 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;0.38 | (0.57) | (0.19) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) |  | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4927 | 0.64 | 0.75 | &nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;77 |
| **Seix High Yield Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.56 | &nbsp;&nbsp;0.38 | (1.29) | (0.91) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) |  | (1.29) | &nbsp;&nbsp;$7.27 | (10.70) % | &nbsp;&nbsp;&nbsp;&nbsp;$11178 | 0.84 % <sup>(6)</sup> | 1.04% | &nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;66% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;0.34 | (0.03) | &nbsp;&nbsp;0.31 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) |  | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18370 | 0.82 | 1.01 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;93 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.77 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) |  | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11608 | 0.82 | 1.05 | &nbsp;&nbsp;4.54 | 182 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.95 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) |  | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 | 0.82 | 1.04 | &nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;98 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;0.43 | (0.59) | (0.16) | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) |  | (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | 0.82 | 1.02 | &nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;59 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;0.40 | (1.32) | (0.92) | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) |  | (1.32) | &nbsp;&nbsp;$7.46 | (10.51) % | &nbsp;&nbsp;$208171 | 0.65 % <sup>(6)</sup> | 0.77% | &nbsp;&nbsp;5.12% | &nbsp;&nbsp;&nbsp;66% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;0.37 | (0.03) | &nbsp;&nbsp;0.34 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) |  | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;430620 | 0.64 | 0.73 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;93 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.80 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) |  | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;362138 | 0.64 | 0.76 | &nbsp;&nbsp;4.81 | 182 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.99 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) |  | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;12.91 | &nbsp;&nbsp;&nbsp;&nbsp;292284 | 0.64 | 0.77 | &nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;98 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;0.45 | (0.58) | (0.13) | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.46) |  | (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;286931 | 0.64 | 0.76 | &nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;59 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;0.42 | (1.33) | (0.91) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | (1.32) | &nbsp;&nbsp;$7.46 | (10.41) % | &nbsp;&nbsp;&nbsp;&nbsp;$40199 | 0.55 % <sup>(6)</sup> | 0.67% | &nbsp;&nbsp;5.45% | &nbsp;&nbsp;&nbsp;66% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;0.38 | (0.03) | &nbsp;&nbsp;0.35 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) |  | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19943 | 0.53 | 0.64 | &nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;93 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.81 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850 | 0.53 | 0.67 | &nbsp;&nbsp;4.92 | 182 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;1.00 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645 | 0.53 | 0.67 | &nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;98 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;0.44 | (0.58) | (0.14) | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.46) |  | (0.60) | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | 0.53 | 0.64 | &nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;59 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2) (3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4) (5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4) (5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix Investment Grade Tax-Exempt Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.73 | &nbsp;&nbsp;0.15 | (0.93) | (0.78) | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | (0.16) |  | (0.94) | $10.79 | &nbsp;&nbsp;&nbsp;(6.62) % | &nbsp;&nbsp;&nbsp;&nbsp;$7086 | 0.69 % <sup>(6)</sup> | 1.04% | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;71% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;0.07 | (0.08) | (0.01) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | (0.25) |  | (0.26) | &nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 | 0.71 <sup>(12)</sup> | 1.01 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;95 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.67 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.40) |  | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8902 | 0.73 <sup>(12)</sup> | 1.01 | &nbsp;&nbsp;0.84 | 173 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.74 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | (0.47) |  | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9329 | 0.75 <sup>(12)</sup> | 1.00 | &nbsp;&nbsp;1.65 | 203 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;11.75 | &nbsp;&nbsp;0.28 | (0.23) | &nbsp;&nbsp;0.05 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.35) |  | (0.30) | &nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9999 | 0.80 <sup>(12)</sup> | 1.00 | &nbsp;&nbsp;2.47 | 105 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.72 | &nbsp;&nbsp;0.16 | (0.93) | (0.77) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | (0.17) |  | (0.94) | $10.78 | &nbsp;&nbsp;&nbsp;(6.49) % | &nbsp;&nbsp;$152491 | 0.53 % <sup>(6)</sup> | 0.84% | &nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;71% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;0.09 | (0.08) | &nbsp;&nbsp;0.01 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | (0.27) |  | (0.26) | &nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;249172 | 0.56 <sup>(12)</sup> | 0.80 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;95 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.70 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.42) |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;288699 | 0.58 <sup>(12)</sup> | 0.82 | &nbsp;&nbsp;0.98 | 173 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.76 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | (0.49) |  | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;295280 | 0.60 <sup>(12)</sup> | 0.81 | &nbsp;&nbsp;1.80 | 203 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;0.30 | (0.23) | &nbsp;&nbsp;0.07 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.37) |  | (0.30) | &nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;307001 | 0.65 <sup>(12)</sup> | 0.80 | &nbsp;&nbsp;2.61 | 105 |
| **Seix Total Return Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.63 | &nbsp;&nbsp;0.22 | (1.80) | (1.58) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) | (0.30) |  | (1.88) | &nbsp;&nbsp;$9.75 | (13.70) % | &nbsp;&nbsp;&nbsp;&nbsp;$7707 | 0.72 % <sup>(6)</sup> | 0.89% | &nbsp;&nbsp;2.08% | 169% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;0.12 | (0.30) | (0.18) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.12) |  | (0.30) | &nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991 | 0.70 | 0.86 | &nbsp;&nbsp;1.01 | 131 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;1.20 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.30) |  | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12879 | 0.70 | 0.87 | &nbsp;&nbsp;1.27 | 186 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.70 | (0.13) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24861 | 0.70 | 0.94 | &nbsp;&nbsp;2.04 | 190 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;0.23 | (0.28) | (0.05) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | (0.25) | &nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10717 | 0.70 | 0.85 | &nbsp;&nbsp;2.18 | 169 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.25 | &nbsp;&nbsp;0.23 | (1.74) | (1.51) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) | (0.32) |  | (1.83) | &nbsp;&nbsp;$9.42 | (13.57) % | &nbsp;&nbsp;$152706 | 0.48 % <sup>(6)</sup> | 0.59% | &nbsp;&nbsp;2.30% | 169% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;0.14 | (0.28) | (0.14) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.15) |  | (0.29) | &nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;274304 | 0.46 | 0.56 | &nbsp;&nbsp;1.25 | 131 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;1.19 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.33) |  | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;295811 | 0.46 | 0.57 | &nbsp;&nbsp;1.38 | 186 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.72 | (0.15) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;220036 | 0.46 | 0.59 | &nbsp;&nbsp;2.32 | 190 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;0.24 | (0.28) | (0.04) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | (0.25) | &nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;335999 | 0.46 | 0.55 | &nbsp;&nbsp;2.39 | 169 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.24 | &nbsp;&nbsp;0.24 | (1.73) | (1.49) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) | (0.33) |  | (1.82) | &nbsp;&nbsp;$9.42 | (13.36) % | &nbsp;&nbsp;&nbsp;&nbsp;$41237 | 0.32 % <sup>(6)</sup> | 0.46% | &nbsp;&nbsp;2.35% | 169% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;0.16 | (0.28) | (0.12) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.17) |  | (0.29) | &nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92787 | 0.31 | 0.45 | &nbsp;&nbsp;1.40 | 131 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;1.20 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.34) |  | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;123041 | 0.31 | 0.46 | &nbsp;&nbsp;1.53 | 186 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.72 | (0.16) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61313 | 0.31 | 0.45 | &nbsp;&nbsp;2.51 | 190 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;0.26 | (0.28) | (0.02) | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) |  | (0.25) | &nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70626 | 0.31 | 0.44 | &nbsp;&nbsp;2.55 | 169 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2) (3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4) (5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4) (5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Seix U.S. Government Securities Ultra-Short Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.01 | &nbsp;&nbsp;0.12 | (0.26) | (0.14) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) |  | (0.26) | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;&nbsp;(1.39) % | &nbsp;&nbsp;&nbsp;&nbsp;$13607 | 0.68% <sup>(6) (9) (11)</sup> | 0.66% | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;37% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.04 | (0.01) | (0.02) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(13)</sup> |  | (0.03) | &nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15323 | 0.66 | 0.67 | (0.07) | &nbsp;&nbsp;&nbsp;52 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.10 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33092 | 0.66 | 0.66 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;54 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.21 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741 | 0.65 <sup>(9)</sup> | 0.65 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;63 |
| 7/24/18 to 12/31/18<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.09 | (0.01) | &nbsp;&nbsp;0.08 | (0.08) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) |  | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5497 | 0.63 <sup>(9)</sup> | 0.63 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;28 <sup>(8)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.00 | &nbsp;&nbsp;0.12 | (0.23) | (0.11) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | (0.25) | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;&nbsp;(1.05) % | &nbsp;&nbsp;$343827 | 0.43 % <sup>(6)</sup> | 0.57% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;37% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;0.02 | (0.03) | (0.01) | (0.02) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) |  | (0.04) | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;710303 | 0.41 | 0.49 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;52 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.12 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;1090217 | 0.41 | 0.49 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;54 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.23 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;864548 | 0.41 | 0.50 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;63 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;0.19 | (0.01) | &nbsp;&nbsp;0.18 | (0.19) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;1232473 | 0.41 | 0.50 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;28 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.02 | &nbsp;&nbsp;0.14 | (0.23) | (0.09) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | (0.25) | &nbsp;&nbsp;$9.77 | &nbsp;&nbsp;&nbsp;(0.90) % | &nbsp;&nbsp;&nbsp;&nbsp;$74922 | 0.28 % <sup>(6)</sup> | 0.40% | &nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;37% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;0.03 | (0.02) | &nbsp;&nbsp;0.01 | (0.03) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) |  | (0.03) | &nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;157768 | 0.26 | 0.35 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;52 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.14 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87343 | 0.26 | 0.38 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;54 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.25 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25521 | 0.26 | 0.37 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;63 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;0.20 | (0.01) | &nbsp;&nbsp;0.19 | (0.21) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | (0.03) | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32940 | 0.26 | 0.37 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;28 |
| **Seix Ultra-Short Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;0.15 | (0.24) | (0.09) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | — <sup>(15)(16)</sup> | (0.25) | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;&nbsp;(0.94) % | &nbsp;&nbsp;&nbsp;&nbsp;$5029 | 0.67 % <sup>(6)</sup> | 0.87% | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;60% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;0.05 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) |  | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049 | 0.65 | 0.86 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;89 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.11 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189 | 0.65 | 0.84 | &nbsp;&nbsp;1.03 | 101 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.25 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111 | 0.65 | 0.83 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;97 |
| 7/24/18 to 12/31/18<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;0.11 | (0.06) | &nbsp;&nbsp;0.05 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | 0.65 | 0.84 | &nbsp;&nbsp;2.46 | 112 <sup>(8)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;0.17 | (0.23) | (0.06) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | — <sup>(15)(16)</sup> | (0.24) | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;&nbsp;(0.59) % | &nbsp;&nbsp;&nbsp;&nbsp;$25349 | 0.42 % <sup>(6)</sup> | 0.66% | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;60% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;0.07 | (0.04) | &nbsp;&nbsp;0.03 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) |  | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38963 | 0.40 | 0.63 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;89 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.14 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.13) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44711 | 0.40 | 0.62 | &nbsp;&nbsp;1.29 | 101 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.28 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48183 | 0.40 | 0.61 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;97 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;0.22 | (0.06) | &nbsp;&nbsp;0.16 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60041 | 0.40 | 0.62 | &nbsp;&nbsp;2.21 | 112 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |
| <sup>(3)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(4)</sup> | Annualized for periods less than one year. |
| <sup>(5)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(6)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(7)</sup> | Inception date. |
| <sup>(8)</sup> | Portfolio turnover is representative of the Fund for the entire period. |
| <sup>(9)</sup> | The share class is currently under its expense limitation. |
| <sup>(10)</sup> | Ratio of total expenses excluding interest expense on borrowings for the year ended December 31, 2022 were 0.96% (Class A), 1.54% (Class C), 0.64% (Class I) and 0.54% (Class R6), for the year ended December 31, 2021 were 0.93% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6) and the years ended December 31, 2020 and 2019 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6). |
| <sup>(11)</sup> | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
| <sup>(12)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(13)</sup> | Amount is less than $0.005 per share. |
| <sup>(14)</sup> | Class A commenced operations on July 24, 2018. |
| <sup>(15)</sup> | See Note 4G in Notes to Financial Statements. |
| <sup>(16)</sup> | Amount is less than $0.005 per share. |

---

See Notes to Financial Statements

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS <br>December 31, 2022

#### Note 1. Organization
Virtus Asset Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of this report, 16 funds of the Trust are offered for sale, of which 10 (each a "Fund" or collectively, the "Funds") are reported in this annual report. Each Fund's investment objective is outlined in its respective Fund Summary page. *There is no guarantee that a Fund will achieve its objective(s).*

The Seix High Grade Municipal Bond Fund, Seix Investment Grade Tax-Exempt Bond Fund, Seix Short-Term Municipal Bond Fund and Seix Ultra-Short Bond Fund offer Class I shares and Class A shares. The Seix Core Bond Fund, Seix High Income Fund, Seix High Yield Fund, Seix Total Return Fund, and Seix U.S. Government Securities Ultra-Short Bond Fund offer Class A shares, Class I shares and Class R6 shares. The Seix Corporate Bond Fund and Seix Floating Rate High Income Fund offer Class A shares, Class C shares, Class I shares and Class R6 shares.

Class A shares of the Seix Core Bond Fund, Seix Corporate Bond Fund, Seix High Income Fund, Seix High Yield Fund and Seix Total Return Bond Fund are sold with a front-end sales charge of up to 3.75%. Class A shares of the Seix Floating Rate High Income Fund, Seix High Grade Municipal Bond Fund, and Seix Investment Grade Tax-Exempt Bond Fund are sold with a front-end sales charge of up to 2.75%. Class A shares of the Seix Short-Term Municipal Bond Fund are sold with a front-end sales charge of up to 2.25%. Class A shares of the Seix U.S. Government Securities Ultra-Short Bond Fund and Seix Ultra-Short Bond Fund are not sold with a front-end sales charge. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 12 months for the Seix Short-Term Municipal Bond Fund and 18 months for all other Funds (except the Seix U.S. Government Securities Ultra-Short Bond Fund and Seix Ultra-Short Bond Fund, which are not subject to a CDSC). The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

#### Note 2. Significant Accounting Policies

#### ($ reported in thousands)
The Trust is an investment company that follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |

---

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

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

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

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

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, 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, and restricted securities, are valued based on evaluated 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 Adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

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

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

A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation |

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

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| | |
|:---|:---|
|  | (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Payment-In-Kind Securities** |
|  | Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **H.** | **Securities Traded on a To-Be-Announced Basis** |
|  | Certain Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities. |
| **I.** | **When-issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |
| **J.** | **Leveraged Loans** |
|  | Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The |

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

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| | |
|:---|:---|
|  | agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **K.** | **Warrants** |
|  | The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Series to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value. |
| **L.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon ("BNYM"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
|  | Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
|  | Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
|  | At December 31, 2022, the securities loaned were subject to a MSLA on a net payment basis as follows: |

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| | | | |
|:---|:---|:---|:---|
|  **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Value of<br> Securities<br> on Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount<sup>(2)</sup>** |
| Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1748 | &nbsp;&nbsp;&nbsp;&nbsp;$1748 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of December 31, 2022 for the Funds:

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| | | |
|:---|:---|:---|
|  **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment of<br> Cash Collateral** | &nbsp;&nbsp;&nbsp;&nbsp;**Overnight <br> and<br> Continuous** |
| Seix High Income Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;$1835 |
| Seix High Yield Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 |
| Seix Total Return Bond Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |

---

#### Note 3. Derivative Financial Instruments and Transactions

#### ($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

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| | |
|:---|:---|
| **A.** | **Futures Contracts** |
|  | A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts. |
|  | During the year ended December 31, 2022, the Seix U.S. Government Securities Ultra-Short Bond Fund and Seix Ultra-Short Bond Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts". |
| **B.** | **Swaps** |
|  | Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). The value of the swap is reflected on the Statements of Assets and Liabilities as "OTC swaps at value" for OTC swaps and as "Variation margin receivable on cleared swaps". Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations. |
|  | Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "OTC swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. |
|  | In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. |
|  | Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for cleared swaps". |

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

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| |
|:---|
| Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. |
| *Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).* |
| During the year ended December 31, 2022, the Seix Corporate Bond Fund and Seix Total Return Bond Fund utilized credit index swaps to gain exposure to short individual securities or to gain exposure to a credit or asset-backed index. |
| The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at December 31, 2022: |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| Variation margin receivable on cleared swaps<sup>(</sup><sup>1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;$28 | &nbsp;&nbsp;$124 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Variation margin receivable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| Total |  | &nbsp;&nbsp;$28 | &nbsp;&nbsp;$124 | &nbsp;&nbsp;&nbsp;$6 | &nbsp;&nbsp;$— <sup>(1)</sup> |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| Variation margin receivable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(11) | &nbsp;&nbsp;&nbsp;$(1) |
| Total |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(11) | &nbsp;&nbsp;&nbsp;$(1) |

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<sup>(1)</sup> Represents cumulative appreciation (depreciation) on futures contracts and swap contracts as reported in the Schedules of Investments. Only current day's variation margin is shown in the Statements of Assets and Liabilities for exchange traded futures contracts and exchange traded swap contracts.

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Operations for the year at December 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;$118 | &nbsp;&nbsp;$1102 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp;221 |
| Total |  | &nbsp;&nbsp;$118 | &nbsp;&nbsp;$1102 | &nbsp;&nbsp;$3845 | &nbsp;&nbsp;$221 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;$189 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Total |  | &nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;$189 | &nbsp;&nbsp;&nbsp;$220 | &nbsp;&nbsp;&nbsp;$(4) |

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The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Fund for the year ended December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts - Short Positions<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$375 | &nbsp;&nbsp;&nbsp;&nbsp;$27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swap Contracts - Buy Protection<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Average unrealized for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Average notional amount. |

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| | |
|:---|:---|
| **C.** | **Derivative Risks** |
|  | A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. |
|  | A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. |
|  | With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund. |
|  | In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC |

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

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| | |
|:---|:---|
|  | derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. |
| **D.** | **Collateral Requirements and Master Netting Agreements ("MNA")** |
|  | For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. |
|  | Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
|  | For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. |
|  | The following tables present the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of December 31, 2022: |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** |
|  | &nbsp;&nbsp;**Seix Corporate<br> Bond Fund** | &nbsp;&nbsp;**Seix Corporate<br> Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
|  | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** |
| **Derivative Financial<br> Instruments:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total derivative assets and<br> liabilities in the Statements of<br> Assets and Liabilities | &nbsp;&nbsp;$20 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$89 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$— |
| Derivatives not subject to a MNA<br> or similar agreement | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets and liabilities<br> subject to a MNA | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

#### Note 4. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Fund Advisers, LLC (the "Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadviser. |
|  | As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $500 Million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $500 Million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 |

---

The above fees are also subject to breakpoint discounts at the following asset levels for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First $500 million = none — no discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $500 million = 5% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $4 billion = 10% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion = 15% discount from full fee

---

| | |
|:---|:---|
| **B.** | **Subadviser** |
|  | Seix Investment Advisors (the "Subadviser"), a division of Virtus Fixed Income Advisers LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser. |
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2023. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

<sup>(1)</sup> The share class is currently below its expense cap.

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending December 31: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Core Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;&nbsp;$23 | &nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;&nbsp;$70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Corporate Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Floating Rate High Income Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Grade Municipal Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Income Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix High Yield Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Investment Grade Tax-Exempt Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Total Return Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix U.S. Government Securities Ultra-Short Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Ultra-Short Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than $500.

During the year ended December 31, 2022, the Adviser recaptured expenses previously waived for the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than $500.

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the year ended December 31, 2022, it retained net commissions of $3 for Class A shares and CDSC of $6 for Class C shares. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares (0.15% for Seix High Grade Municipal Bond Fund), and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | |
|:---|:---|
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the year ended December 31, 2022, the Funds incurred administration fees totaling $4,055 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the year ended December 31, 2022, the Funds incurred transfer agent fees totaling $1,812 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Payment by Affiliate** |
|  | The Seix Ultra-Short Bond Fund will be reimbursed $10 by the Subadviser for costs incurred due to a trade error during the year ended December 31, 2022. |
| **H.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. |
|  | During the year ended December 31, 2022, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
| **I.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at December 31, 2022. |

---

#### Note 5. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7905 | &nbsp;&nbsp;&nbsp;&nbsp;$24552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29050 |

---

Purchases and sales of long-term U.S. government and agency securities during the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$128816 | &nbsp;&nbsp;&nbsp;&nbsp;$145007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643 |

---

#### Note 6. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Core Bond Fund** | &nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;**Seix Corporate Bond Fund** | &nbsp;&nbsp;**Seix Corporate Bond Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;$(1085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) | &nbsp;&nbsp;$(1990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | &nbsp;&nbsp;$(1211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;$(453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;$(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;$(466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;$12139 | &nbsp;&nbsp;&nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20226 | &nbsp;&nbsp;&nbsp;&nbsp;4643 | &nbsp;&nbsp;&nbsp;&nbsp;$38917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9986 | &nbsp;&nbsp;&nbsp;&nbsp;$95436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(4422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44565) | &nbsp;&nbsp;&nbsp;&nbsp;(9646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109083) | &nbsp;&nbsp;&nbsp;&nbsp;(5302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41752) | &nbsp;&nbsp;&nbsp;&nbsp;(15069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(3031) | &nbsp;&nbsp;$(30629) | &nbsp;&nbsp;&nbsp;&nbsp;(7711) | &nbsp;&nbsp;$(87208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) | &nbsp;&nbsp;$(270) | &nbsp;&nbsp;&nbsp;&nbsp;(4732) | &nbsp;&nbsp;$(44586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;$(558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17560) | &nbsp;&nbsp;&nbsp;&nbsp;(1042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887) | &nbsp;&nbsp;&nbsp;$(6834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;$(843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;$(762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5862) | &nbsp;&nbsp;&nbsp;&nbsp;(1320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343) | &nbsp;&nbsp;&nbsp;$(2710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962) | &nbsp;&nbsp;$(7900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix Floating Rate High Income Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** | &nbsp;&nbsp;**Seix High Grade Municipal Bond Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;159981 | &nbsp;&nbsp;$1286311 | &nbsp;&nbsp;&nbsp;128443 | &nbsp;&nbsp;$1056101 | &nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp;&nbsp;&nbsp;$23159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(196464) | &nbsp;&nbsp;&nbsp;&nbsp;(1544553) | &nbsp;&nbsp;&nbsp;&nbsp;(69063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568102) | &nbsp;&nbsp;&nbsp;&nbsp;(2914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32761) | &nbsp;&nbsp;&nbsp;&nbsp;(2590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(23514) | &nbsp;&nbsp;&nbsp;$(156322) | &nbsp;&nbsp;&nbsp;&nbsp;66594 | &nbsp;&nbsp;&nbsp;&nbsp;$547342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(747) | &nbsp;&nbsp;$(9059) | &nbsp;&nbsp;&nbsp;&nbsp;(1744) | &nbsp;&nbsp;$(21509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21715 | &nbsp;&nbsp;&nbsp;&nbsp;$173291 | &nbsp;&nbsp;&nbsp;&nbsp;24626 | &nbsp;&nbsp;&nbsp;&nbsp;$202825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(20975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166182) | &nbsp;&nbsp;&nbsp;&nbsp;(11801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;$13182 | &nbsp;&nbsp;&nbsp;&nbsp;13416 | &nbsp;&nbsp;&nbsp;&nbsp;$110503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;**Seix High Income Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** | &nbsp;&nbsp;**Seix High Yield Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;$12446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3934) | &nbsp;&nbsp;&nbsp;&nbsp;(1686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10861) | &nbsp;&nbsp;&nbsp;&nbsp;(1421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) | &nbsp;&nbsp;$(1758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387) | &nbsp;&nbsp;$(2466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(610) | &nbsp;&nbsp;$(4878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp;&nbsp;$31393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44160 | &nbsp;&nbsp;&nbsp;&nbsp;10674 | &nbsp;&nbsp;&nbsp;&nbsp;$83284 | &nbsp;&nbsp;&nbsp;&nbsp;23597 | &nbsp;&nbsp;&nbsp;$207717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(12801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73706) | &nbsp;&nbsp;&nbsp;&nbsp;(12042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77523) | &nbsp;&nbsp;&nbsp;&nbsp;(33489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263878) | &nbsp;&nbsp;&nbsp;&nbsp;(17351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5886) | &nbsp;&nbsp;$(34634) | &nbsp;&nbsp;&nbsp;&nbsp;(3766) | &nbsp;&nbsp;$(24112) | &nbsp;&nbsp;&nbsp;&nbsp;(21153) | &nbsp;&nbsp;$(167635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7960 | &nbsp;&nbsp;&nbsp;&nbsp;$71216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470 | &nbsp;&nbsp;&nbsp;&nbsp;$35888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp;$10480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685) | &nbsp;&nbsp;&nbsp;&nbsp;(1556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506) | &nbsp;&nbsp;$(2805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 | &nbsp;&nbsp;&nbsp;&nbsp;$25085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8158 |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Investment Grade Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** | &nbsp;&nbsp;**Seix Total Return Bond Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | &nbsp;&nbsp;$(1135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) | &nbsp;&nbsp;$(2431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | &nbsp;&nbsp;$(575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7769 | &nbsp;&nbsp;&nbsp;&nbsp;$84245 | &nbsp;&nbsp;&nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;$20142 | &nbsp;&nbsp;&nbsp;&nbsp;6704 | &nbsp;&nbsp;&nbsp;&nbsp;$75866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(15078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163834) | &nbsp;&nbsp;&nbsp;&nbsp;(8118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96638) | &nbsp;&nbsp;&nbsp;&nbsp;(10823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107743) | &nbsp;&nbsp;&nbsp;&nbsp;(8279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(7116) | &nbsp;&nbsp;$(77498) | &nbsp;&nbsp;&nbsp;&nbsp;(2839) | &nbsp;&nbsp;$(33788) | &nbsp;&nbsp;&nbsp;&nbsp;(8181) | &nbsp;&nbsp;$(80987) | &nbsp;&nbsp;&nbsp;&nbsp;(1247) | &nbsp;&nbsp;$(13878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6832 | &nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp;$32817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49766) | &nbsp;&nbsp;&nbsp;&nbsp;(5454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(3874) | &nbsp;&nbsp;$(41381) | &nbsp;&nbsp;&nbsp;&nbsp;(2414) | &nbsp;&nbsp;$(27249) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix U.S. Government Securities Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** | &nbsp;&nbsp;**Seix Ultra-Short Bond Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8004) | &nbsp;&nbsp;&nbsp;&nbsp;(4317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) | &nbsp;&nbsp;$(1338) | &nbsp;&nbsp;&nbsp;&nbsp;(1765) | &nbsp;&nbsp;$(17659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;15280 | &nbsp;&nbsp;&nbsp;$150311 | &nbsp;&nbsp;&nbsp;&nbsp;34295 | &nbsp;&nbsp;&nbsp;&nbsp;$343991 | &nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp;$12778 | &nbsp;&nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp;$26826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(51578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(509004) | &nbsp;&nbsp;&nbsp;&nbsp;(72159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723408) | &nbsp;&nbsp;&nbsp;&nbsp;(2668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25908) | &nbsp;&nbsp;&nbsp;&nbsp;(3282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(35741) | &nbsp;&nbsp;$(353233) | &nbsp;&nbsp;&nbsp;&nbsp;(37625) | &nbsp;&nbsp;$(377023) | &nbsp;&nbsp;&nbsp;&nbsp;(1308) | &nbsp;&nbsp;$(12525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558) | &nbsp;&nbsp;$(5489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp;$30949 | &nbsp;&nbsp;&nbsp;&nbsp;18051 | &nbsp;&nbsp;&nbsp;&nbsp;$181257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(11242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111027) | &nbsp;&nbsp;&nbsp;&nbsp;(11001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(8077) | &nbsp;&nbsp;$(79694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

#### Note 7. 10% Shareholders
As of December 31, 2022, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;3 <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;3 |

---

<sup>\*</sup> Includes affiliated shareholder account(s).

#### Note 8. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

In July 2017, the head of the United Kingdom Financial Conduct Authority ("FCA") announced the intention to phase out the use of LIBOR by the end of 2021. However, after subsequent announcements by the FCA, the LIBOR administrator and other regulators, certain of the most widely used LIBORs are expected to continue until June 30, 2023. The ICE Benchmark Administration Limited, which is regulated and authorized by FCA, and the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain the effects such changes will have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social, or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund's ability to repatriate such amounts.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

#### Note 9. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

#### Note 10. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At December 31, 2022, the Funds did not hold any securities that were restricted.

#### Note 11. Redemption Facility

#### ($ reported in thousands)
On September 18, 2017, the Funds and certain other affiliated funds entered into a $250,000 unsecured line of credit ("Credit Agreement"). $100,000 of the Credit Agreement was reserved for the Seix Floating Rate High Income Fund. On March 15, 2018, the Trust, on behalf of Seix Floating Rate High Income Fund, entered into a separate $150,000 line of credit for that Fund and the original Credit Agreement was reduced to $150,000. On March 12, 2021, the line of credit for Seix Floating Rate High Income Fund was reduced to $125,000. In addition to the reduction, an affiliated fund was added to the line of credit through this amendment. On June 14, 2021, the Credit Agreement was increased to $250,000. Both the Credit Agreement and the line of credit for Seix Floating Rate High Income Fund, as amended, are with commercial banks and allows the Funds to borrow cash from the bank that allows the Funds to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. Each has a term of 364 days and has been renewed for a period up to March 9, 2023 and March 10, 2023, respectively. Effective March 10, 2022, interest is charged at the higher of the SOFR (prior to effective date, LIBOR) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended December 31, 2022, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations. The Funds and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The following Funds had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Incurred<br> on Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average Dollar<br> Amount of Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Days Loan<br> was Open** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$2700 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than $500.

#### Note 12. Federal Income Tax Information

#### ($ reported in thousands)
At December 31, 2022, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal <br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$63858 | &nbsp;&nbsp;&nbsp;&nbsp;$188 | &nbsp;&nbsp;&nbsp;&nbsp;$(4538) | &nbsp;&nbsp;&nbsp;&nbsp;$(4350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;2124890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;152971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;281373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;164158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;217714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;440026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789) |

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended December 31, 2022, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5546 | &nbsp;&nbsp;&nbsp;&nbsp;$1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$173595 | &nbsp;&nbsp;&nbsp;&nbsp;$603553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed <br> Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed <br> Tax-Exempt<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Post-October <br> Capital Loss<br> Deferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Loss<br> Deferred** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2099 | &nbsp;&nbsp;&nbsp;&nbsp;$7137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the fiscal years ended December 31, 2022 and 2021 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary <br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term <br> Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp;**Tax-Exempt <br> Distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Core Bond Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1752 | &nbsp;&nbsp;&nbsp;&nbsp;$300 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Corporate Bond Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Floating Rate High Income Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Grade Municipal Bond Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Income Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix High Yield Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Investment Grade Tax-Exempt Bond Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Total Return Bond Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549 |

---

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary <br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term <br> Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp;**Tax-Exempt <br> Distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7766 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Ultra-Short Bond Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

#### Note 13. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 14. Recent Accounting Pronouncement
In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, the FASB issued ASU 2022-06 to defer the sunset date of ASC 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2020-06, but does not believe there will be a material impact.

#### Note 15. New Regulatory Pronouncement
In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

#### Note 16. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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![](g436853img6274b5be22.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Virtus Asset Trust and Shareholders of Virtus Seix Core Bond Fund, Virtus Seix Corporate Bond Fund, Virtus Seix Floating Rate High Income Fund, Virtus Seix High Grade Municipal Bond Fund, Virtus Seix High Income Fund, Virtus Seix High Yield Fund, Virtus Seix Investment Grade Tax-Exempt Bond Fund, Virtus Seix Total Return Bond Fund, Virtus Seix U.S. Government Securities Ultra-Short Bond Fund and Virtus Seix Ultra-Short Bond Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Seix Core Bond Fund, Virtus Seix Corporate Bond Fund, Virtus Seix Floating Rate High Income Fund, Virtus Seix High Grade Municipal Bond Fund, Virtus Seix High Income Fund, Virtus Seix High Yield Fund, Virtus Seix Investment Grade Tax-Exempt Bond Fund, Virtus Seix Total Return Bond Fund, Virtus Seix U.S. Government Securities Ultra-Short Bond Fund and Virtus Seix Ultra-Short Bond Fund (ten of the Funds constituting Virtus Asset Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents, agent banks, and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> February 24, 2023

We have served as the auditor of one or more investment companies in Virtus Mutual Funds since at least 1977. We have not been able to determine the specific year we began serving as auditor.

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#### VIRTUS ASSET TRUST

#### TAX INFORMATION NOTICE (Unaudited)

#### December 31, 2022
The following information is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2023, the Funds will notify applicable shareholders of amounts for use in preparing 2022 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended December 31, 2022, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Qualified REIT<br> Dividends** | &nbsp;&nbsp;&nbsp;&nbsp;**QDI** | &nbsp;&nbsp;&nbsp;&nbsp;**DRD** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term <br> Capital Gain<br> Distributions ($)** |
| Seix Core Bond Fund<br>| &nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Seix Corporate Bond Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix Floating Rate High Income Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix High Grade Municipal Bond Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix High Income Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix High Yield Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix Investment Grade Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix Total Return Bond Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix U.S. Government Securities Ultra-Short Bond Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Seix Ultra-Short Bond Fund<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

For federal income tax purposes, 100% of the income dividends paid by the Seix High Grade Municipal Bond Fund and Seix Investment Grade Tax-Exempt Bond Fund qualify as exempt-interest dividends.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS SEIX CORE BOND FUND, VIRTUS SEIX CORPORATE BOND FUND, VIRTUS SEIX FLOATING RATE HIGH INCOME FUND, VIRTUS SEIX HIGH GRADE MUNICIPAL BOND FUND, VIRTUS SEIX HIGH INCOME FUND, VIRTUS SEIX HIGH YIELD FUND, VIRTUS SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND, VIRTUS SEIX TOTAL RETURN BOND FUND, VIRTUS SEIX U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND, AND VIRTUS SEIX ULTRA-SHORT BOND FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES (UNAUDITED)

The Board of Trustees (the "Board") of Virtus Asset Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Fund Advisers, LLC ("VFA") and the subadvisory agreement (the "Subadvisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, VFA and Virtus Fixed Income Advisers, LLC, operating through its division, Seix Investment Advisors (the "Subadviser"). At meetings held on November 1, 2022, and November 14-16, 2022 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered and approved the continuation of each Agreement as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VFA and the Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VFA and the Subadviser, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadviser with respect to the Funds. The Board noted the affiliation of the Subadviser with VFA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria with respect to the applicable Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Funds by VFA and the Subadviser; (b) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (c) the level and method of computing each Fund's advisory and subadvisory fees, and comparisons of the Funds' advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (d) the profitability of VFA under the Advisory Agreement; (e) any "fall-out" benefits to VFA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VFA, the Subadviser or their affiliates from VFA's or the Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on each Fund's performance and expenses; (g) fees paid to VFA and the Subadviser by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

The Trustees received in advance of the Meetings information provided by VFA and the Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Funds are managed using a "manager of managers" structure that generally involves the use of one or more subadvisers to manage some or all of a Fund's portfolio. Under this structure, VFA is responsible for the management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VFA, the Board considered VFA's process for supervising and managing the Funds' subadviser(s), including (a) VFA's ability to select and monitor the subadviser(s); (b) VFA's ability to provide the services necessary to monitor the subadviser's(s') compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VFA's ability and willingness to identify instances in which the subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VFA's management and other personnel; (b) the financial condition of VFA, and whether it had the financial wherewithal to provide a high level

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**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS SEIX CORE BOND FUND, VIRTUS SEIX CORPORATE BOND FUND, VIRTUS SEIX FLOATING RATE HIGH INCOME FUND, VIRTUS SEIX HIGH GRADE MUNICIPAL BOND FUND, VIRTUS SEIX HIGH INCOME FUND, VIRTUS SEIX HIGH YIELD FUND, VIRTUS SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND, VIRTUS SEIX TOTAL RETURN BOND FUND, VIRTUS SEIX U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND, AND VIRTUS SEIX ULTRA-SHORT BOND FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

(UNAUDITED) (CONTINUED)

and quality of services to the Funds; (c) the quality of VFA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VFA and its affiliates to the Funds; (e) VFA's supervision of the Funds' other service providers; and (f) VFA's risk management processes. It was noted that affiliates of VFA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VFA's management and the quality of the performance of VFA's duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreement, the Board noted that the Subadviser provided portfolio management, compliance with the Funds' investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VFA's and the Subadviser's management of the Funds is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Funds' prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreement, the Board also considered the Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the Funds; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser's risk assessment and monitoring process. The Board noted the Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VFA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the Funds.

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe") and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio composition, as well as the Subadviser's investment strategies. The Board noted VFA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadviser. The Board also noted the Subadviser's performance record with respect to each Fund. The Board was mindful of VFA's focus on the Subadviser's performance and noted VFA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2022.

*<u>Virtus Seix Core Bond Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board noted that the Fund underperformed its benchmark for the 1- and 10-year periods and outperformed its benchmark for the 3- and 5-year periods.*

*<u>Virtus Seix Corporate Bond Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its benchmark for the 3-, 5- and 10-year periods.*

*<u>Virtus Seix Floating Rate High Income Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 5- and 10-year periods and outperformed its benchmark for the 3-year period.*

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**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS SEIX CORE BOND FUND, VIRTUS SEIX CORPORATE BOND FUND, VIRTUS SEIX FLOATING RATE HIGH INCOME FUND, VIRTUS SEIX HIGH GRADE MUNICIPAL BOND FUND, VIRTUS SEIX HIGH INCOME FUND, VIRTUS SEIX HIGH YIELD FUND, VIRTUS SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND, VIRTUS SEIX TOTAL RETURN BOND FUND, VIRTUS SEIX U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND, AND VIRTUS SEIX ULTRA-SHORT BOND FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

(UNAUDITED) (CONTINUED)

*<u>Virtus Seix High Grade Municipal Bond Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed for the 3-, 5- and 10-year periods.*

*<u>Virtus Seix High Income Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the 1- and 3-year periods and outperformed the median of its Performance Universe for the 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.*

*<u>Virtus Seix High Yield Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1- and 10-year periods and outperformed its benchmark for the 3- and 5-year periods.*

*<u>Virtus Seix Investment Grade Tax-Exempt Bond Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for 1-, 3-, 5- and 10-year periods.*

*<u>Virtus Seix Total Return Bond Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, and 5-year periods and underperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, 5- and 10-year periods.*

*<u>Virtus Seix U.S. Government Securities Ultra-Short Bond Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods and outperformed its benchmark for the 10-year period.*

*<u>Virtus Seix Ultra-Short Bond Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3- and 5-year period and that the Fund's performance was equal to the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5- and outperformed its benchmark for the 10-year period.*

The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that each Fund's overall performance, taking into account reasons discussed for certain Funds' underperformance and/or actions taken to address the underperformance, was satisfactory.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing each Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory fees. The Board also noted that all of the Funds had expense caps in place to limit the total expenses incurred by the Funds and their shareholders. The Board also noted that the subadvisory fees were paid by VFA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VFA after payment of the subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadviser provided, and the Board considered, fee information of comparable accounts managed by the Subadviser, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Seix Core Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe.*

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**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS SEIX CORE BOND FUND, VIRTUS SEIX CORPORATE BOND FUND, VIRTUS SEIX FLOATING RATE HIGH INCOME FUND, VIRTUS SEIX HIGH GRADE MUNICIPAL BOND FUND, VIRTUS SEIX HIGH INCOME FUND, VIRTUS SEIX HIGH YIELD FUND, VIRTUS SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND, VIRTUS SEIX TOTAL RETURN BOND FUND, VIRTUS SEIX U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND, AND VIRTUS SEIX ULTRA-SHORT BOND FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

(UNAUDITED) (CONTINUED)

*<u>Virtus Seix Corporate Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.*

*<u>Virtus Seix Floating Rate High Income Fund.</u> The Board considered that the Fund's net management fee and net total expenses after waivers were each in the first quintile of the Expense Universe.*

*<u>Virtus Seix High Grade Municipal Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.*

*<u>Virtus Seix High Income Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe.*

*<u>Virtus Seix High Yield Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe.*

*<u>Virtus Seix Investment Grade Tax-Exempt Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.*

*<u>Virtus Seix Total Return Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile and net total expenses after waivers were in the third quintile of the Expense Universe.*

*<u>Virtus Seix U.S. Government Securities Ultra-Short Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.*

*<u>Virtus Seix Ultra-Short Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.*

The Board concluded that the advisory and subadvisory fees for each Fund, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VFA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VFA for its management of the Funds and the other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VFA affiliates. In addition to the fees paid to VFA and its affiliates, including the Subadviser, the Board considered any other benefits derived by VFA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VFA and its affiliates from each Fund was reasonable in light of the quality of the services rendered to the Funds by VFA and its affiliates as well as other factors.

In considering the profitability to the Subadviser in connection with its relationship to the Funds, the Board noted that the fees under the Subadvisory Agreement are paid by VFA out of the fees that VFA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VFA to the Subadviser, the Board noted that, because the Subadviser is an affiliate of VFA, such profitability might be directly or indirectly shared by VFA. For each of the above reasons, the Board concluded that the profitability to the Subadviser and its affiliates from their relationships with the Funds was not a material factor in approval of the Subadvisory Agreement.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VFA realizes economies of scale as the Funds' assets grow. The Board noted that the management fees for the Funds included breakpoints based on assets under management, and that expense caps were also in place for the Funds. The Board also took into account management's discussion of the Funds' management fee and subadvisory fee structure. The Board also took into account the current size of the Funds. The Board also noted that VFA had agreed to implement an extension of each Fund's expense cap through April 30, 2024. The Board then concluded that no changes to the advisory

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**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS SEIX CORE BOND FUND, VIRTUS SEIX CORPORATE BOND FUND, VIRTUS SEIX FLOATING RATE HIGH INCOME FUND, VIRTUS SEIX HIGH GRADE MUNICIPAL BOND FUND, VIRTUS SEIX HIGH INCOME FUND, VIRTUS SEIX HIGH YIELD FUND, VIRTUS SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND, VIRTUS SEIX TOTAL RETURN BOND FUND, VIRTUS SEIX U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND, AND VIRTUS SEIX ULTRA-SHORT BOND FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

(UNAUDITED) (CONTINUED)

fee structure of the Funds with respect to economies of scale were necessary at this time. The Board noted that VFA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadviser's profitability, and based upon the current sizes of the Funds managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser's management of the Funds was not a material factor in the approval of the Subadvisory Agreement at this time.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VFA and the Subadviser and their affiliates from their relationships with the Funds. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VFA and the Subadviser, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VFA and the Subadviser also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while the Subadviser is an affiliate of VFA, there are no other direct benefits to the Subadviser or VFA in providing investment advisory services to the Funds, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Funds could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

<u>Conclusion</u> 

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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FUND MANAGEMENT TABLES (Unaudited)

Information pertaining to the Trustees and officers of the Trust as of the date of issuance of this report, is set forth below. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request, by calling (800) 243-4361.

The address of each individual, unless otherwise noted, is c/o Virtus Asset Trust, One Financial Plaza, Hartford, CT 06103. There is no stated term of office for Trustees or officers of the Trust.

#### Independent Trustees

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Burke, Donald C.<br> YOB: 1960<br> Served Since: 2017<br> 99 Portfolios | &nbsp;&nbsp;Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
| &nbsp;&nbsp;Cogan, Sarah E.<br> YOB: 1956<br> Served Since: 2022<br> 103 Portfolios | &nbsp;&nbsp;Retired Partner, Simpson Thacher & Bartlett LLP ("STB") (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;DeCotis, Deborah A.<br> YOB: 1952<br> Served Since: 2022<br> 103 Portfolios | &nbsp;&nbsp;Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
| &nbsp;&nbsp;Drummond, F. Ford<br> YOB: 1962<br> Served Since: 2022<br> 103 Portfolios | &nbsp;&nbsp;President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Harris, Sidney E.<br> YOB: 1949<br> Served Since: 2017<br> 96 Portfolios | &nbsp;&nbsp;Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
| &nbsp;&nbsp;Mallin, John R.<br> YOB: 1950<br> Served Since: 2017<br> 96 Portfolios | &nbsp;&nbsp;Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
| &nbsp;&nbsp;McDaniel, Connie D.<br> YOB: 1958<br> Served Since: 2017<br> 96 Portfolios | &nbsp;&nbsp;Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
| &nbsp;&nbsp;McLoughlin, Philip<br> YOB: 1946<br> Served Since: 1989<br> 106 Portfolios | &nbsp;&nbsp;Private investor since 2010. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios),Virtus Strategy Trust (8 portfolios), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (57 portfolios). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;McNamara, Geraldine M.<br> YOB: 1951<br> Served Since: 2002<br> 106 Portfolios | &nbsp;&nbsp;Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). &nbsp;&nbsp;Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (57 portfolios). |
| &nbsp;&nbsp;Walton, R. Keith<br> YOB: 1964<br> Served Since: 2020<br> 103 Portfolios | &nbsp;&nbsp;Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
| &nbsp;&nbsp;Zino, Brian T.<br> YOB: 1952<br> Served Since: 2020<br> 103 Portfolios | &nbsp;&nbsp;Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

#### Interested Trustee

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served<br> and Number of<br> Funds Overseen** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past<br> 5 Years** |
| &nbsp;&nbsp;Aylward, George R.\*<br> Trustee and President<br> YOB: 1964<br> Served Since: 2006<br> 109 Portfolios | &nbsp;&nbsp;Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). &nbsp;&nbsp;Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (57 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |

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\*Mr. Aylward is an "interested person," as defined in the 1940 Act, by reason of his position as President and Chief Executive Officer of Virtus Investment Partners, Inc. ("Virtus"), the ultimate parent company of the Adviser, and various positions with its affiliates, including the Adviser.

#### Officers of the Trust Who Are Not Trustees

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held<br> with Trust and<br> Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Batchelar, Peter J.<br> YOB: 1970 | &nbsp;&nbsp;Senior Vice President (since 2017), and Vice President (2008 to 2016). | &nbsp;&nbsp;Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Bradley, W. Patrick<br> YOB: 1972 | &nbsp;&nbsp;Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | &nbsp;&nbsp;Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
| &nbsp;&nbsp;Branigan, Timothy<br> YOB: 1976 | &nbsp;&nbsp;Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | &nbsp;&nbsp;Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Fromm, Jennifer<br> YOB: 1973 | &nbsp;&nbsp;Chief Legal Officer, Counsel and Secretary (since 2023); Vice President (since 2017); and Assistant Secretary (2008 to 2022). | &nbsp;&nbsp;Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Griswold, Heidi<br> YOB: 1973 | &nbsp;&nbsp;Vice President (since 2017). | &nbsp;&nbsp;Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held<br> with Trust and<br> Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Hackett, Amy<br> YOB: 1968 | &nbsp;&nbsp;Vice President and Assistant Treasurer (since 2017). | &nbsp;&nbsp;Vice President, Fund Services (since 2010) and Assistant Vice President, Fund Services (2007 to 2010), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Krishnan, Suneeta<br> YOB: 1965 | &nbsp;&nbsp;Vice President and Assistant Treasurer (since 2018); and Assistant Treasurer (2017 to 2018). | &nbsp;&nbsp;Vice President, Mutual Fund Administration (since 2017), and Assistant Treasurer, Mutual Fund Administration (since 2007), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Lowe, Benjamin<br> YOB: 1978 | &nbsp;&nbsp;Vice President, Controller and Assistant Treasurer (since 2021); and Vice President and Assistant Treasurer (2018 to 2021). | &nbsp;&nbsp;Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Martin, David<br> YOB: 1959 | &nbsp;&nbsp;Anti-Money Laundering Compliance Officer (since 2017). | &nbsp;&nbsp;Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
| &nbsp;&nbsp;Rahman, Mahmood<br> YOB: 1967 | &nbsp;&nbsp;Assistant Vice President (since 2021). | &nbsp;&nbsp;Assistant Vice President and Tax Director, Fund Administration (since 2020), Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
| &nbsp;&nbsp;Short, Julia R.<br> YOB: 1972 | &nbsp;&nbsp;Senior Vice President (since 2017). | &nbsp;&nbsp;Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
| &nbsp;&nbsp;Smirl, Richard W.<br> YOB: 1967 | &nbsp;&nbsp;Executive Vice President (since 2021). | &nbsp;&nbsp;Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
| &nbsp;&nbsp;Suss, Amanda<br> YOB: 1969 | &nbsp;&nbsp;Vice President, Controller and Assistant Treasurer (since 2022). | &nbsp;&nbsp;Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |

---

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[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

#### VIRTUS ASSET TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Philip R. McLoughlin, Chairman

George R. Aylward

Donald C. Burke

Deborah A. DeCotis

Sidney E. Harris

John R. Mallin

Connie D. McDaniel

Geraldine M. McNamara

R. Keith Walton

Brian T. Zino

#### Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer S. Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Fund Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

#### Independent Registered Public<br> Accounting Firm
PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

#### How to Contact Us
Mutual Fund Services 1-800-243-1574 <br> Adviser Consulting Group 1-800-243-4361

---

| | |
|:---|:---|
| Website | **Virtus.com** |

---

Important Notice to Shareholders<br> The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

------

[**Table of Contents**](#job_vat_f_9b782204-ee4c-4753-87b0-37e69f3c133d_toc)

![](g436853img8121d95223.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Mutual Funds,<br> please contact us at **1-800-243-1574**, or visit **Virtus.com**.

---

| | |
|:---|:---|
| 8636 | 02-23 |

---

------

ANNUAL REPORT

## VIRTUS ASSET TRUST
![](g436844img0cabe0c31.gif)

------

December 31, 2022

---

| |
|:---|
| Virtus Ceredex Large-Cap Value Equity Fund |
| Virtus Ceredex Mid-Cap Value Equity Fund<sup>\*</sup> |
| Virtus Ceredex Small-Cap Value Equity Fund<sup>\*</sup> |
| Virtus SGA International Growth Fund |
| Virtus Silvant Large-Cap Growth Stock Fund |
| Virtus Zevenbergen Innovative Growth Stock Fund<sup>\*</sup> |

---

\*Prospectus supplement applicable to this fund appears at the back of this annual report.

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | | |
|:---|:---|:---|
| [Message to Shareholders](#xx_c30abfc2-85b0-49d2-8251-cb56c395b0a6_1) | [Message to Shareholders](#xx_c30abfc2-85b0-49d2-8251-cb56c395b0a6_1) | 1 |
| [Disclosure of Fund Expenses](#xx_0b4033cc-66de-44b8-ac32-a5a71d9507f8_1) | [Disclosure of Fund Expenses](#xx_0b4033cc-66de-44b8-ac32-a5a71d9507f8_1) | 2 |
| [Key Investment Terms](#xx_96a726e3-e231-488b-94c6-da2f06731fb2_1) | [Key Investment Terms](#xx_96a726e3-e231-488b-94c6-da2f06731fb2_1) | 4 |
| **Fund** | **Fund <br> Summary** | &nbsp;&nbsp;**Schedule <br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Ceredex Large-Cap Value Equity Fund ("Ceredex Large-Cap Value Equity Fund")](#xx_0938b2fa-fa4d-47c5-b182-84851c80e49f_1)<br>| 6 | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Ceredex Mid-Cap Value Equity Fund ("Ceredex Mid-Cap Value Equity Fund")](#xx_b5536638-cf3e-4738-9e7e-491d3e1f7ded_1)<br>| 9 | &nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Ceredex Small-Cap Value Equity Fund ("Ceredex Small-Cap Value Equity Fund")](#xx_696397ad-3c78-4a98-8022-2fd261b3dfbc_1)<br>| 13 | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus SGA International Growth Fund ("SGA International Growth Fund")](#xx_e7bb0ab8-d911-4015-aee3-597c98242346_1)<br>| 17 | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Silvant Large-Cap Growth Stock Fund ("Silvant Large-Cap Growth Stock Fund")](#xx_2e5554ad-f62f-4eaa-8809-9321c3032357_1)<br>| 20 | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Zevenbergen Innovative Growth Stock Fund ("Zevenbergen Innovative Growth Stock Fund")](#xx_a17bd8c4-7288-4def-8b7d-23a4100826fe_1)<br>| 23 | &nbsp;&nbsp;35 |
| [Statements of Assets and Liabilities](#xx_688ae559-1e82-4c1e-bbfd-e206f242bec6_1) | [Statements of Assets and Liabilities](#xx_688ae559-1e82-4c1e-bbfd-e206f242bec6_1) | 36 |
| [Statements of Operations](#xx_78b5dfe8-c22d-4b22-9b46-d54a713a05f8_1) | [Statements of Operations](#xx_78b5dfe8-c22d-4b22-9b46-d54a713a05f8_1) | 39 |
| [Statements of Changes in Net Assets](#xx_763b0e5a-fccd-4120-95ac-14008e9c11cd_1) | [Statements of Changes in Net Assets](#xx_763b0e5a-fccd-4120-95ac-14008e9c11cd_1) | 41 |
| [Financial Highlights](#xx_9af3617d-c4c1-4c1f-a26a-a0af64b70ad0_1) | [Financial Highlights](#xx_9af3617d-c4c1-4c1f-a26a-a0af64b70ad0_1) | 44 |
| [Notes to Financial Statements](#xx_728c9cd1-22f7-4653-9b30-92b1364145ce_1) | [Notes to Financial Statements](#xx_728c9cd1-22f7-4653-9b30-92b1364145ce_1) | 48 |
| [Report of Independent Registered Public Accounting Firm](#xx_7a41443c-04f9-4079-8faa-99218db9235b_1) | [Report of Independent Registered Public Accounting Firm](#xx_7a41443c-04f9-4079-8faa-99218db9235b_1) | 59 |
| [Tax Information Notice](#xx_96526d5a-abd0-44d6-b1b2-ce53e4dbb67e_1) | [Tax Information Notice](#xx_96526d5a-abd0-44d6-b1b2-ce53e4dbb67e_1) | 60 |
| [Results of Shareholder Meeting](#xx_53d7a480-f075-4f9c-8c14-52a4aab9f58c_1) | [Results of Shareholder Meeting](#xx_53d7a480-f075-4f9c-8c14-52a4aab9f58c_1) | 61 |
| [Consideration of Advisory and Subadvisory Agreements by Board of Trustees](#xx_18d6b349-b74f-4a76-9ab3-8e7031ac3f89_1) | [Consideration of Advisory and Subadvisory Agreements by Board of Trustees](#xx_18d6b349-b74f-4a76-9ab3-8e7031ac3f89_1) | 62 |
| [Fund Management Tables](#xx_4e470429-5a72-4df2-9acc-1cfe08c855e2_1) | [Fund Management Tables](#xx_4e470429-5a72-4df2-9acc-1cfe08c855e2_1) | 66 |

---

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

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

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus

which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

MESSAGE TO SHAREHOLDERS

To my fellow shareholders of Virtus Funds:

![](g436844img656575302.gif)

I am pleased to present this annual report, which reviews the performance of your Fund for the 12 months ended December 31, 2022.

The 12-month period was challenging for investors, as stock and bond markets wrestled with persistently higher inflation, rising interest rates and the ongoing war in Ukraine. The Federal Reserve (the "Fed") was committed to tamping down rising prices, and implemented several interest rate increases in an effort to accomplish that goal. Investors swung from fears of inflation for much of the year to fears of recession as 2022 came to a close.

Domestic and international equity indexes posted negative returns for the 12 months ended December 31, 2022. U.S. large-capitalization stocks declined 18.11%, as measured by the S&P 500<sup>®</sup> Index, while small-cap stocks were down 20.44%, as measured by the Russell 2000<sup>®</sup> Index. Within international equities, developed markets, as measured by the MSCI EAFE<sup>®</sup> Index (net), lost 14.45%, while emerging markets, as measured by the MSCI Emerging Markets Index (net), declined 20.09%.

In fixed income markets, the yield on the 10-year Treasury rose sharply to 3.88% on December 31, 2022, from 1.52% on December 31, 2021. The broader U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, was down 13.01% for the 12-month period, while non-investment grade bonds, as measured by the Bloomberg U.S. Corporate High Yield Bond Index, were down 11.19%.

Thank you for entrusting the Virtus Funds with your assets. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

![](g436844img9d4db1d03.jpg)

George R. Aylward<br> President, Virtus Funds

February 2023

*Refer to the Fund Summary section for your Fund's performance. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investing involves risk, including the risk of loss of principal invested.*

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Virtus Asset Trust Fund discussed in this shareholder report (each, a "Fund"), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The Annualized Expense Ratios may be different from the expense ratios in the Financial Highlights which are for the fiscal year ended December 31, 2022.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

#### Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Ceredex Large-Cap Value Equity Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1064.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;$6.61 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1062.70 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1066.10 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1067.60 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 |
| Ceredex Mid-Cap Value Equity Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1066.20 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1064.40 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;9.47 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1067.70 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1069.40 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 |
| Ceredex Small-Cap Value Equity Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1101.60 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.89 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1098.60 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.73 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1103.00 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.25 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1103.90 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 |
| SGA International Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1049.50 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1050.30 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1049.90 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 |
| Silvant Large-Cap Growth Stock Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989.00 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989.90 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991.20 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| Zevenbergen Innovative Growth Stock Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955.30 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956.30 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.08 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956.70 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022

#### Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Ceredex Large-Cap Value Equity Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1018.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;$6.46 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.38 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.42 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |
| Ceredex Mid-Cap Value Equity Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.70 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;6.56 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.03 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;9.25 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.91 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.07 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Ceredex Small-Cap Value Equity Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1017.69 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.93 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.26 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.62 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| SGA International Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.40 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.66 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.27 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 |
| Silvant Large-Cap Growth Stock Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.85 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.52 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Zevenbergen Innovative Growth Stock Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.75 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.01 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.52 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### December 31, 2022

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

#### Bloomberg U.S. Aggregate Bond Index
The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment-grade, fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Bloomberg U.S. Corporate High Yield Bond Index
The Bloomberg U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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

#### Federal Reserve (the "Fed")
The Central Bank of the U.S., responsible for controlling the money supply, interest rates, and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches, and all national and state banks that are part of the system.

#### London Interbank Offered Rate ("LIBOR")
A benchmark rate that some of the world's leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

#### MSCI All Country World ex USA Index (net)
The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### MSCI EAFE<sup>®</sup> Index (net)
The MSCI EAFE<sup>®</sup> (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### MSCI Emerging Markets Index (net)
The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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

#### Russell 1000<sup>®</sup> Growth Index
The Russell 1000<sup>®</sup> Growth Index is a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### Russell 1000<sup>®</sup> Value Index
The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### Russell 2000<sup>®</sup> Growth Index
The Russell 2000<sup>®</sup> Growth Index is a market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### KEY INVESTMENT TERMS (Unaudited) (Continued) <br>December 31, 2022

#### Russell 2000<sup>®</sup> Index
The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Russell 2000<sup>®</sup> Value Index
The Russell 2000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### Russell 3000<sup>®</sup> Growth Index
The Russell 3000<sup>®</sup> Growth Index is a market capitalization-weighted index of growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### Russell Midcap<sup>®</sup> Growth Index
The Russell Midcap<sup>®</sup> Growth Index is a market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Russell Midcap<sup>®</sup> Index
The Russell Midcap<sup>®</sup> Index is a market capitalization-weighted index of medium-capitalization stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Russell Midcap<sup>®</sup> Value Index
The Russell Midcap Value Index is a market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

#### S&P 500<sup>®</sup> Index
The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Sponsored ADR
An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange ("NYSE").

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SVIIX |
| Class C: SVIFX |
| Class I: STVTX |
| Class R6: STVZX |

---

## Ceredex Large-Cap Value Equity Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Ceredex Value Advisors LLC
■ The Fund is
diversified and has an investment objective of seeking to provide a high level of capital appreciation. As a secondary goal, the Fund also seeks to provide current income. *There is no guarantee that the Fund will meet its objectives.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -14.34%, Class C shares at NAV returned -14.64%, Class I shares at NAV returned -14.07%, and Class R6 Shares at NAV returned -13.85%. For the same period, the
Russell 1000<sup>®</sup> Value Index, the Fund's style-specific benchmark appropriate for comparison, returned -7.54%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
The 12-month period was negative for equities. Large-cap stocks outperformed their smaller-capitalization counterparts, with the Russell 1000<sup>®</sup> Value Index posting a loss of 7.54% versus the Russell 2000<sup>®</sup> Value Index, which declined 14.48%. As in the past few years, growth stocks underperformed value stocks, with the Russell 1000<sup>®</sup> Growth Index down 29.14% and the Russell 1000<sup>®</sup> Value Index down 7.54% for the period. This was due to positive performance from the energy sector within the Russell 1000<sup>®</sup> Value Index. Value also bested growth within the mid-cap and small-cap areas of the market.

During the fiscal year, economic sectors posted mixed results. Energy and consumer staples were the best performing areas for the Russell 1000<sup>®</sup> Value Index during the period. The largest detracting sectors (on a relative basis) were information technology and communication services.

During the 12-month period, macroeconomic concerns including COVID, Russia's invasion of Ukraine, inflation and Federal Reserve (the "Fed") interest rate hikes, dominated the investment landscape. In addition, the markets dealt with presidential midterm elections, China re-opening concerns, and a strong job market. With all these items contributing to equity volatility at times, investors were concerned about the sustainability of corporate profit margins and earnings.

#### What factors affected the Fund's performance during its fiscal year?
The Fund underperformed its benchmark Russell 1000<sup>®</sup> Value Index for the 12 months ended December 31, 2022. During this period, the Fund was able to post positive stock selection in the energy, information technology, and consumer discretionary sectors. Negative stock selection was exhibited in the health care, industrials, and materials sectors. The Fund had underweight positions in communication services and financials that contributed positively to results. The Fund had an underweight position in energy and an overweight position in real estate which weighed on investment results.

For the reporting period, the securities that posted the largest positive contributions to results were Baker Hughes and Progressive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baker Hughes contributed positively due to higher commodity prices resulting from the Russian invasion of Ukraine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progressive outperformed as consumers drove less due to higher commodity prices coupled with increasing auto insurance rates.

Rounding out the top five contributors were Ametek, Crown Holdings, and IDEX.

The largest detractors from results were Baxter International and Stanley Black & Decker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baxter International underperformed as the company was negatively impacted by the strong dollar, slow hospital procedure recovery, and higher input costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stanley Black & Decker was adversely impacted by lower-than-expected earnings and guidance for lower earnings in the future. Additionally, the company announced a turnaround program, which impacted investor sentiment.

Other top detractors for the period included Vertiv Holdings, DENTSPLY SIRONA, and Crown Castle.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

***Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.***

#### Value Stocks: Value stocks are subject to the risk that the broad market may not recognize their intrinsic value.
***Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.***

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;16% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Total | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Large-Cap Value Equity Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-14.34%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-19.05** | &nbsp;&nbsp;**4.13** | &nbsp;&nbsp;&nbsp;&nbsp;**8.70** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class C shares at NAV<sup>2</sup> and with CDSC<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-14.64** | &nbsp;&nbsp;**4.82** | &nbsp;&nbsp;&nbsp;&nbsp;**8.80** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-14.07** | &nbsp;&nbsp;**5.59** | &nbsp;&nbsp;&nbsp;&nbsp;**9.61** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-13.85** | &nbsp;&nbsp;**5.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.44** | &nbsp;&nbsp;**8/1/14** |
| **Russell 1000<sup>®</sup> Value Index** | &nbsp;&nbsp;&nbsp;&nbsp;**-7.54** | &nbsp;&nbsp;**6.67** | &nbsp;&nbsp;**10.29** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.88 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 1.92%, Net 1.72%; Class I shares: Gross 1.00%, Net 0.97%; Class R6 shares: Gross 0.83%, Net 0.72%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 1.92%, Net 1.72%; Class I shares: Gross 1.00%, Net 0.97%; Class R6 shares: Gross 0.83%, Net 0.72%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 1.92%, Net 1.72%; Class I shares: Gross 1.00%, Net 0.97%; Class R6 shares: Gross 0.83%, Net 0.72%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 1.92%, Net 1.72%; Class I shares: Gross 1.00%, Net 0.97%; Class R6 shares: Gross 0.83%, Net 0.72%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 1.92%, Net 1.72%; Class I shares: Gross 1.00%, Net 0.97%; Class R6 shares: Gross 0.83%, Net 0.72%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 1.92%, Net 1.72%; Class I shares: Gross 1.00%, Net 0.97%; Class R6 shares: Gross 0.83%, Net 0.72%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares and Class C shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img2f1f43fb4.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Large-Cap Value Equity Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img78ec45b65.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SAMVX |
| Class C: SMVFX |
| Class I: SMVTX |
| Class R6: SMVZX |

---

## Ceredex Mid-Cap Value Equity Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Ceredex Value Advisors LLC
■ The Fund is
diversified and has an investment objective of seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. *There is no guarantee that the Fund will meet its objectives.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -14.22%, Class C shares at NAV returned-14.62%, Class I shares at NAV returned -13.92%, and Class R6 Shares at NAV returned -13.76%. For the same period, the
Russell Midcap<sup>®</sup> Value Index, the Fund's style-specific benchmark appropriate for comparison, returned -12.03%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
The 12-month period was negative for equities. Mid-capitalization value stocks trailed their large-cap value peers and slightly outperformed their smaller-cap counterparts, with the Russell Midcap<sup>®</sup> Value Index posting a loss of 12.03% versus the Russell 1000<sup>®</sup> Value Index, which declined 7.54%, and the Russell 2000<sup>®</sup> Value Index, which fell 14.48%. Growth stocks did not keep pace with value stocks, with the Russell 1000<sup>®</sup> Growth Index losing 29.14% compared with the Russell 1000<sup>®</sup> Value Index's loss of 7.54% for the period. This was due to positive performance from the energy sector within the Russell 1000<sup>®</sup> Value Index. Value also bested growth within the mid-cap area of the market, with the Russell Midcap<sup>®</sup> Value Index down 12.03% versus the Russell Midcap<sup>®</sup> Growth Index, which was down 26.72%.

During the fiscal year, most economic sectors were negative. Energy and utilities were the best performing areas for the Russell Midcap<sup>®</sup> Value

Index during the period. The largest detracting sectors (on a relative basis) were communication services and information technology.

During the 12-month period, macroeconomic concerns including COVID, Russia's invasion of Ukraine, inflation and Federal Reserve (the "Fed") interest rate hikes, dominated the investment landscape. In addition, the markets dealt with presidential midterm elections, China re-opening concerns, and a strong job market. With all these items contributing to equity volatility at times, investors were concerned about the sustainability of corporate profit margins and earnings.

#### What factors affected the Fund's performance during its fiscal year?
The Fund underperformed its benchmark Russell Midcap<sup>®</sup> Value Index for the 12 months ended December 31, 2022. During this period, the Fund was able to post positive stock selection in the energy, consumer discretionary, and real estate sectors. Negative stock selection was exhibited in the health care, industrials, and consumer staples sectors. The Fund had underweight positions in the communication services and consumer discretionary sectors that contributed positively to results. The Fund had an overweight position in energy and an underweight in information technology which weighed on investment results.

For the reporting period, the securities that posted the largest positive contributions to results were Baker Hughes and Progressive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baker Hughes contributed positively due to higher commodity prices resulting from the Russian invasion of Ukraine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progressive outperformed as consumers drove less due to higher commodity prices coupled with increasing auto insurance rates.

Rounding out the top five contributors were Quanta Services, Target, and CenterPoint Energy.

The largest detractors from results were Signature Bank and Vertiv Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signature Bank underperformed as the company was negatively impacted by the rise in interest rates coupled with exposure to cryptocurrency assets, which declined late in the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vertiv Holdings underperformed as the company was negatively impacted by weak earnings due to subpar execution, which resulted in the company resetting full-year earnings expectations.

Other top detractors for the period were American Homes 4 Rent, MKS Instruments, and Teleflex.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

***Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.***

#### Value Stocks: Value stocks are subject to the risk that the broad market may not recognize their intrinsic value.
***Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.***

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Mid-Cap Value Equity Fund (Continued)

 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;17% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Other (includes short-term investments) | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Total | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Mid-Cap Value Equity Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-14.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-18.94** | &nbsp;&nbsp;**4.61** | &nbsp;&nbsp;&nbsp;&nbsp;**8.53** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class C shares at NAV<sup>2</sup> and with CDSC<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-14.62** | &nbsp;&nbsp;**5.32** | &nbsp;&nbsp;&nbsp;&nbsp;**8.69** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-13.92** | &nbsp;&nbsp;**6.12** | &nbsp;&nbsp;&nbsp;&nbsp;**9.47** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-13.76** | &nbsp;&nbsp;**6.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.52** | &nbsp;&nbsp;**8/1/14** |
| **Russell Midcap<sup>®</sup> Value Index** | &nbsp;&nbsp;**-12.03** | **5.72** | &nbsp;&nbsp;**10.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.39 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.28%, Net 1.35%; Class C shares: Gross 1.97%, Net 1.76%; Class I shares: Gross 0.99%, Net 1.05%; Class R6 shares: Gross 0.85%, Net 0.79%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.28%, Net 1.35%; Class C shares: Gross 1.97%, Net 1.76%; Class I shares: Gross 0.99%, Net 1.05%; Class R6 shares: Gross 0.85%, Net 0.79%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.28%, Net 1.35%; Class C shares: Gross 1.97%, Net 1.76%; Class I shares: Gross 0.99%, Net 1.05%; Class R6 shares: Gross 0.85%, Net 0.79%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.28%, Net 1.35%; Class C shares: Gross 1.97%, Net 1.76%; Class I shares: Gross 0.99%, Net 1.05%; Class R6 shares: Gross 0.85%, Net 0.79%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.28%, Net 1.35%; Class C shares: Gross 1.97%, Net 1.76%; Class I shares: Gross 0.99%, Net 1.05%; Class R6 shares: Gross 0.85%, Net 0.79%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.28%, Net 1.35%; Class C shares: Gross 1.97%, Net 1.76%; Class I shares: Gross 0.99%, Net 1.05%; Class R6 shares: Gross 0.85%, Net 0.79%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares and Class C shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img57d4462b6.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Mid-Cap Value Equity Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img57738a907.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SASVX |
| Class C: STCEX |
| Class I: SCETX |
| Class R6: VVERX |

---

## Ceredex Small-Cap Value Equity Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Ceredex Value Advisors LLC
■ The Fund is
diversified and has an investment objective of seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. *There is no guarantee that the Fund will meet its objectives.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -10.31%, Class C shares at NAV returned -10.67%, Class I shares at NAV returned -10.09%, and Class R6 shares at NAV returned -9.79%. For the same period, the
Russell 2000<sup>®</sup> Value Index, the Fund's style-specific benchmark appropriate for comparison, returned -14.48%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
The 12-month period was negative for equities. Small-capitalization value stocks underperformed their large-cap value counterparts, with the Russell 1000<sup>®</sup> Value Index posting a loss of 7.54% versus the Russell 2000<sup>®</sup> Value Index, which fell 14.48%. Growth stocks trailed value stocks, with the Russell 1000<sup>®</sup> Growth Index losing 29.14% compared with the Russell 1000<sup>®</sup> Value Index's loss of 7.54% for the period. This was due to positive performance from the energy sector within the Russell 1000<sup>®</sup> Value Index. Value also bested growth within the small-cap area of the market. The Russell 2000<sup>®</sup> Value Index was down 14.48%, while the Russell 2000<sup>®</sup> Growth Index lost 26.36%.

During the fiscal year, most economic sectors were negative. Energy and utilities were the best performing areas for the Russell 2000<sup>®</sup> Value Index during the period. The largest detracting sectors (on a relative basis) were health care and communication services.

During the 12-month period, macroeconomic concerns including COVID, Russia's invasion of Ukraine, inflation and Federal Reserve (the "Fed") interest rate hikes, dominated the investment landscape. In addition, the markets dealt with presidential midterm elections, China re-opening concerns, and a strong job market. With all these items contributing to equity volatility at times, investors were concerned about the sustainability of corporate profit margins and earnings.

#### What factors affected the Fund's performance during its fiscal year?
The Fund outperformed its benchmark Russell 2000<sup>®</sup> Value Index for the 12 months ended December 31, 2022. During this period, the Fund was able to post positive stock selection in the consumer discretionary, industrials, and health care sectors. Negative stock selection was exhibited in the utilities, consumer staples, and information technology sectors. The Fund had underweight positions in health care and real estate that contributed positively to results. The Fund had overweight positions in energy and information technology which weighed on investment results.

For the reporting period, the securities that posted the largest positive contributions to results were Ovintiv and Academy Sports & Outdoors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ovintiv engages in the production and development of oil, natural gas liquids, and natural gas-producing plays. The company's shares outperformed as commodity prices spiked due to the Russian invasion of Ukraine. The company also continued to execute on its business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Academy Sports & Outdoors performed well due to continued good execution and the fact that consumer demand remained strong for the company's products.

Rounding out the top five contributors were AAON, EMCOR Group, and Toro.

The largest detractors from results were MKS Instruments and Power Integrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MKS Instruments provides instruments, systems, subsystems, and process control solutions to measure, control, power, monitor, and analyze parameters of manufacturing processes to improve process performance and productivity for its customers. The stock underperformed as the company dealt with a delay in the closing of its

acquisition of Atotech, which was delayed on regulatory approval from China, supply chain challenges, and recently lowered spending on wafer fab equipment, all of which impacted investor sentiment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Power Integrations is engaged in the designing, development, and marketing of analog and mixed-signal integrated circuits and other electronic components and circuitry used in high voltage power conversion. The company's shares underperformed owing to weakness in its consumer and appliance segments as a result of weaker demand in China and Europe.

Other top detractors for the period were Azenta, Algonquin Power & Utilities, and MillerKnoll.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

***Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.***

#### Value Stocks: Value stocks are subject to the risk that the broad market may not recognize their intrinsic value.
***Sector Focused Investing: Events negatively affecting a particular industry or market sector in which the Fund focuses its investments may cause the value of the Fund to decrease.***

***Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.***

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Small-Cap Value Equity Fund (Continued)

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

 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;25% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Total | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Small-Cap Value Equity Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-10.31%** | &nbsp;&nbsp;&nbsp;&nbsp;**3.22%** | &nbsp;&nbsp;&nbsp;&nbsp;**7.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-15.25** | &nbsp;&nbsp;**2.06** | &nbsp;&nbsp;**7.27** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class C shares at NAV<sup>2</sup> and with CDSC<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-10.67** | &nbsp;&nbsp;**2.79** | &nbsp;&nbsp;**7.45** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-10.09** | &nbsp;&nbsp;**3.51** | &nbsp;&nbsp;**8.19** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;**-9.79** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03** | &nbsp;&nbsp;**2/26/19** |
| **Russell 2000<sup>®</sup> Value Index** | &nbsp;&nbsp;&nbsp;**-14.48** | &nbsp;&nbsp;**4.13** | &nbsp;&nbsp;**8.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.46%, Net 1.46%; Class C shares: Gross 2.20%, Net 1.81%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.02%, Net 0.88%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.46%, Net 1.46%; Class C shares: Gross 2.20%, Net 1.81%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.02%, Net 0.88%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.46%, Net 1.46%; Class C shares: Gross 2.20%, Net 1.81%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.02%, Net 0.88%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.46%, Net 1.46%; Class C shares: Gross 2.20%, Net 1.81%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.02%, Net 0.88%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.46%, Net 1.46%; Class C shares: Gross 2.20%, Net 1.81%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.02%, Net 0.88%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.46%, Net 1.46%; Class C shares: Gross 2.20%, Net 1.81%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.02%, Net 0.88%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares and Class C shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844imgfda327d88.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Ceredex Small-Cap Value Equity Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844imge4bdc5419.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid and all Class C shares are 1% within the first year and 0% thereafter.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SCIIX |
| Class I: STITX |
| Class R6: SCIZX |

---

## SGA International Growth Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Sustainable Growth Advisers, LP
■ The Fund is
diversified and has an investment objective of seeking to provide long-term capital appreciation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -18.42%, Class I shares at NAV returned -18.19%, and Class R6 Shares at NAV returned -18.17%. For the same period, the MSCI All Country World ex USA Index, the
Fund's style-specific benchmark appropriate for comparison, returned -16.00%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
International equities posted their worst year since 2008 as higher levels of inflation, rising interest rates, and geopolitical turmoil weighed on markets. Growth stocks lagged value stocks significantly as companies with longer-duration earnings and cash flow streams sold off given higher interest rates and discount rates. Russia's invasion of Ukraine disrupted energy markets and raised the odds of a European recession. Oil prices reached their highest levels since 2008, while natural gas prices soared as European economies weaned themselves off Russian gas. Concerns about energy rationing and limited supply weighed on growth expectations and investor sentiment before tapering off in the fourth quarter of 2022 amid mild winter weather.

Continuing lockdowns in China and weakening economic growth weighed heavily on Chinese stocks and markets tied to Chinese demand during the first three quarters of the year, before the country's abrupt zero-COVID policy pivot in the fourth quarter lifted sentiment and supported a strong market rebound.

Emerging markets lagged developed markets for the year despite strong performance in Latin American stocks, the only region to produce positive returns in 2022, which benefited from strong energy and commodity prices. The energy sector was the only sector to deliver positive returns in 2022, while the financials and materials sectors declined the least. The information technology, consumer discretionary, and communication services sectors performed worst.

#### What factors affected the Fund's performance during its fiscal year?
The Fund trailed its benchmark, the MSCI All Country World ex USA Index (net), for the 12 months ended December 31, 2022. Higher inflation and rising interest rates weighed on faster-growing companies, while the market rewarded more economically sensitive companies that were benefiting from rising energy and commodity prices.

A lack of exposure in the energy sector, an overweight in the information technology sector, and an underweight in the financials sector detracted from relative returns. This offset benefits from the Fund's overweights in the consumer staples and health care sectors and its underweight in the communication services sector.

Stock selection in the information technology and industrials sectors detracted most from relative returns, offsetting positive selection contributions in the financials and consumer staples sectors. From a regional perspective, stock selection in non-U.S. developed market stocks detracted most from performance, while selection in emerging markets stocks contributed positively.

The top five contributors to Fund performance for the period were Shandong Weigao, Yum! China, Novo Nordisk, HDFC Bank, and CP All. The five largest detractors from Fund performance for the period were Temenos, Adidas, Recruit Holdings, XP, and Steris.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee*

*of future results, and there is no guarantee that market forecasts will be realized.*

***Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.***

***Foreign & Emerging Markets: Investing in foreign securities, especially in emerging markets, subjects the Fund to additional risks such as increased volatility, currency fluctuations, less liquidity, and political, regulatory, economic, and market risk.***

***Geographic Concentration: A fund that focuses its investments in a particular geographic location will be sensitive to financial, economic, political, and other events negatively affecting that location.***

***Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.***

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;24% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Other (includes short-term investment and securities lending collateral) | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Total | 100% |

---

#### For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

SGA International Growth Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-18.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-22.91** | &nbsp;&nbsp;**3.93** | &nbsp;&nbsp;**6.18** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-18.19** | &nbsp;&nbsp;**5.37** | &nbsp;&nbsp;**6.99** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-18.17** | &nbsp;&nbsp;**5.46** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;**8.63** | &nbsp;&nbsp;**9/1/15** |
| **MSCI All Country World ex USA Index (net)** | &nbsp;&nbsp;&nbsp;&nbsp;**-16.00** | &nbsp;&nbsp;**0.80** | &nbsp;&nbsp;**3.80** | &nbsp;&nbsp;&nbsp;&nbsp;**4.70 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.55%, Net 1.32%; Class I shares: Gross 1.28%, Net 1.07%; Class R6 shares: Gross 1.19%, Net 0.95%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.55%, Net 1.32%; Class I shares: Gross 1.28%, Net 1.07%; Class R6 shares: Gross 1.19%, Net 0.95%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.55%, Net 1.32%; Class I shares: Gross 1.28%, Net 1.07%; Class R6 shares: Gross 1.19%, Net 0.95%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.55%, Net 1.32%; Class I shares: Gross 1.28%, Net 1.07%; Class R6 shares: Gross 1.19%, Net 0.95%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.55%, Net 1.32%; Class I shares: Gross 1.28%, Net 1.07%; Class R6 shares: Gross 1.19%, Net 0.95%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.55%, Net 1.32%; Class I shares: Gross 1.28%, Net 1.07%; Class R6 shares: Gross 1.19%, Net 0.95%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844imgabc63bbc10.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

SGA International Growth Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img051c7d8a11.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: STCIX |
| Class I: STCAX |
| Class R6: STCZX |

---

## Silvant Large-Cap Growth Stock Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Silvant Capital Management LLC
■ The Fund is
non-diversified and has an investment objective of seeking to provide capital appreciation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -29.42%, Class I shares at NAV returned -29.23%, and Class R6 shares at NAV returned -29.08%. For the same period, the Russell 1000<sup>®</sup> Growth Index, the Fund's style-specific benchmark appropriate for comparison, returned -29.14%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
Intensifying fears about surging inflation and slowing economic growth kept investors on edge for most of the Fund's fiscal year. The Federal Reserve (the "Fed") aggressively tightened monetary conditions in an effort to slow rampant inflation and tamp down demand for goods and services. Additionally, markets were roiled by the increasing geopolitical risk of Russian aggression in Ukraine, which caused volatility in global energy markets. Fears of Covid lingered as supply chains remained tight in many hard goods – products such as housewares, electronics and cars. Against this backdrop, the broad equity market, as measured by the S&P 500<sup>®</sup> Index, declined by 18.2%, while large-cap growth stocks, as measured by the Russell 1000<sup>®</sup> Growth Index, fell further, losing 29.1%.

#### What factors affected the Fund's performance during its fiscal year?
The Fund's investment results were in line with its benchmark, the Russell 1000<sup>®</sup> Growth Index, for the fiscal year, but absolute performance was disappointing, with the Fund declining by approximately 29%.

Additionally, the Fund's positions in Apple (down 26.4%), Amazon (down 49.6%), and Microsoft (down 28.0%) negatively affected performance. In a difficult market environment, the Fund had 13 holdings that gained value during the year. Three of the best absolute-performing stocks were Eli Lilly (up 34.3%), O'Reilly Automotive (up 15.5%), and TJX Companies (up 6.8%).

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

***Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.***

#### Growth Stocks: Growth stocks are typically sensitive to market movements because their market prices
*tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth stocks typically fall.*

***Non-Diversified: The Fund is not diversified and may be more susceptible to factors negatively impacting its holdings to the extent the Fund invests more of its assets in the securities of fewer issuers than would a diversified fund.***

***Technology Concentration: Because the Fund is presently heavily weighted in the technology sector, it will be impacted by that sector's performance more than a fund with broader sector diversification.***

***Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.***

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;47% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Total | 100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Silvant Large-Cap Growth Stock Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-29.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-33.30** | &nbsp;&nbsp;&nbsp;&nbsp;**8.30** | &nbsp;&nbsp;**11.12** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-29.23** | &nbsp;&nbsp;&nbsp;&nbsp;**9.81** | &nbsp;&nbsp;**12.03** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**-29.08** | &nbsp;&nbsp;&nbsp;&nbsp;**9.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | **10.22** | &nbsp;&nbsp;**8/1/14** |
| **Russell 1000<sup>®</sup> Growth Index** | &nbsp;&nbsp;**-29.14** | &nbsp;&nbsp;**10.96** | &nbsp;&nbsp;**14.10** | &nbsp;&nbsp;**12.44 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.23%; Class I shares: Gross 1.06%, Net 0.97%; Class R6 shares: Gross 0.91%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.23%; Class I shares: Gross 1.06%, Net 0.97%; Class R6 shares: Gross 0.91%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.23%; Class I shares: Gross 1.06%, Net 0.97%; Class R6 shares: Gross 0.91%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.23%; Class I shares: Gross 1.06%, Net 0.97%; Class R6 shares: Gross 0.91%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.23%; Class I shares: Gross 1.06%, Net 0.97%; Class R6 shares: Gross 0.91%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.24%, Net 1.23%; Class I shares: Gross 1.06%, Net 0.97%; Class R6 shares: Gross 0.91%, Net 0.90%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img36660edd12.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Silvant Large-Cap Growth Stock Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img67c6886413.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

---

| |
|:---|
| **Ticker Symbols:** |
| Class A: SAGAX |
| Class I: SCATX |
| Class R6: VZGRX |

---

## Zevenbergen Innovative Growth Stock Fund

#### Fund Summary (Unaudited)

#### Portfolio Manager Commentary by<br> Zevenbergen Capital Investments LLC
■ The Fund is
diversified and has an investment objective of seeking to provide long-term capital appreciation. *There is no guarantee that the Fund will meet its objective.* 

■ For
 the fiscal year ended December 31, 2022, the Fund's Class A shares at NAV returned -55.42%, Class I shares at NAV returned -55.31%, and Class R6 shares at NAV returned -55.26. For the same period, the Russell 3000<sup>®</sup> Growth Index, the Fund's style-specific benchmark appropriate for comparison, returned -28.97%.

***All performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.***

#### How did the markets perform during the Fund's fiscal year ended December 31, 2022?
A reduced appetite for risk among investors led to broad market declines in 2022. As evidenced by drawdowns for both equities and long-duration bonds, investors moved into cash and other safe-haven investments due to concerns about the restrictive U.S. central bank policy and the prospects of geopolitical strife among major economic centers (U.S.-China, Western Europe-Russia). In addition, intensifying predictions of a recession failed to ease anxieties. The outlook contributed to the potent combination of reducing the prices that investors were willing to pay for emerging and established growth companies, and lowering future estimates for company revenues and earnings.

#### What factors affected the Fund's performance during its fiscal year?
The Fund underperformed its benchmark, the Russell 3000 Growth<sup>®</sup> Index, for the 12 months ended December 31, 2022. Relative returns were negatively impacted by the Fund's overweight positioning in comparatively faster growing, higher valuation companies, combined with underexposure to

economically sensitive sectors such as energy and materials, and defensive industries such as consumer staples and pharmaceuticals, which were more resilient during the period.

Primary detractors from Fund performance included stock selection within information technology and consumer discretionary. Individual security selection in energy, industrials, consumer discretionary, and information technology partially offset the Fund's negative return.

Material detractors from Fund performance included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tesla: Founder-led technology company that is one of the leaders in the world's transition to sustainable energy. Tesla's shares lagged due to concerns about production and the effects of a worsening macroeconomic environment on consumer demand, combined with negative sentiment surrounding the CEO's purchase of Twitter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shopify: Founder-led commerce enablement company which faced a reversal of the rapid growth experienced during pandemic periods. Additionally, investors were concerned that the company's focus on investing in supply chain infrastructure and international expansion, while supportive of retail market share gains over time, could pressure near-term profitability and cash flow generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trade Desk: Founder-led advertising technology platform company that is benefiting from customer alignment, transparency, and independence in the ongoing shift of advertising budgets from offline to online channels. Positive earnings momentum was not enough to overcome market rotations out of long-duration growth and technology companies, especially given the historically economically sensitive nature of spending by advertisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Snap: Founder-led social media company experienced worse-than-expected challenges related to Apple's mobile device privacy changes, which impaired the analysis of advertising effectiveness on Snap's mobile application. Macroeconomic and competition concerns also weighed on shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NVIDIA: Following strong growth during the pandemic, the founder-led graphics chip maker's shares underperformed based on rising fears of an extended cyclical slowdown for semiconductors.

Material contributors to Fund performance included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enphase Energy: Global energy technology company delivering straightforward solutions to manage solar generation, storage, and communication on one platform. Shares saw strength due to accelerated demand, successful ramp-up of European sales, and an increased appreciation for alternative sources of energy due to ongoing commodity inflation and geopolitical conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Axon Enterprise: Founder-led public safety technology company experienced sustained growth on successful sales efforts across several product lines and customer segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First Solar: Leading developer of domestic large-scale solar-powered systems benefited from increased efficiency, geopolitical pressures, and favorable regulatory tailwinds, which continued to drive a market in which short-term demand far outpaced supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paylocity Holding: Payroll and human capital management software company benefitted from a strong U.S. labor market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wingstop: Quick service restaurant chain that specializes in cooked-to-order, hand-sauced and tossed chicken wings. Fundamental same-store-sales growth and margin efficiencies kept the company's stock price resilient in a challenging environment.

*The preceding information is the opinion of portfolio management only through the end of the period stated on the cover. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

***Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.***

***Foreign Investing: Investing in foreign securities subjects the Fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.***

#### Consumer Discretionary Sector Concentration: Because the Fund is presently heavily weighted in the
For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Zevenbergen Innovative Growth Stock Fund (Continued)

*consumer discretionary sector, it will be impacted by that sector's performance more than a fund with broader sector diversification.*

***Limited Number of Investments: Because the Fund has a limited number of securities, it may be more susceptible to factors adversely affecting its securities than a fund with a greater number of securities.***

***Technology Concentration: Because the Fund is presently heavily weighted in the technology sector, it will be impacted by that sector's performance more than a fund with broader sector diversification.***

***Market Volatility: The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund's manager(s) to invest the Fund's assets as intended.***

#### Prospectus: For additional information on risks, please see the Fund's prospectus.
 <u>Asset Allocation</u>

The following table presents asset allocation within certain sectors as a percentage of total investments as of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;44% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;100% |

---

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Zevenbergen Innovative Growth Stock Fund (Continued)

#### Average Annual Total Returns<sup>1</sup> for periods ended 12/31/22

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Since <br> inception | &nbsp;&nbsp;Inception <br> date |
| **Class A shares at NAV<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-55.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.86%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**— %** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class A shares at POP<sup>3,4</sup>** | &nbsp;&nbsp;**-57.87** | &nbsp;&nbsp;&nbsp;&nbsp;**4.67** | &nbsp;&nbsp;**11.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class I shares at NAV<sup>2</sup>** | &nbsp;&nbsp;**-55.31** | &nbsp;&nbsp;&nbsp;&nbsp;**6.12** | &nbsp;&nbsp;**11.95** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Class R6 shares at NAV<sup>2</sup>** | &nbsp;&nbsp;**-55.26** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-29.54** | &nbsp;&nbsp;**10/20/20** |
| **Russell 3000<sup>®</sup> Growth Index** | &nbsp;&nbsp;**-28.97** | &nbsp;&nbsp;**10.45** | &nbsp;&nbsp;**13.75** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-0.98 <sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.32%, Net 1.25%; Class I shares: Gross 1.05%, Net 1.00%; Class R6 shares: Gross 0.94%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.32%, Net 1.25%; Class I shares: Gross 1.05%, Net 1.00%; Class R6 shares: Gross 0.94%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.32%, Net 1.25%; Class I shares: Gross 1.05%, Net 1.00%; Class R6 shares: Gross 0.94%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.32%, Net 1.25%; Class I shares: Gross 1.05%, Net 1.00%; Class R6 shares: Gross 0.94%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.32%, Net 1.25%; Class I shares: Gross 1.05%, Net 1.00%; Class R6 shares: Gross 0.94%, Net 0.90%.** | **Fund Expense Ratios<sup>6</sup>: Class A shares: Gross 1.32%, Net 1.25%; Class I shares: Gross 1.05%, Net 1.00%; Class R6 shares: Gross 0.94%, Net 0.90%.** |

---

*All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end.* 

#### Growth of $10,000 for periods ended 12/31

------

This chart assumes an initial investment of $10,000 made on December 31, 2012, for Class A shares including any applicable sales charges or fees. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844img88e841f214.jpg)

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

Zevenbergen Innovative Growth Stock Fund (Continued)

#### Growth of $100,000 for periods ended 12/31

------

This chart assumes an initial investment of $100,000 made on December 31, 2012, for Class I shares. The performance of the other share class may be greater or less than that shown based on differences in inception dates, fees, and sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

![](g436844imgd4d8544c15.jpg)

 *<sup>1</sup>* *Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions.* 

 *<sup>2</sup>* *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

 *<sup>3</sup>* *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

 *<sup>4</sup>* *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

 *<sup>5</sup>* *The since inception index return is from the inception date of Class R6 shares.* 

 *<sup>6</sup>* *The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds.* 

*The index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with active management of an actual portfolio.*

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Ceredex Large-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.5%** | **Common Stocks—98.5%** | **Common Stocks—98.5%** |
| **Communication Services—2.4%** | **Communication Services—2.4%** |  |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;448259 | $17661 |
| **Consumer Discretionary—8.5%** | **Consumer Discretionary—8.5%** |  |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76122 | &nbsp;&nbsp; 11192 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197190 | &nbsp;&nbsp; 15817 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251694 | &nbsp;&nbsp; 10131 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101574 | &nbsp;&nbsp; 15138 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199498 | &nbsp;&nbsp; 9959 |
|  |  | &nbsp;&nbsp; 62237 |
| **Consumer Staples—4.6%** | **Consumer Staples—4.6%** |  |
| Coca-Cola Europacific Partners plc | &nbsp;&nbsp;&nbsp;&nbsp;271099 | &nbsp;&nbsp; 14997 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;242632 | &nbsp;&nbsp; 19117 |
|  |  | &nbsp;&nbsp; 34114 |
| **Energy—5.1%** | **Energy—5.1%** |  |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;753060 | &nbsp;&nbsp; 22238 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118822 | &nbsp;&nbsp; 15390 |
|  |  | &nbsp;&nbsp; 37628 |
| **Financials—15.1%** | **Financials—15.1%** |  |
| Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86692 | &nbsp;&nbsp; 11755 |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;706987 | &nbsp;&nbsp; 23415 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82493 | &nbsp;&nbsp; 7669 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;162610 | &nbsp;&nbsp; 21806 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;145532 | &nbsp;&nbsp; 18877 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;264507 | &nbsp;&nbsp; 8692 |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78155 | &nbsp;&nbsp; 19115 |
|  |  | &nbsp;&nbsp;111329 |
| **Health Care—10.0%** | **Health Care—10.0%** |  |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292394 | &nbsp;&nbsp; 14903 |
| Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23559 | &nbsp;&nbsp; 7790 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82503 | &nbsp;&nbsp; 11569 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66955 | &nbsp;&nbsp; 16714 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176492 | &nbsp;&nbsp; 22503 |
|  |  | &nbsp;&nbsp; 73479 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—16.4%** | **Industrials—16.4%** |  |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122846 | $17164 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80663 | &nbsp;&nbsp; 7748 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145931 | &nbsp;&nbsp; 9376 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97790 | &nbsp;&nbsp; 20956 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31694 | &nbsp;&nbsp; 7237 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86948 | &nbsp;&nbsp; 10440 |
| Knight-Swift Transportation Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;153359 | &nbsp;&nbsp; 8038 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82905 | &nbsp;&nbsp; 17262 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46095 | &nbsp;&nbsp; 11359 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39506 | &nbsp;&nbsp; 11496 |
|  |  | &nbsp;&nbsp;121076 |
| **Information Technology—9.5%** | **Information Technology—9.5%** |  |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166179 | &nbsp;&nbsp; 16505 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303490 | &nbsp;&nbsp; 11241 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28911 | &nbsp;&nbsp; 7450 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214098 | &nbsp;&nbsp; 23538 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127930 | &nbsp;&nbsp; 11175 |
|  |  | &nbsp;&nbsp; 69909 |
| **Materials—10.9%** | **Materials—10.9%** |  |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134245 | &nbsp;&nbsp; 11036 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;179182 | &nbsp;&nbsp; 14593 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221055 | &nbsp;&nbsp; 8400 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149272 | &nbsp;&nbsp; 15650 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64513 | &nbsp;&nbsp; 15311 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86186 | &nbsp;&nbsp; 15092 |
|  |  | &nbsp;&nbsp; 80082 |
| **Real Estate—10.4%** | **Real Estate—10.4%** |  |
| American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;666511 | &nbsp;&nbsp; 20089 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159708 | &nbsp;&nbsp; 21663 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141693 | &nbsp;&nbsp; 20854 |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125971 | &nbsp;&nbsp; 14201 |
|  |  | &nbsp;&nbsp; 76807 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—5.6%** | **Utilities—5.6%** |  |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;320473 | $20295 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;720320 | &nbsp;&nbsp;&nbsp; 21048 |
|  |  | &nbsp;&nbsp;&nbsp; 41343 |
| **Total Common Stocks<br> (Identified Cost $713,266)** | **Total Common Stocks<br> (Identified Cost $713,266)** | &nbsp;&nbsp;&nbsp;&nbsp;**725665** |
| **Total Long-Term Investments—98.5%<br> (Identified Cost $713,266)** | **Total Long-Term Investments—98.5%<br> (Identified Cost $713,266)** | &nbsp;&nbsp;&nbsp;&nbsp;**725665** |
| **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** |
| **Money Market Mutual Fund—1.5%** | **Money Market Mutual Fund—1.5%** | **Money Market Mutual Fund—1.5%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(1)</sup> | 11079797 | &nbsp;&nbsp;&nbsp; 11080 |
| **Total Short-Term Investment<br> (Identified Cost $11,080)** | **Total Short-Term Investment<br> (Identified Cost $11,080)** | &nbsp;&nbsp;&nbsp;&nbsp; **11080** |
| **TOTAL INVESTMENTS—100.0%<br> (Identified Cost $724,346)** | **TOTAL INVESTMENTS—100.0%<br> (Identified Cost $724,346)** | &nbsp;&nbsp;**$736745** |
| Other assets and liabilities, net—(0.0)% | Other assets and liabilities, net—(0.0)% | &nbsp;&nbsp;&nbsp;&nbsp; (33) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$736712** |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;95% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | &nbsp;&nbsp;100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$725665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$725665 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$736745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$736745 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Ceredex Mid-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.1%** | **Common Stocks—98.1%** | **Common Stocks—98.1%** |
| **Consumer Discretionary—6.8%** | **Consumer Discretionary—6.8%** |  |
| Gentex Corp. | 1700000 | $46359 |
| Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp; 29413 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 53654 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 44928 |
|  |  | &nbsp;&nbsp; 174354 |
| **Energy—5.6%** | **Energy—5.6%** |  |
| Baker Hughes Co. | 1650000 | &nbsp;&nbsp; 48724 |
| Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp; 40579 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 53892 |
|  |  | &nbsp;&nbsp; 143195 |
| **Financials—11.2%** | **Financials—11.2%** |  |
| Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 57630 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp; 54382 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 28644 |
| Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp; 52323 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 43433 |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 48916 |
|  |  | &nbsp;&nbsp; 285328 |
| **Health Care—10.6%** | **Health Care—10.6%** |  |
| Azenta, Inc.<sup>(1)</sup> | 1200000 | &nbsp;&nbsp; 69864 |
| Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 56214 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 39962 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 32452 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp; 73950 |
|  |  | &nbsp;&nbsp; 272442 |
| **Industrials—17.6%** | **Industrials—17.6%** |  |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 28278 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 29779 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 31098 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp; 36301 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 37216 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 28287 |
| Howmet Aerospace, Inc. | 1035000 | &nbsp;&nbsp; 40789 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Knight-Swift Transportation Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;575000 | $30136 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 40601 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 29100 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 29925 |
| Republic Services, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 30958 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 29620 |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 27735 |
|  |  | &nbsp;&nbsp; 449823 |
| **Information Technology—8.2%** | **Information Technology—8.2%** |  |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp; 82932 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 27780 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199830 | &nbsp;&nbsp; 51498 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 47530 |
|  |  | &nbsp;&nbsp; 209740 |
| **Materials—8.6%** | **Materials—8.6%** |  |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 36648 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 39839 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 57455 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 44009 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 41533 |
|  |  | &nbsp;&nbsp; 219484 |
| **Real Estate—15.4%** | **Real Estate—15.4%** |  |
| American Homes 4 Rent Class A | 2500000 | &nbsp;&nbsp; 75350 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 58872 |
| Healthcare Realty Trust, Inc. | 3400000 | &nbsp;&nbsp; 65518 |
| National Retail Properties, Inc. | 1300000 | &nbsp;&nbsp; 59488 |
| Rexford Industrial Realty, Inc. | 1250000 | &nbsp;&nbsp; 68300 |
| SBA Communications, Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 65873 |
|  |  | &nbsp;&nbsp; 393401 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—14.1%** | **Utilities—14.1%** |  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;685000 | $60910 |
| CenterPoint Energy, Inc. | 1975000 | &nbsp;&nbsp;&nbsp; 59230 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp; 60164 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 59063 |
| PPL Corp. | 2100000 | &nbsp;&nbsp;&nbsp; 61362 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp; 60645 |
|  |  | &nbsp;&nbsp;&nbsp; 361374 |
| **Total Common Stocks<br> (Identified Cost $2,480,714)** | **Total Common Stocks<br> (Identified Cost $2,480,714)** | &nbsp;&nbsp;&nbsp;&nbsp;**2509141** |
| **Total Long-Term Investments—98.1%<br> (Identified Cost $2,480,714)** | **Total Long-Term Investments—98.1%<br> (Identified Cost $2,480,714)** | &nbsp;&nbsp;&nbsp;&nbsp;**2509141** |
| **Short-Term Investments—2.4%** | **Short-Term Investments—2.4%** | **Short-Term Investments—2.4%** |
| **Money Market Mutual Funds—2.4%** | **Money Market Mutual Funds—2.4%** | **Money Market Mutual Funds—2.4%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22161 | &nbsp;&nbsp;&nbsp; 22 |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(2)</sup> | 59916562 | &nbsp;&nbsp;&nbsp; 59917 |
| **Total Short-Term Investments<br> (Identified Cost $59,939)** | **Total Short-Term Investments<br> (Identified Cost $59,939)** | &nbsp;&nbsp;&nbsp;&nbsp; **59939** |
| **TOTAL INVESTMENTS—100.5%<br> (Identified Cost $2,540,653)** | **TOTAL INVESTMENTS—100.5%<br> (Identified Cost $2,540,653)** | &nbsp;&nbsp;**$2569080** |
| Other assets and liabilities, net—(0.5)% | Other assets and liabilities, net—(0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; (11874) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$2557206** |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Ceredex Mid-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2509141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2509141 |
| Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59939 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2569080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2569080 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Ceredex Small-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.3%** | **Common Stocks—99.3%** | **Common Stocks—99.3%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49947 | $1971 |
| **Consumer Discretionary—11.2%** | **Consumer Discretionary—11.2%** |  |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117800 | &nbsp;&nbsp; 6189 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37818 | &nbsp;&nbsp; 2896 |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40385 | &nbsp;&nbsp; 3013 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19946 | &nbsp;&nbsp; 2247 |
| Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91942 | &nbsp;&nbsp; 3475 |
| InterContinental Hotels Group plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;46321 | &nbsp;&nbsp; 2702 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44647 | &nbsp;&nbsp; 3036 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63112 | &nbsp;&nbsp; 2017 |
| Tempur Sealy International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74084 | &nbsp;&nbsp; 2543 |
|  |  | &nbsp;&nbsp; 28118 |
| **Consumer Staples—2.9%** | **Consumer Staples—2.9%** |  |
| Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;66946 | &nbsp;&nbsp; 2343 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109875 | &nbsp;&nbsp; 3686 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20422 | &nbsp;&nbsp; 1241 |
|  |  | &nbsp;&nbsp; 7270 |
| **Energy—6.9%** | **Energy—6.9%** |  |
| ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112113 | &nbsp;&nbsp; 3250 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76195 | &nbsp;&nbsp; 2520 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125797 | &nbsp;&nbsp; 2628 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122965 | &nbsp;&nbsp; 6236 |
| World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100364 | &nbsp;&nbsp; 2743 |
|  |  | &nbsp;&nbsp; 17377 |
| **Financials—22.3%** | **Financials—22.3%** |  |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17322 | &nbsp;&nbsp; 2378 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;56930 | &nbsp;&nbsp; 2684 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19893 | &nbsp;&nbsp; 1034 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30538 | &nbsp;&nbsp; 2369 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;69655 | &nbsp;&nbsp; 2841 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39044 | &nbsp;&nbsp; 2610 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20742 | &nbsp;&nbsp; 2773 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11653 | &nbsp;&nbsp; 1271 |
| First Citizens BancShares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp; 4761 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116152 | &nbsp;&nbsp; 3025 |
| First Interstate BancSystem, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;111008 | &nbsp;&nbsp; 4290 |
| FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;226416 | &nbsp;&nbsp; 2955 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68751 | &nbsp;&nbsp; 2569 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9064 | &nbsp;&nbsp; 2370 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21922 | &nbsp;&nbsp; 3115 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15936 | &nbsp;&nbsp; 2092 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;80376 | &nbsp;&nbsp; 2507 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;71489 | &nbsp;&nbsp; 4168 |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;224517 | &nbsp;&nbsp; 3727 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39200 | $2410 |
|  |  | &nbsp;&nbsp; 55949 |
| **Health Care—7.8%** | **Health Care—7.8%** |  |
| DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121215 | &nbsp;&nbsp; 3860 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19651 | &nbsp;&nbsp; 904 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;101594 | &nbsp;&nbsp; 2838 |
| Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134289 | &nbsp;&nbsp; 3764 |
| Perrigo Co. plc | &nbsp;&nbsp;&nbsp;&nbsp;240139 | &nbsp;&nbsp; 8186 |
|  |  | &nbsp;&nbsp; 19552 |
| **Industrials—25.3%** | **Industrials—25.3%** |  |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57665 | &nbsp;&nbsp; 3301 |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24061 | &nbsp;&nbsp; 1812 |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30896 | &nbsp;&nbsp; 4285 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49762 | &nbsp;&nbsp; 3413 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46016 | &nbsp;&nbsp; 2673 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15538 | &nbsp;&nbsp; 2595 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30005 | &nbsp;&nbsp; 4444 |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;50688 | &nbsp;&nbsp; 3743 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194227 | &nbsp;&nbsp; 1917 |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61444 | &nbsp;&nbsp; 3244 |
| Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;42754 | &nbsp;&nbsp; 1301 |
| Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;45126 | &nbsp;&nbsp; 3849 |
| Ritchie Bros. Auctioneers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89442 | &nbsp;&nbsp; 5172 |
| Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27055 | &nbsp;&nbsp; 3001 |
| SKF AB Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;248482 | &nbsp;&nbsp; 3791 |
| Stantec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113259 | &nbsp;&nbsp; 5430 |
| Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;33535 | &nbsp;&nbsp; 3796 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367 | &nbsp;&nbsp; 2767 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20343 | &nbsp;&nbsp; 2975 |
|  |  | &nbsp;&nbsp; 63509 |
| **Information Technology—8.8%** | **Information Technology—8.8%** |  |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;72613 | &nbsp;&nbsp; 5122 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55279 | &nbsp;&nbsp; 2560 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15712 | &nbsp;&nbsp; 3460 |
| National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78362 | &nbsp;&nbsp; 2892 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68619 | &nbsp;&nbsp; 4921 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60332 | &nbsp;&nbsp; 3044 |
|  |  | &nbsp;&nbsp; 21999 |
| **Materials—4.2%** | **Materials—4.2%** |  |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp; 2772 |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23239 | &nbsp;&nbsp; 2499 |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57804 | &nbsp;&nbsp; 1951 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56947 | &nbsp;&nbsp; 3458 |
|  |  | &nbsp;&nbsp; 10680 |
| **Real Estate—6.2%** | **Real Estate—6.2%** |  |
| Colliers International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45520 | &nbsp;&nbsp; 4190 |
| FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21231 | &nbsp;&nbsp; 2602 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;43028 | $4062 |
| Newmark Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;275934 | &nbsp;&nbsp;&nbsp; 2199 |
| Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;176640 | &nbsp;&nbsp;&nbsp; 2556 |
|  |  | &nbsp;&nbsp;&nbsp; 15609 |
| **Utilities—2.9%** | **Utilities—2.9%** |  |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;355300 | &nbsp;&nbsp;&nbsp; 2317 |
| Atlantica Sustainable Infrastructure plc | &nbsp;&nbsp;&nbsp;&nbsp;93219 | &nbsp;&nbsp;&nbsp; 2414 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106484 | &nbsp;&nbsp;&nbsp; 2470 |
|  |  | &nbsp;&nbsp;&nbsp; 7201 |
| **Total Common Stocks<br> (Identified Cost $223,076)** | **Total Common Stocks<br> (Identified Cost $223,076)** | &nbsp;&nbsp;&nbsp;&nbsp;**249235** |
| **Total Long-Term Investments—99.3%<br> (Identified Cost $223,076)** | **Total Long-Term Investments—99.3%<br> (Identified Cost $223,076)** | &nbsp;&nbsp;&nbsp;&nbsp;**249235** |
| **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** |
| **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(1)</sup> | 1948482 | &nbsp;&nbsp;&nbsp; 1948 |
| **Total Short-Term Investment<br> (Identified Cost $1,948)** | **Total Short-Term Investment<br> (Identified Cost $1,948)** | &nbsp;&nbsp;&nbsp;&nbsp; **1948** |
| **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $225,024)** | **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $225,024)** | &nbsp;&nbsp;**$251183** |
| Other assets and liabilities, net—(0.1)% | Other assets and liabilities, net—(0.1)% | &nbsp;&nbsp;&nbsp;&nbsp; (219) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$250964** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| ADR | American Depositary Receipt |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;83% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | &nbsp;&nbsp;&nbsp;100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Ceredex Small-Cap Value Equity Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$249235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$249235 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251183 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### SGA International Growth Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—3.1%** | **Preferred Stock—3.1%** | **Preferred Stock—3.1%** |
| **Germany—3.1%** | **Germany—3.1%** |  |
| Sartorius AG, 0.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984 | $1180 |
| **Total Preferred Stock<br> (Identified Cost $1,174)** | **Total Preferred Stock<br> (Identified Cost $1,174)** | &nbsp;&nbsp;&nbsp;&nbsp; **1180** |
| **Common Stocks—91.5%** | **Common Stocks—91.5%** | **Common Stocks—91.5%** |
| **Brazil—3.5%** | **Brazil—3.5%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp; 637 |
| XP, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45167 | &nbsp;&nbsp;&nbsp; 693 |
|  |  | &nbsp;&nbsp;&nbsp; 1330 |
| **Canada—1.7%** | **Canada—1.7%** |  |
| Canadian Pacific Railway Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8818 | &nbsp;&nbsp;&nbsp; 658 |
| **China—6.9%** | **China—6.9%** |  |
| Shandong Weigao Group Medical Polymer Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;920428 | &nbsp;&nbsp;&nbsp; 1512 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20441 | &nbsp;&nbsp;&nbsp; 1149 |
|  |  | &nbsp;&nbsp;&nbsp; 2661 |
| **Denmark—3.7%** | **Denmark—3.7%** |  |
| Novo Nordisk A/S Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;10404 | &nbsp;&nbsp;&nbsp; 1408 |
| **France—6.4%** | **France—6.4%** |  |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;30194 | &nbsp;&nbsp;&nbsp; 1082 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp; 1361 |
|  |  | &nbsp;&nbsp;&nbsp; 2443 |
| **Germany—5.4%** | **Germany—5.4%** |  |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7185 | &nbsp;&nbsp;&nbsp; 980 |
| SAP SE Sponsored ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10392 | &nbsp;&nbsp;&nbsp; 1073 |
|  |  | &nbsp;&nbsp;&nbsp; 2053 |
| **Hong Kong—4.4%** | **Hong Kong—4.4%** |  |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152346 | &nbsp;&nbsp;&nbsp; 1694 |
| **India—7.3%** | **India—7.3%** |  |
| HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;24458 | &nbsp;&nbsp;&nbsp; 1673 |
| Infosys Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;63266 | &nbsp;&nbsp;&nbsp; 1140 |
|  |  | &nbsp;&nbsp;&nbsp; 2813 |
| **Ireland—3.1%** | **Ireland—3.1%** |  |
| ICON plc ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046 | &nbsp;&nbsp;&nbsp; 1174 |
| **Japan—4.7%** | **Japan—4.7%** |  |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32073 | &nbsp;&nbsp;&nbsp; 1021 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12925 | &nbsp;&nbsp;&nbsp; 787 |
|  |  | &nbsp;&nbsp;&nbsp; 1808 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico—5.9%** | **Mexico—5.9%** |  |
| Fomento Economico Mexicano SAB de C.V. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;11770 | $920 |
| Wal-Mart de Mexico SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;381717 | &nbsp;&nbsp;&nbsp; 1349 |
|  |  | &nbsp;&nbsp;&nbsp; 2269 |
| **Netherlands—7.0%** | **Netherlands—7.0%** |  |
| Adyen N.V.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp; 1412 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;13692 | &nbsp;&nbsp;&nbsp; 1288 |
|  |  | &nbsp;&nbsp;&nbsp; 2700 |
| **Switzerland—10.9%** | **Switzerland—10.9%** |  |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20080 | &nbsp;&nbsp;&nbsp; 1376 |
| Nestle S.A. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9295 | &nbsp;&nbsp;&nbsp; 1077 |
| Sika AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp; 755 |
| Temenos AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;17653 | &nbsp;&nbsp;&nbsp; 969 |
|  |  | &nbsp;&nbsp;&nbsp; 4177 |
| **Thailand—2.2%** | **Thailand—2.2%** |  |
| CP ALL PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;430036 | &nbsp;&nbsp;&nbsp; 847 |
| **United Kingdom—11.9%** | **United Kingdom—11.9%** |  |
| Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208 | &nbsp;&nbsp;&nbsp; 1863 |
| Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;28432 | &nbsp;&nbsp;&nbsp; 1255 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp; 1463 |
|  |  | &nbsp;&nbsp;&nbsp; 4581 |
| **United States—6.5%** | **United States—6.5%** |  |
| Atlassian Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp; 715 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517 | &nbsp;&nbsp;&nbsp; 1758 |
|  |  | &nbsp;&nbsp;&nbsp; 2473 |
| **Total Common Stocks<br> (Identified Cost $30,951)** | **Total Common Stocks<br> (Identified Cost $30,951)** | &nbsp;&nbsp;&nbsp;&nbsp;**35089** |
| **Total Long-Term Investments—94.6%<br> (Identified Cost $32,125)** | **Total Long-Term Investments—94.6%<br> (Identified Cost $32,125)** | &nbsp;&nbsp;&nbsp;&nbsp;**36269** |
| **Short-Term Investment—3.8%** | **Short-Term Investment—3.8%** | **Short-Term Investment—3.8%** |
| **Money Market Mutual Fund—3.8%** | **Money Market Mutual Fund—3.8%** |  |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(3)</sup> | 1454038 | &nbsp;&nbsp;&nbsp; 1454 |
| **Total Short-Term Investment<br> (Identified Cost $1,454)** | **Total Short-Term Investment<br> (Identified Cost $1,454)** | &nbsp;&nbsp;&nbsp;&nbsp; **1454** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—2.8%** | **Securities Lending Collateral—2.8%** | **Securities Lending Collateral—2.8%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(3)(4)</sup> | 1082050 | $1082 |
| **Total Securities Lending Collateral—2.8%<br> (Identified Cost $1,082)** | **Total Securities Lending Collateral—2.8%<br> (Identified Cost $1,082)** | &nbsp;&nbsp;&nbsp;&nbsp; **1082** |
| **TOTAL INVESTMENTS—101.2%<br> (Identified Cost $34,661)** | **TOTAL INVESTMENTS—101.2%<br> (Identified Cost $34,661)** | &nbsp;&nbsp;**$38805** |
| Other assets and liabilities, net—(1.2)% | Other assets and liabilities, net—(1.2)% | &nbsp;&nbsp;&nbsp;&nbsp; (449) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$38356** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| ADR | American Depositary Receipt |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(4)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;13% |
| United Kingdom | &nbsp;&nbsp;12 |
| Switzerland | &nbsp;&nbsp;11 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Other | &nbsp;&nbsp;35 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### SGA International Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35089 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38805 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Silvant Large-Cap Growth Stock Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.8%** | **Common Stocks—98.8%** | **Common Stocks—98.8%** |
| **Communication Services—9.4%** | **Communication Services—9.4%** |  |
| Alphabet, Inc. Class A<sup>(1)</sup> | 38678 | $3412 |
| Alphabet, Inc. Class C<sup>(1)</sup> | 39965 | &nbsp;&nbsp; 3546 |
| Meta Platforms, Inc. Class A<sup>(1)</sup> | 10652 | &nbsp;&nbsp; 1282 |
| Snap, Inc. Class A<sup>(1)</sup> | 8449 | &nbsp;&nbsp; 76 |
|  |  | &nbsp;&nbsp; 8316 |
| **Consumer Discretionary—13.3%** | **Consumer Discretionary—13.3%** |  |
| Amazon.com, Inc.<sup>(1)</sup> | 56379 | &nbsp;&nbsp; 4736 |
| Booking Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp; 1012 |
| Chipotle Mexican Grill, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp; 823 |
| DraftKings, Inc. Class A<sup>(1)</sup> | 25633 | &nbsp;&nbsp; 292 |
| Las Vegas Sands Corp.<sup>(1)</sup> | 13499 | &nbsp;&nbsp; 649 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 2027 | &nbsp;&nbsp; 1711 |
| Royal Caribbean Cruises Ltd.<sup>(1)</sup> | 11247 | &nbsp;&nbsp; 556 |
| Tesla, Inc.<sup>(1)</sup> | 3316 | &nbsp;&nbsp; 408 |
| TJX Cos., Inc. (The) | 19437 | &nbsp;&nbsp; 1547 |
|  |  | &nbsp;&nbsp;11734 |
| **Consumer Staples—4.5%** | **Consumer Staples—4.5%** |  |
| Colgate-Palmolive Co. | 6171 | &nbsp;&nbsp; 486 |
| Costco Wholesale Corp. | 4259 | &nbsp;&nbsp; 1944 |
| Estee Lauder Cos., Inc. (The) Class A | 6029 | &nbsp;&nbsp; 1496 |
|  |  | &nbsp;&nbsp; 3926 |
| **Financials—3.7%** | **Financials—3.7%** |  |
| American Express Co. | 6901 | &nbsp;&nbsp; 1020 |
| Coinbase Global, Inc. Class A<sup>(1)</sup> | 1894 | &nbsp;&nbsp; 67 |
| S&P Global, Inc. | 4080 | &nbsp;&nbsp; 1366 |
| Wells Fargo & Co. | 20583 | &nbsp;&nbsp; 850 |
|  |  | &nbsp;&nbsp; 3303 |
| **Health Care—16.0%** | **Health Care—16.0%** |  |
| Bristol-Myers Squibb Co. | 14943 | &nbsp;&nbsp; 1075 |
| Dexcom, Inc.<sup>(1)</sup> | 11163 | &nbsp;&nbsp; 1264 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 15425 | &nbsp;&nbsp; 1151 |
| Eli Lilly & Co. | 9248 | &nbsp;&nbsp; 3384 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Exact Sciences Corp.<sup>(1)</sup> | 7599 | $376 |
| Insulet Corp.<sup>(1)</sup> | 1694 | &nbsp;&nbsp; 499 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 4141 | &nbsp;&nbsp; 1099 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 1006 | &nbsp;&nbsp; 1454 |
| Natera, Inc.<sup>(1)</sup> | 7069 | &nbsp;&nbsp; 284 |
| Thermo Fisher Scientific, Inc. | 1464 | &nbsp;&nbsp; 806 |
| UnitedHealth Group, Inc. | 5138 | &nbsp;&nbsp; 2724 |
|  |  | &nbsp;&nbsp;14116 |
| **Industrials—4.5%** | **Industrials—4.5%** |  |
| Boeing Co. (The)<sup>(1)</sup> | 8234 | &nbsp;&nbsp; 1568 |
| Deere & Co. | 2113 | &nbsp;&nbsp; 906 |
| Emerson Electric Co. | 6737 | &nbsp;&nbsp; 647 |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp; 436 |
| Honeywell International, Inc. | 1964 | &nbsp;&nbsp; 421 |
|  |  | &nbsp;&nbsp; 3978 |
| **Information Technology—46.2%** | **Information Technology—46.2%** |  |
| Apple, Inc. | 92772 | &nbsp;&nbsp;12054 |
| Applied Materials, Inc. | 14712 | &nbsp;&nbsp; 1433 |
| ASML Holding N.V. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp; 350 |
| Autodesk, Inc.<sup>(1)</sup> | 5923 | &nbsp;&nbsp; 1107 |
| Bill.com Holdings, Inc.<sup>(1)</sup> | 3281 | &nbsp;&nbsp; 357 |
| DocuSign, Inc.<sup>(1)</sup> | 2428 | &nbsp;&nbsp; 135 |
| Five9, Inc.<sup>(1)</sup> | 3874 | &nbsp;&nbsp; 263 |
| Mastercard, Inc. Class A | 6927 | &nbsp;&nbsp; 2409 |
| Microsoft Corp. | 45890 | &nbsp;&nbsp;11005 |
| NVIDIA Corp. | 24292 | &nbsp;&nbsp; 3550 |
| Paycom Software, Inc.<sup>(1)</sup> | 1958 | &nbsp;&nbsp; 608 |
| QUALCOMM, Inc. | 13075 | &nbsp;&nbsp; 1437 |
| Roper Technologies, Inc. | 1218 | &nbsp;&nbsp; 526 |
| Salesforce, Inc.<sup>(1)</sup> | 6540 | &nbsp;&nbsp; 867 |
| SentinelOne, Inc. Class A<sup>(1)</sup> | 14754 | &nbsp;&nbsp; 215 |
| Visa, Inc. Class A | 17321 | &nbsp;&nbsp; 3599 |
| Workday, Inc. Class A<sup>(1)</sup> | 5829 | &nbsp;&nbsp; 975 |
|  |  | &nbsp;&nbsp;40890 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—1.2%** | **Materials—1.2%** |  |
| Air Products & Chemicals, Inc. | 1875 | $578 |
| Vulcan Materials Co. | 2844 | &nbsp;&nbsp;&nbsp; 498 |
|  |  | &nbsp;&nbsp;&nbsp; 1076 |
| **Total Common Stocks<br> (Identified Cost $37,405)** | **Total Common Stocks<br> (Identified Cost $37,405)** | &nbsp;&nbsp;&nbsp;&nbsp;**87339** |
| **Total Long-Term Investments—98.8%<br> (Identified Cost $37,405)** | **Total Long-Term Investments—98.8%<br> (Identified Cost $37,405)** | &nbsp;&nbsp;&nbsp;&nbsp;**87339** |
| **Short-Term Investment—0.0%** | **Short-Term Investment—0.0%** | **Short-Term Investment—0.0%** |
| **Money Market Mutual Fund—0.0%** | **Money Market Mutual Fund—0.0%** | **Money Market Mutual Fund—0.0%** |
| State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)<sup>(2)</sup> | 40057 | &nbsp;&nbsp;&nbsp; 40 |
| **Total Short-Term Investment<br> (Identified Cost $40)** | **Total Short-Term Investment<br> (Identified Cost $40)** | &nbsp;&nbsp;&nbsp;&nbsp; **40** |
| **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $37,445)** | **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $37,445)** | &nbsp;&nbsp;**$87379** |
| Other assets and liabilities, net—1.2% | Other assets and liabilities, net—1.2% | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$88436** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| S&P | Standard & Poor's |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87339 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87379 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Zevenbergen Innovative Growth Stock Fund

#### SCHEDULE OF INVESTMENTS <br>December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—100.5%** | **Common Stocks—100.5%** | **Common Stocks—100.5%** |
| **Communication Services—8.0%** | **Communication Services—8.0%** |  |
| Netflix, Inc.<sup>(1)</sup> | 15000 | $4423 |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 468600 | &nbsp;&nbsp; 21008 |
|  |  | &nbsp;&nbsp; 25431 |
| **Consumer Discretionary—27.4%** | **Consumer Discretionary—27.4%** |  |
| Airbnb, Inc. Class A<sup>(1)</sup> | 94000 | &nbsp;&nbsp; 8037 |
| Amazon.com, Inc.<sup>(1)</sup> | 216400 | &nbsp;&nbsp; 18178 |
| Global-e Online Ltd.<sup>(1)</sup> | 280000 | &nbsp;&nbsp; 5779 |
| MercadoLibre, Inc.<sup>(1)</sup> | 27500 | &nbsp;&nbsp; 23272 |
| On Holding AG Class A<sup>(1)</sup> | 191500 | &nbsp;&nbsp; 3286 |
| Tesla, Inc.<sup>(1)</sup> | 174375 | &nbsp;&nbsp; 21479 |
| Wingstop, Inc. | 34540 | &nbsp;&nbsp; 4753 |
| Xometry, Inc. Class A<sup>(1)</sup> | 76200 | &nbsp;&nbsp; 2456 |
|  |  | &nbsp;&nbsp; 87240 |
| **Consumer Staples—0.5%** | **Consumer Staples—0.5%** |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | 15700 | &nbsp;&nbsp; 1633 |
| **Health Care—10.1%** | **Health Care—10.1%** |  |
| Exact Sciences Corp.<sup>(1)</sup> | 270000 | &nbsp;&nbsp; 13368 |
| Repligen Corp.<sup>(1)</sup> | 23050 | &nbsp;&nbsp; 3903 |
| Seagen, Inc.<sup>(1)</sup> | 50000 | &nbsp;&nbsp; 6425 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | 52050 | &nbsp;&nbsp; 8400 |
|  |  | &nbsp;&nbsp; 32096 |
| **Industrials—8.3%** | **Industrials—8.3%** |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | 80000 | &nbsp;&nbsp; 13274 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Shoals Technologies Group, Inc. Class A<sup>(1)</sup> | 78000 | $1924 |
| Uber Technologies, Inc.<sup>(1)</sup> | 450000 | &nbsp;&nbsp; 11129 |
|  |  | &nbsp;&nbsp; 26327 |
| **Information Technology—43.7%** | **Information Technology—43.7%** |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 55500 | &nbsp;&nbsp; 3595 |
| ASML Holding N.V. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp; 3333 |
| Bill.com Holdings, Inc.<sup>(1)</sup> | 114775 | &nbsp;&nbsp; 12506 |
| Block, Inc. Class A<sup>(1)</sup> | 45000 | &nbsp;&nbsp; 2828 |
| Cloudflare, Inc. Class A<sup>(1)</sup> | 36900 | &nbsp;&nbsp; 1668 |
| Crowdstrike Holdings, Inc. Class A<sup>(1)</sup> | 53000 | &nbsp;&nbsp; 5580 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 345000 | &nbsp;&nbsp; 7576 |
| Enphase Energy, Inc.<sup>(1)</sup> | 47000 | &nbsp;&nbsp; 12453 |
| First Solar, Inc.<sup>(1)</sup> | 35000 | &nbsp;&nbsp; 5243 |
| MongoDB, Inc. Class A<sup>(1)</sup> | 15100 | &nbsp;&nbsp; 2972 |
| NVIDIA Corp. | 106000 | &nbsp;&nbsp; 15491 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 27000 | &nbsp;&nbsp; 3768 |
| Paylocity Holding Corp.<sup>(1)</sup> | 42000 | &nbsp;&nbsp; 8159 |
| ServiceNow, Inc.<sup>(1)</sup> | 22500 | &nbsp;&nbsp; 8736 |
| Shopify, Inc. Class A<sup>(1)</sup> | 550000 | &nbsp;&nbsp; 19090 |
| Snowflake, Inc. Class A<sup>(1)</sup> | 80000 | &nbsp;&nbsp; 11483 |
| Sprout Social, Inc. Class A<sup>(1)</sup> | 230000 | &nbsp;&nbsp; 12986 |
| Unity Software, Inc.<sup>(1)</sup> | 50000 | &nbsp;&nbsp; 1430 |
|  |  | &nbsp;&nbsp;138897 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—2.5%** | **Real Estate—2.5%** |  |
| Zillow Group, Inc. Class C<sup>(1)</sup> | 245000 | $7891 |
| **Total Common Stocks<br> (Identified Cost $320,183)** | **Total Common Stocks<br> (Identified Cost $320,183)** | &nbsp;&nbsp;&nbsp;&nbsp;**319515** |
| **Total Long-Term Investments—100.5%<br> (Identified Cost $320,183)** | **Total Long-Term Investments—100.5%<br> (Identified Cost $320,183)** | &nbsp;&nbsp;&nbsp;&nbsp;**319515** |
| **TOTAL INVESTMENTS—100.5%<br> (Identified Cost $320,183)** | **TOTAL INVESTMENTS—100.5%<br> (Identified Cost $320,183)** | &nbsp;&nbsp;**$319515** |
| Other assets and liabilities, net—(0.5)% | Other assets and liabilities, net—(0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; (1529) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$317986** |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;83% |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$319515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$319515 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$319515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$319515 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES <br>December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$736745 | &nbsp;&nbsp;&nbsp;$2569080 | &nbsp;&nbsp;&nbsp;&nbsp;$251183 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251678 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| &nbsp;&nbsp;&nbsp; Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$736712 | &nbsp;&nbsp;&nbsp;$2557206 | &nbsp;&nbsp;&nbsp;&nbsp;$250964 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$730630 | &nbsp;&nbsp;&nbsp;$2663133 | &nbsp;&nbsp;&nbsp;&nbsp;$221890 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29074 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$736712 | &nbsp;&nbsp;&nbsp;$2557206 | &nbsp;&nbsp;&nbsp;&nbsp;$250964 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$138781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$208364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29680 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$646 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;$327199 | &nbsp;&nbsp;&nbsp;$1608611 | &nbsp;&nbsp;&nbsp;&nbsp;$159199 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;$268455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$726488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61439 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;14421049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19816147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152570 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112325 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;33174009 | &nbsp;&nbsp;&nbsp;&nbsp;149480001 | &nbsp;&nbsp;&nbsp;&nbsp;20770588 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;26871952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67201579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7985828 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.15 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.75 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.66 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.69 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.57 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$724346 | &nbsp;&nbsp;&nbsp;$2540653 | &nbsp;&nbsp;&nbsp;&nbsp;$225024 |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$38805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87379 | &nbsp;&nbsp;&nbsp;$319515 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
| &nbsp;&nbsp;&nbsp; Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321774 |
| **Liabilities** |  |  |  |
| Due to custodian<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;526 |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$38356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88436 | &nbsp;&nbsp;&nbsp;$317986 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$34725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38191 | &nbsp;&nbsp;&nbsp;$468084 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150098) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$38356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88436 | &nbsp;&nbsp;&nbsp;$317986 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79935 | &nbsp;&nbsp;&nbsp;&nbsp;$87437 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;$28164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8399 | &nbsp;&nbsp;&nbsp;$221530 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9019 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935702 | &nbsp;&nbsp;&nbsp;&nbsp;17116609 | &nbsp;&nbsp;&nbsp;&nbsp;3649784 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;3370675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048353 | &nbsp;&nbsp;&nbsp;&nbsp;8586827 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348807 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.96 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.80 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.86 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.35 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$34661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37445 | &nbsp;&nbsp;&nbsp;$320183 |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS YEAR ENDED <br>December 31, 2022
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$17379 | &nbsp;&nbsp;&nbsp;&nbsp;$51170 | &nbsp;&nbsp;&nbsp;&nbsp;$6263 |
| &nbsp;&nbsp;&nbsp; Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) |
| &nbsp;&nbsp;&nbsp; Less low balance account fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44688 | &nbsp;&nbsp;&nbsp;&nbsp;(134427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(218055) | &nbsp;&nbsp;&nbsp;&nbsp;(399597) | &nbsp;&nbsp;&nbsp;&nbsp;(90633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(2)</sup> |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(173366) | &nbsp;&nbsp;&nbsp;&nbsp;(534025) | &nbsp;&nbsp;&nbsp;&nbsp;(49414) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(164801) | &nbsp;&nbsp;&nbsp;&nbsp;$(512113) | &nbsp;&nbsp;&nbsp;&nbsp;$(46746) |

---

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

<sup>(2)</sup> Amount is less than $500.

<sup>(3)</sup> See Note 3G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF OPERATIONS (Continued)

#### YEAR ENDED December 31, 2022
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$470 | &nbsp;&nbsp;&nbsp;&nbsp;$613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49 |
| &nbsp;&nbsp;&nbsp; Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739) |
| &nbsp;&nbsp;&nbsp; Less low balance account fees <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;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5614) |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp;(140274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(8566) | &nbsp;&nbsp;&nbsp;&nbsp;(43005) | &nbsp;&nbsp;&nbsp;&nbsp;(379327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(8848) | &nbsp;&nbsp;&nbsp;&nbsp;(39147) | &nbsp;&nbsp;&nbsp;&nbsp;(519601) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(8848) | &nbsp;&nbsp;&nbsp;&nbsp;$(39819) | &nbsp;&nbsp;&nbsp;&nbsp;$(525215) |

---

<sup>(1)</sup> Amount is less than $500.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12860 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085349 |
| &nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208494) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889715 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160224) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584000) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155700 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161606 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1132593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467321 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222478 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$736712 | &nbsp;&nbsp;&nbsp;&nbsp;$1237657 | &nbsp;&nbsp;&nbsp;&nbsp;$2557206 | &nbsp;&nbsp;&nbsp;&nbsp;$3689799 |

---

<sup>(1)</sup> See Note 3G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA International Growth Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3658) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47997 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$250964 | &nbsp;&nbsp;&nbsp;&nbsp;$465856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48680 |

---

<sup>(1)</sup> Amount is less than $500.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14482) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21324 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188001) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181159) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17755 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85162) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266321) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373292 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88436 | &nbsp;&nbsp;&nbsp;&nbsp;$139121 | &nbsp;&nbsp;&nbsp;&nbsp;$317986 | &nbsp;&nbsp;&nbsp;&nbsp;$1106971 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Ceredex Large-Cap Value Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $12.54 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;(1.83) | (0.11) | (0.98) | (1.09) | — <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;(14.34) % | &nbsp;&nbsp;$138781 | 1.26 % <sup>(7)</sup> | 1.28% | &nbsp;&nbsp;0.64% | 146% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | (0.10) | (3.88) | (3.98) |  | &nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp;25.24 | &nbsp;&nbsp;&nbsp;&nbsp;195762 | 1.24 <sup>(8)(9)</sup> | 1.24 | &nbsp;&nbsp;0.55 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | (0.14) | (0.61) | (0.75) |  | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;185257 | 1.24 | 1.27 | &nbsp;&nbsp;1.07 | 193 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.21 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | (0.17) | (0.77) | (0.94) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;30.56 | &nbsp;&nbsp;&nbsp;&nbsp;206528 | 1.24 | 1.29 | &nbsp;&nbsp;1.04 | 118 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(1.81) | &nbsp;&nbsp;&nbsp;(1.63) | (0.24) | (3.12) | (3.36) |  | &nbsp;&nbsp;&nbsp;(4.99) | &nbsp;&nbsp;&nbsp;11.21 | &nbsp;&nbsp;(10.63) | &nbsp;&nbsp;&nbsp;&nbsp;223853 | 1.24 | 1.27 | &nbsp;&nbsp;1.16 | 128 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.95 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;(1.78) | (0.05) | (0.98) | (1.03) | — <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;(14.64) % | &nbsp;&nbsp;&nbsp;&nbsp;$2277 | 1.73 % <sup>(7)</sup> | 1.96% | &nbsp;&nbsp;0.16% | 146% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | (0.02) | (3.88) | (3.90) |  | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | 1.72 | 1.92 | &nbsp;&nbsp;0.06 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | (0.09) | (0.61) | (0.70) |  | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486 | 1.72 | 1.94 | &nbsp;&nbsp;0.61 | 193 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | (0.09) | (0.77) | (0.86) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | 1.72 | 1.94 | &nbsp;&nbsp;0.51 | 118 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;15.78 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;(1.66) | (0.14) | (3.12) | (3.26) |  | &nbsp;&nbsp;&nbsp;(4.92) | &nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;(11.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14625 | 1.72 | 1.92 | &nbsp;&nbsp;0.69 | 128 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $12.79 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;(1.83) | (0.12) | (0.98) | (1.10) | — <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;$9.86 | &nbsp;&nbsp;(14.07) % | &nbsp;&nbsp;$327199 | 0.98 % <sup>(7)</sup> | 1.08% | &nbsp;&nbsp;0.88% | 146% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | (0.15) | (3.88) | (4.03) |  | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;25.48 | &nbsp;&nbsp;&nbsp;&nbsp;632220 | 0.97 | 1.00 | &nbsp;&nbsp;0.82 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | (0.15) | (0.61) | (0.76) |  | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;594834 | 0.97 | 1.03 | &nbsp;&nbsp;1.33 | 193 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 | (0.20) | (0.77) | (0.97) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;30.94 | &nbsp;&nbsp;&nbsp;&nbsp;668846 | 0.97 | 1.04 | &nbsp;&nbsp;1.30 | 118 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;16.35 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;(1.61) | (0.28) | (3.12) | (3.40) |  | &nbsp;&nbsp;&nbsp;(5.01) | &nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;(10.39) | &nbsp;&nbsp;&nbsp;&nbsp;799262 | 0.97 | 1.02 | &nbsp;&nbsp;1.43 | 128 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $12.96 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(1.83) | (0.16) | (0.98) | (1.14) | — <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;$9.99 | &nbsp;&nbsp;(13.85) % | &nbsp;&nbsp;$268455 | 0.73 % <sup>(7)</sup> | 0.87% | &nbsp;&nbsp;1.14% | 146% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | (0.16) | (3.88) | (4.04) |  | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;406381 | 0.72 | 0.83 | &nbsp;&nbsp;1.05 | 159 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | (0.16) | (0.61) | (0.77) |  | &nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;511344 | 0.72 | 0.86 | &nbsp;&nbsp;1.57 | 193 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | (0.23) | (0.77) | (1.00) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;&nbsp;31.33 | &nbsp;&nbsp;&nbsp;&nbsp;404305 | 0.72 | 0.85 | &nbsp;&nbsp;1.55 | 118 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;(1.58) | (0.32) | (3.12) | (3.44) |  | &nbsp;&nbsp;&nbsp;(5.02) | &nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;(10.22) | &nbsp;&nbsp;&nbsp;&nbsp;272596 | 0.72 | 0.83 | &nbsp;&nbsp;1.69 | 128 |
| **Ceredex Mid-Cap Value Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $13.14 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;(1.93) | (0.07) | (0.63) | (0.70) |  | &nbsp;&nbsp;&nbsp;(2.63) | $10.51 | &nbsp;&nbsp;(14.22) % | &nbsp;&nbsp;$208364 | 1.29 % <sup>(7)(9)</sup> | 1.29% | &nbsp;&nbsp;0.45% | 166% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.44) | (2.44) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;28.73 | &nbsp;&nbsp;&nbsp;&nbsp;280185 | 1.28 <sup>(9)</sup> | 1.28 | &nbsp;&nbsp;0.05 | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.69 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.24) | (0.09) | (0.21) | (0.30) |  | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;282186 | 1.31 <sup>(9)</sup> | 1.31 | &nbsp;&nbsp;0.66 | 179 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | (0.10) | (0.62) | (0.72) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;12.69 | &nbsp;&nbsp;&nbsp;32.63 | &nbsp;&nbsp;&nbsp;&nbsp;362322 | 1.34 <sup>(8)(9)</sup> | 1.30 | &nbsp;&nbsp;0.73 | 121 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;(0.95) | (0.09) | (1.35) | (1.44) |  | &nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;(8.08) | &nbsp;&nbsp;&nbsp;&nbsp;271620 | 1.38 <sup>(8)</sup> | 1.31 | &nbsp;&nbsp;0.55 | 109 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $12.63 | (0.01) | &nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;(1.90) | (0.02) | (0.63) | (0.65) |  | &nbsp;&nbsp;&nbsp;(2.55) | $10.08 | &nbsp;&nbsp;(14.62) % | &nbsp;&nbsp;&nbsp;&nbsp;$13743 | 1.80 % <sup>(7)</sup> | 2.01% | (0.12) % | 166% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;11.82 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.44) | (2.44) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;28.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26690 | 1.79 | 1.97 | (0.46) | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(0.28) | (0.05) | (0.21) | (0.26) |  | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31476 | 1.79 | 1.98 | &nbsp;&nbsp;0.20 | 179 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | (0.02) | (0.62) | (0.64) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;32.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45867 | 1.79 | 1.95 | &nbsp;&nbsp;0.26 | 121 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;(0.98) | (0.01) | (1.35) | (1.36) |  | &nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;(8.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53419 | 1.79 | 1.97 | &nbsp;&nbsp;0.17 | 109 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Ceredex Mid-Cap Value Equity Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $13.41 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;(1.93) | (0.09) | (0.63) | (0.72) |  | &nbsp;&nbsp;&nbsp;(2.65) | $10.76 | &nbsp;&nbsp;(13.92) % | $1608611 | 1.02 % <sup>(7)(9)</sup> | 1.02% | &nbsp;&nbsp;0.70% | 166% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | (0.05) | (2.44) | (2.49) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;28.99 | &nbsp;&nbsp;&nbsp;2383753 | 1.00 <sup>(9)</sup> | 1.00 | &nbsp;&nbsp;0.34 | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.21) | (0.10) | (0.21) | (0.31) |  | &nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;2135663 | 1.04 <sup>(9)</sup> | 1.04 | &nbsp;&nbsp;0.92 | 179 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | (0.13) | (0.62) | (0.75) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;33.08 | &nbsp;&nbsp;&nbsp;2469800 | 1.04 <sup>(9)</sup> | 1.04 | &nbsp;&nbsp;1.04 | 121 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;(0.93) | (0.13) | (1.35) | (1.48) |  | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;(7.83) | &nbsp;&nbsp;&nbsp;1775643 | 1.01 <sup>(9)</sup> | 1.01 | &nbsp;&nbsp;0.92 | 109 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $13.48 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;(1.92) | (0.12) | (0.63) | (0.75) |  | &nbsp;&nbsp;&nbsp;(2.67) | $10.81 | &nbsp;&nbsp;(13.76) % | &nbsp;&nbsp;$726488 | 0.80 % <sup>(7)</sup> | 0.88% | &nbsp;&nbsp;0.94% | 166% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | (0.08) | (2.44) | (2.52) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;29.34 | &nbsp;&nbsp;&nbsp;&nbsp;999171 | 0.79 | 0.85 | &nbsp;&nbsp;0.54 | 157 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;12.92 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.18) | (0.11) | (0.21) | (0.32) |  | &nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;773153 | 0.79 | 0.88 | &nbsp;&nbsp;1.16 | 179 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | (0.15) | (0.62) | (0.77) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;12.92 | &nbsp;&nbsp;&nbsp;33.31 | &nbsp;&nbsp;&nbsp;&nbsp;820153 | 0.79 | 0.87 | &nbsp;&nbsp;1.28 | 121 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;(0.90) | (0.15) | (1.35) | (1.50) |  | &nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;411922 | 0.79 | 0.87 | &nbsp;&nbsp;1.17 | 109 |
| **Ceredex Small-Cap Value Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;(1.06) | (0.06) | (1.61) | (1.67) |  | &nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;$7.15 | &nbsp;&nbsp;(10.31) % | &nbsp;&nbsp;&nbsp;&nbsp;$29680 | 1.47 % <sup>(7)</sup> | 1.50% | &nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;73% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | (0.09) | (1.79) | (1.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;26.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53388 | 1.45 <sup>(10)</sup> | 1.46 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | (0.03) | (0.08) | (0.11) |  | &nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54984 | 1.48 <sup>(9)</sup> | 1.48 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | (0.14) | (0.39) | (0.53) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70847 | 1.47 <sup>(9)</sup> | 1.47 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;42 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;(1.43) | (0.15) | (1.50) | (1.65) |  | &nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;(12.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69223 | 1.46 <sup>(9)</sup> | 1.46 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;44 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$8.38 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;(0.93) | (0.09) | (1.61) | (1.70) |  | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;(10.67) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$646 | 1.83 % <sup>(7)</sup> | 2.28% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;73% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | (0.03) | (1.79) | (1.82) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;26.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | 1.84 <sup>(10)</sup> | 2.20 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | (0.08) |  | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | 1.90 <sup>(10)</sup> | 2.19 | (0.19) | &nbsp;&nbsp;&nbsp;69 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | (0.07) | (0.39) | (0.46) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;16.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457 | 1.90 | 2.14 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;42 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;(1.32) | (0.08) | (1.50) | (1.58) |  | &nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;(13.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14473 | 1.90 | 2.09 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;44 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.48 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;(1.10) | (0.11) | (1.61) | (1.72) |  | &nbsp;&nbsp;&nbsp;(2.82) | &nbsp;&nbsp;$7.66 | &nbsp;&nbsp;(10.09) % | &nbsp;&nbsp;$159199 | 1.17 % <sup>(7)</sup> | 1.25% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;73% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | (0.11) | (1.79) | (1.90) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;27.20 | &nbsp;&nbsp;&nbsp;&nbsp;282308 | 1.18 <sup>(10)</sup> | 1.20 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.05) | (0.08) | (0.13) |  | &nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;332391 | 1.21 <sup>(10)</sup> | 1.21 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | (0.16) | (0.39) | (0.55) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp;&nbsp;&nbsp;460284 | 1.20 <sup>(9)</sup> | 1.20 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;42 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;(1.46) | (0.19) | (1.50) | (1.69) |  | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;(12.50) | &nbsp;&nbsp;&nbsp;&nbsp;474591 | 1.18 <sup>(9)</sup> | 1.18 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;44 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.48 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;(1.07) | (0.11) | (1.61) | (1.72) |  | &nbsp;&nbsp;&nbsp;(2.79) | &nbsp;&nbsp;$7.69 | &nbsp;&nbsp;&nbsp;(9.79) % | &nbsp;&nbsp;&nbsp;&nbsp;$61439 | 0.89 % <sup>(7)</sup> | 1.06% | &nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;73% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | (0.17) | (1.79) | (1.96) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;27.61 | &nbsp;&nbsp;&nbsp;&nbsp;129173 | 0.88 | 1.03 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;69 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | (0.07) | (0.08) | (0.15) |  | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89961 | 0.88 | 1.05 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;69 |
| 2/26/19 <sup>(11)</sup> to 12/31/19 | &nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | (0.18) | (0.39) | (0.57) |  | &nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16798 | 0.88 | 1.04 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;42 <sup>(12)</sup> |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **SGA International Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.45 | (0.02) | &nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | (0.44) |  | &nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;$8.05 | &nbsp;&nbsp;(18.42) % | &nbsp;&nbsp;&nbsp;&nbsp;$7530 | 1.33 % <sup>(7)</sup> | 1.62% | (0.20) % | &nbsp;&nbsp;&nbsp;36% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.42 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.83) | (0.83) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 | 1.32 | 1.55 | (0.39) | &nbsp;&nbsp;&nbsp;44 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.50 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.07) | (2.07) |  | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;&nbsp;22.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917 | 1.41 <sup>(7)(10)</sup> | 1.60 | (0.36) | &nbsp;&nbsp;&nbsp;53 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;10.95 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.35) | (3.35) |  | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;10.50 | &nbsp;&nbsp;&nbsp;28.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | 1.46 <sup>(7)(10)(13)</sup> | 1.52 | (0.20) | 147 <sup>(14)</sup> |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;11.90 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;(0.94) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) |  | &nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;(7.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22233 | 1.42 | 1.44 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;37 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.80 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | (0.44) |  | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;$8.36 | &nbsp;&nbsp;(18.19) % | &nbsp;&nbsp;&nbsp;&nbsp;$28164 | 1.08 % <sup>(7)</sup> | 1.37% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;36% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.72 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.83) | (0.83) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39493 | 1.07 | 1.29 | (0.14) | &nbsp;&nbsp;&nbsp;44 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.71 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.07) | (2.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;23.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40249 | 1.16 <sup>(7)(10)</sup> | 1.35 | (0.13) | &nbsp;&nbsp;&nbsp;53 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | (0.04) | (3.35) | (3.39) |  | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;10.71 | &nbsp;&nbsp;&nbsp;28.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35641 | 1.25 <sup>(7)(10)(13)</sup> | 1.30 | &nbsp;&nbsp;0.01 | 147 <sup>(14)</sup> |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;(0.93) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) |  | &nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;(7.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67543 | 1.20 <sup>(8)</sup> | 1.19 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;37 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $10.87 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.44) | (0.44) |  | &nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;$8.42 | &nbsp;&nbsp;(18.17) % | &nbsp;&nbsp;&nbsp;&nbsp;$2662 | 0.97 % <sup>(7)</sup> | 1.26% | &nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;36% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.83) | (0.83) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | 0.95 | 1.19 | (0.03) | &nbsp;&nbsp;&nbsp;44 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;10.74 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.07) | (2.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | 1.07 <sup>(7)(10)</sup> | 1.25 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;53 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | (0.05) | (3.35) | (3.40) |  | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;10.74 | &nbsp;&nbsp;&nbsp;28.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 1.16 <sup>(7)(10)(13)</sup> | 1.25 | (0.02) | 147 <sup>(14)</sup> |
| 1/1/18 to 12/31/18<sup>(15)</sup> | &nbsp;&nbsp;&nbsp;12.11 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;(0.92) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) |  | &nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;(7.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 1.10 | 1.11 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;37 |
| **Silvant Large-Cap Growth Stock Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | &nbsp;&nbsp;$7.12 | (0.04) | &nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.36) |  | &nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;(29.42) % | &nbsp;&nbsp;&nbsp;&nbsp;$79935 | 1.24 % <sup>(7)</sup> | 1.27% | (0.66) % | &nbsp;&nbsp;&nbsp;&nbsp;3% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.88) | (0.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;23.74 | &nbsp;&nbsp;&nbsp;&nbsp;123191 | 1.23 | 1.24 | (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) | (0.75) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;35.90 | &nbsp;&nbsp;&nbsp;&nbsp;110884 | 1.23 | 1.27 | (0.49) | &nbsp;&nbsp;&nbsp;13 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.77) | (0.77) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;33.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92556 | 1.23 | 1.26 | (0.25) | &nbsp;&nbsp;&nbsp;15 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.90) | (0.90) |  | &nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45779 | 1.23 | 1.60 | (0.29) | &nbsp;&nbsp;&nbsp;11 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.82 | (0.04) | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.36) |  | &nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;$8.01 | &nbsp;&nbsp;(29.23) % | &nbsp;&nbsp;&nbsp;&nbsp;$8399 | 0.98 % <sup>(7)</sup> | 1.08% | (0.41) % | &nbsp;&nbsp;&nbsp;&nbsp;3% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.28 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.88) | (0.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;23.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13693 | 0.97 | 1.06 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) | (0.75) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;36.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15093 | 0.97 | 1.09 | (0.23) | &nbsp;&nbsp;&nbsp;13 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.77) | (0.77) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;34.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15720 | 0.97 | 1.12 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;15 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.90) | (0.90) |  | &nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19234 | 0.97 | 1.10 | (0.02) | &nbsp;&nbsp;&nbsp;11 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $11.98 | (0.03) | &nbsp;&nbsp;&nbsp;(3.45) | &nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | (0.36) |  | &nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;$8.14 | &nbsp;&nbsp;(29.08) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102 | 0.91 % <sup>(7)</sup> | 0.94% | (0.35) % | &nbsp;&nbsp;&nbsp;&nbsp;3% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;10.40 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.88) | (0.88) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;24.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 | 0.90 | 0.91 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) | (0.75) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;36.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | 0.90 | 0.96 | (0.16) | &nbsp;&nbsp;&nbsp;13 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.77) | (0.77) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;34.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | 0.90 | 0.98 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;15 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;7.59 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.90) | (0.90) |  | &nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | 0.90 | 0.95 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;11 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payments from Affiliates<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Zevenbergen Innovative Growth Stock Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $56.07 | (0.43) | (30.57) | (31.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.11) | (1.11) |  | (32.11) | $23.96 | &nbsp;&nbsp;(55.42) % | &nbsp;&nbsp;&nbsp;&nbsp;$87437 | 1.27 % <sup>(7)</sup> | 1.40% | (1.26) % | &nbsp;&nbsp;&nbsp;17% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;62.40 | (0.75) | &nbsp;&nbsp;&nbsp;(5.58) | &nbsp;&nbsp;&nbsp;(6.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(6.33) | &nbsp;&nbsp;&nbsp;56.07 | &nbsp;&nbsp;(10.14) | &nbsp;&nbsp;&nbsp;&nbsp;266661 | 1.25 | 1.32 | (1.24) | &nbsp;&nbsp;&nbsp;53 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;28.48 | (0.55) | &nbsp;&nbsp;34.47 | &nbsp;&nbsp;33.92 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;33.92 | &nbsp;&nbsp;&nbsp;62.40 | 119.10 | &nbsp;&nbsp;&nbsp;&nbsp;335809 | 1.25 | 1.33 | (1.18) | &nbsp;&nbsp;&nbsp;33 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;20.83 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;28.48 | &nbsp;&nbsp;&nbsp;36.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46655 | 1.26 <sup>(16)</sup> | 1.41 | (1.20) | &nbsp;&nbsp;&nbsp;91 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;19.96 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.37) | (1.37) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;20.83 | &nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24902 | 1.48 <sup>(8)(10)</sup> | 1.47 | (1.35) | 103 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $60.05 | (0.37) | (32.77) | (33.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.11) | (1.11) |  | (34.25) | $25.80 | &nbsp;&nbsp;(55.31) % | &nbsp;&nbsp;$221530 | 1.02 % <sup>(7)</sup> | 1.16% | (1.01) % | &nbsp;&nbsp;&nbsp;17% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;66.67 | (0.64) | &nbsp;&nbsp;&nbsp;(5.98) | &nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;60.05 | &nbsp;&nbsp;&nbsp;(9.93) | &nbsp;&nbsp;&nbsp;&nbsp;823212 | 1.00 | 1.05 | (0.99) | &nbsp;&nbsp;&nbsp;53 |
| 1/1/20 to 12/31/20 | &nbsp;&nbsp;&nbsp;30.35 | (0.47) | &nbsp;&nbsp;36.79 | &nbsp;&nbsp;36.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;36.32 | &nbsp;&nbsp;&nbsp;66.67 | 119.67 | &nbsp;&nbsp;&nbsp;1037368 | 1.00 | 1.07 | (0.93) | &nbsp;&nbsp;&nbsp;33 |
| 1/1/19 to 12/31/19 | &nbsp;&nbsp;&nbsp;22.15 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;30.35 | &nbsp;&nbsp;&nbsp;37.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90136 | 1.01 <sup>(16)</sup> | 1.15 | (0.94) | &nbsp;&nbsp;&nbsp;91 |
| 1/1/18 to 12/31/18 | &nbsp;&nbsp;&nbsp;21.10 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.37) | (1.37) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;22.15 | &nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72404 | 1.27 <sup>(8)(10)</sup> | 1.23 | (1.15) | 103 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/22 to 12/31/22 | $60.12 | (0.32) | (32.83) | (33.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.11) | (1.11) |  | (34.26) | $25.86 | &nbsp;&nbsp;(55.26) % | &nbsp;&nbsp;&nbsp;&nbsp;$9019 | 0.92 % <sup>(7)</sup> | 1.01% | (0.91) % | &nbsp;&nbsp;&nbsp;17% |
| 1/1/21 to 12/31/21 | &nbsp;&nbsp;&nbsp;66.67 | (0.58) | &nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;(6.55) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(6.55) | &nbsp;&nbsp;&nbsp;60.12 | &nbsp;&nbsp;&nbsp;(9.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17098 | 0.90 | 0.95 | (0.90) | &nbsp;&nbsp;&nbsp;53 |
| 10/20/20 <sup>(11)</sup> to 12/31/20 | &nbsp;&nbsp;&nbsp;58.00 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;66.67 | &nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | 0.90 | 1.03 | (0.83) | &nbsp;&nbsp;&nbsp;33 <sup>(12)</sup> |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |
| <sup>(3)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(4)</sup> | Annualized for periods less than one year. |
| <sup>(5)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(6)</sup> | Amount is less than $0.005 per share. |
| <sup>(7)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(8)</sup> | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
| <sup>(9)</sup> | The share class is currently under its expense limitation. |
| <sup>(10)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(11)</sup> | Inception date. |
| <sup>(12)</sup> | Portfolio turnover is representative of the Fund for the entire period. |
| <sup>(13)</sup> | Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2019 were 1.45% (Class A), 1.24% (Class I) and 1.15% (Class R6). |
| <sup>(14)</sup> | The Fund's portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Fund's subadviser and associated repositioning. |
| <sup>(15)</sup> | From November 9 through November 13, 2018, the Fund's Class R6 shares did not have any investors, though the net asset value continued to be calculated using another share class adjusted for class expenses. |
| <sup>(16)</sup> | Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2019 were 1.25% (Class A) and 1.00% (Class I). |

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See Notes to Financial Statements

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS <br>December 31, 2022

#### Note 1. Organization
Virtus Asset Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of this report, 16 funds of the Trust are offered for sale, of which 6 (each a "Fund" or collectively, the "Funds") are reported in this annual report. Each Fund's investment objective is outlined in its respective Fund Summary page. *There is no guarantee that a Fund will achieve its objective(s).*

All of the Funds offer Class A shares and Class I shares. Class C shares are offered by the Ceredex Large Cap Value Equity Fund, Ceredex Mid-Cap Value Equity Fund and Ceredex Small-Cap Value Equity Fund. Class R6 shares are offered by the Ceredex Large-Cap Value Equity Fund, Ceredex Mid-Cap Value Equity Fund, Ceredex Small-Cap Value Equity Fund, SGA International Growth Fund, Silvant Large-Cap Growth Stock Fund, and Zevenbergen Innovative Growth Stock Fund.

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

#### Note 2. Significant Accounting Policies

#### ($ reported in thousands)
The Trust is an investment company that follows the accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |

---

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

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

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

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

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

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are<br> principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency<br> contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are<br> categorized as Level 2 in the hierarchy.

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

A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |

---

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | |
|:---|:---|
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon ("BNYM"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |

---

Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At December 31, 2022, the securities loaned were subject to a MSLA on a net payment basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Value of<br> Securities<br> on Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1051 | &nbsp;&nbsp;&nbsp;&nbsp;$1051 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of December 31, 2022 for the Funds:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment of<br> Cash Collateral** | &nbsp;&nbsp;&nbsp;&nbsp;**Overnight <br> and<br> Continuous** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;$1082 |

---

#### Note 3. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Fund Advisers, LLC (the "Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers. |

---

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $500 Million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |

---

The above fees are also subject to breakpoint discounts at the following asset levels for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First $500 million = none — no discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $500 million = 5% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next $4 billion = 10% discount from full fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion = 15% discount from full fee

---

| | |
|:---|:---|
| **B.** | **Subadvisers** |
|  | The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the year is as follows: |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Ceredex <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Ceredex <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Ceredex <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;SGA <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Silvant <sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen <sup>(4)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Ceredex Value Advisors LLC ("Ceredex"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Sustainable Growth Advisers, LP ("SGA"), an indirect, majority-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(3)</sup> Silvant Capital Management LLC ("Silvant"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(4)</sup> Zevenbergen Capital Investments LLC ("Zevenbergen"), a minority-owned affiliate of Virtus.

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2023 (except as noted). Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

<sup>(1)</sup> Through December 31, 2022. <br> <sup>(2)</sup> Share class is currently below its expense cap.

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to |

---

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceredex Large-Cap Value Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;$22 | &nbsp;&nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;&nbsp;$134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceredex Mid-Cap Value Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceredex Small-Cap Value Equity Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA International Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Large-Cap Growth Stock Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Innovative Growth Stock Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |

---

During the year ended December 31, 2022, the Adviser recaptured expenses previously waived for the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$16 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than $500.

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the year ended December 31, 2022, it retained net commissions of $33 for Class A shares and CDSC of $4 and $1 for Class A shares and Class C shares, respectively. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the year ended December 31, 2022, the Funds incurred administration fees totaling $4,517 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the year ended December 31, 2022, the Funds incurred transfer agent fees totaling $2,018 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |

---

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | |
|:---|:---|
| **G.** | **Payment by Affiliate** |
|  | During the year ended December 31, 2022, the subadviser, Ceredex, reimbursed Ceredex Large-Cap Value Equity Fund $1 for losses related to a trade error. These amounts are included in "Net increase from payment by affiliates" in the Statements of Operations. There was no impact on the total return. |
| **H.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. |
|  | During the year ended December 31, 2022, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
| **I.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at December 31, 2022. |

---

#### Note 4. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1323338 | &nbsp;&nbsp;&nbsp;&nbsp;$1651806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370470 |

---

There were no purchases or sales of long-term U.S. government and agency securities during the year ended December 31, 2022.

#### Note 5. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp;$19789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp;$27010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 | &nbsp;&nbsp;&nbsp;&nbsp;$32050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp;$44612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(4477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48444) | &nbsp;&nbsp;&nbsp;&nbsp;(3838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57194) | &nbsp;&nbsp;&nbsp;&nbsp;(5669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63012) | &nbsp;&nbsp;&nbsp;&nbsp;(8288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1196) | &nbsp;&nbsp;&nbsp;&nbsp;$(14369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp;$15199 | &nbsp;&nbsp;&nbsp;&nbsp;(1512) | &nbsp;&nbsp;&nbsp;&nbsp;$(18022) | &nbsp;&nbsp;&nbsp;&nbsp;(1889) | &nbsp;&nbsp;&nbsp;&nbsp;$(29691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10143) | &nbsp;&nbsp;&nbsp;&nbsp;(1108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | &nbsp;&nbsp;&nbsp;&nbsp;$(1117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(8179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550) | &nbsp;&nbsp;&nbsp;&nbsp;$(7555) |

---

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Large-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Mid-Cap Value Equity Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105 | &nbsp;&nbsp;&nbsp;&nbsp;$57269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921 | &nbsp;&nbsp;&nbsp;$103818 | &nbsp;&nbsp;&nbsp;&nbsp;16675 | &nbsp;&nbsp;&nbsp;$191609 | &nbsp;&nbsp;&nbsp;&nbsp;25402 | &nbsp;&nbsp;&nbsp;$358562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37194 | &nbsp;&nbsp;&nbsp;&nbsp;12231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154976 | &nbsp;&nbsp;&nbsp;&nbsp;11267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113159 | &nbsp;&nbsp;&nbsp;&nbsp;27923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(25125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281766) | &nbsp;&nbsp;&nbsp;&nbsp;(13791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207035) | &nbsp;&nbsp;&nbsp;&nbsp;(56157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634512) | &nbsp;&nbsp;&nbsp;&nbsp;(48256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(16248) | &nbsp;&nbsp;$(187303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp;&nbsp;$51759 | &nbsp;&nbsp;&nbsp;&nbsp;(28215) | &nbsp;&nbsp;$(329744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069 | &nbsp;&nbsp;&nbsp;&nbsp;$43152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp;$49227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662 | &nbsp;&nbsp;&nbsp;&nbsp;$84812 | &nbsp;&nbsp;&nbsp;&nbsp;11130 | &nbsp;&nbsp;&nbsp;$129201 | &nbsp;&nbsp;&nbsp;&nbsp;18358 | &nbsp;&nbsp;&nbsp;$260211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49098 | &nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(11627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129448) | &nbsp;&nbsp;&nbsp;&nbsp;(19682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297388) | &nbsp;&nbsp;&nbsp;&nbsp;(22904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259498) | &nbsp;&nbsp;&nbsp;&nbsp;(17556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(4489) | &nbsp;&nbsp;&nbsp;&nbsp;$(50967) | &nbsp;&nbsp;&nbsp;&nbsp;(6204) | &nbsp;&nbsp;$(112205) | &nbsp;&nbsp;&nbsp;&nbsp;(6928) | &nbsp;&nbsp;$(81199) | &nbsp;&nbsp;&nbsp;&nbsp;11902 | &nbsp;&nbsp;&nbsp;$155700 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**Ceredex Small-Cap Value Equity Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** | &nbsp;&nbsp;**SGA International Growth Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(2460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20244) | &nbsp;&nbsp;&nbsp;&nbsp;(2198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1254) | &nbsp;&nbsp;$(11004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) | &nbsp;&nbsp;&nbsp;&nbsp;$(6357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | &nbsp;&nbsp;&nbsp;&nbsp;$(1655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;$17703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;&nbsp;&nbsp;$54661 | &nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp;$16674 | &nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;$17728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(12008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115487) | &nbsp;&nbsp;&nbsp;&nbsp;(16130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185803) | &nbsp;&nbsp;&nbsp;&nbsp;(2443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20771) | &nbsp;&nbsp;&nbsp;&nbsp;(1944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(6169) | &nbsp;&nbsp;&nbsp;$(67325) | &nbsp;&nbsp;&nbsp;&nbsp;(7082) | &nbsp;&nbsp;&nbsp;$(87916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287) | &nbsp;&nbsp;&nbsp;&nbsp;$(2533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | &nbsp;&nbsp;&nbsp;&nbsp;$(1271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp;$19331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393 | &nbsp;&nbsp;&nbsp;&nbsp;$49969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(7893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71923) | &nbsp;&nbsp;&nbsp;&nbsp;(3099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(4337) | &nbsp;&nbsp;&nbsp;$(40203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 | &nbsp;&nbsp;&nbsp;&nbsp;$32912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1251 |

---

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Silvant Large-Cap Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** | &nbsp;&nbsp;**Zevenbergen Innovative Growth Stock Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;$32355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;$184959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899 | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(1620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8875) | &nbsp;&nbsp;&nbsp;&nbsp;(2077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14566) | &nbsp;&nbsp;&nbsp;&nbsp;(2169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76214) | &nbsp;&nbsp;&nbsp;&nbsp;(3530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;$(1864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1795 | &nbsp;&nbsp;&nbsp;&nbsp;(1107) | &nbsp;&nbsp;$(39798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) | &nbsp;&nbsp;$(26232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1619 | &nbsp;&nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;$122509 | &nbsp;&nbsp;&nbsp;&nbsp;10679 | &nbsp;&nbsp;&nbsp;$713179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6051) | &nbsp;&nbsp;&nbsp;&nbsp;(8876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343995) | &nbsp;&nbsp;&nbsp;&nbsp;(12531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;$(1116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310) | &nbsp;&nbsp;$(3487) | &nbsp;&nbsp;&nbsp;&nbsp;(5122) | &nbsp;&nbsp;$(211843) | &nbsp;&nbsp;&nbsp;&nbsp;(1852) | &nbsp;&nbsp;$(76685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;$19485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) | &nbsp;&nbsp;$(1522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;$17755 |

---

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than 500 shares.

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Amount is less than $500.

#### Note 6. 10% Shareholders
As of December 31, 2022, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

<sup>\*</sup> None of the accounts are affiliated.

#### Note 7. Market Risk and Asset Concentration
Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social, or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund's ability to repatriate such amounts.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
At December 31, 2022, the following Funds held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Sector** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;27 |

---

#### Note 8. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 9. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At December 31, 2022, the Funds did not hold any securities that were restricted.

#### Note 10. Redemption Facility

#### ($ reported in thousands)
On September 18, 2017, the Funds and certain other affiliated funds entered into an $150,000 unsecured line of credit ("Credit Agreement"). On June 14, 2021, the Credit Agreement was increased to $250,000. This Credit Agreement, as amended, is with a commercial bank that allows the Funds to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 9, 2023. Interest is charged at the higher of the SOFR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended December 31, 2022, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations. The Funds and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The following Funds had an outstanding loan during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Incurred<br> on Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average Dollar<br> Amount of Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Days Loan<br> was Open** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than $500.

#### Note 11. Federal Income Tax Information

#### ($ reported in thousands)
At December 31, 2022, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal <br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;$737265 | &nbsp;&nbsp;&nbsp;&nbsp;$63929 | &nbsp;&nbsp;&nbsp;&nbsp;$(64449) | &nbsp;&nbsp;&nbsp;&nbsp;$(520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;2555952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;226566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;323589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4074) |

---

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended December 31, 2022, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$88178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38890 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed <br> Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed <br> Long-Term<br> Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp;**Late Year<br> Ordinary Losses<br> Deferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Post-October <br> Capital Loss<br> Deferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Loss<br> Deferred** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6677 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118334 |

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the fiscal years ended December 31, 2022 and 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary <br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term <br> Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Large-Cap Value Equity Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23900 | &nbsp;&nbsp;&nbsp;&nbsp;$59433 | &nbsp;&nbsp;&nbsp;&nbsp;$83333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Mid-Cap Value Equity Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceredex Small-Cap Value Equity Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA International Growth Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Large-Cap Growth Stock Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Innovative Growth Stock Fund<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15094 |

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

#### Note 12. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 13. New Regulatory Pronouncement
In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### December 31, 2022
to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

#### Note 14. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

![](g436844imge310a46516.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Virtus Asset Trust and Shareholders of Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund, Virtus SGA International Growth Fund, Virtus Silvant Large-Cap Growth Stock Fund and Virtus Zevenbergen Innovative Growth Stock Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund, Virtus SGA International Growth Fund, Virtus Silvant Large-Cap Growth Stock Fund and Virtus Zevenbergen Innovative Growth Stock Fund (six of the Funds constituting Virtus Asset Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 24, 2023

We have served as the auditor of one or more investment companies in Virtus Mutual Funds since at least 1977. We have not been able to determine the specific year we began serving as auditor.

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST

#### TAX INFORMATION NOTICE (Unaudited)

#### December 31, 2022
The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2023, the Funds will notify applicable shareholders of amounts for use in preparing 2022 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended December 31, 2022, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Qualified REIT<br> Dividend<br> Income %<br> (non-corporate<br> shareholders)** | &nbsp;&nbsp;&nbsp;&nbsp;**Qualified <br> Dividend<br> Income %<br> (non-corporate<br> shareholder)** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend <br> Received<br> Deduction %<br> (corporate<br> shareholders)** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term <br> Capital Gain<br> Distributions ($)** |
| Ceredex Large-Cap Value Equity Fund<br>| &nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp;&nbsp; 60.39% | &nbsp;&nbsp;&nbsp;&nbsp; 57.21% | &nbsp;&nbsp;&nbsp;&nbsp;$48770 |
| Ceredex Mid-Cap Value Equity Fund<br>| &nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;52.16 | &nbsp;&nbsp;&nbsp;&nbsp;52.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Ceredex Small-Cap Value Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;89.90 | &nbsp;&nbsp;&nbsp;&nbsp;79.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40382 |
| SGA International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;89.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Silvant Large-Cap Growth Stock Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857 |

---

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### RESULTS OF SHAREHOLDER MEETING

#### VIRTUS ASSET TRUST

#### DECEMBER 9, 2022
(Unaudited)

At a special meeting of shareholders of Virtus Asset Trust (the "Trust") held on December 9, 2022 (as adjourned from June 28, August 9 and September 20, 2022), shareholders of Virtus Silvant Large-Cap Growth Stock Fund (the "Fund") voted on a proposal to permit Virtus Fund Advisers, LLC, to hire, terminate and replace subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. Following are the results of that vote:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Votes For | &nbsp;&nbsp;&nbsp;Votes Against | &nbsp;&nbsp;&nbsp;Abstain | &nbsp;&nbsp;&nbsp;Uninstructed |
| &nbsp;&nbsp;$42,711,638.92 or 85.416% of Voted | &nbsp;&nbsp;&nbsp;$3,458,733.90 or 6.917% of Voted | &nbsp;&nbsp;&nbsp;$2,234,556.15 or 4.468% of Voted | &nbsp;&nbsp;&nbsp;$1,599,654.88 or 3.199% of Voted |

---

In addition, at the same special meeting, shareholders of the Fund voted on a proposal to change the Fund's status from diversified to non-diversified. Following are the results of that vote:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Votes For | &nbsp;&nbsp;&nbsp;Votes Against | &nbsp;&nbsp;&nbsp;Abstain | &nbsp;&nbsp;&nbsp;Uninstructed |
| &nbsp;&nbsp;$40,833,085.31 or 81.659% of Voted | &nbsp;&nbsp;&nbsp;$5,545,497.86 or 11.090% of Voted | &nbsp;&nbsp;&nbsp;$2,026,345.80 or 4.052% of Voted | &nbsp;&nbsp;&nbsp;$1,599,654.88 or 3.199% of Voted |

---

Shareholders of Virtus Silvant Large-Cap Growth Stock Fund voted to approve the above proposals.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS CEREDEX LARGE-CAP VALUE EQUITY FUND, VIRTUS CEREDEX MID-CAP VALUE EQUITY FUND, VIRTUS CEREDEX SMALL-CAP VALUE EQUITY FUND, VIRTUS SGA INTERNATIONAL GROWTH FUND, VIRTUS SILVANT LARGE-CAP GROWTH STOCK FUND, AND VIRTUS ZEVENBERGEN INNOVATIVE GROWTH STOCK FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES (UNAUDITED)

The Board of Trustees (the "Board") of Virtus Asset Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Fund Advisers, LLC ("VFA") and the subadvisory agreements (the "Subadvisory Agreements" and together with the Advisory Agreement, the "Agreements") among the Trust, VFA and Ceredex Value Advisors LLC ("Ceredex") with respect to Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund and Virtus Ceredex Small-Cap Value Equity Fund; among the Trust, VFA and Silvant Capital Management LLC ("Silvant") with respect to Virtus Silvant Large-Cap Growth Stock Fund; among the Trust, VFA and Sustainable Growth Advisers LP ("SGA") with respect to Virtus SGA International Growth Fund; and among the Trust, VFA and Zevenbergen Capital Investments LLC ("Zevenbergen") with respect to Virtus Zevenbergen Innovative Growth Stock Fund (each subadviser listed, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on November 1, 2022, and November 14-16, 2022 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered and approved the continuation of each Agreement as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VFA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VFA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of each Subadviser with VFA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria with respect to the applicable Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Funds by VFA and each of the Subadvisers; (b) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (c) the level and method of computing each Fund's advisory and subadvisory fees, and comparisons of the Funds' advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (d) the profitability of VFA under the Advisory Agreement; (e) any "fall-out" benefits to VFA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VFA, the Subadvisers or their affiliates from VFA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on each Fund's performance and expenses; (g) fees paid to VFA and the Subadvisers by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

The Trustees received in advance of the Meetings information provided by VFA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Funds are managed using a "manager of managers" structure that generally involves the use of one or more subadvisers to manage some or all of a Fund's portfolio. Under this structure, VFA is responsible for the management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VFA, the Board considered VFA's process for supervising and managing the Funds' subadvisers, including (a) VFA's ability to select and monitor the subadvisers; (b) VFA's ability to provide the services necessary to monitor the subadvisers' compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VFA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VFA's management and other personnel; (b) the financial condition of VFA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VFA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VFA and its affiliates to the Funds; (e)

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS CEREDEX LARGE-CAP VALUE EQUITY FUND, VIRTUS CEREDEX MID-CAP VALUE EQUITY FUND, VIRTUS CEREDEX SMALL-CAP VALUE EQUITY FUND, VIRTUS SGA INTERNATIONAL GROWTH FUND, VIRTUS SILVANT LARGE-CAP GROWTH STOCK FUND, AND VIRTUS ZEVENBERGEN INNOVATIVE GROWTH STOCK FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES (UNAUDITED) (CONTINUED)

VFA's supervision of the Funds' other service providers; and (f) VFA's risk management processes. It was noted that affiliates of VFA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VFA's management and the quality of the performance of VFA's duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund's(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VFA's and the Subadvisers' management of the Funds is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Funds' prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VFA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe") and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio composition, as well as each Subadviser's investment strategies. The Board noted VFA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VFA's focus on each Subadviser's performance and noted VFA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2022.

*<u>Virtus Ceredex Large-Cap Value Equity Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.*

*<u>Virtus Ceredex Mid-Cap Value Equity Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3- and 5-year periods and outperformed the median for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.*

*<u>Virtus Ceredex Small-Cap Value Equity Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-year period. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 3-, 5- and 10-year periods.*

*<u>Virtus SGA International Growth Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its*

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS CEREDEX LARGE-CAP VALUE EQUITY FUND, VIRTUS CEREDEX MID-CAP VALUE EQUITY FUND, VIRTUS CEREDEX SMALL-CAP VALUE EQUITY FUND, VIRTUS SGA INTERNATIONAL GROWTH FUND, VIRTUS SILVANT LARGE-CAP GROWTH STOCK FUND, AND VIRTUS ZEVENBERGEN INNOVATIVE GROWTH STOCK FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES (UNAUDITED) (CONTINUED)

benchmark for the 3-, 5- and 10-year periods. The Board also noted that because the Fund's Subadviser had only been managing the Fund since June of 2019, certain of the performance reviewed represented that of a prior subadviser.

*<u>Virtus Silvant Large-Cap Growth Stock Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3- and 5-year periods and underperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.*

*<u>Virtus Zevenbergen Innovative Growth Stock Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3- and 5-year periods and outperformed the median of its Performance Universe for the 10-year period. The Board noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.*

The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that each Fund's overall performance, taking into account reasons discussed for certain Funds' underperformance and/or actions taken to address the underperformance, was satisfactory.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing each Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory fees. The Board also noted that all of the Funds had expense caps in place to limit the total expenses incurred by the Funds and their shareholders, and that VFA had proposed to lower the expense caps in place for Class A, Class C and Class I Shares of Virtus Ceredex Mid-Cap Value Equity Fund. The Board also noted that the subadvisory fees were paid by VFA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VFA after payment of the subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadvisers provided, and the Board considered, fee information of comparable accounts managed by the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Ceredex Large-Cap Value Equity Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe.*

*<u>Virtus Ceredex Mid-Cap Value Equity Fund</u>. The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses were in the fourth quintile of the Expense Universe.*

*<u>Virtus Ceredex Small-Cap Value Equity Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe.*

*<u>Virtus SGA International Growth Fund</u>. The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.*

*<u>Virtus Silvant Large-Cap Growth Stock Fund</u>. The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.*

*<u>Virtus Zevenbergen Innovative Growth Stock Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe.*

The Board concluded that the advisory and subadvisory fees for each Fund, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also approved the proposed lower expense caps to limit the total expenses of Class A, Class C and Class I Shares of Virtus Ceredex Mid-Cap Value Equity Fund.

<u>Profitability</u> 

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS CEREDEX LARGE-CAP VALUE EQUITY FUND, VIRTUS CEREDEX MID-CAP VALUE EQUITY FUND, VIRTUS CEREDEX SMALL-CAP VALUE EQUITY FUND, VIRTUS SGA INTERNATIONAL GROWTH FUND, VIRTUS SILVANT LARGE-CAP GROWTH STOCK FUND, AND VIRTUS ZEVENBERGEN INNOVATIVE GROWTH STOCK FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES (UNAUDITED) (CONTINUED)

The Board also considered certain information relating to profitability that had been provided by VFA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VFA for its management of the Funds and the other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VFA affiliates. In addition to the fees paid to VFA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VFA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VFA and its affiliates from each Fund was reasonable in light of the quality of the services rendered to the Funds by VFA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VFA out of the fees that VFA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VFA to the Subadvisers, the Board noted that, because the Subadvisers are affiliates of VFA, such profitability might be directly or indirectly shared by VFA. For each of the above reasons, the Board concluded that the profitability to the Subadvisers and their affiliates from their relationships with the Funds was not a material factor in approval of the Subadvisory Agreements.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VFA realizes economies of scale as the Funds' assets grow. The Board noted that the management fees for the Funds included breakpoints based on assets under management, and that expense caps were also in place for the Funds. The Board also took into account management's discussion of the Funds' management fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds. The Board also noted that VFA had agreed to implement an extension of each Fund's expense cap through April 30, 2024, and had agreed to lower expense caps applicable to Class A, Class C and Class I Shares of Virtus Ceredex Mid-Cap Value Equity Fund through April 30, 2024. The Board then concluded that no changes to the advisory fee structure of the Funds with respect to economies of scale were necessary at this time. The Board noted that VFA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadvisers' profitability, and based upon the current sizes of the Fund(s) managed by each Subadviser, the Board concluded that the potential for economies of scale in the Subadvisers' management of the Funds was not a material factor in the approval of the Subadvisory Agreements at this time.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VFA and each Subadviser and their respective affiliates from their relationships with the applicable Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VFA and the Subadvisers, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VFA and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while the Subadvisers are affiliates of VFA, there are no other direct benefits to the Subadvisers or VFA in providing investment advisory services to the Fund(s), other than the fee to be earned under the applicable Agreement(s). There may be certain indirect benefits gained, including to the extent that serving the Fund(s) could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

<u>Conclusion</u> 

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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FUND MANAGEMENT TABLES (Unaudited)

Information pertaining to the Trustees and officers of the Trust as of the date of issuance of this report, is set forth below. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request, by calling (800) 243-4361.

The address of each individual, unless otherwise noted, is c/o Virtus Asset Trust, One Financial Plaza, Hartford, CT 06103. There is no stated term of office for Trustees or officers of the Trust.

#### Independent Trustees

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|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Burke, Donald C.<br> YOB: 1960<br> Served Since: 2017<br> 99 Portfolios | &nbsp;&nbsp;Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
| &nbsp;&nbsp;Cogan, Sarah E.<br> YOB: 1956<br> Served Since: 2022<br> 103 Portfolios | &nbsp;&nbsp;Retired Partner, Simpson Thacher & Bartlett LLP ("STB") (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;DeCotis, Deborah A.<br> YOB: 1952<br> Served Since: 2022<br> 103 Portfolios | &nbsp;&nbsp;Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
| &nbsp;&nbsp;Drummond, F. Ford<br> YOB: 1962<br> Served Since: 2022<br> 103 Portfolios | &nbsp;&nbsp;President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |

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FUND MANAGEMENT TABLES (Unaudited) (Continued)

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|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Harris, Sidney E.<br> YOB: 1949<br> Served Since: 2017<br> 96 Portfolios | &nbsp;&nbsp;Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
| &nbsp;&nbsp;Mallin, John R.<br> YOB: 1950<br> Served Since: 2017<br> 96 Portfolios | &nbsp;&nbsp;Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
| &nbsp;&nbsp;McDaniel, Connie D.<br> YOB: 1958<br> Served Since: 2017<br> 96 Portfolios | &nbsp;&nbsp;Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
| &nbsp;&nbsp;McLoughlin, Philip<br> YOB: 1946<br> Served Since: 1989<br> 106 Portfolios | &nbsp;&nbsp;Private investor since 2010. &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios),Virtus Strategy Trust (8 portfolios), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (57 portfolios). |

---

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

FUND MANAGEMENT TABLES (Unaudited) (Continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Portfolios in Fund<br> Complex Overseen by<br> Trustee** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;McNamara, Geraldine M.<br> YOB: 1951<br> Served Since: 2002<br> 106 Portfolios | &nbsp;&nbsp;Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). &nbsp;&nbsp;Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (57 portfolios). |
| &nbsp;&nbsp;Walton, R. Keith<br> YOB: 1964<br> Served Since: 2020<br> 103 Portfolios | &nbsp;&nbsp;Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. &nbsp;&nbsp;Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
| &nbsp;&nbsp;Zino, Brian T.<br> YOB: 1952<br> Served Since: 2020<br> 103 Portfolios | &nbsp;&nbsp;Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). &nbsp;&nbsp;Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

FUND MANAGEMENT TABLES (Unaudited) (Continued)

#### Interested Trustee

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name, Year of Birth,<br> Length of Time Served,<br> and Number of<br> Funds Overseen** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past<br> 5 Years** |
| &nbsp;&nbsp;Aylward, George R.\*<br> Trustee and President<br> YOB: 1964<br> Served Since: 2006<br> 109 Portfolios | &nbsp;&nbsp;Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). &nbsp;&nbsp;Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (57 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |

---

\*Mr. Aylward is an "interested person," as defined in the 1940 Act, by reason of his position as President and Chief Executive Officer of Virtus Investment Partners, Inc. ("Virtus"), the ultimate parent company of the Adviser, and various positions with its affiliates, including the Adviser.

#### Officers of the Trust Who Are Not Trustees

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held<br> with Trust and<br> Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Batchelar, Peter J.<br> YOB: 1970 | &nbsp;&nbsp;Senior Vice President (since 2017), and Vice President (2008 to 2016). | &nbsp;&nbsp;Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Bradley, W. Patrick<br> YOB: 1972 | &nbsp;&nbsp;Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | &nbsp;&nbsp;Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
| &nbsp;&nbsp;Branigan, Timothy<br> YOB: 1976 | &nbsp;&nbsp;Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | &nbsp;&nbsp;Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Fromm, Jennifer<br> YOB: 1973 | &nbsp;&nbsp;Chief Legal Officer, Counsel and Secretary (since 2023); Vice President (since 2017); and Assistant Secretary (2008 to 2022). | &nbsp;&nbsp;Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Griswold, Heidi<br> YOB: 1973 | &nbsp;&nbsp;Vice President (since 2017). | &nbsp;&nbsp;Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

FUND MANAGEMENT TABLES (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held<br> with Trust and<br> Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Hackett, Amy<br> YOB: 1968 | &nbsp;&nbsp;Vice President and Assistant Treasurer (since 2017). | &nbsp;&nbsp;Vice President, Fund Services (since 2010) and Assistant Vice President, Fund Services (2007 to 2010), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Krishnan, Suneeta<br> YOB: 1965 | &nbsp;&nbsp;Vice President and Assistant Treasurer (since 2018); and Assistant Treasurer (2017 to 2018). | &nbsp;&nbsp;Vice President, Mutual Fund Administration (since 2017), and Assistant Treasurer, Mutual Fund Administration (since 2007), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Lowe, Benjamin<br> YOB: 1978 | &nbsp;&nbsp;Vice President, Controller and Assistant Treasurer (since 2021); and Vice President and Assistant Treasurer (2018 to 2021). | &nbsp;&nbsp;Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| &nbsp;&nbsp;Martin, David<br> YOB: 1959 | &nbsp;&nbsp;Anti-Money Laundering Compliance Officer (since 2017). | &nbsp;&nbsp;Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
| &nbsp;&nbsp;Rahman, Mahmood<br> YOB: 1967 | &nbsp;&nbsp;Assistant Vice President (since 2021). | &nbsp;&nbsp;Assistant Vice President and Tax Director, Fund Administration (since 2020), Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
| &nbsp;&nbsp;Short, Julia R.<br> YOB: 1972 | &nbsp;&nbsp;Senior Vice President (since 2017). | &nbsp;&nbsp;Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
| &nbsp;&nbsp;Smirl, Richard W.<br> YOB: 1967 | &nbsp;&nbsp;Executive Vice President (since 2021). | &nbsp;&nbsp;Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
| &nbsp;&nbsp;Suss, Amanda<br> YOB: 1969 | &nbsp;&nbsp;Vice President, Controller and Assistant Treasurer (since 2022). | &nbsp;&nbsp;Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |

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[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Virtus Ceredex Mid-Cap Value Equity Fund (the "Fund"),

#### a series of Virtus Asset Trust
(Unaudited)

Supplement dated December 15, 2022 to the Summary Prospectus

and the Virtus Asset Trust Statutory Prospectus, each dated April 28, 2022, each as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2023, the Fund's investment adviser, Virtus Fund Advisers, LLC, will implement a new expense limitation arrangement to further limit the Fund's expenses. This change is described in more detail below.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Annual Fund Operating Expenses *(expenses that you pay each year as a percentage of the value of your investment)* | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;Distribution and Shareholder Servicing (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |  |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Less: Fee Waivers and/or Expense Reimbursements<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.21)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.06)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Expense <br> Reimbursement<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |

---

<sup>(b)</sup> The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.35% for Class A Shares, 1.76% for Class C Shares, 1.05% for Class I Shares and 0.79% for Class R6 Shares through April 30, 2024. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Share Status** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class 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; Sold or Held | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $673 | &nbsp;&nbsp;&nbsp;&nbsp;$934 | &nbsp;&nbsp;&nbsp;&nbsp;$1214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2010 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $279 | &nbsp;&nbsp;&nbsp;&nbsp;$598 | &nbsp;&nbsp;&nbsp;&nbsp;$1043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2279 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;Held | &nbsp;&nbsp;&nbsp;&nbsp;$179 | &nbsp;&nbsp;&nbsp;&nbsp;$598 | &nbsp;&nbsp;&nbsp;&nbsp;$1043 | &nbsp;&nbsp;&nbsp;&nbsp;$2279 |
| &nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold or Held | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $101 | &nbsp;&nbsp;&nbsp;&nbsp;$315 | &nbsp;&nbsp;&nbsp;&nbsp;$547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1213 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold or Held | &nbsp;&nbsp;&nbsp;&nbsp;$81 | &nbsp;&nbsp;&nbsp;&nbsp;$265 | &nbsp;&nbsp;&nbsp;&nbsp;$465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1043 |

---

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

In the table in the section "More Information About Fund Expenses" on page 84 of the statutory prospectus, the row corresponding to the Fund will be replaced with the following and new footnotes will be added after the table:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Class C<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6<br> Shares** |
| &nbsp;&nbsp;Virtus Ceredex Mid-Cap Value Equity Fund<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;1.35% <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>&nbsp;&nbsp;&nbsp;&nbsp;1.05% <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% |

---

<sup>(1)</sup> Contractual through April 30, 2024.

<sup>(2)</sup> Share class expenses currently below the capped level.

#### Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622/CeredexMCV-NewExpCaps (12/22)

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Virtus Ceredex Mid-Cap Value Equity Fund (the "Fund"),<br> a series of Virtus Asset Trust<br> (Unaudited)
Supplement dated February 15, 2023, to the Summary Prospectus and the Virtus Asset Trust<br> Statutory Prospectus, each dated April 28, 2022, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Ceredex Value Advisors has announced that effective February 15, 2023, Cody P. Smith, CFA is added as portfolio manager of the Virtus Ceredex Mid-Cap Value Equity Fund.

The disclosure under "Portfolio Management" in the Fund's summary prospectus and in the summary section of the Fund's statutory prospectus is hereby replaced in its entirety with the following:

> ***Don Wordell, CFA,*** Managing Director of Ceredex, has managed the fund since 2001.

> ***Cody P. Smith, CFA,*** Director and Senior Research Analyst of Ceredex, has managed the fund since February 2023.

The row for the Fund in the table under "Ceredex" beginning on page 115 of the Fund's statutory prospectus is hereby replaced with the following:

<u>Virtus Ceredex Mid-Cap Value Equity Fund</u> <u>Cody P. Smith, CFA (since February 2023) </u> <br> <u>Don Wordell, CFA (since 2001) </u>

In the narrative under the referenced table with respect to the Ceredex portfolio managers, the biography of Mr. Smith is hereby inserted:

#### Cody P. Smith, CFA. Mr. Smith currently serves as Director and Senior Research Analyst at Ceredex. He has worked in investment management since 2004.

#### Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622 Ceredex MCVE Fund PM Addition (2/2023)

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Virtus Ceredex Small-Cap Value Equity Fund (the "Fund"),<br> a series of Virtus Asset Trust<br> (Unaudited)
Supplement dated February 15, 2023, to the Summary Prospectus and the Virtus Asset Trust<br> Statutory Prospectus, each dated April 28, 2022, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Ceredex Value Advisors has announced that Brett Barner will be retiring and stepping down as a portfolio manager of the Fund, effective June 30, 2023. Additionally, Charles E. Carter, CFA and Don Wordell, CFA are added as portfolio managers of the Fund, effective February 15, 2023.

The disclosure under "Portfolio Management" in the Fund's summary prospectus and in the summary section of the Fund's statutory prospectus is hereby replaced in its entirety with the following:

> ***Brett Barner, CFA***, Managing Director of Ceredex, has managed the fund since 1995. Mr. Barner will be stepping down as a Portfolio Manager on June 30, 2023.

> ***Charles E. Carter, CFA***, Director and Senior Research Analyst of Ceredex, has managed the fund since February 2023.

> ***Don Wordell, CFA,*** Managing Director of Ceredex, has managed the fund since February 2023.

The row for the Fund in the table under "Ceredex" beginning on page 115 of the Fund's statutory prospectus is hereby replaced with the following:

<u>Virtus Ceredex Small-Cap Value Equity Fund</u> <u>Brett Barner, CFA (since 1995, stepping down June, 2023) </u> <br> <u>Charles E. Carter, CFA (since February 2023) </u> <br> <u>Don Wordell, C FA (since February 2023) </u>

In the narrative under the referenced table with respect to the Ceredex portfolio managers, the following biography for Mr. Carter is hereby inserted:

#### Charles E. Carter, CFA. Mr. Carter currently serves as Director and Senior Research Analyst at Ceredex. He has worked in investment management since 2001.

#### Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622 Ceredex SCVE Fund PM Change (2/2023)

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### Virtus Zevenbergen Innovative Growth Stock Fund,<br> a series of Virtus Asset Trust<br> (Unaudited)
Supplement dated October 27, 2022 to the Summary Prospectus, the Virtus Asset Trust<br> Statutory Prospectus and the Statement of Additional Information ("SAI"),<br> each dated April 28, 2022, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Zevenbergen Capital Investments has announced that, effective December 31, 2022, Leslie Tubbs, CFA will retire and consequently step down from her role as a portfolio manager for the Virtus Zevenbergen Innovative Growth Stock Fund (the "Fund"). There will be no changes to the investment process for the Fund, which is team oriented. The Prospectuses and SAI will be updated as appropriate at the time of the transition.

#### Investors should retain this supplement with the Prospectuses and SAI for future reference.
VAT 8022/Zevenbergen PM Announcement (10/2022)

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

#### VIRTUS ASSET TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Philip R. McLoughlin, Chairman

George R. Aylward

Donald C. Burke

Deborah A. DeCotis

F. Ford Drummond

Sidney E. Harris

John R. Mallin

Connie D. McDaniel

Geraldine M. McNamara

R. Keith Walton

Brian T. Zino

#### Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Fund Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

#### Independent Registered Public<br> Accounting Firm
PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

#### How to Contact Us
Mutual Fund Services 1-800-243-1574 <br> Adviser Consulting Group 1-800-243-4361

---

| | |
|:---|:---|
| Website | **Virtus.com** |

---

Important Notice to Shareholders<br> The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

------

[**Table of Contents**](#job_vat_e_5f421364-599d-48d9-8d71-8cb08931b367_toc)

![](g436844imga01d807817.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Mutual Funds,<br> please contact us at **1-800-243-1574**, or visit **Virtus.com**.

---

| | |
|:---|:---|
| 8635 | 02-23 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than certain non-substantive changes, there have been no
amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit **.** 

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit
waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether
these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item.

**Item 3. Audit Committee Financial Expert.** 

---

| | |
|:---|:---|
| (a)(1) | The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee. |
| (a)(2) | The Registrant's Board of Trustees has determined that each of Connie D. McDaniel, Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
| (a)(3) | Not applicable. |

---

------

**Item 4. Principal Accountant Fees and Services.** 

<u>Audit Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $375,529
for 2022 and $427,370 for 2021.

<u>Audit-Related Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $20,438 for 2022 and $29,193 for 2021. Such audit-related
fees include out of pocket expenses and system conversion fees.

<u>Tax Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $124,806 for 2022 and $58,949 for 2021.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

<u>All Other Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2021.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Virtus Asset Trust (the "Fund") Board has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

------

The Audit Committee has determined that the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved at the next regularly scheduled in-person Audit Committee meeting.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $145,244 for
2022 and $88,142 for 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

------

**Item 6. Investments.** 

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d436853dex99code.htm) |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d436853dex99cert.htm) |
| (a)(2)(1) | Not applicable. |
| (a)(2)(2) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d436853dex99906cert.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Virtus Asset Trust |
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |
| Date 3/2/23 | Date 3/2/23 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |
| Date 3/2/23 |  |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |
| Date 3/2/23 |  |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the "1940 Act");

• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the "Advisers Act");

• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under
the 1940 Act (collectively, the "Fund's 1940 Act Code of Ethics");

• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the
Board that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act Code of
Ethics, the "1940 Act Codes of Ethics");

• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the 1940 Act (collectively, the "Fund Policies"); and

• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

------

<sup>1</sup> Virtus Investment Advisers, Inc.; Virtus Alternative Investment Advisers, Inc.; Virtus Fund Advisers, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Managemente LLC; Sustainable Growth Advisers, LP; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2022.7) 

Tab 2

2017.06 ------

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

Tab 2

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**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and

• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the
Board, the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

• violations and potential violations will be reported to the applicable Fund Board after such investigation;

• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or
preventive action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

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**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

Tab 2

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Asset Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: 3/2/23 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Asset Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: 3/2/23 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act** 

I, George R. Aylward, President of Virtus Asset Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: 3/2/23 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer of Virtus Asset Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: 3/2/23 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

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